By Dilip K. Das (auth.)
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Additional resources for Korean Economic Dynamism
Many large facilities in machine and auto industries were underutilised for years after completion. Others in petrochemicals, fertilizers and nonferrous metals had eventually to be closed. Towards the end of the decade the evidence of financial losses and structural distortions started mounting. It is widely accepted that the Hel drive misallocated financial resources and was a trifle overambitious. Thus hindsight reveals that the Korean success story has not been without its blemishes. Another characteristic feature of this period was the large export of construction services to the petro-rich Middle Eastern countries.
The process of keeping the exporting industries welllubricated with finance broadly spread bank credit in the manufacturing sector , which meant some loss of control over monetary expansion. As exports expanded and grew as large as 20 per cent of GNP in the early 1970s the implications of the continuing flow of bank credit became disconcerting. Besides, exports frequently transcended the projected levels, which had an extra expansionary effect on the money supply. In addition, an increase in the level of foreign exchange reserves increased the money supply, which led to an expansionary pressure which the monetary authorities countered by raising the reserve ratio.
They were low but positive in 1972-3, but higher inflation in subsequent years again forced them to negative values. With improvement in the inflationary conditions in 1976, the real interest rate returned to the positive quadrant, albeit at a low level. It should be recalled that this was the period of Hel drive. The money supply was tightened in 1976, leading to a short decline in the inflation rate. As noted in another context, direct price control measures were also resorted to during these years.
Korean Economic Dynamism by Dilip K. Das (auth.)