Liberation Of Korea Research Articles

FINANCIAL LIBERALIZATION IN ASIAN NICs: A COMPARATIVE STUDY OF KOREA AND TAIWAN IN THE 1980s

The Developing EconomiesVolume 25, Issue 4 p. 325-345 Free Access FINANCIAL LIBERALIZATION IN ASIAN NICs: A COMPARATIVE STUDY OF KOREA AND TAIWAN IN THE 1980s Akira KOHSAKA, Akira KOHSAKASearch for more papers by this author Akira KOHSAKA, Akira KOHSAKASearch for more papers by this author First published: December 1987 https://doi.org/10.1111/j.1746-1049.1987.tb00114.xCitations: 3AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat REFERENCES 1 Arndt, H. W. Financial Development in Asia,” mimeographed, May 1985. 2 Chiu, P. C. H. Performance of Financial Institutions in Taiwan,” in Experiences and Lessons of Economic Development, ed. K. T. Li. and T. S. Yu ( Taipei : Academia Sinica, 1982). 3 Cole, D. C., and Patrick, H. Financial Development in the Pacific Basin Market Economies,” Paper prepared for the 14th Pacific Trade and Development Conference on Pacific Growth and Financial Interdependence, Singapore , June 18–21, 1984. 4 V. Corbo; A. O. Krueger; and F. Ossa, eds. Export-oriented Development Strategies: The Success of Five Newly Industrializing Countries ( Boulder : Westview Press, 1985). 5 Government of the Republic of Korea. The Fifth Five-Year Economic and Social Development Plan, 1982–1986 ( Seoul , 1982). 6 Kim Pyung Joo, ed. Geumyung chedo gaepyeongwa dangi geumyuong hoesaeui baljeon banghyang [Development of short-term finance companies under financial reform] ( Seoul : Korea Federation of Investment and Finance Companies, 1985). 7 Kohsaka, A. The High Interest Rate Policy under Financial Repression,” Developing Economies, Vol. 22, No. 4 (December 1984). 8 Li Yongsan and Chen Shangcheng. Taiwan jinrong fazhan zhi huigu yu qianzhan” [Retrospect and prospect of financial development in Taiwan], in Taiwan jinrong fazhan huiyi [Proceedings of the Conference on Financial Development in Taiwan], ed. Institute of Economics, Academia Sinica, Vol. 1 ( Taipei , 1984). 9 McKinnon, R. I. Financial Liberalization in Retrospect: Interest Rate Policy in LDCs,” mimeographed, 1986 March. 10 Park Yung Chul. Economic Stabilization and Liberalization in Korea, 1980–84,” A paper for presentation at the seminar commemorating the 35th anniversary of the Bank of Korea, 1985 June. 11 Park Yung Chul. Korea's Experience with External Debt Management,” in International Debt and the Developing Countries, ed. G. W. Smith. and J. T. Cuddington ( Washington , D.C. : International Bank for Reconstruction and Development, 1985). 12 Xu Jiachen, et al. Taiwan jinrong tizhi zhi yanjiu [A study of the financial system of Taiwan] ( Taipei : Chung-Hua Institution for Economic Research, 1985). 13 Zhou Qingsheng. Lilü zhengce jiantao yu lilü ziyouhua kexing tujing” [An examination of interest rate policies and feasibility of interest rate liberalization], in Taiwan jinrong fazhan huiyi [Proceedings of the Conference on Financial Development in Taiwan], ed. Institute of Economics, Academia Sinica, Vol. 2 ( Taipei , 1984). Citing Literature Volume25, Issue4December 1987Pages 325-345 ReferencesRelatedInformation

North Korea in 1985: A New Era after Forty Years

The fortieth anniversary of Korean liberation was celebrated by North Korea on August 15, 1985. For this memorable occasion, the Soviet Union sent a government and military delegation headed by G. A. Aliyev, a member of the Politburo and first vice-chairman of the Council of Ministers, and Marshal V. I. Petrov, the first deputy minister of defense, to Pyongyang to commemorate the anniversary. This was the first such celebration in twenty years. North Korea suspended the observation of the August 15 anniversary in 1965, trying to remain neutral in the SinoSoviet dispute and to minimize the Soviet role in the liberation of Korea. Over the past twenty years, North Korea has also advanced the claim that Kim II Sung, rather than the Soviet Union, had played a dominant role in the liberation of Korea, and to commemorate Kim's triumphant return to Korea, his son built him an Arch of Triumph in Pyongyang that is slightly larger than the one in Paris. In contrast to all those years prior to 1965, when Kim made salutatory remarks to the Soviet Union and showered Stalin with effusive praise for his role in the liberation of Korea, on this occasion Kim did not speak, and Premier Kang Song-san and Aliyev of the Soviet Union each made a report to commemorate the fortieth anniversary of the Korean liberation. Times have indeed changed. During the year, North Korea also celebrated the fortieth anniversary of the founding of the Workers' Party of Korea, claiming that the party was created on October 10, 1945. This claim is a bit misleading and needs explanation. The Workers' Party of North Korea was founded, and its first congress held, on August 28-30, 1946, by merging the North Korean Branch Bureau of the Korean Communist Party and the New Democratic Party. A similar merger took place in South Korea, creating the Workers' Party of South Korea on November 23-24, 1946. It was not until June 11,

Korean Security and the US Commitment

THIS YEAR marks the 30th anniversary of the liberation of Korea at the end of World War II.1 It also marks the 25th anniversary since the North Korean Communists launched their unprovoked aggression against my country. Since then, the Republic of Korea has been able to achieve truly remarkable economic progress, owing largely to able political leadership, the practical wisdom, patience, and diligence of our people, the free enterprise system, and the support of foreign aid and investment. Among all the underdeveloped countries that have been receiving American assistance, the Republic of Korea has been the most successful in attaining a high degree of economic progress. We have achieved an average annual growth rate of 10.3 percent in Gross National Product over the past decade and 44.7 percent in exports. Not very long ago, we were totally dependent on American generosity; now we have become the 12th largest trading partner of the United States. With a little more effort on our part, we confidently expect to accomplish our goal of becoming a self-sustaining economy sometime in the 1980s.

Korea: The Politics of Change

For the Republic of Korea, 1962 was a year of building for the future. The year began with the inauguration of a new Five-Year Economic Plan, and thus was launched the first sustained effort to consider the problems of Korean economic development in long-range and coordinated fashion. The year ended with public approval, via a referendum, of maj or constitutional amendments, and the intensive preparation for the restoration of civilian government in 1963. Since the coup of May 1961, South Korea has been ruled by a small group of dedicated young military men. Most of them had had little previous political or administrative experience, nor did they have a firm ideological position. Essentially, these men were and are nationalists, determined to save their country from chaos, corruption, and communism. A number of them received their basic education under the Japanese. The Japanese modernization experience has had a substantial influence upon them. In many respects, they represent the least Westernized elite to govern postwar Korea. At the same time, however, they have consistently paid homage to the ultimate goal of liberal democracy, while also insisting that a Korean form of democracy must be developed, a set of institutions and values attuned to the needs and nature of Korean society. Junta ideology (perhaps hopes and dreams would be a better term) was spelled out in General Pak's Our Nation's Path, a book published in 1962 and widely distributed. Its prominent themes were the need for a great human revolution in Korea that would produce a basic change in national ethics and character; the liberation of Korea from poverty via a major developmental program; and the establishment of a welfare democracy free from the historic curses of corruption, factionalism, and class fixation. The road has been a rocky one, and a balance sheet at this point is not easily drawn. Until December 6, 1962, martial law prevailed in South Korea. Immediately after the 1961 coup, a 25-man Supreme Council of National Reconstruction (SCNR) was established as the supreme governing authority. This Council, headed by General Pak Chung-hi, was superimposed on top of the regular ministries, and has been responsible for all of the basic political and economic decisions. The National Assembly has been inoperative, and all political parties indeed, all organizations of whatever type-have been disbanded on the grounds that they were corrupt, factionalized, or for some other reason, inadequate to the tasks at hand. To an unprecedented extent, the average Korean citizen has been cut off from formal organization in recent months.