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Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter.

This book provides an unparalleled insider's look at the factors leading up to the 1997-98 crisis in South Korea and how the crisis unfolded over the next two years. Written by former finance minister Kyu-Sung Lee, this book traces the evolving situation across the key sectors and the series of...

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Bibliographic Details
Author / Creator: Lee, Kyu-Sung.
Other Authors / Creators:World Bank,.
Format: eBook Electronic
Language:English
Edition:1st ed.
Imprint: Herndon : World Bank Publications, 2011.
Subjects:
Financial crises > Korea (South) > History > 20th century.
Korea (South) > Economic policy > 1988-.
Korea (South) > Economic conditions > 1988-.
Electronic books.
Local Note:Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2022. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Online Access:Click to View
Table of Contents:
  • Intro
  • Half Title Page
  • Title Page
  • Copyright
  • Contents
  • Preface
  • About the Author
  • Abbreviations
  • 1 The Unfolding of the Korean Financial Crisis
  • 1996: A Year of Uncertainty
  • The Hanbo Bankruptcy and the Degradation in External Creditworthiness, January-March 1997
  • A Momentary Lull in Financial Markets, April-June 1997
  • A Looming Crisis in Financial Markets, July-September 1997
  • Onset of the Financial Crisis and the Request for an IMF Rescue, October-November 1997
  • Notes
  • 2 Origin of the Crisis
  • Divergent Views of the Crisis
  • The Macroeconomy and the Financial Crisis
  • Korea's Structural Weaknesses and Vulnerabilities
  • The Risks of Capital Liberalization
  • The International Financial Architecture and the Financial Crisis
  • Lax Crisis Management in Korea
  • Notes
  • 3 Overview of Korea's Postcrisis Responses
  • Crisis Recovery and Policy Challenges
  • The Implementation of Postcrisis Measures
  • Notes
  • 4 Initial Responses to the Crisis, December 1997
  • Actions by the IMF, December 3, 1997
  • Korea: Memorandum on the Economic Program
  • Actions Prior to the IMF Standby Arrangement
  • Banking Reforms
  • Averting National Insolvency
  • Notes
  • 5 Securing Foreign Currency Liquidity and Laying the Groundwork for Reform and Restructuring, December 1997-April 1998
  • Securing Foreign Currency Liquidity
  • Capital Market Liberalization and the Expansion of Foreign Investment
  • Laying the Groundwork for Structural Reform
  • The Intensifying Credit Crunch and Mounting Unemployment
  • Notes
  • 6 Restructuring Led by Business Closures and the Push for Lower Interest Rates, May-June 1998
  • The Recognition of Economic Reality
  • The Focus of Corporate and Financial Restructuring on the Closure of Failing Businesses
  • Lowering Interest Rates and Easing the Credit Crunch.
  • The Contracting Real Economy and Deepening Labor Unrest
  • Notes
  • 7 Completion of First-Phase Restructuring and Policies Aimed at Boosting Potential Growth, July-September 1998
  • Economic Outlook and Policy Challenges, Second Half of 1998
  • The Completion of the First Round of Restructuring
  • Expanded Unemployment Measures and Labor Union Resistance to Restructuring
  • The Russian Moratorium and the Fate of the Won
  • Policies for Robust Growth
  • Notes
  • 8 Getting the Economy Back on Track and Quickening the Pace of Restructuring, October-December 1998
  • Policy Challenges and the Shifting Economic Landscape
  • Instability in International Financial Markets and the Government Response
  • Quickening the Pace of Restructuring
  • Policies Aimed at Economic Revival
  • 9 Restoring Financial Stability and Realizing Positive Economic Growth, January-June 1999
  • The Economic Policy Agenda for 1999
  • Forging Ahead with Restructuring
  • The Investment Grade Rating and the Supply of Foreign Exchange to Markets
  • Restoring Calm to Financial Markets and Resuming Positive Growth
  • 10 The Settlement of the Daewoo Shock and the Expanded Economic Recovery, July-December 1999
  • Policy Challenges and Responses during the Second Half of 1999
  • Strategies for the Transition to a Knowledge- Based Economy
  • The Collapse of the Daewoo Group and Restoring Calm to Financial Markets
  • Pressing Ahead with Structural Reform
  • Economic Hardship among Low- and Middle-Income Households and the Government Response
  • Accelerating Economic Recovery and the Transition to Net Creditor Status
  • 11 Korea's Economic Renewal Challenges and Solutions for the Transition to the Next Level
  • Questions about the Korean Economy
  • Diagnosis of the Korean Economy
  • The Challenges Ahead in Korea's Economic Revival
  • The Reform of Korea's Economic System
  • Note.
  • References and Other Sources
  • Index
  • Back Cover.

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