:: Volume 8, Issue 2 (spring 2013) ::
J. Mon. Ec. 2013, 8(2): 23-46 Back to browse issues page
A Hidden Contributor to the Korean Miracle: The Korean Credit :union: Movement
Han In-soo 1, Kang Yeon-soo2
1- Department of Business Administration, Chungnam National University, Korea
2- National Credit ::union:: Federation of Korea
Abstract:   (2458 Views)

Korean Credit :union:s (CUs) are considered to be a hidden contributor to the “Korean miracle”, characterized by remarkable economic growth and relatively low income inequality. The Korean miracle not only generated wealth in an economically strapped and socially under-privileged people,
 but also contributed to regional community development and the democratization of Korean society. In this study, we analyzed how Korean CUs contributed to the Korean economy and society, and we identified the challenges now facing Korean CUs. We investigated how Korean CUs were established and how they have developed, and we present their remarkable achievements. We analyzed their present characteristics as well as the difficulties they experienced during the recent global financial crises, and we discuss the many challenges they face going forward.

JEL Classification: G20, G21, G38, H24

Received: 11/18/2013         Approved: 1/27/2014

Keywords: Korean Credit :union: Movement, Credit :union:, Cooperatives
Full-Text [PDF 415 kb]   (1177 Downloads)    
Type of Study: Research | Subject: Economics
Received: 2014/10/1 | Accepted: 2014/10/1 | Published: 2014/10/1

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Volume 8, Issue 2 (spring 2013) Back to browse issues page