Korean Economy

Course Syllabus
YONSEI INTERNATIONAL SUMMER SCHOOL 2011
KOREAN ECONOMY
CREDIT INSTRUCTOR Prof. Doowon Lee

Rm# 311, College of
OFFICE OFFICE HOURS
Business and Economics
TIME CLASSROOM LOCATION
E-MAIL Leedw311@hanmail.net
* Please leave the fields blank which havent been decided yet.
[COURSE INFORMATION]
The purpose of this course is to improve the understanding of the Korean and the other
East Asian economy in the global perspective. Also, in doing so, the instructor will
help the students to enhance their knowledge about theories of macroeconomics,
international trade and economic development in the light of the Korean and the other
East Asian experiences. Upon reviewing major models of economic development, this
course will examine the century-old economic development of Korea and East Asia.
Most of the emphasis will be given to the period after the WWII. The first half of the
course will be devoted to review the evolution of the Korean economy during the last
several decades in comparison with other East Asian economies. Major characteristics
COURSE DESCRIPTION as well as the most important policy change of each decade will be explained. During
& GOALS
the second half of the course, more specific topics such as macroeconomic management,
fiscal and monetary policy, role of financial market, firms and industrial policy, external
economic relation, and social issues will be studied. In each subject, relevant
theoretical backgrounds will be introduced. Also, international comparisons based on
various sources of references will be made as much as possible to enhance the
understanding of the lectures. One or two lectures can be conducted by invited
speakers. Students are expected to read required reading materials (those with **)
and encouraged active participation in the class. The instructor will often ask questions
to students, and will encourage students to raise questions.
PREREQUISITE Principles of Microeconomics & Principles of Macroeconomics
COURSE REQUIREMENTS
- Mid-term exam: 30%

GRADING POLICY
- Final term paper (20 -25 pages long): 40%
Course Syllabus
- Class attendance: 10%

- Home assignments: 20%
TEXTS & REFERENCES
INSTRUCTORS PROFILE
[WEEKLY SCHEDULE]
* Your detailed explanations would be very helpful for prospective students to get a pre-approval for credit-transfer from
their home university in advance.
WEEK COURSE MATERIAL &
WEEKLY TOPIC & CONTENTS REF.
(PERIOD) ASSIGNMENTS
- Topic 1: June 27
Introduction
(1) Introduction of class schedules and references
(2) Overview and facts of the Korea and East Asian
Economies
Homework 1
** Krueger, Anne, Ch. 7 Korean Industry and Trade over
Fifty Years in KDI (Korea Development Institute), The
In the class, we
Korean Economy 1945-1995 (1997).
compared development
* Kim, Kwang Suk, and Joon-Kyung Kim, Ch1. Korean
models based on criteria
Economic Development: An Overview, The Korean
such as government size
Economy 1945-1995, KDI (1997).
and labor market.
** Overview of World Bank, The East Asian Miracle:
Compare economic
Economic Growth and Public Policy, A World Bank
1 (06.27 ~ 07.01) development model of
Policy Research Report (Oxford University Press, 1993).
one country (or region)
with the other based on
Refer to www.imf.org (world economic outlook database) for
your own set of criteria.
macroeconomic data of IMF member countries. Also, refer
to www.cia.gov (the world fact book) for a brief description
of geographical, political, social and economical situation of
countries worldwide.
Topic 2: June 28
Review of Economic Development Theories(I)
(1) Linear Stage Theory of Rostow
(2) Harrod-Domar Model
(3) Dual Economic Structure Model of Lewis, Fei
Course Syllabus

and Ranis
Balanced vs Imbalanced Growth Theory
** Chapter 3 of Michael Todaro and Stephen C. Smith,
Economic Development, 9th Edition, (Pearson Education
Limited, Harlow, England, 2006).
Topic 3: June 29
Review of Economic Development Theories(II)
(1) International Dependence Revolution
(2) Neo-Classical Growth Theory
(3) Convergence and TFP
** Chapter 3 of Michael Todaro and Stephen C. Smith,
Economic Development, 9th Edition, (Pearson Education
Limited, Harlow, England, 2006).
Topic 4: June 29
Models of Economic Development
(1) The Anglo-Saxon Free Market Model
(2) Welfare State Model of the Europe
** Sapir, Andre, "Globalisation and the Reform of
European Social Models", Background document for the
presentation at ECOFIN informal meeting in Manchester,
9 September 2005. Refer to:
www.bruegel.org/Repositories/Documents/publications/w
orking_papers/SapirPaper080905.pdf
(3) The Asian Model
** Kuznets, Paul. An East Asian Model of Economic
Development: Japan, Taiwan and South Korea,
Economic Development and Cultural Change, Vol.36,
No. 3 (1988)
* Lee, Doowon, "The Korean Economy in Transition: In

Search for a New Model", Global Economic Review, Vol.
35, No. 2, pp. 207-230 (June 2006).
Refer to www.boj.or.jp (The Bank of Japan) and Economic

Statistics
Course Syllabus

Q: Where does trade-off come from?
Q: What do you think is the best model? Can it be sustained?
Q: Do models converge? Or diverge?
Part II. Evolution of the Korean and East Asian

Economies
Topic 5: July 4
Before Industrialization: Pre-modern Society, Opening,
and the Colonial Legacy: Comparison between Korea and
Japan
* Ch. 1 (Merchants and Landlords: The Accumulation of
Capital, 1876-1919) of Eckert, Carter J., Offspring of
Empire: The Kochang Kims and the Colonial Origins of
Korean Capitalism: 1876-1945 (University of
Washington Press, 1991).
** Ch. 1 (An Overview of Industrial Development During
Japanese Colonial Rule, 1910-1945) of Kim, Kwang-Suk,
and Michael Roemer, Growth and Structural
Transformation, Harvard University Press, Cambridge,
2 (07.04 ~ 07.08) 1979.
* Ch. 2 (Historical Background of the Japanese Economy)
of Ito, Takatoshi, The Japanese Economy (Cambridge,
Mass, : MIT Press, 1992).
Topic 6: July 5
Beginning of Industrialization: Import Substitution
Policies
(1) Import Substitution Policy
** Fei, John, Gustav Ranis, and Kazushi Ohkawa.
Economic Development in Historical Perspective: Japan,
Korea and Taiwan, in Japan and the Developing
Countries, Edited by Kazushi Ohkawa and Gustav Ranis,
London: Basil Blackwell (1985)
* Krueger, Anne, Ch 3. Comparative Advantage and
Development Policy Twenty Years Later", Perspectives
Course Syllabus

on Trade and Development (Chicago: The University of
Chicago Press, 1990).
(2) Dominant Role of the foreign Aids
* Ch. 1 (The 1945-53 Period), ** Ch. 2 (Trade and Aid,
1953 to 1960), and *Ch. 5 (The Allocative Efficiency of
Trade and Aid) of Krueger, Anne, Harvard East Asian
Monographs 87, Studies in the Modernization of The
Republic of Korea: 1945-1975, The Development Role of
the Foreign Sector and Aid, Harvard University Press
(1982).
* Ch. 6 (Foreign Assistance and Korean Development) of
Madison, Edward S., Mahn-Je Kim, Dwight H. Perkins,
Kwang-Suk Kim and David C. Cole, The Economic and
Social Modernization of the Republic of Korea, Harvard
University Press, Cambridge, 1980.
Topic 7: July 6
The Export Promotion Policy of the 1960s(I)
(1) IS (Import Substitution) vs EP (Export Promotion)
(2) Transition to EP policy
** Ch. 3 (The Transition to an Export-Oriented Economy:
1961 to 1965), Ch. 4 (Emergence as a Major Exporter:
1966 to 1975), and Ch. 5 (The Allocative Efficiency of
Trade and Aid) of Krueger, Anne, Harvard East Asian
Monographs 87, Studies in the Modernization of The
Republic of Korea: 1945-1975, The Development Role of
the Foreign Sector and Aid, Harvard University Press
(1982).
* Westphal, Larry E., Industrial Policy in an Export-
Propelled Economy: Lessons from South Koreas
Experience, Journal of Economic Perspectives, Vol. 4,
No. 3 (1990, pp. 41-59).
Topic 8: July 7
The Export Promotion Policy of the 1960s(II)
(1) Five Year Economic Development Plans
(2) International Comparisons: Japan, Southeast Asia and
Latin America
Course Syllabus

** Ch 3 (The ABCs of Japanese and Korean
Accumulation) of Amsden, Alice H. Asias Next Giant:
South Korea and Late Industrialization (Oxford
University Press, 1989, pp. 62-63)
** Ch. 6 (Foreign Trade and the Incentive System) and *
Ch. 8 (Korean Economic Planning and Policy
Formulation) of Song, Byung-Nak (2005).
** Creating an Export Push of Ch. 3 of World Bank,
The East Asian Miracle: Economic Growth and Public
Policy, A World Bank Policy Research Report (Oxford
University Press, 1993).
* Ch. 2 (Historical Background of the Japanese Economy)
of Ito, Takatoshi, The Japanese Economy (Cambridge,
Mass, : MIT Press, 1992).
* Ranis, Gustav, The Political Economy of Development
Policy Change: A Comparative Study of Taiwan and
Korea KDI Working Paper No. 8916 (1989).
* Krueger, Anne, The Importance of Economic Policy in
Development: Contrasts between Korea and Turkey,
NBER working paper 2195 (1987).
* Ch. 4 (Economic Development in Macroeconomic
Terms, 1953-1976), Ch. 5 (Industrialization and Foreign
Trade) and Ch. 8 (Government and Business) of Madison,
Edward S., Mahn-Je Kim, Dwight H. Perkins, Kwang-Suk
Kim and David C. Cole, The Economic and Social
Modernization of the Republic of Korea, Harvard
University Press, Cambridge, 1980.
* Ch. 3 (Government Economic Decision-Making
Process) of Jones, Leroy P. and Il Sakong, Government,
Business, and Entrepreneurship in Economic
Development: The Korean Case, Harvard University
Press, 1980.
* Ch. 3 (Development Strategies, Economic Planning, and
Policy Implementation) of Sakong, Il, Korea in the World
Economy (Institute for International Economics, 1993).
Course Syllabus

Topic 9: July 11
The Secondary IS Policy: Heavy and Chemical Industry
(HCI) Drive
(1) Backgrounds of the HCI Drive
(2) Achievements and Side-Effects of the HCI Drive
** Ch. 2 (Macroeconomic Policy through the First Oil
Shock, 1970-1975) and Ch. 3 (From the Heavy Industry
Plan to Stabilization: Macroeconomic Policy, 1976-1980)
of Haggard, Stephan, Richard N. Cooper, Susan Collins,
Choongsoo Kim and Sung-Tae Ro, Macroeconomic
Policy and Adjustment in Korea: 1970-1990 (Harvard
institute for International Development, 1994).
* Kim, Ji Hong, Korean Industrial Policy in the 1970s:
The Heavy and Chemical Industry Drive, KDI Working
Paper No. 9015 (July 1990).
Homework # 2
** Ch. 17 (The Heavy and Chemical Industries Promotion
Plan) of Cho, Lee-Jay and Yoon Hyung Kim, Economic
Compare the IS, EP,
Development in the Republic of Korea (University of
HCI, or liberalization
3 (07.11 ~ 07.15) Hawaii Press, 1991).
policies of Korea to that
(3) Comparison with Taiwan and Japan
of the other country of
** Ranis, Gustav, The Political Economy of
your choice.
Development Policy Change: A Comparative Study of
Taiwan and Korea KDI Working Paper No. 8916 (1989).
* Ch. 2 (The Policy Framework: The Early Years) of
Hsueh, Li-min, Chen-kuo Hsu and Dwight H. Perkins,
Industrialization and the State: The Changing Role of the
Taiwan Government in the Economy, 1945-1998.
(Harvard University Press, 2001)
(4) Overcoming the Oil Shocks
* Lin, Chang-yuan, East Asia and Latin America as
Contrasting Models, Economic Development and
Cultural Change, Vol.36, No.3 (1988).
Q) How did Korea maintain positive growth (both in GDP

and export) during the 1st oil shock of 1973-74?
Q) How do you evaluate Korean big push of HCI drive?
Course Syllabus

Topic 10: July 12

Liberalization and Structural Reforms of the 1980s: From
3 Highs to 3 Lows(I)
(1) Stabilization Policies
(2) Structural Reforms and Trade Liberalization
** Ch. 4 (The Political Economy of Adjustment in the
1980s) of Haggard, Stephan, Richard N. Cooper, Susan
Collins, Choongsoo Kim and Sung-Tae Ro,
Macroeconomic Policy and Adjustment in Korea: 1970-
1990 (Harvard institute for International Development,
1994).
* Ch. 4 (Changed Development Strategy of the 1980s) of
Sakong, Il, Korea in the World Economy (Institute for
International Economics, 1993).
* Ch. 7 (Import Restriction and Liberalization) of Krause,
Lawrence and Kihwan Kim, Liberalization in the Process
of Economic Development, University of California Press
(1991).
Mid-Term Examination : July 13
Topic 11 : July 14
Liberalization and Structural Reforms of the 1980s: From
3 Highs to 3 Lows(II)
(1) Favorable External Environments and 3-lows
* Doowon Lee, "Korea's Development Strategy in A
Changing International Environment: Three Lows, Past
and Present," Korea Observer: A Quarterly Journal, Vol.
23, No. 4, pp. 415-435, Winter 1992.
(2) Democratization and the Korean Economy
** Cheng, T. J. and Lawrence Krause, "Democracy and
Development: With Special Attention to Korea," The
Journal of Northeast Asian Studies (1992)
* Haggard, S., and Chung-In Moon, Institutions and
Economic Growth: Theory and a Korean Case Study,
World Politics, Vol. 42, No. 2 (1990).
* Ch 4 (Democratization and Macroeconomic Policy) and
Course Syllabus

Ch 5 (Democratization, Labor Policy and Economic
Performance) of Mo, Jongryn and Chung-In Moon,
Democracy and Korean Economy (Yonsei University
Press, 1999).
Topic 12 : July 18
The 1997 Asian Financial Crisis
(1) The Early Half of the 1990s: Growth through High-Costs
and Low-Efficiency Economic Structure
** Doowon Lee, "Korea's Development Strategy in A
Changing International Environment: Three Lows, Past
and Present," Korea Observer: A Quarterly Journal, Vol.
23, No. 4, pp. 415-435, Winter 1992.
* Shin, Inseok and Yunjong Wang, How to Sequence
Capital Market Liberalization: Lessons from the Korean
Experience, KIEP Working Papers 99-30 (December
1999).
* Ch 5 (Globalization, Financial Market Opening, and
Foreign Capital Inflows) of Cho, Kim and Lee (2001).
(2) Causes and Recovery of the Crisis
* Lee, Doowon "South Korea's Financial Crisis and
4 (07.18 ~ 07.22)
Economic Restructuring," Korea Briefing 1997-1999:
Challenges and Change at the turn of the Century, edited
by Kongdan Oh, published in cooperation with the Asia
Society (New York: M.E. Sharpe, Inc. 2000).
* Gruenwald, Paul F. (2002) Macroeconomic
Performance during the Crisis, The International
Symposium on Economic Reform and Future Agenda:
Four Years after Koreas Economic Crisis, KDI, Seoul,
Korea.
* Jones, Randall S. (2002) Economic Restructuring and
Institutional Changes in Korea in the Wake of the 1997
Crisis, International Symposium on Economic Reform
and Future Agenda: Four Years after Koreas Economic
Crisis, KDI, Seoul, Korea.
** Chopra, Ajai, Kenneth Kang, Meral Karasulu, Hong
Liang, Henry Ma, and Anthony Richards (2001), From
Course Syllabus

Crisis to Recovery in Korea: Strategy, Achievements, and
Lessons, IMF Working Paper No. 01/154).
(3) Implications and Side-Effects
** Cho, Yoon Je, Economic Adjustment Program of
Korea After the Crisis: What Have We Learned from the
Korean Economic Adjustment Program?, Korean Crisis
and Recovery, edited by David T. Coe and Se-Jik Kim,
IMF & KIEP (2002).
* Chung, Chae-Schick and Se-Jik Kim, New Evidence
on High Interest Rate Policy During the Korean Crisis,
Korean Crisis and Recovery, edited by David T. Coe and
Se-Jik Kim, IMF & KIEP (2002).
* Lee, Doowon (2002), The Economic Reform and Its
Aftermath of South Korea, Global Economic Review,
Vol. 30, No. 4.
* Lee, Doowon, The Role of Foreign Capital in The S
outh Korean Financial Crisis and Recovery, After Cris
is: Adjustment, Recovery and Fragility in East Asia, ed
ited by Jayati Ghosh & C.P. Chandrasekhar (New Delh
i: Tulika Books, July 2009)
(4) International Comparisons
* Park, Yung Chul and Jong Wha Lee, Recovery and
Sustainability in East Asia, Korean Crisis and Recovery,
edited by David T. Coe and Se-Jik Kim, IMF & KIEP
(2002).
* Ch. 4 (Banking Reform: The Whys and How Tos) of
Cho, Lee-Jay, Yoon Hyung Kim, and Chung H. Lee,
Restructuring the National Economy (KDI: December
2001).
* Ramli, R. & P. Nuryadin, Ten Years of Economic
Crisis, Monetarist and Neoliberal Solutions: Old Wine in
New Bottles, After Crisis: Adjustment, Recovery and
Fragility in East Asia, edited by Jayati Ghosh & C.P.
Chandrasekhar (New Delhi: Tulika Books, July 2009)
Topic 13: July 19,20

The 2008 Global Financial Crisis and East Asia
* Ch 4. The Economic and Social Commission for Asia
Course Syllabus

and the Pacific in The Global Economic and Financial
Crisis: Regional Impacts, Responses, and Solutions,
UNESCAP (2009).
* Reinhart, Carmen M and Kenneth S. Rogoff, A
Panoramic View of Eight Centuries of Financial Crises,
NBER Working Paper Series No. 13882 (March, 2008).
** Reinhart, Carmen M and Kenneth S. Rogoff, An
Equal Opportunity Menace, American Economic Review
(2008).
* Refer to www.imf.org (International Monetary Fund).
Part III. Sectional Analysis of the Korean Economy
Topic 14: July 21

Macroeconomic Management
(1) Macroeconomic Management of East Asia
** Ch 3 (Macroeconomic Stability and Export Growth) of
World Bank (1993)
* Ch 3 (The Political Economy of South Korea: Fifty
Years of Macroeconomic Management 1945-1995) by
Lawrence Krause in KDI (1997).
(2) Macroeconomic Balance and Saving/Consumption
Hypotheses
* Ch. 8 (Saving, Investment, and External Balance in
South Korea) of Haggard et al. (1994).
* Ch. 9 (The Consumption and Savings Behavior of
Koreans) of Song (2005).
(3) Capital Accumulation and Investment
** Ch 5 (Strategies for Rapid Accumulation) of World
Bank (1993)
* Ch. 9 (Saving and the Cost of Capital) of Ito, Takatoshi,
The Japanese Economy (Cambridge, Mass, : MIT Press,
1992).
Refer to http://www.stats.gov.cn/english/ (National Bureau of

Statistics of China) for the Chinese statistics.
Course Syllabus

Topic 15: July 25
Fiscal Policy
(1) Effect of Fiscal Policy
* Lindbeck, Assar, Ch. 3 Public Finance for Developing
Countries in Liberalization in the Process of Economic
Development, edited by Krause, Lawrence B and Kihwan
Kim (1991).
* Ch 6 (The Role of Tax and Fiscal Policies) by Kim,
Dong-Kun and Seong-Hyeon Whang in KDI (1997).
(2) Structures of Tax Revenues and Government
Expenditures
** Ch. 5 (Fiscal Policy in Korea) of Haggard, Stephan,
Richard N. Cooper, Susan Collins, Choongsoo Kim and
Sung-Tae Ro, Macroeconomic Policy and Adjustment in
Korea: 1970-1990 (Harvard institute for International
Development, 1994). Homework # 3
(3) Problems and Challenges
** Feyzioglu, Tarhan, Michael Skaarup, and Murtaza Introduce a case study
Syed, Addressing Koreas Long-Term Fiscal of an industrial (or
5 (07.25 ~ 07.29)
Challenges IMF Working Paper, WP/08/27 (2008). trade) policy of a
country of your choice.
* Refer to www.mosf.go.kr (Ministry of Strategy and
Finance) and www.kipf.re.kr (Korea Institute of Public
Finance).
Topic 16: July 26

The Financial Market
(1) The Role of Financial Sector in Economic Development
* Park, Yung-Chul, Financial Repression, Liberalization,
and Development in Developing Countries, KDI Working
Paper No. 8704 (May 1987)
* Ch. 1 (Theories of Financial Development and the
Relevance of Korean Experience) and *Ch. 3 (Koreas
Regulated Financial Institutions) of Cole, David and
Yung-Chul Park, Financial Development in Korea: 1945-
1978 (Harvard University Press, 1980).
* David Cole, Financial Development in Korea, 1945-
78, KDI Working Paper (June 1979).
Course Syllabus

(2) The Korean Financial Market Structures and Reforms
** Summary & Ch. 3 (The Evolution of Financial Sector
Policies and Directed Credit Programs in Korea) of Cho,
Yoon Je and Joon Kyung Kim, Credit Policies and the
Industrialization of Korea, KDI (December 1997)
* Ch 5 (Financial Policies and Institutional Innovation) by
Pyung-Joo Kim in KDI (1997).
(3) International Comparisons of the Financial System
* Ch. 5 (Financial Markets and Monetary Policy, pp.114-
125) of Ito, Takatoshi, The Japanese Economy
(Cambridge, Mass, : MIT Press, 1992).
* Refer to www.bok.or.kr (Bank of Korea),

www.mosf.go.kr (Ministry of Strategy and Finance), and
www.kif.re.kr (Korea Institute of Finance).
Topic 17: July 27

Market Structure and Industrial Policy
(1) Market Structure and Concentration of Economic Power:
issue of Chaebol
* Jones, Leroy P., Ch. 16 Big Business Groups in South
Korea: Causation, Growth, and Policies of Cho and Kim
(1994)
** Ch. 7 (Industrial Structure and Policy) and Ch. 11
(Understanding the Korean Management System) of Song
(2005).
* Ch 10 (Evolution of Industrial Organization and Policy
Response in Korea) of KDI (1997).
* Ch. 5 (The Spiraling of Market Power) of Amsden,
Alice, Asias Next Giant: South Korea and Late
Industrialization (Oxford University Press, 1989).
* Yoo, Seong-Min, Ch.10 Evolution of Government-
Business Interface in Korea: Progress to Date and Reform
Agenda Ahead of Cho, Kim and Lee (2001).
* Yoo, Seong Min, Chaebol in Korea: Misconceptions,
Realities, and Policies, KDI Working Paper (March
1995).
(2) Industrial Policy
Course Syllabus

** Leipziger, D. M. and Peter A. Petri, Ch. 19 Korean
Industrial Policy: Legacies of the Past and Directions for
the Future of Cho and Kim (1994).
* Ch 4 (Policy-based Loans) & Ch 6 (The Effectiveness
of Credit Policies in Korea) of Cho, Yoon Je and Joon
Kyung Kim, Credit Policies and the Industrialization of
Korea, KDI (December 1997)
** Ch. 1 (Introduction) of Komiya, Ryutaro, Masahiro
Okuno, and Kotaro Suzumura, Industrial Policy of
Japan (Academic Press, 1988).
* Noguchi, Yukio, Forecasting Japans Future: The
Lessons of History, The 1940 System, American
Economic Review, Vol. 88, No. 2 (1998).
* Ch. 7 (Industrial Structure and Policy) of Ito,
Takatoshi, The Japanese Economy (Cambridge, Mass, :
MIT Press, 1992).
* Refer to www.ftc.go.kr (Fair Trade Commission),

Korea Economic Research Institute (www.keri.org), an
affiliation of the Federation of Korean Industries
(www.fki.or.kr). Also refer to www.mke.go.kr
(Ministry of Knowledge Economy) and
www.smba.go.kr (Small and Medium Business
Administration).
Topic 18: July 28

The International Economic Issues in East Asia
* Plummer, Michael G. The Global Economic Crisis and
Its Implications for Asian Economic Cooperation, Policy
Studies 55, East-West Center (2009).
* Kawai, Masahiro, and Ganeshan Wignaraja, The Asian
Noodle Bowl: Is It Serious for Business, ADBI Working
Paper Series, No. 136 (2009).
* Refer to www.mofat.go.kr (Ministry of Foreign Affairs

and Trade), www.kotra.or.kr (Korea Trade and Investment
Promotion Agency), www.kiep.go.kr (Korea Institute for
International Economic Policy. www.kita.net
Course Syllabus

(www.kita.org for English version, Korea International
Trade Association). Also refer to www.ustr.gov (United
States Trade Representative), and www.wto.org (World
Trade Organization), www.adb.org (Asian Development
Bank), www.unctad.org (United Nations Conference in
Trade and Development).
Topic 20: August 1

The North Korean Economy and Inter-Korean Economic
Relation
(1) The Evolution of the North Korean Economy
* Ch. 3 (The North Korean Economy) of Noland, Marcus,
Avoiding the Apocalypse (2001).
* Chung, Hong-Tack and Jin Park, Ch. 16 North Korean
Economy: A Historical Assessment of KDI (1997).
* Lee, Doowon, "Assessing North Korean Economic
Reform: Historical Trajectory, Opportunities and
Constraints," Pacific Focus, Vol. I, No. 2, pp. 5-29,
Fall 1993. (LW).
(2) Recent Status and Prospects for Change
* Lee, Doowon, Lessons of transition economies reform
for North Korea, The System Transformation of the
transition economies (Seoul: Yonsei University Press,
6 (08.01 ~ 08.04)
1997).
* Ch. 7 (The Prospects of Successful Reform in the North)
of Noland, Marcus, Avoiding the Apocalypse (2001).
* Lee, Doowon, The Economic Outlook for
Reconciliation and Reunification, Korea Briefing 2000-
2001: First Steps Toward Reconciliation and
Reunification, edited by Kongdan Oh and Ralph C.
Hassig, published in cooperation with the Asia Society
(New York: M.E. Sharpe, Inc. 2002)
* North Korea Development Report 2002/03, edited by
Choong Yong Ahn (KIEP, January 2001)
* Haggard, Stephan and Marcus Noland, Follow the
Money: North Koreas External Resources and
Constraints, Koreas Economy Vol. 24 (KEI, 2008)
(3) Inter-Korean Economic Relation
* Lee, Doowon, "Inter-Korean Economic Relation:
Course Syllabus

Rivaled Past, Unbalanced Present, and Integrated Future,"
Yonsei Economics Studies, Vol. II, No.1, pp. 131-160,
Spring 1995. (LW).
(4) Unification Scenarios and Unification Cost
* Noland, Marcus, Sherman Robinson, and Tao Wang,
"Modeling Korean Unification", Journal of Comparative
Economics, Vol. 28, 400-421 (2000). (DF).
** Ch. 8 (The Implications of North Korean Collapse) of
Noland, Marcus, Avoiding the Apocalypse (2001).
* Refer to www.unikorea.go.kr (Ministry of Unification),
The world factbook of www.cia.gov
(5) Comparison with German Unification
* Park, Kwang Jack, A Study on Restructuring and
Privatization of the East German State-owned Enterprises
(in Korean), The Comparative Economic Review, Vol. 9,
No. 1 (2002).

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Course Syllabus

YONSEI INTERNATIONAL SUMMER SCHOOL 2011

CREDIT INSTRUCTOR Prof. Doowon Lee

PREREQUISITE Principles of Microeconomics & Principles of Macroeconomics

- Mid-term exam: 30%

- Class attendance: 10%

TEXTS & REFERENCES

WEEK COURSE MATERIAL &

* Lee, Doowon, "The Korean Economy in Transition: In

Refer to www.boj.or.jp (The Bank of Japan) and Economic

WEEK COURSE MATERIAL &

Part II. Evolution of the Korean and East Asian

WEEK COURSE MATERIAL &

WEEK COURSE MATERIAL &

WEEK COURSE MATERIAL &

* Lin, Chang-yuan, East Asia and Latin America as

Contrasting Models, Economic Development and

Cultural Change, Vol.36, No.3 (1988).

Q) How did Korea maintain positive growth (both in GDP

WEEK COURSE MATERIAL &

Topic 10: July 12

Mid-Term Examination : July 13

WEEK COURSE MATERIAL &

WEEK COURSE MATERIAL &

Topic 13: July 19,20

WEEK COURSE MATERIAL &

* Refer to www.imf.org (International Monetary Fund).

Part III. Sectional Analysis of the Korean Economy

Topic 14: July 21

Refer to http://www.stats.gov.cn/english/ (National Bureau of

WEEK COURSE MATERIAL &

Topic 16: July 26

WEEK COURSE MATERIAL &

* Refer to www.bok.or.kr (Bank of Korea),

Topic 17: July 27

WEEK COURSE MATERIAL &

* Refer to www.ftc.go.kr (Fair Trade Commission),

Topic 18: July 28

* Refer to www.mofat.go.kr (Ministry of Foreign Affairs

WEEK COURSE MATERIAL &

Topic 20: August 1

WEEK COURSE MATERIAL &

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