OECD's 1994 Economic Survey of Korea examines the historial and political background, Korean economic development, recent economic trends and prospects, markets for goods and services, the labour market, financial sector developments and policies, the housing market, and the public sector.
Table of contents:
Introduction I. The historical and political background -Developments prior to the 20th century -The opening and colonisation of Korea -The creation of the Republic of Korea -The period of rapid economic growth -The transition to democracy II. Korean economic development -Economic policies in Korea -The evolution of the Korean economy -An international comparison of the economy -The impact of government policy on development III. Recent trends and prospects -The 1992 economic downturn -1993 developments and the outlook to 1994 IV. Markets for goods and services -Market structure -Competition policy -Trade policy -Agricultural trade policy V. The labour market -Labour supply -Labour demand -Unemployment and real wages -Institutional structures -The role of government VI. Financial sector developments and policies -Financial institutions -Financial sector policies -Regulation and its impact -Monetary and exchange rate policy -The financial liberalisation plan VII. Housing market -Housing supply and demand -Land development policy -Housing finance -Taxation of housing and land -Property ownership -Housing prices -Concluding remarks VIII. The public sector -Structure of the public sector -Structure of taxation -Structure of public expenditure -Fiscal policy -The public enterprise sector IX. Conclusions -An appraisal of past policies -The need to change policies -Stabilising the macroeconomic foundation -Strengthening external and domestic competitive forces -Deregulating domestic financial markets -Deregulating international capital flows -Reform of the housing and land market -Keeping the labour market flexible -Public sector issues -Summing up Notes and references Bibliography Statistical annex