Financial Crisis In Korea

  financial crisis in korea: The Korean Financial Crisis of 1997 Kyu-sŏng Yi, 2011 This book chronicles how Korea dealt with and overcame the crisis over time. The book is organized into eleven chapters. Chapter one outlines the troubling financial market conditions at home and abroad before the crisis. Chapter two then delves into the origin of the crisis and offers analyses on the shortcomings of the Korean economy and the instability of the international financial system. In chapter three, policy measures the government executed in the wake of the onset of the crisis are described and analyzed. Chapter four probes the steps taken to reduce the risk of sovereign insolvency in the face of the cool market reaction to the initial package of crisis response measures announced by the International Monetary Fund in December 1997. Chapter five describes the background within which the government established the institutional framework necessary for corporate, financial, and labor market restructuring between December 1997 and April 1998. The government efforts to secure additional foreign currency liquidity through the markets and to devise initiatives to counter the massive unemployment are discussed in detail. In chapter six, the situation during May and June 1998 is explored with a focus on the closure of nonviable corporate and financial companies and the efforts to drive down interest rates and revive credit flows. This is followed, in chapter seven, by an analysis of the first phase of financial sector restructuring, which started in the third quarter of 1998, and the measures adopted to shore up potential growth and cope with the pressing problem of unemployment. Chapters eight and nine deal separately with the restructuring of the top five chaebols (the large family-controlled and family-run groups that dominate business in Korea), the economic stimulus packages applied during the fourth quarter of 1998, the efforts to restore financial market stability and economic growth, and the initial phase of foreign exchange liberalization measures, which were implemented during the first half of 1999. Chapter ten then discusses the situation during the second half of 1999, with a particular focus on the collapse of the Daewoo business group, including the steps taken to contain the resulting fallout, as well as measures aimed at expanding the economic recovery. Chapter eleven, the final chapter, offers a diagnosis of the Korean economy, along with an analysis of the policy implications and the responses for the future.
  financial crisis in korea: The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform Mr.Angel J. Ubide, Mr.Tomás J. T. Baliño, 1999-03-01 After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.
  financial crisis in korea: Restructuring 'Korea Inc.' Jang-Sup Shin, Ha-Joon Chang, 2003-01-16 The 1997 South Korean financial crisis not only shook the country itself but also sent shock waves through the financial world at large. This impressive book critically assesses the conventional wisdom surrounding the Korean crisis and the performance of the IMF-sponsored reform programme.Looking first at the strengths and weaknesses of 'Korea Inc.
  financial crisis in korea: The Global Financial Crisis and the Korean Economy Jang-Sup Shin, 2013-12-04 The world economy fell into a global financial crisis in 2008/9 and is still jittered by its aftershocks. Like other financial crises happened in the world economy, it came as a surprise. In historical perspective, financial crises should be understood as a natural fact of life in the world economy and a more pertinent question that should be posed would be why people so easily forget and do not learn from the historical experience. This book deals with the question in two ways. First, it investigates the frame of mind that distances people from the reality of life. At the heart of it, it argues that there are wrong perceptions on the working of the world economy, in particular, the international financial market. It summarizes them as ‘the five conventional wisdoms’ in the international financial market and, by critically examining them, it draws on ‘the five financial theorems’, which would provide intellectual pillars for a more realistic understanding of the global financial market. Second, the book examines in detail the case of an emerging market economy that fell into a financial crisis twice in the recent decade. South Korea provides us with an interesting case of emerging market financial crises that came as ‘surprises’: it faced a financial crisis in 1997/98 after it had been acclaimed as one of ‘East Asian miracle economies’ and it was again befallen to a crisis during the global financial crisis in 2008/2009 after it was widely regarded as a country that had recovered from the crisis with one of the most successful implementations of the IMF-sponsored reforms. The book attempts to provide the readers with a realistic understanding of emerging market financial crises by interpreting the recent global financial crisis and the Korean crises with some general concepts manifested in ‘the five financial theorems’. It also tries to draw more general implications for policy management of emerging market economies.
  financial crisis in korea: The Bank of Korea: A Sixty-Year History The Bank of Korea (Central Bank of South Korea), 2010-11-24 Preface Chapter 1 Foundation of the Bank of Korea Chapter 2 The Bank of Korea Act Chapter 3 Organization and Functions of the Bank of Korea Chapter 4 Economic Development and the Bank of Korea Chapter 5 The Future Trajectory and Challenges of the Bank of Korea
  financial crisis in korea: Financial Crisis and Transformation of Korean Business Groups Sea-Jin Chang, 2003-04-28 Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
  financial crisis in korea: Economic Crisis and Corporate Restructuring in Korea Stephan Haggard, Wonhyuk Lim, Euysung Kim, 2003-02-26 Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.
  financial crisis in korea: The Korean Economy Beyond the Crisis Duck-Koo Chung, Barry J. Eichengreen, 2004 More than five years have passed since South Korea fell prey to the Asian financial crisis. Bringing together experts from Korea and a variety of other countries, this book aims to better understand the three stages of the Korean crisis: the onset, the policy reaction, and the economic response. Providing an integrated analysis of the event and its consequences, the chapters in the book consider the causes of the crisis, the response of the US government and International Monetary Fund, adjustments in the Korean monetary and fiscal policies, and the success of financial and corporate restructuring. The concluding chapters bring the story up-to-date, describing the aftermath of the crisis and assessing whether there has been sufficient reform to facilitate the country s recovery and growth. International and also Asian economists will find this a thoroughly accessible and illuminating book, as will specialists on Korea, political scientists and political economists.
  financial crisis in korea: Financial Liberalization and Economic Development in Korea, 1980-2020 Yung Chul Park, Hail Park, Joon-Kyung Kim, 2021-03-30 Korea's financial development has been a tale of liberalization and opening but the new system has failed to steer the country away from financial crises. This study analyzes the changes in the financial system and finds that financial liberalization has contributed little to grow and stabilize the Korean economy.
  financial crisis in korea: Developmental Mindset Elizabeth Thurbon, 2016-06-09 The Asian financial crisis of 1997–1998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed policy lending it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries.Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a developmental mindset on the part of political leaders and policy elites in Korea. This mindset involves shared ways of thinking about the purpose of finance and its relationship to the productive economy. The developmental mindset has a long history in Korea but is subject to the vicissitudes of political and economic circumstances. Thurbon traces the structural, institutional, political, and ideational factors that have strengthened and at times weakened the developmental consensus, culminating in the revival of financial activism in Korea. In doing so, Thurbon offers a novel defense of the developmental state idea and a new framework for investigating the emergence and evolution of developmental states. She also canvasses the implications of the Korean experience for wider debates concerning the future of financial activism in an era of financialization, energy insecurity, and climate change.
  financial crisis in korea: The Asian Financial Crisis: Origins, Implications, and Solutions William C. Hunter, George G. Kaufman, Thomas H. Krueger, 2012-12-06 In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.
  financial crisis in korea: Economic Crisis and Korea/Taiwan Makoto Abe, Yukihito Satō, Mamoru Nagano, 1999
  financial crisis in korea: Vicious Circuits Joseph Jonghyun Jeon, 2019 Examining what it terms Korea's IMF Cinema, the decade of film-making that following that country's worst-ever economic crisis, this book thinks through the transformations of global political economy attending the end of the American century.
  financial crisis in korea: Recurring Economic Crisis in Korea Jong Kyu Lee, Sanghack Lee, 2008 There exists a large volume of literature on Korean success in economic development. However, Korea has experienced several economic crises in the development process. While the financial crisis in 1997 has received a substantial amount of attention in the mass media and in the academic as well, Korea had not been immune to economic crisis prior to the 1997 financial crisis. This book reviews the experiences of economic crises and their resolutions in Korea since 1960s. The book examines each crisis and concludes that the factors that caused one previous crisis later brought about another crisis repeatedly. This indicates that the measures to resolve the previous crises were ultimately ineffective in the sense that the fundamental causes for the economic crisis had remained unresolved and, as a result, recurrence of the crisis has not been prevented.
  financial crisis in korea: The Asian Financial Crisis Morris Goldstein, 1998 The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.
  financial crisis in korea: Korea After the Crash Brian Bridges, 2001 Brian Bridges examines the impact on South Korea of the financial crisis of 1997. Covering events up to and including the recent parliamentary elections in South Korea, the book considers the socio-economic and political implications of the financial crisis. It is invaluable reading for students of modern Korea.
  financial crisis in korea: The Asian Financial Crisis Wing Thye Woo, Jeffrey Sachs, Klaus Schwab, 2000 This book analyzes the Asian financial crisis of 1997-1999. In addition to the issues of financial system restructuring, export-led recovery, crony capitalism, and competitiveness in Asian manufacturing, it examines six key Asian economies--China, Indonesia, Japan, Korea, Malaysia, and Thailand. The book makes clear that there is little particularly Asian about the Asian financial crisis. The generic character of the crisis became clear during 1998, when it reached Russia, South Africa, and Brazil. The spread of the crisis reflects the rapid arrival of global capitalism in a world economy not used to the integration of the advanced and developing countries. The book makes recommendations for reform, including the formation of regional monetary bodies, the establishment of an international bankruptcy system, the democratization of international organizations, the infusion of public money to revive the financial and corporate sectors in Pacific Asia, and stronger supervision over financial institutions. The book emphasizes a mismatch in Pacific Asia between investment in physical hardware (e.g., factories and machinery) and in social software (e.g., scientific research centers and administrative and judiciary systems). In a world of growing international competitiveness, concerns over governance will weigh increasingly heavily on unreformed Asian countries. The long-term competitiveness of Asia rests on its getting its institutions right.
  financial crisis in korea: Credit Allocation and Financial Crisis in Korea Mr.Eduardo Borensztein, Jong-Wha Lee, 1999-02-01 This paper analyzes some of the structural problems associated with the Korean financial sector, and investigates whether the financial system has allocated credit in an efficient way over the past three decades. Using data for 32 manufacturing sectors, we find no evidence that credit flows were directed to the relatively more profitable sectors, either before or after the financial reforms. We also find that the flow of credits did not contribute to improve the economic performance of the favored industries over time.
  financial crisis in korea: Korea's Economic Prospects O. Yul Kwon, William Shepherd, 2001-01-01 '. . . very well presented academic book. . . in Korea's Economic Prospects a valuable source of research material on the economy and its prospects. It will help one to understand the factors leading to the Korean recovery which has recently been recognised by the credit rating agency. . .' - Marie-Aimée Tourres, The Journal of Development Studies This book examines the major issues arising from the Korean financial crisis of 1997. It considers the strong prospects for rapid economic recovery and the emerging changes in Korea's international economic relations and business environment. The authors investigate the causes of the financial crisis and provide an evaluation of remedial measures and reforms currently being introduced in both private and public sectors of the Korean economy. The book identifies a paradigm shift in Korean economic policy and discusses Korea's new role in both the regional and global economy. It also examines the major developments reshaping Korea's international business environment through fundamental policy shifts in trade, foreign direct investment, labor relations, management practices and the emerging trends in e-commerce.
  financial crisis in korea: Monetary Policy and Central Banking in Korea Woosik Moon, 2022-02-24 Examines the theory and practice of monetary policy in South Korea, and how certain policy tools can help manage financial crises.
  financial crisis in korea: The Political Economy of the Asian Financial Crisis Stephan Haggard, 2000 This study not only examines the countries most severely affected by the Asian financial crisis, but also draws lessons from those whose economies escaped the worst problems. The author focuses on the political economy of the crisis, emphasizing long-standing problems and crisis management tactics.
  financial crisis in korea: The Korean Labour Market after the 1997 Economic Crisis Joonmo Cho, Richard B. Freeman, Jaeho Keum, Sunwoong Kim, 2013-06-19 For economists, policy-makers, and historians who want to learn how the Korean labor market dealt with the 1997 financial crisis and how this informed future policies, this volume provides a succinct summary of what Korean experts know and how they view the problems the country must overcome to continue on its road to the top rungs of economic success. The book is filled with institutional detail and statistics to enlighten scholars and with critiques of policy and potential solutions from labor specialists. It provides a guide to the data on Korean workers and firms that can inform future research work.
  financial crisis in korea: Financial Liberalization and the Asian Crisis H. Chang, G. Palma, D. Whittaker, 2001-06-11 The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
  financial crisis in korea: The Political Economy of Development and Environment in Korea Jae-Yong Chung, Richard J. R. Kirkby, 2002 This book looks at Korea's economic, social and spatial development processes from the early Modernisation period to the financial crisis of 1997. The author gives a comprehensive view of both Korea's economic miracle and recent problems.
  financial crisis in korea: FX Funding Risks and Exchange Rate Volatility–Korea’s Case Mr.Jack Ree, Mr.Kyoungsoo Yoon, Mr.Hail Park, 2012-11-07 This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
  financial crisis in korea: Mafioso, Big Business and the Financial Crisis Ingyu Oh, 2018-12-21 First published in 1999, this book explores the question of is the business organisation a result of efficiency or is it a result of a state-business organisation a result of a state-business interaction? This question being in the context of the Korean chaebol system and the Japanese Keiretsu system; this book explores the political and economic growth and then the following down fall of these systems occurred without rupturing either country’s state policy regarding the chaebol or the keiretsu.
  financial crisis in korea: The Asian Financial Crisis and the Architecture of Global Finance Gregory W. Noble, John Ravenhill, 2000-09-11 An examination of the political and economic causes and consequences of the Asian financial crises.
  financial crisis in korea: Financial Crises and the Politics of Macroeconomic Adjustments Stefanie Walter, 2013-10-31 This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.
  financial crisis in korea: Korea's Corporate Restructuring Since the Financial Crisis Chʻan-hyŏn Son, 2002
  financial crisis in korea: Korean Crisis and Recovery Mr.David T. Coe, Mr.Se-Jik Kim, 2002-09-19 Edited by David T. Coe and Se-Jik Kim, this volume contains papers presented at a May 2001 conference in Seoul sponsored by the IMF and the Korea Institute for International Economic Policy on the Korean Crisis and Recovery. The papers examine the response to the 1997 crisis, its long-term impact on growth, and the state of financial and corporate sector reforms. Authors include academics, Korean policymakers, and IMF and World Bank staff involved in the Korean program.
  financial crisis in korea: New Millennium South Korea Jesook Song, 2010-10-04 New Millennium South Korea focuses on South Korea’s transformation during the early years of the new millennium, the book discusses the key features of recent transformations within the country.
  financial crisis in korea: Brazil and South Korea Edmund Amann, Ha-Joon Chang, 2004 The 1990s saw lower- and middle-income countries throughout the world come under pressure to open their domestic markets to international trade and investment. Despite the progressive implementation of market-friendly policies, many emerging market countries experienced financial market volatility, exchange rate collapse, and slumps in output. These problems profoundly affected two of the world's largest middle-income industrialized countries —Brazil and South Korea. Despite superficial similarities, prior to the onset of crisis both countries had very different models of industrialization and had adopted contrasting approaches to trade and market reform.This collection analyzes the factors underlying the economic crises in South Korea and Brazil, pointing out areas of similarity and divergence. It also reviews the paths of recovery taken by both economies, examining the role of policy and variations in structural characteristics. Contributors include André Averburg (United Nations Development Programme/ Banco Nacional de Desenvolvimento Econômico e Social, Brazil), Fabio Giambiagi (Banco Nacional de Desenvolvimento Econômico e Social), Andrea Goldstein (OECD Development Centre), Louise Haagh (Department of Politics, University of York), Tat Yan Kong (School of Oriental and African Studies, University of London), José Ricardo Ramalho (Federal University of Rio de Janeiro, Brazil), Ben Ross Schneider (Center for International and Comparative Studies, Northwestern University), and Jaang-Sup Shin (Department of Economics, National University of Singapore).
  financial crisis in korea: Contemporary South Korean Economy: Challenges And Prospects Min-hua Chiang, 2017-06-28 South Korea's post-war economic success is a well-known story. However, its development in the past two decades is relatively less investigated. By reviewing key economic issues in South Korea's economy today, this book offers an input to the research of contemporary South Korea, in particular the country's economic development and its external economic relations.This book provides an analytical overview of key issues in contemporary South Korean economy. The timely and in-depth study presented in the book examines the main reasons behind South Korea's economic slowdown in recent years, the economic and social impact following chaebol's growing business expansion, free trade agreements with China and the United States, the development of income inequality, the ageing demography and the Korean government's policy response to overcome the current economic difficulties.
  financial crisis in korea: Korea Kihwan Kim, Danny M. Leipziger, 1993-01-01 The two case studies in this paper suggest that poor and low-income people strongly prefer private, fee-based health care to free public health-care services. The studies use household data from Santo Domingo, Dominican Republic and San Salvador, El Salvador. These data show how the demand for health care is shaped by price, convenience, quality of care, and the consumer's level of education. Important findings from household data compare the degree to which private care providers, public sector providers, and social security facilities are used. Also reviewed is the degree to which ineligible consumers exploit social security services. Policy recommendations for government officials discuss ways to deliver better health care to various economic groups.
  financial crisis in korea: Belt and Road Economics World Bank, 2019-08-16 China proposed the Belt and Road Initiative in 2013 to improve connectivity and cooperation on a transcontinental scale. This study, by a team of World Bank Group economists led by Michele Ruta, analyzes the economics of the initiative. It assesses the connectivity gaps between economies along the initiative’s corridors, examines the costs and economic effects of the infrastructure improvements proposed under the initiative, and identifies complementary policy reforms and institutions that will support welfare maximization and mitigation of risks for participating economies.
  financial crisis in korea: Income Inequality in Korea Chong-Bum An, Barry Bosworth, 2013 Explores the relationship between economic growth and social developments in Korea over the last three decades. Analyzes the forces behind the trends in the narrowing of income distribution in the 1980s and early 1990s, and the deterioration evident in the post financial crisis years--Provided by publisher.
  financial crisis in korea: From Asian to Global Financial Crisis Andrew Sheng, 2009-09-28 This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the current global crisis of 2008-2009. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.
  financial crisis in korea: The Challenge of Establishing World-class Universities Jamil Salmi, 2009 Governments are becoming increasingly aware of the important contribution that high performance universities make to competitiveness and economic growth. This book explores what are the challenges involved in setting up globally competitive universities, also called elite, or flagship universities.
  financial crisis in korea: Korea’s Quest for Economic Democratization Youngmi Kim, 2017-09-06 This book studies the sources of inequality in contemporary South Korea and the social and political contention this engenders. Korean society is becoming more polarized. Demands for ‘economic democratization’ and a fairer redistribution of wealth occupy centre-stage of political campaigns, debates and discourse. The contributions offer perspectives on this wide-ranging socio-political change by examining the transformation of organized labour, civil society, the emergence of new cleavages in society, and the growing ethnic diversity of Korea’s population. Bringing together a team of scholars on Korea’s transition and democratization, the story the books tells is one of a society acutely divided by the neo-liberal policies that accompanied and followed the Asian financial crisis. Taken together, the contributions argue that tackling inequalities are challenges that Korean policy-makers can no longer postpone. The solution, however, cannot be imposed, once again, from the top down, but needs to arise from a broader conversation including all segments of Korean society. The book is intended for a readership interested in South Korean politics specifically, and global experiences in transition more generally.
  financial crisis in korea: International Financial Contagion Stijn Claessens, Kirsten Forbes, 2013-04-17 No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
The 1997-98 Korean Financial Crisis: Causes, Policy Response, …
In November 1997, Korea was hit by a currency-cum-banking crisis that left it no option but to seek official assistance from the IMF. Thanks to the help of the IMF, other multilateral …

歯 국제회의_.PDF
The financial crisis that hit Korea in the last half of 1997 had a devastating impact on the Korean economy, causing Korea's worst recession in the postwar era.

Global Financial Crisis and the Korean Economy
Since the East Asian crisis, the Korean economy has progressed towards closer integration with global financial mar-kets. Its liberalized capital market has invited foreign capital inflows—but …

The IMF Rescue Program in Korea: What Went Wrong?*
The purpose of this paper is to clarify the ongoing debate on the role of the IMF in the Asian financial crisis, with special reference to the case of Korea. Most critics of the IMF claim that …

THE 1997 FINANCIAL CRISIS AND GOVERNANCE: THE CASE …
Specific financial policies, introduction of a floating the capital market, and abolition of the further stipulated macroeconomic targets for The IMF adjustment package for Korea went program.

Financial Crisis in Korea and IMF: Analysis and Perspectives
Financial Crisis in Korea and IMF: Analysis and Perspectives

The Korean Financial Crisis Causes, Effects and Solutions
The Korean financial crisis arose because of government failure in two major policy areas: exchange rate policy and industry policy. Collectively these government failures had adverse …

Korea’s 1997 Financial Crisis: Causes, Consequences and …
Less than a year after its admission to the OECD, however, Korea experienced a severe financial crisis. This article provides an overview of the underlying and direct causes of the financial …

Twenty Years after the Financial Crisis in the Republic of Korea
This study reviews the evolution of financial markets, institutions, and policy frameworks in the economy of the Republic of Korea over the two decades since the 1997 Asian financial crisis …

Financial Crisis in South Korea: Failure of the Government-Led …
In sum, a close analysis of the development of the foreign exchange crisis in South Korea shows that the government (as well as the whole political sector) failed to make adequate …

The Korean Financial Crisis of 1997 - A Strategy of Financial
The Korean Financial Crisis of 1997 - A Strategy of Financial Sector Reform - WP/99/28

The Asian Financial Crisis: Causes, Cures, and Systemic …
South Korea are now expected to suffer recessions this year, and growth in Malaysia and the Philippines is likely to be only about a third of what was anticipated prior to the crisis. …

The Bank of Korea's policy response to the global financial crisis
The impact of the global financial crisis on the Korean economy Following the collapse of Lehman Brothers in September 2008, the financial and foreign exchange markets in Korea were thrown …

Global Financial Crisis and Korean Economy
Since the Eat Asian crisis, the Korean economy has progressed towards closer integration with the global financial markets. Its liberalized capital market has invited foreign capital inflows – …

Recovery from a Financial Crisis: The Case of South Korea
In this article, we investigate the determinants of the recovery by focusing on market reactions and government policy in the hope that it will formulate a better financial-crisis model.

ECONOMIC RESTRUCTURING AND SOCIAL REFORMULATING: …
Korea’s domestic economic fundamentals before the crisis were actually quite sound: saving rates were high, the government budget was in balance, GDP growth was strong, and …

KOREA’S FINANCIAL CRISIS OF 1997 - ICRIER
Dr. Han’s impeccable professional background and active involvement with public policy making in Korea provides him with a unique perspective with which to view the contemporary global …

The 1997 Financial Crisis and the Changing Role of the State …
In this thesis the core question is this: ―How has the Korean developmental state changed since the 1997 financial crisis? And has this change influenced the role of the state in finance as well …

Economic Crisis and Corporate Restructuring in Korea: …
English on how Korean policymakers addressed the chaebol issue in the aftermath of the 1997 crisis. It analyzes chaebol iss and corporate-management specialists, as well as banking and …

The Financial Crisis in Korea: …
Why did Korea find itself in a financial and cur-rency crisis? The answer lies in the country’s mac …

The 1997-98 Korean Financia…
In November 1997, Korea was hit by a currency-cum-banking crisis that left it no option but to seek official …

歯 국제회의_.PDF
The financial crisis that hit Korea in the last half of 1997 had a devastating impact on the Korean economy, …

Global Financial Crisis and the Ko…
Since the East Asian crisis, the Korean economy has progressed towards closer integration with global …

The IMF Rescue Program in Kore…
The purpose of this paper is to clarify the ongoing debate on the role of the IMF in the Asian financial crisis, …