This paper investigates the interaction between political instability and economic fluctuations during the late President Chung Hee Park's regime. The timings and outcomes of the elections are juxtaposed with the phases of business cycles and analyzed. Since no Korean data that are comparable to Gallup poll popularity indices for the U.S. Presidents exist, indices to measure popular discontent with Park's regime and to measure international tensions are devised. These indices are statistically analyzed with economic indicators for the business cycles, and with economic policy measures.
I wish to thank Edward O. Price, Ronald L. Moomaw, Yoo Soo Hong, and Gordon Tullock for their useful suggestions and comments. Any remaining errors are mine. An earlier draft of this paper was presented at the Midwest Conference on Asian Affairs, Oxford, Ohio, 11–13 October, 1985. This paper is an extension of my earlier work done while I was on the faculty of the R.O.K. Air Force Academy.