Towards rule-based institutions and economic growth in Asia? Evidence from the Asian Financial Crisis 1997–1998
Bibliographic Data
| ID | 13021079 |
|---|---|
| Authors | Kee Hoon Chung (0000-0002-2030-375X, Seoul National University, corresponding author) |
| Year | 2020 |
| Volume | 6 |
| Issue | 3 |
| Pages | 274-292 |
| Publication date | 2020-10-21 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Asian Journal of Comparative Politics (JOURNAL) |
| Journal identifiers | ISSN: 2057-8911 • E-ISSN: 2057-892X |
| Publisher | SAGE Publishing (PUBLISHER • US) |
| DOI | 10.1177/2057891120962575 |
| OpenAlex | W3094012548 |
| Language | EN |
| Citations received | 1 |
| References cited | 39 |
Due to the severity of the Asian Financial Crisis 1997–1998, South Korea, Indonesia, and Thailand resorted to an International Monetary Fund (IMF) bailout. In exchange, the IMF demanded a series of reforms intended to promote rule-based institutions generally found in advanced Western economies, such as the rule of law. Using panel data analysis from 1982 to 2007, we test empirically whether judicial independence, one of the more fundamental rule-based institutions, can positively explain the growth of these countries after the crisis, and find the impact of reforms to be limited. To understand why, we use South Korea as an example to show that top-down reforms by the government prevented a shift towards a rule-based economy. Due to the government selectively bailing out big businesses, big businesses that survived the crisis captured market shares once owned by the dissolved big businesses, becoming too powerful for the government to regulate. This research uses Soifer’s theoretical framework on critical junctures
Bailout · Economics · Financial crisis · Financial system · Government (linguistics · Independence (probability theory · International economics · Macroeconomics · Political science · Politics · Rule of law · Corruption and Economic Development · Global Financial Crisis and Policies · Political Conflict and Governance
State-Directed Development
Institutional Quality and International Trade
Some Lessons From the East Asian Miracle
Institutions Rule
Institutions, Institutional Change and Economic Performance
Structuring Politics
Critical junctures and institutional change
Governance Institutions and Economic Activity
Informal Institutions and Comparative Politics
A Global Measure of Judicial Independence, 1948–2012
Revisiting the South Korean developmental state after the 1997 financial crisis
Big Deal’ or big disappointment? The continuing evolution of the South Korean developmental state
Why isn't the whole world experimenting with the East Asian model to develop
Economic Crises and Political Change
Informal institutions rule
Institutions and growth in East Asia
State Power and the Economic Origins of Democracy
Growth and Governance
The Causal Logic of Critical Junctures
The Rule of Law and Economic Development
The Study of Critical Junctures
Do Institutions Cause Growth
Bureaucracy and Growth
Institutions
The Politics ofChaebolReform in Korea
The Politics of Market Reform in Fragile Democracies
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2026 - 2026 (1) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 1 |