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An Assessment of Structural Reforms in Korea: Implications for Economic Revival in Japan

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Authors
Park, Jongkyu; Cho, YoonJe
Issue Date
2003
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 16 (No. 2 2003): 247-294
Keywords
Korean economic crisis; Japans lost decade; Economic Reform
Abstract
Prior to the economic crisis, realestate prices, wage rates, interest rates, and the exchange rate had been derailed on a large scale from the levels reflective of Korea's economic fundamentals, This distortion was the ultimate source of Korea's economic crisis but was remedied only partially during the last five years, leaving the task of economic reform as incomplete. Although a consensus view about the fundamental source of Japan's economic problems has not yet emerged, a chronology of Japan's lost decade casts doubts about the popular view that financial reform is the sufficient condition for a durable recovery in Japan, We suggest that Japan's effort should be directed to improving productivity of nontradable service sector and to solving the problem of population aging.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1298
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.16(2) (Summer 2003)
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