By Tony Munroe and Christine Kim
SEOUL, Aug 4 (Reuters) - Three frenetic weeks into the job, South Korea's new finance minister Choi Kyung-hwan has made such a splash that his name already describes Seoul's plans to rev-up faltering growth.
But while "Choinomics" is proving an effective quick fix, lifting markets and giving an unpopular government a boost, it falls short thus far of a full-fledged manifesto similar to the "Abenomics" launched by Japanese Prime Minister Shinzo Abe in late 2012 to shake his country from its economic torpor.
Economists say bolder measures to reform structural weaknesses are needed to head-off what Choi warns is a serious threat that Asia's fourth-largest economy could slide into Japan-style stagnation.
The veteran lawmaker's plan combines extra spending with an easing of mortgage curbs to boost the property market, a proposal to tax excess corporate cash reserves, and not-so-subtle pressure on the central bank to ease interest rates.
It has already helped dispel some of the gloom hanging over the economy since the April 16 sinking of the Sewol ferry that killed more than 300 people.
Since Choi's appointment, the benchmark stock index has risen 4 percent in anticipation of higher dividends, while bond prices are also up, reflecting rate cut bets. Some economists are also revising up their growth forecasts.
"He's certainly made a splash since he came into office," said Frederic Neumann, co-head of Asian economic research at HSBC in Hong Kong.
That is a relief for President Park Geun-hye, who brought in the 59-year-old close ally and ruling party floor leader in a cabinet reshuffle after the ferry tragedy.
Still missing, though, are long-term solutions to South Korea's problems: over reliance on manufacturing and exports at the expense of consumption and services, a rapidly ageing population, inefficiencies in the labour and housing markets, high household debt, and the often-stifling dominance of giant conglomerates such as Hyundai, Samsung or LG, known as chaebol.
Park in February spoke of plans to rebalance the economy, but like many before has made little headway with follow-up.
Choi's tax plan, due to be detailed on Aug. 6, is the most ambitious part of his package. It aims to boost investment, wages and dividend payouts in order to stimulate consumption.
In theory, it would go some way towards promised rebalancing. The question is whether it can work.
Park Ju-gun, co-president of corporate watchdog CEO Score, said he doubted taxing reserves will force businesses to spend more: "There are many ways they can avoid doing this."