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Financial Crisis And Transformation Of Korean Business Groups
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Book Synopsis Financial Crisis and Transformation of Korean Business Groups by : Sea-Jin Chang
Download or read book Financial Crisis and Transformation of Korean Business Groups written by Sea-Jin Chang and published by Cambridge University Press. This book was released on 2003-04-28 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Book Synopsis Financial Crisis and Transformation of Korean Business Groups by : Sea-Jin Chang
Download or read book Financial Crisis and Transformation of Korean Business Groups written by Sea-Jin Chang and published by Cambridge University Press. This book was released on 2003-04-28 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the strategies that chaebols--Korean business groups--have pursued by examining their structures and assessing their performance. It highlights the strengths of chaebols that enable their fast growth, as well as the weaknesses that waylaid them when the 1999 Asian crisis occurred. Sea-Jin Chang asserts that the Korean government's restructuring efforts have not been successful and demonstrates why measures that overhaul chaebols' financial structures and strengthen their systems are necessary. He predicts that they will emerge again as stronger, more focused global players.
Book Synopsis Business Groups in East Asia by : Se-jin Chang
Download or read book Business Groups in East Asia written by Se-jin Chang and published by Oxford University Press on Demand. This book was released on 2006-03-02 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Business Groups in East Asia' examines some East Asian business groups and their subsequent restructuring following the Asian Crisis of 1997. This crisis affected the inter-relationships among the socio-cultural environment, the state and the market of each country quite differently.
Book Synopsis Economic Crisis and Corporate Restructuring in Korea by : Stephan Haggard
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.
Book Synopsis Restructuring 'Korea Inc.' by : Jang-Sup Shin
Download or read book Restructuring 'Korea Inc.' written by Jang-Sup Shin and published by Routledge. This book was released on 2003-01-16 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Mafioso, Big Business and the Financial Crisis by : Ingyu Oh
Download or read book Mafioso, Big Business and the Financial Crisis written by Ingyu Oh and published by Routledge. This book was released on 2018-12-21 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1999, this book explores the question of is the business organisation a result of efficiency or is it a result of a state-business organisation a result of a state-business interaction? This question being in the context of the Korean chaebol system and the Japanese Keiretsu system; this book explores the political and economic growth and then the following down fall of these systems occurred without rupturing either country’s state policy regarding the chaebol or the keiretsu.
Book Synopsis The Korean Financial Crisis of 1997 by : Kyu-s?ng Yi
Download or read book The Korean Financial Crisis of 1997 written by Kyu-s?ng Yi and published by World Bank Publications. This book was released on 2011-01-01 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 policy and institutional measures the government deployed throughout the crisis. This book is a must-read for policymakers, scholars, students, and any reader interested in understanding the facts and circumstances surrounding the 1997-98 crisis, the policies undertaken at the time, and what the experience implies for preventing future crises.
Book Synopsis The Political Economy of Change and Continuity in Korea by : Seungjoo Lee
Download or read book The Political Economy of Change and Continuity in Korea written by Seungjoo Lee and published by Springer. This book was released on 2018-08-25 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the transformation of Korean political economy since the 1990s. In the wake of the Asian financial crisis of 1997, the political economy of South Korea has evolved around two diametrically opposed features: convergence into the Anglo-American model and the state-led strategic restructuring of industries. To unravel the peculiar nature of the political economy in Korea, the authors first identify major factors that contributed to the dual dynamics of change and continuity in Korea: external pressures, ideological shift in political leadership, and the pivotal role of the Korean government. Next, they examine the way in which these factors interacted with each other to reshape the evolutionary path of the Korean political economy. Using several case studies, the authors take us through the stages of this transformation, from the reform of the chaebols to the industrial restructuring of the auto, IT, and aerospace industries to the rise of South Korea’s Free Trade Agreements (FTA) initiative. In explaining the role that the dual dynamics of change and continuity play in modern Korean political economy, this book makes an important contribution to the existing literature and will be of interest to scholars and policy-makers concerned with development in Korea and the Asia-Pacific.
Book Synopsis Korean Economic Reform by : Robert F. Emery
Download or read book Korean Economic Reform written by Robert F. Emery and published by Routledge. This book was released on 2017-07-12 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. In 1997 the author was told, by an official at the Korean embassy in Washington DC, that the most serious economic problem facing Korea was the need for reform of the financial sector. This proved to be true, as a financial crisis hit Korea in November 1997. Though problems arising before November 1997 indicate that Korea's economic problems were not solely financial. This study covers earlier reform efforts, the 1997 crisis and the measures taken by Korea since then to deal with the country's economic problems. It attempts to analyze the problems and offer suggestions as to how problems might corrected or resolved.
Book Synopsis The Korean Economy at the Crossroads by : Chung-Sok Suh
Download or read book The Korean Economy at the Crossroads written by Chung-Sok Suh and published by Routledge. This book was released on 2004-03-01 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Korean Economy Beyond the Crisis by : Duck-Koo Chung
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 Korean Crisis written by 신인석 and published by 한국개발연구원. This book was released on 2000 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Korean Crisis and Recovery by : Mr.David T. Coe
Download or read book Korean Crisis and Recovery written by Mr.David T. Coe and published by International Monetary Fund. This book was released on 2002-09-19 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by David T. Coe and Se-Jik Kim, this volume contains papers presented at a May 2001 conference in Seoul sponsored by the IMF and the Korea Institute for International Economic Policy on the Korean Crisis and Recovery. The papers examine the response to the 1997 crisis, its long-term impact on growth, and the state of financial and corporate sector reforms. Authors include academics, Korean policymakers, and IMF and World Bank staff involved in the Korean program.
Book Synopsis The Global Financial Crisis and the Korean Economy by : Jang-Sup Shin
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 2014 with total page 0 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.
Book Synopsis Economic Performance of Korean Firms and Evaluation of Restructuring Tools During Financial Crisis by : Sŭng-nok Pak
Download or read book Economic Performance of Korean Firms and Evaluation of Restructuring Tools During Financial Crisis written by Sŭng-nok Pak and published by . This book was released on 2003 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Myŏng-hŏn Kang Publisher :Institute of East Asian Studies University of California - B ISBN 13 : Total Pages :276 pages Book Rating :4.:/5 (318 download)
Book Synopsis The Korean Business Conglomerate by : Myŏng-hŏn Kang
Download or read book The Korean Business Conglomerate written by Myŏng-hŏn Kang and published by Institute of East Asian Studies University of California - B. This book was released on 1996 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tiger Management by : Martin Hemmert
Download or read book Tiger Management written by Martin Hemmert and published by Routledge. This book was released on 2012-10-02 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the last several decades, Korean companies have entered the world markets in a wide range of manufacturing industries with great success. How did they achieve this exceptional performance? This book uncovers the secret of their performance through a comprehensive analysis of the Korean management system. It explains to an international audience how it has developed, why it works so well, and what non-Koreans can learn from it. The book analyzes the management of Korean firms from three different perspectives. First, a historical perspective is applied by showing how Tiger Management has emerged and how it has been continuously advanced over the last 50 years. The breathtaking stories of how Korean companies, seemingly coming from nowhere, have challenged their Western and Japanese competitors on the world markets are told. Second, the cornerstones of Tiger Management are analyzed from a functional viewpoint, showing that the success of Korean companies rests on a smart combination of business strategy, leadership, and human resource management practices. Finally, the present and future of Tiger Management is discussed by showing how Korean companies have adapted to changes in their business environment at home and abroad, and what non-Korean companies can learn from their Korean rivals. The book gives an up-to-date analysis of Korean management practices from a global perspective. It identifies the success factors of Korean companies: long term, aggressive and persisting business planning, speed, flexibility, strong leadership, strong teamwork, and high investment into human skills and capabilities. It illustrates how these management practices complement each other and provides non-Korean companies with signposts how they can adopt them.
