External Debt and Macroeconomic Performance in South Korea

Susan M. Collins and Won Am Park

No 2596, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: During 1980-1986, South Korea went from being the world's fourth largest debtor country, in the midst of an economic crisis, to a model of successful adjustment, with high growth rates and a current account surplus. This paper summarizes the findings of an in depth analysis of Korea's performance, focusing on the experience with external debt. We argue that the explanations for Korea's recovery are closely linked to the explanations for Korea's very rapid growth during the 1960s and 1970s. The centerpieces have been a comprehensive export focused investment plan with external borrowing wed to supplement domestic savings in financing the investment and an active, interventionist government policy.

Date: 1988-05
Note: ITI IFM
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Published as Developing Counrtry Debt and World Economy University of Chicago Press, 1988
Published as External Debt and Macroeconomic Performance in South Korea , Susan M. Collins, Won-Am Park. in Developing Country Debt and the World Economy , Sachs. 1989

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