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Korean SMEs in the Wake of the Financial Crisis: Strategies, Constraints and Performance in a Global Economy

Gary Gregory, Charles Harvie () and Hyun-Hoon Lee
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Charles Harvie: University of Wollongong,

Economics Working Papers from School of Economics, University of Wollongong, NSW, Australia

Abstract: South Korea was one of the most adversely affected economies from the Asian financial and economic crisis of 1997. This paper focuses upon the contribution that the SME sector in this country is making towards the recovery of the economy, and, in particular, focuses upon their contribution in a knowledge-based society. In this paper we present an overview of the contribution and significance of SMEs to the economy. We follow this with a discussion of the impact of the Asian financial crisis on the SME sector. Next, we look at the involvement of SMEs in the global economy, focusing on the globalisation readiness of Korea's SMEs. Based on a recent study of nearly 1,800 SMEs in Korea, we look at the existing impediments in globalising operations, along with areas government should support in assisting SMEs to become globalisation ready. Finally, we present the prospects for Korea's SMEs in the 21st century and the emphasis on venture enterprises as a way to promote the technological competitiveness of SMEs.

Keywords: South Korea; Asian financial crisis; SME sector; economic recovery (search for similar items in EconPapers)
Pages: 19 pages
Date: 2002
New Economics Papers: this item is included in nep-ent, nep-fin, nep-ifn and nep-sea
References: View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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