A Hidden Contributor to the Korean Miracle: The Korean Credit Union Movement

Han In-soo () and Kang Yeon-soo ()
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Han In-soo : Department of Business Administration, Chungnam National University
Kang Yeon-soo : National Credit Union: Federation of Korea

Journal of Money and Economy, 2013, vol. 8, issue 2, 23-46

Abstract: Korean credit unions (CUs) are considered to be a hidden contributor to the "Korean miracle", characterized by remarkable economic growth and relatively low income inequality. The Korean miracle not only generated wealth in an economically strapped and socially under-privileged people, but also contributed to regional community development and the democratization of Korean society. In this study, we analyzed how Korean CUs contributed to the Korean economy and society, and we identified the challenges now facing Korean CUs. We investigated how Korean CUs were established and how they have developed, and we present their remarkable achievements. We analyzed their present characteristics as well as the difficulties they experienced during the recent global financial crises, and we discuss the many challenges they face going forward.

Keywords: Korean Credit Union Movement; Credit Union; Cooperatives (search for similar items in EconPapers)
JEL-codes: G20 G21 G38 H24 (search for similar items in EconPapers)
Date: 2013
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