Encounter 2013: An Evening with Korean Authors Kim In-suk and Kang Yŏng-suk
The Korea Colloquium on History and Culture
Philippines Conference Room
The Korea Program is part of the Walter H. Shorenstein Asia-Pacific Research Center.
The Korea Colloquium on History and Culture
Philippines Conference Room
These working papers on the South Korean economy are the product of an annual conference series on Korean affairs hosted by Stanford University's Korean Studies Program (KSP), and made possible by the generous support of the Koret Foundation. KSP's 2009–2010 Koret Fellow, Byongwon Bahk, a former vice finance minister and chief economic adviser to Korean president Lee Myung-bak, played a leading role in organizing the 2010 conference, authored a major paper, and co-edited this volume.
From Byongwon Bahk's preface:
The editors believe that the study of the South Korean economy holds, or should hold, interest not only for Koreans but also for Americans and the international community as a whole. Korea has become a major player in the global economy, ranking thirteenth in GDP and seventh in exports among the world's nearly 200 countries. This should no longer come as much of a surprise to consumers across the globe who use Korean cell phones, drive Korean cars, and, increasingly, enjoy Korean pop music and movies.
The Korean economy is also important as a leading model of development. In only two generations and despite national division and the devastation of civil war, South Korea has transformed itself from a largely agricultural economy to a world leader in manufacturing, which in turn facilitated its emergence as a dynamic democracy. The Korean experience holds many lessons for countries throughout the world as they also struggle to modernize in a highly competitive, globalized economy.
Korea's success in navigating the turmoil caused by the global financial crisis and recession of 2008–2009 is yet another reason for studying its economy. Despite its economy being an astounding 85 percent dependent on international trade, Korea has been among the world's leaders in recovering from the crisis. Korea owes that success in part to the very hard lessons it learned from the Asian financial crisis of 1997–1998.
The five chapters selected for this compendium focus on some of the timeliest and most important issues involving the Korean economy.
Papers included in this volume:
In the five decades since the end of the Korean War, Korea has developed from an impoverished, agrarian nation with a per capital GDP of less than $50 to the twelfth largest economy in the world and one of the leading global trading nations with an estimated per capita GDP of U.S. $20,165 in 2010. Despite this phenomenal economic achievement, Korea’s financial system lags behind its economic and trading status. According to the World Bank Survey, its financial system is ranked twenty-sixth in the world. In order for Korea to continue its economic growth and become a global financial center, its financial system needs to be modernized.
This workshop has been organized to bring senior officials from industry, academic institutes, regulatory bodies, and government together to identify and address some of the issues facing Korea’s capital markets. The workshop’s objective is to conclude with a list of specific action items that can be recommended for implementation in order to address the issues that have been identified.
This workshop is made possible by the generous support from the Koret Foundation.
Bechtel Conference Center
Walter H. Shorenstein
Asia-Pacific Research Center
616 Serra St C332
Stanford University
Stanford, CA 94305-6055
Eunyoung Ha is an assistant professor in the department of politics and policy in Claremont Graduate University’s School of Politics and Economics.
Ha's research areas include comparative politics, political economy, and political institutions. Her work has dealt primarily with the impact of globalization and domestic political institutions on domestic political economy, particularly as manifested in inequality, poverty, growth, unemployment, inflation, welfare spending, and taxation.
Ha received a PhD in political science from the University of California, Los Angeles, in 2007. In her dissertation, Distributive Politics in the Era of Globalization, she explains how globalization and government ideology have shaped income distribution in terms of welfare, inequality, and poverty. She currently works on government policy responses to financial crises and their political and economic effects.