Korea’s Management of Capital Flows in the 1990s
Although Korea is believed to have attained economic growth through utilizing the export-oriented growth strategy, examining the country’s development processes reveal that such strategies are not without import substitution and a certain degree of government intervention. The role of the government in facilitating industrial development was made evident particularly during the Big Push which occurred over the period between 1974 and 1979. Like the overcapacity experienced by the petrochemical industry and other such industries, the Big Push brought about a wide variety of distortions to the economy that threatened Korea’s potential for experiencing growth. Despite such events, Korean policy makers were able to learn from the mistakes of this period that furthered interventionist and export-oriented policies. Through examining various economic reforms and identifying macroeconomic issues and policy responses, this chapter attempts to study how Korea managed capital inflows during the 1990s.
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