By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of quite a lot of earlier and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a marketplace procedure. Jwa argues that Korea's financial destiny relies completely upon the profitable integration of market-oriented platforms.
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Additional info for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
They hardly needed and so lacked the requisite ability to conduct credit and project analyses. 1 Source: Hwang (2000). Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 31 reduce risks. So the chaebols satisfied the banks with cross-payment guarantees among their subsidiaries, which allowed them to obtain as much as needed for expansion. All of these factors not only made regulating the chaebol ineffective but also created inconsistency of government policies towards the chaebols and possibly even led to the erosion of their competitiveness.
Monopoly and Fair Trade Act (‘The Fair Trade Act’ hereafter) was enacted in 1980. The regulations on M&As and big business group financing were introduced in 1986. The regulations on market concentration and cross-payment guarantees among subsidiaries of a chaebol were introduced in 1990 and 1992, respectively. 6 presents the main regulations regarding economic concentration. The Fair Trade Commission selected the top thirty chaebols, based on the size of their assets, as its main target of regulation.
They frequently tended to substitute for the price mechanism. It resulted in overinvestment in and subsequent restructuring of the HCIs. Preferential industrial policies have worsened economic concentration, resulting in a structural imbalance between large and small and medium-sized firms and a monopolistic economic structure. Second, government control of the financial sector as a tool to support its industrial policy undermined financial institutions’ ability to discriminate between competent and incompetent firms and projects and to monitor the performance of borrowing firms.