Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/200805 
Authors: 
Year of Publication: 
2017
Citation: 
[Journal:] KDI Journal of Economic Policy [ISSN:] 2586-4130 [Volume:] 39 [Issue:] 2 [Publisher:] Korea Development Institute (KDI) [Place:] Sejong [Year:] 2017 [Pages:] 1-23
Publisher: 
Korea Development Institute (KDI), Sejong
Abstract: 
Korea's rapid export expansion suddenly began in the early 1960s and boosted the economy. This paper's investigation finds that it began in 1961, as new export items appeared, export of which increased incomparably faster than that of the current export items at the time. How and why of this highly unusual phenomenon can best be explained by a major reform of foreign exchange system in February 1961. This goes against the widely held view that the switch in development policy from import substitution to export promotion in the mid-1960s was the reason for Korea's export success. Rather, the evidence indicates that the rapid export expansion led to the policy switch. The government's export promotion since the policy switch helped the rapid export expansion continue into the 1970s, despite the protectionist import policy.
Subjects: 
Exchange Rate Policy
Trade Policy
Export Promotion
Comparative Advantage
Import Substitution
JEL: 
O24
O25
O53
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-sa Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.