This paper discusses how financial crises in emerging Asia and Japan worked as catalysts for legal reforms. Findings show that six Asian countries pursued significant legal and judicial reforms following financial crises in 1997-1998, but indicators that measure the quality of legal institutions...

"Mo and Weingast study three critical turning points in South Korea's remarkable transformation and offer a new view of how Korea was able to maintain pro-development policies with sustained growth by resolving repeated crises in favor of rebalancing and greater political and economic...

At the end of 1997, Korea was hit by a major financial and economic crisis, which resulted, among other things, in a huge rise in unemployment. The event caught the country’s labour and social institutions unprepared, so that many workers and their families were hit hard. The economy has now...