Korean economic reforms after 1997 financial crisis

Insill Yi

Global Economic Review, 1999, vol. 28, issue 4, 3-29

Abstract: After the extremes of recession in 1998 caused by the Korean financial crisis and last year's surprisingly strong rebound, growth conditions for the Korean economy has been set to normalize in 2000. In this paper four major sectors' economic reform, such as financial, corporate, labor, and public sector, undertaken by D. J. Kim government are evaluated. General direction of the reform after financial crisis seems adequate. However, a clear-cut perspective on the government's role is needed to successfully implement the proposed reforms. Korea is drawing invaluable lessons from the last two years' turmoil. It is absolutely vital to construct and manage a sound economic system in tune with liberalization and globalization.

Date: 1999
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DOI: 10.1080/12265089908449771

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