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The politics of financial control and reform in Korea
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- Authors
- Issue Date
- 1991
- Citation
- Korean Journal of Policy Studies, Vol.6, pp. 41-73
- Abstract
- Government control over finance has been a persistent feature of the politco-economic
structure of Korea. This paper first seeks to explain the process in which the government's
control over finance had intensified by the late 1970s. with a focus on particular
episodes such as the dramatic interest rate reform in 1965, Emergency Decree in August
1972, and several recurring "restructuring (in effect, bail-outs)" attempts, and in relation
to the changing industrialization strategy and the consuequent relationship between the
government and chaebol. And then it will review critically the financial liberalization
policies in the 1980s: the privatization of commercialbanks, the conflict between the banks
and the non-bankfinancial intermediaries (NBFI's) in the process of the restructuring the
financial industry, and the freeing of interest rate and to "policy funds." The central
argument of this paper is that a considerable progress of financial liberalization notwithstanding,
the financial system of Korea still serves as the fulcrum of Korean industrial
policy and as a fundamental tool with which Korean policymakers can induce business
cooperation and compliance.
- ISSN
- 1225-5017
- Language
- English
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