The Global Financial Crisis And The Korean Economy
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The Global Financial Crisis And The Korean Economy
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Author : Jang-Sup Shin
language : en
Publisher: Routledge
Release Date : 2013-12-04
The Global Financial Crisis And The Korean Economy written by Jang-Sup Shin and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-04 with Business & Economics categories.
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.
Korea S Economic Prospects
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Author : O. Yul Kwon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2001-01-01
Korea S Economic Prospects written by O. Yul Kwon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-01 with Business & Economics categories.
'. . . 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.
Did Korean Monetary Policy Help Soften The Impact Of The Global Financial Crisis Of 2008 2009
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Author : Mr.Harun Alp
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Did Korean Monetary Policy Help Soften The Impact Of The Global Financial Crisis Of 2008 2009 written by Mr.Harun Alp and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis points. But did it work? This paper seeks a quantitative answer to the following question: Were it not for an inflation targeting framework underpinned by a flexible exchange rate regime, how much deeper would the recession have been? Taking the most intense year of the crisis as our baseline (2008:Q4?2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.1 percent contraction, the outturn would have been -2.9 percent if the BOK had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -7.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BOK helped substantially soften the impact of the global financial crisis on the Korean economy. These counterfactual experiments are based on an estimated structural model, which, along with standard nominal and real rigidities, includes a financial accelerator mechanism in an open-economy framework.
The Korean Economy Beyond The Crisis
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Author : Duck-Koo Chung
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004
The Korean Economy Beyond The Crisis written by Duck-Koo Chung and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
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.
Growth Crisis And The Korean Economy
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Author : Dongchul Cho
language : en
Publisher: Routledge
Release Date : 2015-03-02
Growth Crisis And The Korean Economy written by Dongchul Cho and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-02 with Business & Economics categories.
Since the 2008 global financial crisis, policymakers as well as academicians have been seeking to fathom why subsequent recoveries remain tenuous. Other outstanding issues that they have been trying to understand include: why do some economies grow faster than others? How should the exchange rate volatility be understood and what factors make an economy more likely to fall into an exchange rate crisis? What policies need to be taken during tranquil periods, and how should they be changed once the crisis is triggered? As a partial effort to meet such interests, this book provides insights into these issues. This book examines growth and convergence (Part I), exchange rate volatility and the Asian crisis (Part II), and the global crisis (Part III). In addition, the book also draws lessons from South Korea's experiences - a country which has undergone three different crises and brisk recoveries (Part IV). The book also includes some practical and policy-oriented analysis. This is a truly comprehensive book bringing together varied topics and diversity under one common theme - economic growth and crisis.
The Korean Economy
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Author : Charles Harvie
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004-01-01
The Korean Economy written by Charles Harvie and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Business & Economics categories.
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.
Economic Crisis And Corporate Restructuring In Korea
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Author : Stephan Haggard
language : en
Publisher: Cambridge University Press
Release Date : 2003-02-26
Economic Crisis And Corporate Restructuring In Korea written by Stephan Haggard and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-02-26 with Business & Economics categories.
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 Korean Economy At The Crossroads
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Author : Chung-Sok Suh
language : en
Publisher: Routledge
Release Date : 2004-03-01
The Korean Economy At The Crossroads written by Chung-Sok Suh and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-01 with Business & Economics categories.
For many years up until 1997, Korea was widely seen in economic and financial circles as something of a miracle. The financial crisis that Korea experienced then did much to set its economy back, but by 2001 it was still the 13th largest economy in terms of GDP in the world. This enticing collection, with contributions from experts with an impressive knowledge of Korea and its economy, charts not only the well documented causes of the crisis, but more importantly, its response and recovery from it. With an admirable scholarly rigour, the book covers such topics as: *the origin and evolution of the Korean economic system and its special factors including chaebols *Korean industries since the crisis *What happened to the money after the capital flight of the crisis and did the USA benefit? "The Korean Economy at the" "Crossroads" is intended and recommended not only for students and academics involved in international finance, economics and Asian studies, but also for the business leaders and policy makers who can draw lessons from the books important analyses.
Global Economic Crisis
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Author : Maurice Obstfeld
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Global Economic Crisis written by Maurice Obstfeld and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
In 2008, the global economy experienced the most severe crash since World War II. A sharp collapse in international trade followed, leaving no country on the globe immune to a sequence of economic shocks. This timely book explores many of the key issues raised in the wake of the global economic crisis and provides an in-depth analysis of crisis transmission to emerging markets. The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies? Academics, students and policymakers in the fields of economics, international economics, finance money and banking and Asian studies will find this book to be a thought-provoking and stimulating read.
Real Success Financial Fall
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Author : Chang-h?i Yu
language : en
Publisher: Ewha Womans University Press
Release Date : 1999-01-01
Real Success Financial Fall written by Chang-h?i Yu and has been published by Ewha Womans University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.