Korean Economic Reform: Before and Since the 1997 Crisis

In 1997 the author was told, by an official at the Korean embassy in Washington DC, that the most serious economic problem facing Korea was the need for reform of the financial sector. This proved to be true, as a financial crisis hit Korea in November 1997. Though problems arising before November 1997 indicate that Korea's economic problems were not solely financial. This study covers earlier reform efforts, the 1997 crisis and the measures taken by Korea since then to deal with the country's economic problems. It attempts to analyze the problems and offer suggestions as to how problems might corrected or resolved.