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Inclusive growth, financial exclusion and microfinance in the Republic of Korea

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  • Inclusive growth, financial exclusion and microfinance in the Republic of Korea
  • Lee, Young Youn; Lee, Hyun-Hoon
  • Association of Korean Economic Studies


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Title Inclusive growth, financial exclusion and microfinance in the Republic of Korea
Similar Titles
Material Type Report
Author(English)

Lee, Young Youn; Lee, Hyun-Hoon

Publisher

[Seoul, South Korea] : Association of Korean Economic Studies

Date 2013
Pages 46
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Association of Korean Economic Studies
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Abstract

Korea has achieved rapid economic growth and social development with relatively less inequality in the last 5 decades. But, since 1997 income inequality and polarization in the economy have been increased while potential growth rate has been decreased. Therefore, Korea faces two intertwined fundamental challenges of sustaining economic growth and ameliorating bipolarization. This paper analyzes the status of the Korean economy in terms of inclusive growth indicators and suggests some policy implications – productive employment, income inequality and poverty, human capital, and social protection for inclusive growth to respond those challenges. In addition, this paper explains financial exclusion and microcredit programs in Korea, and suggests policy implications for financial inclusion.