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How Finance Is Shaping the Economies of China, Japan, and Korea$
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Hugh Patrick and Yung Chul Park

Print publication date: 2013

Print ISBN-13: 9780231165266

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231165266.001.0001

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Financial Development and Liberalization in Korea 1980–2011

Financial Development and Liberalization in Korea 1980–2011

Chapter:
(p.225) Chapter Four Financial Development and Liberalization in Korea 1980–2011
Source:
How Finance Is Shaping the Economies of China, Japan, and Korea
Author(s):

Yung Chul Park

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231165266.003.0004

This chapter analyzes the financial development of Korea. It begins by providing an overview of the evolution of Korea's financial system, particularly on the growth and structural change since 2000. The next section examines Korea's crises during years 1997–1998 and 2008, along with two locally generated crises, as these demonstrate the casual relationship between financial liberalization and stability. Then, it considers the effects of Korea's financial liberalization to the capital access in both firm and industry levels. The subsequent section investigates the relationship between financial liberalization and wealth distribution. The chapter concludes with a general evaluation of liberalization in Korea.

Keywords:   Korea, financial development, financial system, financial liberalization, wealth distribution

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