Chaebol, Financial Liberalization, and Economic Crisis: Transformation of Quasi-Internal Organization in Korea

Chung Lee (), Keun Lee () and Kangkoo Lee
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Chung Lee: Department of Economics, University of Hawaii at Manoa

No 200004, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: This paper argues that the Korean governmentís policy with regard to financial deregulation and liberalization was endogenously determined, being largely influenced by the interest politics of perhaps the most powerful interest group in Korea, chaebol. It also argues that the cause of Koreaís financial crisis of 1997-98 cannot be analyzed without first examining the influence of chaebol on the post-1993 financial liberalization, which planted the seeds of the crisis. The paper concludes that financial liberalization undertaken in a haphazard manner, manipulated by a few dominant players in the economy runs into the danger of producing an outcome worse than before.

Keywords: Financial liberalization; The Asian crisis; Chaebol; Government intervention (search for similar items in EconPapers)
JEL-codes: G28 L52 O53 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2000
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Citations: View citations in EconPapers (4)

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Working Paper: Chaebols, Financial Liberalization, and Economic Crisis: Transformation of Quasi-Internal Organization in Korea (2002)
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