MARC Record from Library of Congress

LEADER: 02685cam a22003137a 4500
001 2005618272
003 DLC
005 20090317104446.0
007 cr |||||||||||
008 050630s2005 mau sb 000 0 eng
010 $a 2005618272
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aNoland, Marcus,$d1959-
245 10 $aSouth Korea's experience with international capital flows$h[electronic resource] /$cMarcus Noland.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11381
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/30/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"South Korea's experience is unparalleled in its combination of sustained prosperity, capital controls, and financial crisis. Over several decades, South Korea experienced rapid sustained growth in the presence of capital controls. These controls and the de-linking of domestic and international financial markets were an essential component of the country's state-led development strategy. As the country developed, opportunities for easy technological catch-up eroded, requiring more sophisticated corporate and financial sector decision-making, but decades of financial repression had bequeathed a bureaucratized financial system and a formidable constellation of incumbent stakeholders opposed to transition to a more market-oriented development model. Liberalization undertaken in the 1990s was less a product of textbook economic analysis than of parochial politicking. Capital account liberalization program affected the timing, magnitude, and particulars of the 1997-98 crisis. Despite considerable reforms undertaken since the crisis, concerns remain about both South Korea%u2019s lending culture and its authorities%u2019 capacity to successfully regulate the more complex financial system. The main lesson of the South Korean case appear to be that while the state-led model may deliver impressive initial gains, transitioning out of this approach presents an exceedingly complex challenge of political-economy"--National Bureau of Economic Research web site.
650 0 $aCapital movements$zKorea (South)
650 0 $aFiscal policy$zKorea (South)
651 0 $aKorea (South)$xEconomic conditions$y1960-1988.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11381.
856 40 $uhttp://papers.nber.org/papers/W11381