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Lessons from the 1997 and the 2008 Crises in Korea

Title
Lessons from the 1997 and the 2008 Crises in Korea
Author
이항용
Keywords
capital market; financial crisis; fiscal policy; foreign exchange reserve; global financial safety net; monetary policy; E65; F34; G28; CONTAGION; TRADE
Issue Date
2012-06
Publisher
Blackwell Publishing Ltd
Citation
ASIAN ECONOMIC POLICY REVIEW,Vol.7 No.1 [2012],p47-64
Abstract
The Korean economy was hit harder than anticipated by the global financial crisis. In the first phase, large capital outflows led to a severe liquidity strain in the foreign exchange market, resulting in a rapid depreciation of the exchange rate. Then, in the second phase, the contraction of global demand led to a collapse of exports and a sharp decline in economic activity, raising concerns about a full-fledged financial crisis in Korea. This paper describes how the global financial crisis spilled over into the Korean economy and how the Korean government responded to the financial turmoil. It also provides the background and rationale for the Korean government's decisions to adopt specific policy measures. Based on Korean experiences during the 1997 and the 2008 crises, this paper documents the lessons learned from the past two crises and identifies several important policy issues.
URI
http://onlinelibrary.wiley.com/doi/10.1111/j.1748-3131.2012.01215.x/abstracthttp://hdl.handle.net/20.500.11754/38062
ISSN
1832-8105
DOI
10.1111/j.1748-3131.2012.01215.x
Appears in Collections:
COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
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