@article{ART001140653},
author={Uk Heo and Jung-Yeop Woo},
title={South Korea’s Experience with Structural Reform: Lessons for Other Countries},
journal={Korean Social Science Journal},
issn={1225-0368},
year={2006},
volume={33},
number={1},
pages={1-24}
TY - JOUR
AU - Uk Heo
AU - Jung-Yeop Woo
TI - South Korea’s Experience with Structural Reform: Lessons for Other Countries
JO - Korean Social Science Journal
PY - 2006
VL - 33
IS - 1
PB - Korean Social Science Research Council
SP - 1
EP - 24
SN - 1225-0368
AB - Despite phenomenal growth through the mid 1990s, the1997 foreign exchange crisis led to the collapse of the South Korean economy, which resulted in an In ternational Monetary Fund (IMF) bailout. Since then, South Korea has gone through various reform processes. In this paper, we revisit pre- and post-crisis reform efforts in South Korea to draw lessons for other countries. Lessons drawn from the reform processes in the financial, labor, and corporate sectors in South Korea before and after the crisis are two fold. First, economic policy decisions must be made in accordance with economic interests and needs. Second, the government must have a long-term vision and an appropriate policy blueprint while economic restructuring is being implemented. Otherwise, long-term economic consequences may be greater than the short-term costs accompanied by reform policies.
KW - Financial Crisis;IMF;Economic Reform
DO -
UR -
ER -
Uk Heo and Jung-Yeop Woo. (2006). South Korea’s Experience with Structural Reform: Lessons for Other Countries. Korean Social Science Journal, 33(1), 1-24.
Uk Heo and Jung-Yeop Woo. 2006, "South Korea’s Experience with Structural Reform: Lessons for Other Countries", Korean Social Science Journal, vol.33, no.1 pp.1-24.
Uk Heo, Jung-Yeop Woo "South Korea’s Experience with Structural Reform: Lessons for Other Countries" Korean Social Science Journal 33.1 pp.1-24 (2006) : 1.
Uk Heo, Jung-Yeop Woo. South Korea’s Experience with Structural Reform: Lessons for Other Countries. 2006; 33(1), 1-24.
Uk Heo and Jung-Yeop Woo. "South Korea’s Experience with Structural Reform: Lessons for Other Countries" Korean Social Science Journal 33, no.1 (2006) : 1-24.
Uk Heo; Jung-Yeop Woo. South Korea’s Experience with Structural Reform: Lessons for Other Countries. Korean Social Science Journal, 33(1), 1-24.
Uk Heo; Jung-Yeop Woo. South Korea’s Experience with Structural Reform: Lessons for Other Countries. Korean Social Science Journal. 2006; 33(1) 1-24.
Uk Heo, Jung-Yeop Woo. South Korea’s Experience with Structural Reform: Lessons for Other Countries. 2006; 33(1), 1-24.
Uk Heo and Jung-Yeop Woo. "South Korea’s Experience with Structural Reform: Lessons for Other Countries" Korean Social Science Journal 33, no.1 (2006) : 1-24.