Economic Development in Korea and other Asian countries
Credits / Language / Semester
2Credits / English / Summer
The purpose of this course is to improve the understanding of the Korean and the other East Asian economies in the global perspective. Also, the instructor will help the students to enhance their knowledge about theories of macroeconomics, international trade and economic development in the light of the Korean and the other East Asian experiences. Upon reviewing major models of economic development, this course will examine the century-old economic development of Korea and East Asia. Most of the emphasis will be given to the period after the Second World War. The lion’s share of the lecture materials will be devoted to review the evolution of the Korean economy during the last several decades in comparison with other East Asian economies. Major characteristics as well as the most important policy change of each decade will be explained. Also, more specific topics such as macroeconomic management, fiscal and monetary policy, role of financial market, firms and industrial policy, external economic relation, and social issues will be studied. In each subject, relevant theoretical backgrounds will be introduced. Also, international comparisons based on various sources of references will be made as much as possible to enhance the understanding of the lectures.
Economic development, Korean economy, Asian economy
The Import Substitution Policy of the 1950s
The Export Promotion Policy of the 1960s
The Secondary IS Policy: Heavy and Chemical Industry (HCI) Drive
Liberalization and Structural Reforms of the 1980s: From 3 Highs to 3 Lows(I)
Liberalization and Structural Reforms of the 1980s: From 3 Highs to 3 Lows(II)
The 1997 Asian Financial Crisis
The 2008 Global Financial Crisis and East Asia
The North Korean Economy and Inter-Korean Economic Relation
Lecture. But students are expected to read required reading materials and encouraged active participation in the class.
The instructor will ask questions to students, and will encourage students to raise questions.
Mid-term exam: 30%
Final term exam: 40%
Class attendance: 10%
Home assignments: 20%
TBA in class
TBA in class