Conclusion: Crisis, Restructuring, and the Future of Korea

Seung-Il Jeong

Chapter 10 in Crisis and Restructuring in East Asia, 2004, pp 215-224 from Palgrave Macmillan

Abstract: Abstract Liberal theories tend to axiomatically attribute economic crises to the absence of free market principles. Free market capitalism is supposed to be crisis-proof because there is, in principle, no moral hazard problem. And according to the theories, there are various sources of moral hazard in East Asia (primarily cronyism, state interventionism, and allegedly ‘distorted’ shareholder value). Yet, our analysis presents findings contrary to these liberal arguments.

Keywords: Corporate Governance; Moral Hazard Problem; Foreign Exchange Reserve; Business Dynamic; Korean Firm (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51098-2_10

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DOI: 10.1057/9780230510982_10

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