This paper addresses why and how South Korea’s financial system has diverged drastically from the Japanese model since the early 1980s and has turned to the US model, which is often regarded as a more market-oriented financial system. The paper traces the rise of American-trained Korean economists in the Economic Planning Board and their collaboration with other such economists in public and private economic institutes and academia.
Financial Transformation in South Korea: The Role of US-Trained Technocrats
Myung-koo Kang is Assistant Professor at Baruch College, City University of New York. His most recent articles are “The Confidence Trap: Japan’s Past Bubble and China’s Recent Bubble,” New Political Economy 23:1 (2018): 1–26; and “Government Policy Responses to Financial Crises: Identifying Patterns and Policy Origins in Developing Countries,” World Development 68 (2015): 264–81. He Email: <firstname.lastname@example.org>.
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Myung-Koo Kang; Financial Transformation in South Korea: The Role of US-Trained Technocrats. Asian Survey 1 August 2018; 58 (4): 635–659. doi: https://doi.org/10.1525/as.2018.58.4.635
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