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Economic Development and Inflation

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Authors
Byun, HyungYoon
Issue Date
1992
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 5 (No. 4 1992): 375-402
Keywords
inflation of korea; five-year economic plan; wholesale prise index; WPI
Abstract
Inflation in Korea is cost-push inflation originating from the economic growth strategy. This rapid growth-oriented, industrialization-oriented, export-driven, and big firm-oriented strategy has formed both an industrial structure which is dependent on foreign factors and a market structure which is monopolistic. It has. at the same time, caused the slowdown of agriculture. The external dependency of the industrial structure has in turn generated a price structure in which domestic prices are sensitive to foreign price movements. The monopolistic structure has additionally given rise to a price structure where a cost increase is easily linked to a price increase. In sum, induced by the Korean experience the argument that the inflation must be tolerated for rapid economic growth cannot be justified.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/980
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.05(4) (Winter1992)
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