Catch-up and Crisis in Korea

Catch-up and Crisis in Korea

Wontack Hong

Whilst the process of catch-up in Korea – led by export-oriented growth – has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction.

APPENDIX 2: MAJOR STATISTICAL INDICATORS: TAIWAN

Wontack Hong

Extract

Growth rate of GDP (%) Savings propensity s d1 (%) s f2 (%) 15.3 14.6 0.0 Ϫ1.2 17.8 2.4 9.6 1.9 3.47 14.8 19.1 0.2 148 16.0 3.4 3.76 16.3 21.4 26.2 31.3 37.8 41.6 38.9 34.4 44.1 43.1 5.5 4.3 4.3 4.4 5.6 5.0 5.5 3.7 6.1 4.39 4.58 4.74 4.95 5.33 5.49 5.52 5.67 5.98 19.1 20.9 22.2 24.6 26.6 27.0 27.5 28.7 29.5 22.3 22.5 24.9 26.5 29.1 29.2 31.5 34.3 36.8 32.8 30.9 33.8 34.2 1952 55 57 58 59 1960 61 62 63 64 65 66 67 68 69 1970 71 72 73 74 75 76 77 0.5 1.1 1.5 2.1 3.0 4.5 5.6 5.3 8.2 9.4 12.0 8.1 7.4 6.7 7.7 6.3 6.9 7.9 9.4 12.2 11.1 8.9 10.7 9.2 8.9 11.4 12.9 13.3 12.8 1.2 4.9 13.9 10.2 20.7 22.2 23.1 22.4 23.8 25.6 28.8 32.1 34.4 31.5 26.7 32.3 32.6 2.0 0.7 0.0 Ϫ2.6 Ϫ6.5 Ϫ5.3 7.7 3.8 Ϫ1.6 Ϫ4.3 149 78 79 1980 81 82 83 84 85 86 87 88 89 1990 91 92 93 94 95 96 97 98 99 2000 53 53 53 54 53 52 54 57 59 60 61 61 61 64 66 65 66 65 62 13.6 8.2 7.3 6.2 3.6 8.4 10.6 5.0 11.6 12.7 7.8 8.2 5.4 7.6 7.5 7.0 7.1 6.4 6.1 6.7 4.6 5.4 6.0 34.4 33.4 32.3 31.3 30.1 32.1 33.8 33.6 38.5 38.5 34.5 31.1 29.3 29.4 29.0 28.8 27.6 27.0 26.7 26.4 26.0 26.1 25.4 Ϫ6.1 Ϫ0.5 1.6...

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