South Korean economy set for tough year ahead

Headline SOUTH KOREA: Economy set for tough year ahead

Significance The recent fall in the price of oil was expected to provide a timely boost to the South Korean economy, but its performance in the first quarter of 2015, though rebounding from the previous quarter, has been below expectations. Beset by slowing exports and weak domestic demand, the mood in both the business and household sectors is downbeat. Impacts Absent a sustained growth rebound (or some kind of foreign policy breakthrough), Park's presidency will be seen as a failure. Deflation could threaten South Korea if there is no adjustment to monetary policy. An FTA with China will boost South Korean exports only in the longer term. The sharp depreciation of the euro will make Europe a challenging market for South Korea for now.


2017 ◽  
Vol 16 (2) ◽  
pp. 92-105 ◽  
Author(s):  
Joon-heon Song

Purpose The purpose of this study is to explore the essential cause for the policy failure of Trade Adjustment Assistance (TAA) in South Korea. Design/methodology/approach To substantiate the claims made for the failure of the policy, this paper focuses on the differences in policy preferences among the government ministries and agencies involved in TAA. Findings The failure in the TAA policy, according to this study, was attributed to the conflicts and miscoordination arising from the differences in policy preferences among government ministries and agencies. To rectify this failure, the South Korean government had to revise its laws and regulations several times over a short period. Originality/value Drawing on the analytical framework of the literature on policy failure, this paper examines the causal relationships between outcomes of TAA policy and the conflicts or miscoordination among government bodies at each stage: initiatives and planning, implementation and operation of the policy.


Headline SOUTH KOREA: More rate hikes will depend on solid GDP


2018 ◽  
Vol 6 (17) ◽  
Author(s):  
Yong-Woo Shin ◽  
Myung-Min Choi ◽  
Jeong-Hoon Chun ◽  
Jae-Yon Yu ◽  
Dae-Won Kim ◽  
...  

ABSTRACT We report here the draft genome sequence of Burkholderia pseudomallei H0901. This strain was isolated in 2003 from the first melioidosis patient in South Korea.


Significance President Park Geun-hye urged it to pass "bills directly related to people's livelihoods" to "lessen the pain of the people", and pledged "excruciating" reform for debt-ridden shipbuilders, which were granted a 9.5-billion-dollar bailout on June 8. A day later the Bank of Korea (BoK) unexpectedly cut its base rate by 25 basis points to 1.25%, a record low. Impacts Rather than a proactive and coherent reform package, Park's government is reduced to reactive fire-fighting, as in the shipbuilders' rescue. South Korea's reliance on exports means firefighting might be needed in other sectors too, given the gloomy global economic outlook. Yet another cabinet reshuffle is likely in the coming months, but will bring little benefit.


Headline SOUTH KOREA: Surveillance fears thwart terrorism bill


2015 ◽  
Vol 11 (2) ◽  
pp. 116-137 ◽  
Author(s):  
Bokgyo Jeong

Purpose – This paper aims to examine the distinctiveness of South Korean social enterprises from a historical institutionalism perspective. From this perspective, the author focuses on the proactive roles played by the government in the process of emergence and formulation of social enterprises in South Korea. The author roots this paper in the concept of the developmental state and examines how this concept applies to newly emerging social enterprises in South Korea. Design/methodology/approach – This paper first introduces the process of South Korean social enterprises’ emergence as an independent phenomenon. The author explains the process with a link to governmental actions, such as the introduction of public programs and government acts. Second, this paper introduces the concept of developmental state which captures the proactive role of the state in social, economic and political development in South Korea. Third, this paper applies the institutional framework proposed by Kerlin (2013) to see how the South Korean social enterprise model can be located from a comparative perspective and how the South Korean model can contribute to the expansion of the existing framework. Findings – This paper finds that the state involvement in South Korea is a reflection of the historical path of the developmental state. The cross-comparison of South Korean social enterprises from a historical institutionalist approach finds that the South Korean case may contribute to the ongoing scholarly debate by suggesting taking a Weberian ideal type of an interventionist state into account for an extension of the proposed framework. This paper also uncovered the strategic approach of the South Korean Government in utilizing this public policy tool by adopting and combining existing social enterprise models. Research limitations/implications – This paper demonstrates the state’s intents to mobilize economic and societal resources as public policy intervention tools, which can be understood from a developmental state context. This role would be distinct when compared to those in Europe and the USA. This paper has a limitation to restrict its analytical scope to formally recognized social enterprises because it focuses on the role of the state in utilizing social enterprises for public policy agenda: social development and social welfare provision. Practical implications – As a practical implication, this study might provide an insightful framework for South Korean public policy makers, outlining the contributions and limitations of state-led public policies associated with social enterprises. As seen in the historical path of governmental interventions, governmental public policies do not necessarily guarantee their sustainable community impacts without the consideration of private or nonprofit actors’ spontaneous involvements. The flip side of state-led interventions requires policy makers to become more cautious, as they address social problems with public policy intents. Originality/value – The majority of current studies on social enterprises in South Korea mainly focus on reporting the quantitative increase in the number of registered social enterprises. Beyond this quantitative description of its achievement, this paper also provides a historical narration and philosophical background of this phenomenon. Additionally, it shows how this artificial government intervention in social enterprises could be accepted from a historical perspective and brought remarkable responses from the private and civil society sectors in South Korea.


2004 ◽  
Vol 3 (1) ◽  
pp. 1-21 ◽  
Author(s):  
Choong Yong Ahn ◽  
Baekin Cha

South Korea has undertaken major and far-reaching actions to rebuild and improve its financial sector since the financial crisis of 1997. Various measures to clean up the balance sheets of financial institutions have helped to normalize the financial system earlier than expected and have significantly eased the credit crunch. Despite the many significant changes in the South Korean economy brought about by financial reform, the country must continue with further improvements if it expects to build a stronger and more competitive financial industry that can thrive in the international market. To sustain the momentum of its initial reform effort, South Korea should institute additional financial reforms, eliminate moral hazard, and establish new market-based rules.


2014 ◽  
Vol 10 (1) ◽  
pp. 38-52 ◽  
Author(s):  
Marcello Bertotti ◽  
Younghee Han ◽  
Gopalakrishnan Netuveli ◽  
Kevin Sheridan ◽  
Adrian Renton

Purpose – The aim of the present study is to identify the prevalent model of social enterprise governance in South Korea by empirically testing five conceptual models. Theoretical and empirical research on the governance of social enterprises have grown considerably in the past decade, centred primarily on the UK, Europe and the USA. Whilst some articles have discussed the role and growth of social enterprises in Asia, the empirical evidence remains scant, particularly in relation to empirical studies of social enterprise governance in South Korea. Design/methodology/approach – Drawing upon established literature on social enterprise governance, we empirically tested five conceptual models on a sample of 69 South Korean social enterprises collected through an online survey to identify the prevalent model of governance. Such models were found unable to fully explain governance processes observed. Thus, the authors used an innovative statistical technique, latent class analysis, which identifies clusters of associations between key governance variables. Findings – This exercise revealed two opposite models, centralising and interdependent. The latter represent an interesting shift towards widening forms of participation in governance processes in South Korea. Research limitations/implications – The sample is small and only limited to some social enterprise types. More research needs to be done on larger samples including the growing South Korean co-operative sector. Originality/value – To the authors’ knowledge, this is the first published data available on the governance of South Korean social enterprises and the analysis used to identify governance models (i.e. latent class analysis) is novel.


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