A political economy analysis of the Korean economic crisis |
| |
Authors: | Young-Sun Lee |
| |
Affiliation: | Professor of Economics, Yonsei University, Seoul, Korea |
| |
Abstract: | This paper analyzes the causes of the Korean economic crisis from a political-economic perspective. The author points out that the economic causes which had been mentioned often such as overvalued won exchange rate and moral hazard of financial sector and corporate sector, have political origins. If the Korean economic crisis was caused by political economic factors, structural reform of the economy alone is not sufficient for economic recovery. Therefore, this paper argues, the behaviors of politicians, bureaucrats, and interest groups had been influential for resource allocation in the Korean economy. It concludes that the self-interest seeking activities of various interest groups should be properly controlled. |
| |
Keywords: | JEL classification: F3 |
本文献已被 ScienceDirect 等数据库收录! |
|