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This paper examines South Korea's macroeconomic performance and experience with external debt during 1960-1986. Most of Korea's debt was accumulated during three periods: 1966 -69, 1974 -75 and 1979 involved an initial phase of economic difficulty and an slow-down in growth, followed by an impressive recovery. The paper reviews the economic and political developments during each cycle in some detail, Of particular interest are the shifts in economic policy as domestic authorities responded todoi:10.3386/w2598 fatcat:2ujvov2mlvhfrdmqnbkkupmy44