TY  - JOUR
AU  - Collins,Susan M.
AU  - Park,Won Am
TI  - External Debt and Macroeconomic Performance in South Korea
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2596
PY  - 1988
Y2  - June 1988
UR  - http://www.nber.org/papers/w2596
L1  - http://www.nber.org/papers/w2596.pdf
N1  - Author contact info:
Susan M. Collins
Joan and Sanford Weill Dean of Public Policy
Gerald R. Ford School of Public Policy
Weill Hall, Suite 4300
735 South State Street
Ann Arbor, MI   48109-3091
Tel: 734-763-2258
Fax: 734-763-9181
E-Mail: smcol@umich.edu
M1  - published as Susan M. Collins, Won-Am Park. "External Debt and Macroeconomic Performance in South Korea," in Jeffrey D. Sachs, editor, "Developing Country Debt and the World Economy" University of Chicago Press, 1989 (1989)

AB  - During 1980-1986, South Korea went from being the world's fourth largest debtor country, in the midst of an economic crisis, to a model of successful adjustment, with high growth rates and a current account surplus. This paper summarizes the findings of an in depth analysis of Korea's performance, focusing on the experience with external debt. We argue that the explanations for Korea's recovery are closely linked to the explanations for Korea's very rapid growth during the 1960s and 1970s. The centerpieces have been a comprehensive export focused investment plan with external borrowing wed to supplement domestic savings in financing the investment and an active, interventionist government policy.
ER  -