Capital games: South Korea risks reform amid capital flight
Article Abstract:
South Korea's Ministry of Finance, as a part of Pres Kim Young Sam's deregulation of the financial system and anti-corruption campaign, issued new foreign-exchange rules effective Oct 1, 1993. Thereafter, banks will not have to show a need to protect their currency risks before carrying out 90% of foreign-exchange deals. Furthermore, letters of credit denominated in South Korean won will be permitted in transactions up to $100,000 in value. The ministry may allow South Koreans to be searched at airports to stop those hoping to dodge Kim's campaign from smuggling won out of the country.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Wounded tiger: Kim faces challenge of reforming ailing economy
Article Abstract:
South Korean Pres Kim Young Sam's economic reforms have so far not kept pace with his political and military reforms. Kim admitted at a Jun 3, 1993 press conference that he has made little headway against the bureaucratic corruption which is endemic to South Korea's over-managed economy and which has undermined the country's ability to compete. Kim promised that his economic reform package, to be announced by Jul 1, will address the problem of excessive red-tape. This package will include tax, land, financial and business reforms.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Wages of sin
Article Abstract:
A 5% ceiling on wage increases set by the South Korean government is continually being defied by private businesses in the country. Employers and workers have agreed on wage increases, pushing wages up by about 10% to 15% in 1992. Wage increases in past years have combined to make South Korea a not so ideal investment area when it comes to cost advantages. However, observers say that the increases in wages may help improve efficiency in South Korean industries.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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