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Fashioning a new Korean model out of the crisis : The rebuilding of institutional capabilities

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  • Fashioning a new Korean model out of the crisis
  • Mathews, John A.
  • Cambridge University


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Title Fashioning a new Korean model out of the crisis
Similar Titles
Sub Title

The rebuilding of institutional capabilities

Material Type Articles
Author(English)

Mathews, John A.

Publisher

[Cambridge]:Cambridge University

Date 1998
Journal Title; Vol./Issue Cambridge Journal of Economics:vol. 22
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Cambridge Journal of Economics

Abstract

This article argues that the Korean model, while being remarkably effective in its early decades, had outgrown its institutional shell by the 1990s, and was in need of the reforms that were hastened by the 1997 financial crisis. The article is based on an analysis of the IMF rescue package that was introduced in two stages in December 1997. It can be demonstrated that it represented three agendas at work—a conventional IMP agenda, a US trade and investment opening agenda, as well as a Korean-imposed institutional reform agenda. It is this latter reform agenda that has shaped the restructuring initiatives taken in Korea in 1998.