Chaebols and firm dynamics in Korea
研究了1997/8年亚洲金融危机及促进竞争改革前后韩国企业的动态，发现财阀主导行业中的非财阀企业生产率显著提升，非财阀企业进入和专利活动增加，财阀企业加价率下降，表明危机帮助韩国从投资驱动的追赶型增长转向创新驱动增长。
SUMMARY We study firm dynamics in Korea before and after the 1997/8 Asian crisis and pro-competitive reforms that reduced the dominance of chaebols. We find that in industries that were dominated by chaebols before the crisis, labour productivity and total factor productivity of non-chaebol firms increased markedly after the reforms (relative to other industries). Furthermore, entry of non-chaebol firms increased significantly in all industries after the reform. After the crisis, the non-chaebol firms also dramatically increased their patenting activity. Finally, markups of chaebol firms declined substantially, especially within industries dominated by chaebols before the crisis. These results suggest that the crisis had the virtue of helping Korea move from catching-up growth based on investment in existing technologies to innovation-based growth.