金融危機と企業の構造調整 : 韓国の構造調整の成果とその方向性（成瀬龍夫博士退職記念論文集）

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This paper analyzes the role of government and government failure inthe economic development phase in Korea. The excessive governmentintervention which had been performed for the high economic growth inthe phase of economic development for a long period interfered withtransformation of the economic system towards more efficient system. Inaddition, structural adjustment policy that had been implemented by government resulted in distortion of the market mechanism. It may be saidthat swift and strong government intervention was unavoidable under thesituation facing a serious economic crisis. However, the interventionwithout transparent and fair rules might cause to delay the structural adjustment in financial sector and firms. The structural adjustment under asymmetric information may causeshuge transaction costs. Therefore, structural adjustment must be implementedby financial institutions and firms which have much more informationthan the government. Moral hazard and adverse selection can occurif structural adjustment is implemented by the government under asymmetric information. The government needs to make transparent andfair rules for structural adjustment, and the adjustment of structure in thefinancial sector and firms must be performed by financial institutions and firms.