Taxes, Outward Orientation, and Growth Performance in Korea
This paper both discusses and evaluates the role of tax
policy in the Korean growth process from the early 1960s to the
late 1980s. It begins by reviewing the evolution of Korean
policy over this developmental sequence, emphasizing three
distinct regime switches, and the tax policies which were part of
them. It then presents an analytical framework for quantitative
assessment of the contribution of tax policies to this growth
through induced intersectoral resource transfers and impacts on
effort and labour supply in agriculture and manufacturing
sectors. What emerges from the model calculations is that tax
policy has played a relatively modest role in Korean growth and
that one should look outside of tax policy for the main factors
underlying strong Korean growth.
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