External Debt and Macroeconomic Performance in South Korea / Susan M. Collins, Won Am Park.

Format:

Book

Author/Creator:

Collins, Susan M.

Contributor:

National Bureau of Economic Research.

Park, Won Am.

Series:

Working Paper Series (National Bureau of Economic Research) no. w2596.

NBER working paper series no. w2596

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1988.

Summary:

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.

Notes:

Print version record

May 1988.