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Economic growth controlling capital : Focusing on the 1960s

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  • Economic growth controlling capital
  • Lee,Kang-Kook
  • Ritsumeikan University


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Title Economic growth controlling capital
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Sub Title

Focusing on the 1960s

Material Type Reports
Author(English)

Lee,Kang-Kook

Publisher

[Kyoto],[Japan] : Ritsumeikan University

Date 2017
Pages 38
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Conditions
Holding Study Resource
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Abstract

The political economy of capital controls, liberalization and crisis in Korea are examined from institutional and historical perspectives. We analyze how capital controls helped economic growth under the developmental state. The experience with capital controls in Korea points to the importance of the specific institutional structure for success. We then examine the process of the demise of the developmental state and the mismanaged process financial liberalization and financial opening. We describe the change in the financial system and the government-business relationships. The broad change of institutions and liberalization led to serious vulnerability in the economic system and the financial crisis. After the crisis, the government introduced further opening as part of neoliberal economic restructuring. This raises concerns of foreign dominance, lower investment and higher instability. The Korean experience demonstrates that it is essential to consider the broad issues of political economy in order to understand the effectiveness of and changes in capital account regimes.