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Developmental MindsetThe Revival of Financial Activism in South Korea$
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Elizabeth Thurbon

Print publication date: 2016

Print ISBN-13: 9781501702525

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501702525.001.0001

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Full Flowering of Financial Activism

Full Flowering of Financial Activism

Chapter:
(p.125) 9 Full Flowering of Financial Activism
Source:
Developmental Mindset
Author(s):

Elizabeth Thurbon

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501702525.003.0009

This chapter documents and explains the wholesale expansion of policy financing under Lee Myung-bak. The expansion was part of Lee's decision to extend and intensify the balanced growth developmental strategy initiated by his predecessor, albeit under a new banner: “Green Growth.” The Lee administration's internationally admired Green Growth initiative necessitated the aggressive expansion of policy lending by the nation's policy finance institutions (PFIs). By the end of Lee's reign, state-owned PFIs would account for fully one-quarter of all loans in the Korean financial system. Between 2008 and 2012, large volumes of these loans were channeled to local firms in strategic industries, typically on a performance-linked basis. The chapter concludes by considering the future of such financial activism under current President Park Geun-hye.

Keywords:   policy financing, Lee Myung-bak, developmental strategy, growth development, Green Growth, policy finance institutions, Korean financial system, financial activism, Park Geun-hye, policy finance institution

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