English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Financial liberalization has noticeably reduced the role of the state in effectively influencing the economy in post-developmental states. Yet many studies have found that the legacies of the developmental model continue to influence the policies, institutions, and socioeconomic challenges that are faced by the states that previously adopted the model. These studies, however, do not clearly identify when and how such legacies may be manifested in state behavior. This paper contributes to filling this gap in the literature by arguing that financial crises can serve as a trigger to more clearly reveal the structural evidence of the legacy in institutions that were previously established and utilized for developmental objectives. By conducting a rigorous case analysis using historical and market data on the crisis responses of South Korea’s public pension fund, this paper finds that South Korea’s developmental legacy remains passively embedded in the governance structure of the pension fund in non-crisis times but manifests during financial crises.

Manifesting the embedded developmental state: the role of South Korea’s National Pension Service in managing financial crisis