The Korean Economy Beyond The Crisis

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The Korean Economy Beyond the Crisis

Duck-Koo Chung,Barry J. Eichengreen
The Korean Economy Beyond the Crisis Book PDF

Author : Duck-Koo Chung,Barry J. Eichengreen
Publisher : Edward Elgar Pub
Page : 372 pages
File Size : 53,7 Mb
Release : 2005
Category : Business & Economics
ISBN : 1845422252

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The Korean Economy Beyond the Crisis by Duck-Koo Chung,Barry J. Eichengreen Pdf

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.

The Korean Economy Beyond the Crisis

Duck-Koo Chung,Barry J. Eichengreen
The Korean Economy Beyond the Crisis Book PDF

Author : Duck-Koo Chung,Barry J. Eichengreen
Publisher : Edward Elgar Publishing
Page : 388 pages
File Size : 42,5 Mb
Release : 2004
Category : Business & Economics
ISBN : 9781843769736

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The Korean Economy Beyond the Crisis by Duck-Koo Chung,Barry J. Eichengreen Pdf

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.

The Korean Economy

Charles Harvie,Hyun-Hoon Lee,Junggun Oh
The Korean Economy Book PDF

Author : Charles Harvie,Hyun-Hoon Lee,Junggun Oh
Publisher : Edward Elgar Publishing
Page : 342 pages
File Size : 42,9 Mb
Release : 2004-01-01
Category : Business & Economics
ISBN : 1782543821

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The Korean Economy by Charles Harvie,Hyun-Hoon Lee,Junggun Oh Pdf

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.

The Global Financial Crisis and the Korean Economy

Jang-Sup Shin
The Global Financial Crisis and the Korean Economy Book PDF

Author : Jang-Sup Shin
Publisher : Routledge
Page : 256 pages
File Size : 44,8 Mb
Release : 2013-12-04
Category : Business & Economics
ISBN : 9781317950240

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The Global Financial Crisis and the Korean Economy by Jang-Sup Shin Pdf

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.

Beyond the Crisis

Kwang Woo Jun
Beyond the Crisis Book PDF

Author : Kwang Woo Jun
Publisher : Seoul Selection USA, Incorporated
Page : 221 pages
File Size : 42,7 Mb
Release : 2010
Category : History
ISBN : 8991913636

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Beyond the Crisis by Kwang Woo Jun Pdf

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.

Recurring Economic Crisis in Korea

Jong Kyu Lee,Sanghack Lee
Recurring Economic Crisis in Korea Book PDF

Author : Jong Kyu Lee,Sanghack Lee
Publisher : Nova Publishers
Page : 88 pages
File Size : 50,7 Mb
Release : 2008
Category : Business & Economics
ISBN : 1604561882

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Recurring Economic Crisis in Korea by Jong Kyu Lee,Sanghack Lee Pdf

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.

Restructuring 'Korea Inc.'

Jang-Sup Shin,Ha-Joon Chang
Restructuring Korea Inc Book PDF

Author : Jang-Sup Shin,Ha-Joon Chang
Publisher : Routledge
Page : 157 pages
File Size : 52,6 Mb
Release : 2003-01-16
Category : Business & Economics
ISBN : 9781134469383

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Restructuring 'Korea Inc.' by Jang-Sup Shin,Ha-Joon Chang Pdf

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.

Economic Crisis and Corporate Restructuring in Korea

Stephan Haggard,Wonhyuk Lim,Euysung Kim
Economic Crisis and Corporate Restructuring in Korea Book PDF

Author : Stephan Haggard,Wonhyuk Lim,Euysung Kim
Publisher : Cambridge University Press
Page : 374 pages
File Size : 53,5 Mb
Release : 2003-02-26
Category : Business & Economics
ISBN : 0521823633

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Economic Crisis and Corporate Restructuring in Korea by Stephan Haggard,Wonhyuk Lim,Euysung Kim Pdf

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.

The causes of the IMF crisis in South Korea. What Experts Say

Juhyuk Park
The causes of the IMF crisis in South Korea What Experts Say Book PDF

Author : Juhyuk Park
Publisher : GRIN Verlag
Page : 28 pages
File Size : 42,6 Mb
Release : 2021-02-09
Category : Business & Economics
ISBN : 9783346342393

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The causes of the IMF crisis in South Korea. What Experts Say by Juhyuk Park Pdf

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.

The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform

Mr.Angel J. Ubide,Mr.Tomás J. T. Baliño
The Korean Financial Crisis of 1997 A Strategy of Financial Sector Reform Book PDF

Author : Mr.Angel J. Ubide,Mr.Tomás J. T. Baliño
Publisher : International Monetary Fund
Page : 67 pages
File Size : 48,8 Mb
Release : 1999-03-01
Category : Business & Economics
ISBN : 9781451844641

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The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform by Mr.Angel J. Ubide,Mr.Tomás J. T. Baliño Pdf

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.

Korean Crisis and Recovery

David T. Coe,Se-Jik Kim
Korean Crisis and Recovery Book PDF

Author : David T. Coe,Se-Jik Kim
Publisher : International Monetary Fund
Page : 554 pages
File Size : 42,9 Mb
Release : 2002-09-19
Category : Business & Economics
ISBN : STANFORD:36105112853291

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Korean Crisis and Recovery by David T. Coe,Se-Jik Kim Pdf

Papers presented at a conference held in May 17-19, 2001, at the Shilla Hotel, Seoul, Korea, sponsored by the IMF and the Korea Institute for International Economic Policy.

Catch-up and Crisis in Korea

Wontack Hong
Catch up and Crisis in Korea Book PDF

Author : Wontack Hong
Publisher : Edward Elgar Publishing
Page : 188 pages
File Size : 52,5 Mb
Release : 2002
Category : Business & Economics
ISBN : UCSD:31822031915481

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Catch-up and Crisis in Korea by Wontack Hong Pdf

Korea has experienced one of the most profound economic transformations of any nation in history, and remains a very important focus of academic inquiry. Whilst the process of catch-up in Korea - led by export-oriented growth - has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction. Catch-up and Crisis in Korea offers a balanced perspective on the Korean economy, and on newly industrialized countries in general, for those who have a serious interest in understanding the industrialization process.

Korea After the Crash

Brian Bridges
Korea After the Crash Book PDF

Author : Brian Bridges
Publisher : Psychology Press
Page : 165 pages
File Size : 43,7 Mb
Release : 2001
Category : Business & Economics
ISBN : 0415223261

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Korea After the Crash by Brian Bridges Pdf

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 Liberalization and Economic Development in Korea, 1980-2020

Anonim
Financial Liberalization and Economic Development in Korea 1980 2020 Book PDF

Author : Anonim
Publisher : BRILL
Page : 336 pages
File Size : 45,6 Mb
Release : 2022-03-07
Category : Business & Economics
ISBN : 9781684176304

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Financial Liberalization and Economic Development in Korea, 1980-2020 by Anonim Pdf

Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.

From Miracle to Maturity

Barry Eichengreen,Dwight H. Perkins,Kwanho Shin
From Miracle to Maturity Book PDF

Author : Barry Eichengreen,Dwight H. Perkins,Kwanho Shin
Publisher : BRILL
Page : 395 pages
File Size : 40,8 Mb
Release : 2020-05-11
Category : History
ISBN : 9781684175260

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From Miracle to Maturity by Barry Eichengreen,Dwight H. Perkins,Kwanho Shin Pdf

"The economic growth of South Korea has been a remarkable success story. After the Korean War, the country was one of the poorest economies on the planet; by the twenty-first century, it had become a middle-income country, a member of the Organization of Economic Cooperation and Development (the club of advanced economies), and home to some of the world’s leading industrial corporations. And yet, many Koreans are less than satisfied with their country’s economic performance, given the continuing financial volatility and sluggish growth since the Korean economic crisis of 1997–1998.From Miracle to Maturity offers a comprehensive qualitative and quantitative analysis of the growth of the Korean economy, starting with the aggregate sources of growth (growth of the labor force, the stock of capital, and productivity) and then delving deeper into the roles played by structural change, exports, foreign investment, and financial development. The authors provide a detailed examination of the question of whether the Korean economy is now underperforming and ask, if so, what can be done to solve the problem."