Journal Article

Mass attitudes toward financial crisis and economic reform in Korea

Bernd Hayo

in Socio-Economic Review

Published on behalf of Society for the Advancement of Socio-Economics

Volume 3, issue 3, pages 491-515
Published in print September 2005 | ISSN: 1475-1461
Published online September 2005 | e-ISSN: 1475-147X | DOI: http://dx.doi.org/10.1093/SER/mwi021
Mass attitudes toward financial crisis and economic reform in Korea

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  • Moral Philosophy
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This paper gives an account of the financial crisis that took place in Korea from the point of view of the Korean population, using survey data collected in 1998 and 1999. Although both, internal and external factors were blamed as causes, domestic factors were considered to be of greater importance. After identifying respondents as supporting either market-based or state-based reform strategies using factor analysis, various determinants of these alternative views are being analysed within the framework of regression models. A particularly interesting result is that, contrary to theoretical assumptions and empirical evidence on other regions, it is political ideology and not individual economic determinants that helps to explain the respondents' attitudes towards reform strategies in Korea.

Keywords: South Korea; financial crisis; public opinion; economic reform strategies; JEL classification: O5, F3

Journal Article.  8196 words.  Illustrated.

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

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