Download or read book The Korean Economy Beyond the Crisis written by Duck-Koo Chung and published by Edward Elgar Publishing. This book was released on 2004 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Global Financial Crisis and the Korean Economy written by Jang-Sup Shin and published by Routledge. This book was released on 2013-12-04 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Economic Crisis and Corporate Restructuring in Korea written by Stephan Haggard and published by Cambridge University Press. This book was released on 2003-02-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Korea s Economic Miracle written by C. Harvie and published by Springer. This book was released on 2002-12-17 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Korean Financial Crisis of 1997 A Strategy of Financial Sector Reform written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-03-01 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The North Korean Economy written by Nick Eberstadt and published by Transaction Pub. This book was released on 2007 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a quantitative tableau of North Korea's terrible failure in its economic race against South Korea; its stubborn adherence to policies all but guaranteed to stifle growth and undermine economic performance; and the official effort to ignore, or mitigate, pressures for economic reform. Viewed from afar, North Korea may appear bizarre, or positively irrational. But as Nicholas Eberstadt demonstrates in this meticulously researched volume, there is a grim coherence to North Korea's political economy, and a ruthless logic undergirding it - one that unreservedly subordinates economic welfare to augmentation of political power. Thus, paradoxically, even as official policies and practices consign the DPRK economy to a perilous realm between crisis and catastrophe, the country's leadership maintains unchallenged domestic control and has actually managed to increase its international influence. Through painstaking collection of hard-to-uncover data and careful analysis, Eberstadt provides a quantitative tableau of North Korea's terrible failure in its economic race against South Korea; its stubborn adherence to policies all but guaranteed to stifle growth and undermine economic performance; and the longstanding official effort to ignore, or mitigate, pressures for economic reform.

Download or read book The Politics of the Asian Economic Crisis written by T. J. Pempel and published by Cornell University Press. This book was released on 2018-09-05 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"—with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997–98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.

Download or read book From Miracle to Maturity written by Barry Eichengreen and published by BRILL. This book was released on 2020-05-11 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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."

Download or read book Crisis on the Korean Peninsula written by Michael O'Hanlon and published by McGraw Hill Professional. This book was released on 2003-07-22 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In describing their comprehensive proposal for negotiations with North Korea, O'Hanlon and Mochizuki exhibit the strategic creativity and analytical depth badly needed by United States policy makers dealing with this strange, dangerous place." --Ash Carter, former Assistant Secretary of Defense and Ford Foundation Professor of Science and International Affairs, John F. Kennedy School of Government, Harvard University IN EARLY 2002, in his fateful state of the union address, President Bush described North Korea as being a member of the "Axis of Evil." Since then, the U.S. has gone to war with Iraq, and the world now wonders what the future of Bush's preemption policy will bring. Many of the nation's top experts feel that North Korea is a more imminent threat than Saddam's Iraq was. They have a nuclear program, a million-man army, and missiles to deploy and export. In Crisis on the Korean Peninsula, Michael O'Hanlon, a Senior Fellow at Brooking and visiting lecturer at Princeton, and Mike Mochizuki, endowed chair in Japan-US Relations at G.W. University, not only examine this issue in detail but also offer a comprehensive blueprint for diffusing the crisis with North Korea. Their solution comes in the form of a "grand bargain" with North Korea. Accords could be negotiated step-by-step, however they need to be guided by a broad and ambitious vision that addresses not only the nuclear issue but also the conventional forces on the hyper-militarized peninsula and the ongoing decline of the North Korean economy.

Download or read book Strategic Policy and Social Innovation for a Post Industrial Korea written by Joon Nak Choi and published by Routledge. This book was released on 2018-05-23 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Export-oriented industrialization has transformed the Korean economy so profoundly that it has become known as the "Miracle on the Han." Yet, this industrial model has become fragile, as Korea’s chaebols are being challenged by Chinese competitors. Attempts to seek out new engines of economic growth have failed, or remain underdeveloped, while a looming demographic crisis threatens to exacerbate Korea’s problems. This book outlines a blueprint for overcoming these challenges, moving beyond the business strategies, government policies, and socio-cultural patterns established under export-oriented industrialization. Written by a stellar line-up of international contributors, its central proposition is that social change is needed to support the strategic and operational transformation of the chaebol and SMEs. Specifically, it stresses the need for an appreciation of the gender, national, and ethnic diversity emerging within the Korean workplace today. If properly leveraged, such diversity has the potential to reduce the groupthink that hampers the creativity and responsiveness of Korean firms today, as well as facilitating greater success in overseas markets. Taking an interdisciplinary approach, this book will be useful to students and scholars in Korean Studies, as well as those studying business, economics, and sociology more broadly in East Asia.

Download or read book Korean Political and Economic Development written by Jongryn Mo and published by Harvard University Press. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Mo and Weingast study three critical turning points in South Korea's remarkable transformation and offer a new view of how Korea was able to maintain pro-development policies with sustained growth by resolving repeated crises in favor of rebalancing and greater political and economic openness"--Provided by publisher.

Download or read book Contemporary South Korean Economy Challenges And Prospects written by Min-hua Chiang and published by #N/A. This book was released on 2017-06-28 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book North Korea South Korea written by John Feffer and published by Seven Stories Press. This book was released on 2003-09-20 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Korean peninsula, divided for more than fifty years, is stuck in a time warp. Millions of troops face one another along the Demilitarized Zone separating communist North Korea and capitalist South Korea. In the early 1990s and again in 2002-2003, the United States and its allies have gone to the brink of war with North Korea. Misinterpretations and misunderstandings are fueling the crisis. "There is no country of comparable significance concerning which so many people are ignorant," American anthropologist Cornelius Osgood said of Korea some time ago. This ignorance may soon have fatal consequences. North Korea, South Korea is a short, accessible book about the history and political complexites of the Korean peninsula, one that explores practical alternatives to the current US policy: alternatives that build on the remarkable and historic path of reconciliation that North and South embarked on in the 1990s and that point the way to eventual reunification.

Download or read book China And The Global Economic Crisis written by Yongnian Zheng and published by World Scientific. This book was released on 2010-02-22 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current global financial turmoil, triggered by the US subprime crisis, has spread quickly and resulted in the worst global economic crisis since the 1930s. As the world's third largest economy and the second largest trading nation, China is inevitably affected seriously. How China responds to the crisis and how effective its measures are in sustaining a healthy growth will have important implications, both domestically and internationally.The chapters in this volume are divided into five sections. Section one examines the overall impact of the global economic crisis and the responses of the Chinese government. Section two studies the regional aspect of the economy affected by the crisis. Section three explores such economies of the Mainland's southern neighbors as Hong Kong, Macao and Taiwan, and the prospect of China's trade. Section four surveys the impact on the ideological and social aspects of the country. Section five concludes with an assessment of China's external policies. The volume offers a comprehensive and in-depth assessment of the impact of the crisis and the measures of the Chinese government to overcome the difficulties.

Download or read book The Korean Financial Crisis of 1997 written by Kyu-sŏng Yi and published by World Bank Publications. This book was released on 2011 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Growth Crisis and the Korean Economy written by Dongchul Cho and published by Routledge. This book was released on 2015-03-02 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Global Economic Crisis written by Michel Chossudovsky and published by . This book was released on 2010 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The meltdown of financial markets was the result of institutionalized fraud and financial manipulation. The economic crisis is accompanied by a worldwide process of militarization, a "war without borders" led by the U.S. and its NATO allies. This book takes the reader through the corridors of the Federal Reserve, into the plush corporate boardrooms on Wall Street where far-reaching financial transactions are routinely undertaken. Each of the authors in this timely collection digs beneath the gilded surface to reveal a complex web of deceit and media distortion which serves to conceal the workings of the global economic system and its devastating impacts on people's lives.