A comparative analysis of the impact of the 1997 Asian crisis and the contemporary global economic crisis on the Korean political economy

References

• Allan , F. and Hong , J. 2011 . Why are there large foreign exchange reserves? The case of South Korea . Korean Social Science Journal , 38 ( 2 ) : 1 – 33 .
   Google Scholar
• Bank of Korea, 2010. Financial statement analysis for 2009. Available from: http://www.bok.or.kr/contents/total/eng/boardView.action?boardBean.brdid = 7413&boardBean.rnum = 2&menuNaviId = 1496&boardBean.menuid = 1496&boardBean.cPage = 1&boardBean.categorycd = 0&boardBean.sdt = &boardBean.edt = &boardBean.searchColumn = &boardBean.searchValue = [accessed 12 March 2012].
   Google Scholar
• Bishop , B. 1997 . Foreign direct investment in Korea: the role of the state , Aldershot : Ashgate .
   Google Scholar
• Bloomberg, 2012. South Korea to set record with freeze on interest rate, Yun Says’, May 15. Available from: http://www.bloomberg.com/news/2012-05-15/south-korea-to-set-record-with-freeze-on-interest-rate-yun-says.html [accessed 2 May 2012].
   Google Scholar
• Breslin , S. 2012 . East Asia and the global crisis , Edited by: Breslin , S. London : Routledge .
   Google Scholar
• Cargill, T., 2010. The Bank of Korea in historical and comparative perspective. Academic Paper Series on Korea. Vol. 3. Seoul: Korean Economic Institute, 49–65.
   Google Scholar
• Central Banking, 2010. Bank of Korea elbows government out of rate decisions, 1 June. Available from: http://www.centralbanking.com/central-banking/news/1651934/bank-korea-elbows-government-rate-decisions [accessed 15 June 2012].
   Google Scholar
• Chang , H.-J. , Park , H.-J. and Yoo , C.-G. 1998 . Interpreting the Korean crisis: financial liberalisation, industrial policy, financial regulation and political democracy . Cambridge Journal of Economics , 22 ( 6 ) : 735 – 746 . (doi:10.1093/cje/22.6.735)
   Web of Science ®Google Scholar
• Chang , K.-S. 2012 . Economic development, democracy and citizenship politics in South Korea: the predicament of developmental citizenship . Citizenship Studies , 16 ( 1 ) : 29 – 47 . (doi:10.1080/13621025.2012.651401)
   Web of Science ®Google Scholar
• Cherry , J. 2007 . Foreign direct investment in post-crisis Korea: European investors and ‘mismatched globalisation’ , London : Routledge .
   Google Scholar
• Cho, D., 2009. The Republic of Korea's economy in the swirl of global crisis. Asian Development Bank Working Paper, No 147. Available from: http://www.adbi.org/working-paper/2009/08/…/3272.korea.recovery.gfc/ [accessed 5 November 2011].
   Google Scholar
• Cho , J. 2012 . The Korean labour market after the 1997 economic crisis , Edited by: Cho , J. London : Routledge .
   Google Scholar
• Chopra, A., et al., 2001. From crisis to recovery in Korea: strategy, achievements and lessons. IMF Working Paper 01/154, IMF, Washington.
   Google Scholar
• Chu , Y. 2011 . Eclipse or reconfigured? South Korea's developmental state and the challenges of the global knowledge economy . Economy and Society , 38 ( 2 ) : 278 – 303 . (doi:10.1080/03085140902786751)
   Web of Science ®Google Scholar
• Chung, H., 2010. The Bank of Korea's policy response to the global financial crisis. BIS Paper Number 54. Available from: http://www.bis.org/publ/bppdf/bispap54o.pdf [accessed 1 September 2012].
   Google Scholar
• Chung, K., 2009. Household debt, the savings rate and monetary policy: the Korean experience. BIS Papers Number 46. Available from: http://www.bis.org/publ/bppdf/bispap46j.pdf [accessed 12 December 2011].
   Google Scholar
• Daily Telegraph, 2010. Spending review: what it means for the Department of Business, Innovation and Skills. Daily Telegraph, 20 October. Available from: http://www.telegraph.co.uk/news/newstopics/spendingreview/8062291/Spending-Review-what-it-means-for-the-Department-of-Business-Innovation-and-Skills.html [accessed 3 October 2012].
   Google Scholar
• Doucette, J., 2010. The terminal crisis of the ‘Participatory Government’ and the election of Lee Myung Bak. Journal of Contemporary Asia, 40 (1), 22–43.
   Google Scholar
• Dowling, J. and Rana, P., eds, 2010. Asia and the global economic crisis: challenges in a financially integrated world. London: Palgrave.
   Google Scholar
• Economist, 2010. The chaebol conundrum Korea Inc is back and booming. So it's time to stop coddling the all-conquering chaebol. Economist, 31 March. Available from: http://www.economist.com/node/15816756?story_id=15816756 [accessed 15 August 2012].
   Google Scholar
• Financial Times, 2008a. Korea's bulldozer must clean up the chaebol. Financial Times, 27 March, p. 11.
   Google Scholar
• Financial Times, 2008b. Tortured Seoul. Financial Times, 17 October, p. 18.
   Google Scholar
• Financial Times, 2008c. South Korea leads further sharp declines. Financial Times, 24 October, p. 24.
   Google Scholar
• Financial Times, 2010a. Adrift amid a rift. Financial Times, 24 June, p. 7.
   Google Scholar
• Financial Times, 2010b. Seoul pardons business chiefs to aid growth. Financial Times, 13 August, p. 6.
   Google Scholar
• Gray , K. 2008 . Korean workers and neoliberal globalization , London : Routledge .
   Google Scholar
• Haggard , S. , Lim , W. and Kim , E. 2003 . Economic crisis and corporate restructuring in Korea , Edited by: Haggard , S. , Lim , W. and Kim , E. Cambridge : Cambridge University Press .
   Google Scholar
• Hahm , J.-H. 2003 . “ The government, the chaebol and financial institutions before the financial crisis ” . In Economic crisis and corporate restructuring in Korea , Edited by: Haggard , S. , Lim , W. and Kim , E. 79 – 102 . Cambridge : Cambridge University Press .
   Google Scholar
• Hankyoreh, 2012. Park Geun-hye alludes to chaebol reform on the horizon. 20 January. Available from: http://english.hani.co.kr/arti/english_edition/e_national /515627.html [accessed 26 August 2012].
   Google Scholar
• Hart-Landsberg , M. 1993 . The rush to development: economic change and political struggle in South Korea , New York : Monthly Review Press .
   Google Scholar
• Howarth , D. and Loedel , P. 2005 . The European Central Bank: the new European Leviathan , 2 , London : Palgrave .
   Google Scholar
• Hwang , I. and Seo , J.-H. 2004 . “ Corporate governance and chaebol reform in Korea ” . In Competition and corporate governance in Korea: reforming and restructuring the chaebol , Edited by: Jwa , S.-H. and Lee , K. 65 – 92 . Cheltenham : Edward Elgar .
   Google Scholar
• IMF . 2006 . Republic of Korea: selected issues , Washington , DC : IMF .
   Google Scholar
• IMF . 2012 . World economic outlook: growth resuming, dangers remaining , Washington , DC : IMF .
   Google Scholar
• Jang , J.-H. 2011 . “ Neoliberalism in South Korea: the dynamics of financialisation ” . In New millennium South Korea: neoliberal capitalism and transnational movements , Edited by: Song , J. 46 – 59 . London : Routledge .
   Google Scholar
• Jayasuriya , K. 2001 . Globalization and the changing architecture of the state: the regulatory state and the politics . Journal of European Public Policy , 8 ( 1 ) : 101 – 123 . (doi:10.1080/1350176001001859)
   Web of Science ®Google Scholar
• Jwa , S.-H. 2008 . ‘MBnomics’: a review and the road ahead . International Journal of Korean Studies , 21 ( 1 ) : 83 – 100 .
   Google Scholar
• Jwa , S.-H. and Lee , K. 2004 . Competition and corporate governance in Korea , Edited by: Jwa , S.-H. and Lee , K. Cheltenham : Edward Elgar .
   Google Scholar
• Kalinowski , T. 2009 . The politics of market reforms: Korea's path from chaebol republic to market democracy and back . Contemporary Politics , 15 ( 3 ) : 287 – 304 . (doi:10.1080/13569770903118770)
   Google Scholar
• Kang, M.-K., 2009. Global financial crisis and systemic risks in the Korean banking sector. Korea Economic Institute Academic Paper Series, 4 (5), 1–17. Available from: http://www.keia.org/publication/global-financial-crisis-and-systemic-risks-korean-banking-sector [accessed 3 October 2012].
   Google Scholar
• Kim, S.-M., Kim, J.-Y., and Ryoo, H.-T., 2006. Restructuring and reform in the Korean banking industry. Bank of International Settlements Papers, 28 (17), 259–268. Available from: http://www.bis.org/publ/bppdf/bispap28q.pdf [accessed 3 October 2012].
   Google Scholar
• Kim , Y. 2005 . DJnomics and the transformation of the developmental state . Journal of Contemporary Asia , 35 ( 4 ) : 471 – 484 . (doi:10.1080/00472330580000271)
   Web of Science ®Google Scholar
• Kim, S.-Y., 2012. Transition from fast-follower to innovator: the institutional foundations of the Korean telecommunications sector. Review of International Political Economy, 19 (1), 140–168.
   Google Scholar
• Kim , Y. and Moon , C.-I. 2000 . “ Globalization and workers in South Korea: economic reform and labour ” . In Korea's globalization , Edited by: Kim , S. 54 – 75 . Cambridge : Cambridge University Press .
   Google Scholar
• Korean Development Bank, 2009. New law to alter financial landscape. 24 June. Available from: http://www.kdb.co.kr/weblogic/Board?BID=25&NID=36969&ACTION=VIEW [accessed 12 January 2012].
   Google Scholar
• Korean Herald, 2012. Should Korea adopt a welfare state?. Korean Herald, 16 January. Available from: http://view.koreaherald.com/kh/view.php?ud=20120116001247&cpv=0 [accessed 3 October 2012].
   Google Scholar
• Korean Labour Institute, 2004. Labour statistics for December 2004. Available from: http://www.kli.re.kr [accessed 16 March 2005].
   Google Scholar
• Korean Times, 2011a. BOK boss driven into cul-de-sac. Korean Times, 30 March. Available from: http://www.koreatimes.co.kr/www/news/biz/2012/04/123_84140.html [accessed 3 October 2012].
   Google Scholar
• Korean Times, 2011b. Korea one of the most volatile stock markets in the world. Korean Times, 19 December. Available from: http://www.koreatimes.co.kr/www/news/biz/2012/09/126_101085.html [accessed 3 October 2012].
   Google Scholar
• Lapavitsas , C. 2012 . Crisis in the eurozone , London : Verso .
   Google Scholar
• Laurens , B. , Arnone , M. and Segalotto , J.-F. 2009 . Central bank independence, accountability, and transparency: a global perspective , Edited by: Laurens , B. , Arnone , M. and Segalotto , J.-F. Washington , DC : IMF .
   Google Scholar
• Lee, H., 2010. The great trade collapse and contraction of exports in Korea during the global crisis. Conference on Global Economic Crisis: Impacts, Transmission, and Recovery, Korean Development Institute Conference, Honolulu, 19–20 August, Paper Number 6.
   Google Scholar
• Lee, J.-K., 2010. Korea's economic stability and resilience in time of crisis. In: Korea’s economy 2010. Seoul: Korea Economic Institute, 8–13.
   Google Scholar
• Lee , K.-K. 2011 . “ Neoliberalism, the financial crisis, and economic restructuring in Korea ” . In New millennium South Korea: neoliberal capitalism and transnational movements , Edited by: Song , J. 29 – 45 . London : Routledge .
   Google Scholar
• Lee , S. J. and Hewison , K. 2010 . Introduction: South Korea and the antinomies of neo-liberal globalisation . Journal of Contemporary Asia , 40 ( 2 ) : 181 – 187 . (doi:10.1080/00472331003597539)
   Web of Science ®Google Scholar
• Lee , S.-O. , Kim , S.-J. and Wainwright , J. 2010 . Mad cow militancy: neoliberal hegemony and social resistance in South Korea . Political Geography , 29 ( 7 ) : 359 – 369 . (doi:10.1016/j.polgeo.2010.07.005)
   Web of Science ®Google Scholar
• Lee , S.-S. and Han , T. 2006 . The demise of ‘Korea, Inc.’: paradigm shift in Korea's developmental state . Journal of Contemporary Asia , 36 ( 3 ) : 305 – 324 . (doi:10.1080/00472330680000191)
   Web of Science ®Google Scholar
• Lee , Y. 1997 . The state, society and big business in South Korea , London : Routledge .
   Google Scholar
• Lim , W. , Haggard , S. and Kim , E. 2003 . “ Introduction: the political economy of corporate restructuring ” . In Economic crisis and corporate restructuring in Korea , Edited by: Haggard , S. , Lim , W. and Kim , E. 1 – 31 . Cambridge : Cambridge University Press .
   Google Scholar
• Michell, T., 2009. Economic policy reforms in the Lee Myung-Bak administration. In: The Korean economy 2009. Korea Economic Institute, 33–44. Available from: http://www.keia.org/sites/default/files/publications/MICHELL.pdf [accessed 28 August 2012].
   Google Scholar
• Moon, W., 2009. Foreign ownership and performance of banks: the case of Korea. Discussion Paper. Available from: https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=FEMES09&paper_id=540 [accessed 3 October 2012].
   Google Scholar
• Normile , D. 2010 . Environmental restoration: restoration or devastation . Science , 327 ( 5973 ) : 1568 – 1570 . (doi:10.1126/science.327.5973.1568)
   PubMed Web of Science ®Google Scholar
• OECD . 1999 . Economic survey of Korea , Paris : OECD .
   Google Scholar
• OECD, 2000. Economic survey of Korea. Paris: OECD.
   Google Scholar
• OECD, 2007. Economic survey of Korea. Paris: OECD.
   Google Scholar
• OECD . 2008 . Economic survey of Korea , Paris : OECD .
   Google Scholar
• OECD . 2009 . Reviews of innovation policy: Korea , Paris : OECD .
   Google Scholar
• OECD . 2010 . OECD economic surveys , Paris : OECD .
   Google Scholar
• OECD . 2011 . OECD Factbook 2011–2012: economic, environmental and social statistics , Paris : OECD .
   Google Scholar
• Office of the United States Trade Representative, 2011. Republic of Korea-United States Free Trade Agreement (final text). Available from: http://www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta/final-text [accessed 21 June 2012].
   Google Scholar
• Park , B.-G. , Hill , R. and Saito , A. 2012 . Locating neoliberalism in East Asia: neoliberalizing spaces in developmental states , Edited by: Park , B.-G. , Hill , R. and Saito , A. Chichester : Wiley-Blackwell .
   Google Scholar
• Park, J. and Mah, 2011. Neo-liberal reform and bipolarisation of income in Korea. Journal of Contemporary Politics, 41 (2), 249–265.
   Google Scholar
• Paulson , H. 2010 . On the brink , London : Headline .
   Google Scholar
• Rajan , R. 2010 . Fault lines: how hidden fractures still threaten the world economy , Oxford : Princeton University Press .
   Google Scholar
• Reif , A. 2011 . Confusion of terms in South Korea: how does the ‘four rivers restoration project’ affect Riparian landscapes . Kritische Okologie , 25 ( 2 ) : 26 – 32 .
   Google Scholar
• Reuters, 2012. Timeline: Bank of Korea faces credibility gap. 3 April. Available from: http://www.reuters.com/article/2012/04/03/us-korea-economy-timeline-idUSBRE83204120120403 [accessed 15 June 2012].
   Google Scholar
• Shin , J.-S. and Chang , H.-J. 2003 . Restructuring Korea Inc , London : Routledge .
   Google Scholar
• Shin, K.-Y., 2011. Neoliberalism, the financial crisis, and economic restructuring in Korea, In: J. Song (ed). New millennium South Korea: neoliberal capitalism and transnational movements. London: Routledge, 29–45.
   Google Scholar
• Stubbs , R. 2011 . The East Asian developmental state and the great recession: evolving contesting coalitions . Contemporary Politics , 17 ( 2 ) : 151 – 166 . (doi:10.1080/13569775.2011.565983)
   Web of Science ®Google Scholar
• Tcha , M. and Suh , C.-S. 2003 . The Korean economy at the crossroads , Edited by: Tcha , M. and Suh , C.-S. London : Routledge .
   Google Scholar
• United Nations Conference on Trade and Investment, 2011. World investment report: non-equity modes of international production and development (Supplementary Online Tables). Available from: http://unctad.org/en/Pages/DIAE/World%20Investment%20Report/Annex-Tables.aspx?Do=1,15 [accessed 21 June 2012].
   Google Scholar
• Weiss , L. 2003a . States in the global economy: bringing domestic institutions back in , Cambridge : Cambridge University Press .
   Google Scholar
• Weiss , L. 2003b . “ Guiding globalisation in East Asia: new roles for old developmental states ” . In States in the global economy: bringing domestic institutions back in , Edited by: Weiss , L. 245 – 270 . Cambridge : Cambridge University Press .
   Google Scholar
• Weiss, L. and Thurbon, E., 2006. Investing in openness: the evolution of FDI strategy in South Korea and Taiwan. New Political Economy, 11 (1), 1–24.
   Google Scholar
• Woo, J.-E., 1991. Race to the swift: the state and finance in Korean industrialization. New York: Colombia University Press.
   Google Scholar
• World bank, 2009. World development indicators 2009. Washington: CD-ROM.
   Google Scholar
• Yonhap News, 2011. Real interest rate stays negative for 25th month. 19 December. Available from: http://english.yonhapnews.co.kr/news/2011/12/19/0200000000AEN20111219001800320.HTML [accessed 12 June 2012].
   Google Scholar