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Investment During The Korean Financial Crisis
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Book Synopsis The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform by : Mr.Angel J. Ubide
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.
Book Synopsis Korea's Economic Prospects by : O. Yul Kwon
Download or read book Korea's Economic Prospects written by O. Yul Kwon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . 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.
Book Synopsis Investment During the Korean Financial Crisis by : Simon Gilchrist
Download or read book Investment During the Korean Financial Crisis written by Simon Gilchrist and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses firm-level panel data to analyze the role of financial factors in determining investment outcomes during the Korean financial crisis. Our identification strategy exploits the presence of foreign-denominated debt to measure shocks to the financial position of firms following the devaluation that occurred during the crisis period. Structural parameter estimates imply that financial factors may account for 50% to 80% of the overall drop in investment observed during this episode. Our estimates also imply that foreign-denominated debt had relatively little effect on aggregate investment spending. Counterfactual experiments suggest sizeable contractions in investment through this mechanism for economies that are more heavily dependent on foreign-denominated debt however.
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.
Book Synopsis The Korean Economy by : Charles Harvie
Download or read book The Korean Economy written by Charles Harvie and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Globalisation and Korean Foreign Investment by : John A. Turner
Download or read book Globalisation and Korean Foreign Investment written by John A. Turner and published by Routledge. This book was released on 2017-11-30 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing a previously ignored area, this text analyses two converging factors: globalisation and Korean foreign direct investment policy. It looks at the emergence of the Korean government's globalisation objectives, and at the response of the chaebol, the business groups that brought about their country's rapid industrialisation. The chapters reveal a complex story with political as well as economic dimensions. They also note the impact of the 1997 crisis, and the growing importance of inward investment. The book, therefore, covers developments in Korean economic policy from the Chun-Roh regime to the Kim Dae-Joong era.
Book Synopsis From Miracle to Maturity by : Barry Eichengreen
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."
Book Synopsis Recurring Economic Crisis in Korea by : Jong Kyu Lee
Download or read book Recurring Economic Crisis in Korea written by Jong Kyu Lee and published by Nova Publishers. This book was released on 2008 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: There exists a large volume of literature on Korean success in economic development. However, Korea has experienced several economic crises in the development process. While the financial crisis in 1997 has received a substantial amount of attention in the mass media and in the academic as well, Korea had not been immune to economic crisis prior to the 1997 financial crisis. This book reviews the experiences of economic crises and their resolutions in Korea since 1960s. The book examines each crisis and concludes that the factors that caused one previous crisis later brought about another crisis repeatedly. This indicates that the measures to resolve the previous crises were ultimately ineffective in the sense that the fundamental causes for the economic crisis had remained unresolved and, as a result, recurrence of the crisis has not been prevented.
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.
Download or read book Money Games written by Weijian Shan and published by John Wiley & Sons. This book was released on 2023-02-22 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money Games is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea’s largest bank by the American firm Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea’s most beloved financial institutions. In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing. Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans. Finally, the author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking—as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight—and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment. For anyone who has ever wondered how private equity investors strike bargains, turn around businesses, and create immense value—or anyone interested in a captivating story of high-stakes money-making—this book is a must-read.
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 Credit Allocation and Financial Crisis in Korea by : Mr.Eduardo Borensztein
Download or read book Credit Allocation and Financial Crisis in Korea written by Mr.Eduardo Borensztein and published by International Monetary Fund. This book was released on 1999-02-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes some of the structural problems associated with the Korean financial sector, and investigates whether the financial system has allocated credit in an efficient way over the past three decades. Using data for 32 manufacturing sectors, we find no evidence that credit flows were directed to the relatively more profitable sectors, either before or after the financial reforms. We also find that the flow of credits did not contribute to improve the economic performance of the favored industries over time.
Book Synopsis Three Essays on the Transmission of the Korean Financial Crisis to the Real Sector by : Jong Hun Kim
Download or read book Three Essays on the Transmission of the Korean Financial Crisis to the Real Sector written by Jong Hun Kim and published by . This book was released on 2005 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this dissertation is to identify the prominent channels through which financial decisions are transmitted to real economic activities with three different empirical studies. The first essay examines investment behavior and the effects of financing constraints among Korean manufacturing firms before and after the 1997 financial crisis using a firm-level panel data. The results indicate that investment depends on both sales and the level of cash balances. Firms' financing constraints, as measured by their cash balances, turn out to be binding in financially "weaker" groups such as younger firms and those with lower dividend payouts. The second essay identifies the role of non-monetary factors using a methodology similar to Bernanke's (1983) study of the Great Depression in the United States. We find that increases in the spread between market interest rates and government bond yields, which is a measure of the cost of credit intermediation, whether caused by shifts in business risk or lowered expectations for the Korean economy among international investors, explain the decline in output more fully than frameworks relying only on a fall in the real stock of money. The results, obtained from structural regression equations, unrestricted vector autoregressive systems, and the accompanying dynamic forecasts, suggest that the causes of the crisis lie in factors far deeper than shifts in precautionary and speculative demands for the won. We also find that the credit crunch following the crisis affected light industry more emphatically than heavy industry. The third essay examines the impact of financial factors on economic growth in several East Asian countries using macroeconomic panel data and various estimation techniques. The dynamic panel vector autoregressive analysis shows that growth in these countries was to some extent "finance-led." We do not find that the relationship between finance and growth differs between the four countries that experienced crises (Indonesia, Korea, Malaysia and Thailand) and the other countries that did not. The results suggest that we may not be able to blame the financial sector solely as the main trigger of the economic crisis. While these essays focus on the 1997 East Asian crisis, and may give more attention on the Korean episode, we believe that they shed light on financial and economic developments more generally since the crisis could happen to any country, especially when they are on a path to having more developed and internationally open economies.
Book Synopsis The Korean Financial Crisis of 1997 by : Tomás Baliño
Download or read book The Korean Financial Crisis of 1997 written by Tomás Baliño and published by . This book was released on 2006 with total page 66 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.
Book Synopsis From Evolution to Revolution by : You-Il Lee
Download or read book From Evolution to Revolution written by You-Il Lee and published by Ashgate Publishing, Ltd.. This book was released on 2003 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multi-disciplinary book not only offers a close examination of the dynamics and politico-economic significance of Korea's 1997 financial and economic crisis but also provides an accurate assessment of the intertwining economic, social, political and cultural aspects of the relationship between foreign investment and Korea's new changing economic and market environment, as well as an encompassing analysis of the historical shaping of Korea's current political economy. The micro-specific and firm-level nature of the book provides qualitative insights into the Korean business mindset while exploring how multinational corporations mesh with the Korean marketplace in the prevailing, yet continually changing, economic and market environment. In particular, this book expands further the market analysis offering a cohesive exploration of the political economic framework, which comprises a detailed appraisal of the social, political, cultural and institutional changes reflected in the course of Korea's capitalist industrial development.
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 Foreign Direct Investment in Post-Crisis Korea by : Judith Cherry
Download or read book Foreign Direct Investment in Post-Crisis Korea written by Judith Cherry and published by Routledge. This book was released on 2007-10-18 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Judith Cherry analyses the impact of economic and cultural globalization on efforts to promote inward foreign direct investment (IFDI) in South Korea over the past four decades. The book traces the development of Korean IFDI policy from one of restriction and control to one of encouragement and promotion. Specifically, it focuses on the challenges inherent in reforming the ‘software’ of IFDI promotion (socio-cultural issues, mindsets and perceptions) as opposed to changing its ‘hardware’ (systems, laws and regulations). Although the Korean government has made sustained efforts over the past decade to enhance Korea’s attractions as a host for inward investment, it has faced significant challenges in improving Korea’s IFDI performance. The discussion in this book of the wide range of transparent and non-transparent barriers that continue to hamper efforts to promote inward investment draws not only on the Korean debate concerning strategies for maximizing the benefits of IFDI, but also on the assessment of the Korean business and investment environment revealed in interviews conducted with European investors and officials in Seoul. Foreign Direct Investment in Post-Crisis Korea will appeal to students and scholars of international business, economics and globalization, as well as those with a more general interest in Korean society.
