This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

There is some scepticism about Korea as role model of development as the Korean model involved a considerable degree of state activism, unacceptable in today's global environment. This paper propose a capability-based view of the country's catch-up development, arguing that the real lesson from...

Based on the variable rate of gross domestic product per capita growth and its sources, this paper first identifies five phases of economic development that are common to China, Japan, and Korea: M (Malthusian), G (government-led), K (à la Kuznets), H (human capital based) and PD (post...

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that...

We analyze and compare the pattern of economic growth and development of China and South Korea in the postwar period. Geographical proximity and cultural affinity between the two countries, as well as the key role of the developmental state in the economies of both countries, suggests that an...

We analyze and compare the patterns of economic growth and development in China, Korea, and Japan in the post-war period. The geographical proximity and cultural affinity between the three countries, as well as the key role of the development state in the economies, suggest that an analytical...

We report the first results for Korean firms on the incidence, diffusion, scope and effects of diverse employee financial participation schemes, such as Profit Sharing Plans (PSPs), Employee Stock Ownership Plans (ESOPs), Stock Option Plans (SOPs) and Team Incentive Plans (TIPs). In do doing, we...

This study analyzes some of the structural problems associated with the Korean financial sector, and investigates the efficiency of credit allocation by the financial system over the period from 1970 to 1996. Using data at the level of 32 industrial branches, we find no evidence that credit...

South Korea's experience is unparalleled in its combination of sustained prosperity, capital controls, and financial crisis. Over several decades, South Korea experienced rapid sustained growth in the presence of capital controls. These controls and the de-linking of domestic and international...

Maintaining rapid economic growth depends increasingly on productivity gains, particularly in the service sector. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken competition and has left a legacy of government...