Author: Duck-Koo Chung
Publisher: Edward Elgar Publishing
ISBN: 1843769735
Category : Business & Economics
Languages : en
Pages : 388
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Book Description
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.
Author: Mr.Angel J. Ubide
Publisher: International Monetary Fund
ISBN: 1451844646
Category : Business & Economics
Languages : en
Pages : 67
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Book Description
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.
Author: Charles Harvie
Publisher: Edward Elgar Publishing
ISBN: 9781782543824
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
Korea has played, and will increasingly play, an important role in the future development of the South East Asian region, including the expansion of regional economic cooperation and interregional trade. Indeed Korea has been a leading proponent of the idea of ASEAN+3. Clearer understanding of this economy, its major contemporary policy and reform issues and its future, are of particular interest from both regional and global perspectives.
Author: Jang-Sup Shin
Publisher: Routledge
ISBN: 1317950240
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
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.
Author: Kwang Woo Jun
Publisher: Seoul Selection USA, Incorporated
ISBN: 9788991913639
Category : History
Languages : en
Pages : 221
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Book Description
Stepping up to the task of economic reform is critical in both the local and global contexts. Hasty optimism in a market known for its notoriously short memory must not be allowed to dilute the importance of the role of reform in further strengthening the financial systems in many countries. Otherwise, the ominous threat that "the end of one crisis is the beginning of the next crisis" looms exponentially closer. This book is prepared to serve two objectives. One is sharing knowledge of effective crisis management, based on Korea's recent experience in overcoming its own turmoil during the global financial crisis. International organizations such as the IMF, OECD and the World Bank, as well as the international press, have given much coverage to Korea's economic comeback story. The Korean experience may shed some light for many emerging economies in dealing with such a financial crisis. This book also endeavors to propose an agenda for a safer and more disciplined financial environment, leading to balanced and sustained growth of the world economy. While steps have already been taken, the global community must not lose momentum in continuing to improve the architecture of the international financial system. The present crossroads also coincides with Korea's assumption of the G-20 Forum chairmanship, under the auspices of which Korea stands ready to play an active role in promoting collective global efforts to these ends.
Author: Brian Bridges
Publisher: Routledge
ISBN: 1134595034
Category : Social Science
Languages : en
Pages : 196
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Book Description
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.
Author: C. Harvie
Publisher: Springer
ISBN: 1403920192
Category : Political Science
Languages : en
Pages : 252
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Book Description
Korea, one of the original 'Tiger Economies', experiences a traumatic and largely unanticipated economic crisis in 1997-98 from which the country is still recovering. Despite having achieved spectacular economic advances from the early 1960s, the crisis laid bare numerous structural, economic and policy weaknesses. Charles Harvie and Hyun-Hoon Lee chronicle and analyze the key factors behind Korea's economic miracle from 1962-1989 and the causes that contributed to the economic downturn and ensuing crisis of 1997-98. Is the Korean economy still fading or is its revival underway? As the country undertakes a series of recovery measures, the authors consider the importance of the ongoing restructuring efforts in the corporate and banking sectors, the development of the 'new economy; and the potential economic advantages to be derived from reunification with the North.
Author: Juhyuk Park
Publisher: GRIN Verlag
ISBN: 3346342395
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
Seminar paper from the year 2011 in the subject Economics - Finance, grade: A, The University of North Carolina at Chapel Hill, course: Advanced Macroeconomics, language: English, abstract: What had happened to Korea, and why did the nation have to face the IMF crisis in 1997 all of a sudden? To see what the causes for the crisis were, analyses from six essays of scholars and experts in the field of economics will be introduced and compared. While they have similar and different views for the causes at the same time, their views can be grouped into two categories: internal factors and external factors. When the Korean currency crisis broke out, the IMF and many scholars focused the whole crisis on Korea’s internal problems. However, there are many other scholars who attribute the causes not only to internal but also to external problems. The experts who see the causes as internal problems think the crisis originated from internal factors of Korea such as policy mistakes, highly leveraged corporate sectors, and banking system. The external factors refer to the external shocks such as contagion effect from South-east financial crisis and appreciation of Japanese yen. Although all the causes for the crisis are closely related with each other, addressing the causes separately would give people better understanding of the context. On Nov. 1997, Korea faced the IMF crisis, or also known as the financial crisis, which caused severe damage to the Korean economy. The new OECD member was reduced from being the world’s eleventh largest economy to an economy surviving on overnight loans from the international money markets. The won, the Korean currency, fell by more than 50 percent against the US dollar. Also, KOSPI (the Korea Composite Stock Price Index) fell by thirty percent, and the short-term interest rate shot up to forty percent per year. Consequently, on Dec. 1997, Korea called the IMF for rescue, owing $58.3 billion of financial aid. As shown in table 1 and 2 in the appendix 1, Korea had performed continual rapid GDP growth at the rate of 7.8 percent per year in average from 1960 to 1997.
Author: O. Yul Kwon
Publisher: Edward Elgar Publishing
ISBN: 9781782543732
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
'. . . 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.
Author: Jong Kyu Lee
Publisher: Nova Publishers
ISBN: 9781604561883
Category : Business & Economics
Languages : en
Pages : 88
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Book Description
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.
