South Koreans In The Debt Crisis

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South Koreans in the Debt Crisis

Author : Jesook Song
Publisher : Duke University Press
ISBN 13 : 0822390825
Total Pages : 230 pages
Book Rating : 4.8/5 (223 download)

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Book Synopsis South Koreans in the Debt Crisis by : Jesook Song

Download or read book South Koreans in the Debt Crisis written by Jesook Song and published by Duke University Press. This book was released on 2009-08-18 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: South Koreans in the Debt Crisis is a detailed examination of the logic underlying the neoliberal welfare state that South Korea created in response to the devastating Asian Debt Crisis (1997–2001). Jesook Song argues that while the government proclaimed that it would guarantee all South Koreans a minimum standard of living, it prioritized assisting those citizens perceived as embodying the neoliberal ideals of employability, flexibility, and self-sufficiency. Song demonstrates that the government was not alone in drawing distinctions between the “deserving” and the “undeserving” poor. Progressive intellectuals, activists, and organizations also participated in the neoliberal reform project. Song traces the circulation of neoliberal concepts throughout South Korean society, among government officials, the media, intellectuals, NGO members, and educated underemployed people working in public works programs. She analyzes the embrace of partnerships between NGOs and the government, the frequent invocation of a pervasive decline in family values, the resurrection of conservative gender norms and practices, and the promotion of entrepreneurship as the key to survival. Drawing on her experience during the crisis as an employee in a public works program in Seoul, Song provides an ethnographic assessment of the efforts of the state and civilians to regulate social insecurity, instability, and inequality through assistance programs. She focuses specifically on efforts to help two populations deemed worthy of state subsidies: the “IMF homeless,” people temporarily homeless but considered employable, and the “new intellectuals,” young adults who had become professionally redundant during the crisis but had the high-tech skills necessary to lead a transformed post-crisis South Korea.

The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform

Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451844646
Total Pages : 67 pages
Book Rating : 4.4/5 (518 download)

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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.

Korea after the Crash

Author : Brian Bridges
Publisher : Routledge
ISBN 13 : 1134595034
Total Pages : 196 pages
Book Rating : 4.1/5 (345 download)

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Book Synopsis Korea after the Crash by : Brian Bridges

Download or read book Korea after the Crash written by Brian Bridges and published by Routledge. This book was released on 2012-10-12 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brian Bridges examines the impact on South Korea of the financial crisis of 1997. Covering events up to and including the recent parliamentary elections in South Korea, the book considers the socio-economic and political implications of the financial crisis. It is invaluable reading for students of modern Korea.

Developmental Mindset

Author : Elizabeth Thurbon
Publisher : Cornell University Press
ISBN 13 : 1501704168
Total Pages : 236 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis Developmental Mindset by : Elizabeth Thurbon

Download or read book Developmental Mindset written by Elizabeth Thurbon and published by Cornell University Press. This book was released on 2016-06-09 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial crisis of 1997–1998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed "policy lending" it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries.Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a "developmental mindset" on the part of political leaders and policy elites in Korea. This mindset involves shared ways of thinking about the purpose of finance and its relationship to the productive economy. The developmental mindset has a long history in Korea but is subject to the vicissitudes of political and economic circumstances. Thurbon traces the structural, institutional, political, and ideational factors that have strengthened and at times weakened the developmental consensus, culminating in the revival of financial activism in Korea. In doing so, Thurbon offers a novel defense of the developmental state idea and a new framework for investigating the emergence and evolution of developmental states. She also canvasses the implications of the Korean experience for wider debates concerning the future of financial activism in an era of financialization, energy insecurity, and climate change.

The causes of the IMF crisis in South Korea. What Experts Say

Author : Juhyuk Park
Publisher : GRIN Verlag
ISBN 13 : 3346342395
Total Pages : 28 pages
Book Rating : 4.3/5 (463 download)

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Book Synopsis The causes of the IMF crisis in South Korea. What Experts Say by : Juhyuk Park

Download or read book The causes of the IMF crisis in South Korea. What Experts Say written by Juhyuk Park and published by GRIN Verlag. This book was released on 2021-02-09 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Economics - Finance, grade: A, The University of North Carolina at Chapel Hill, course: Advanced Macroeconomics, language: English, abstract: What had happened to Korea, and why did the nation have to face the IMF crisis in 1997 all of a sudden? To see what the causes for the crisis were, analyses from six essays of scholars and experts in the field of economics will be introduced and compared. While they have similar and different views for the causes at the same time, their views can be grouped into two categories: internal factors and external factors. When the Korean currency crisis broke out, the IMF and many scholars focused the whole crisis on Korea’s internal problems. However, there are many other scholars who attribute the causes not only to internal but also to external problems. The experts who see the causes as internal problems think the crisis originated from internal factors of Korea such as policy mistakes, highly leveraged corporate sectors, and banking system. The external factors refer to the external shocks such as contagion effect from South-east financial crisis and appreciation of Japanese yen. Although all the causes for the crisis are closely related with each other, addressing the causes separately would give people better understanding of the context. On Nov. 1997, Korea faced the IMF crisis, or also known as the financial crisis, which caused severe damage to the Korean economy. The new OECD member was reduced from being the world’s eleventh largest economy to an economy surviving on overnight loans from the international money markets. The won, the Korean currency, fell by more than 50 percent against the US dollar. Also, KOSPI (the Korea Composite Stock Price Index) fell by thirty percent, and the short-term interest rate shot up to forty percent per year. Consequently, on Dec. 1997, Korea called the IMF for rescue, owing $58.3 billion of financial aid. As shown in table 1 and 2 in the appendix 1, Korea had performed continual rapid GDP growth at the rate of 7.8 percent per year in average from 1960 to 1997.

Economic Crisis and Corporate Restructuring in Korea

Author : Stephan Haggard
Publisher : Cambridge University Press
ISBN 13 : 9780521823630
Total Pages : 374 pages
Book Rating : 4.8/5 (236 download)

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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.

South Korea under Compressed Modernity

Author : Kyung-Sup Chang
Publisher : Routledge
ISBN 13 : 1136990259
Total Pages : 192 pages
Book Rating : 4.1/5 (369 download)

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Book Synopsis South Korea under Compressed Modernity by : Kyung-Sup Chang

Download or read book South Korea under Compressed Modernity written by Kyung-Sup Chang and published by Routledge. This book was released on 2010-04-12 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The condensed social change and complex social order governing South Koreans’ life cannot be satisfactorily delineated by relying on West-derived social theories or culturalist arguments. Nor can various globally eye-catching traits of this society in industrial work, education, popular culture, and a host of other areas be analyzed without developing innovative conceptual tools and theoretical frameworks designed to tackle the South Korean uniqueness directly. This book provides a fascinating account of South Korean society and its contemporary transformation. Focusing on the family as the most crucial micro foundation of South Korea’s economic, social, and political life, Chang demonstrates a shrewd insight into the ways in which family relations and family based interests shape the structural and institutional changes ongoing in South Korea today. While the excessive educational pursuit, family-exploitative welfare, gender-biased industrialization, virtual demise of peasantry, and familial industrial governance in this society have been frequently discussed by local and international scholarship, the author innovatively explicates these remarkable trends from an integrative theoretical perspective of compressed modernity. The family-centered social order and everyday life in South Korea are analyzed as components and consequences of compressed modernity. South Korea under Compressed Modernity is an essential read for anyone studying Contemporary Korea or the development of East Asian societies more generally.

The Korean Economy Beyond the Crisis

Author : Duck-Koo Chung
Publisher : Edward Elgar Publishing
ISBN 13 : 1843769735
Total Pages : 388 pages
Book Rating : 4.8/5 (437 download)

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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.

The Political Economy of South Korea

Author : Uk Heo
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Political Economy of South Korea by : Uk Heo

Download or read book The Political Economy of South Korea written by Uk Heo and published by . This book was released on 2008 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Crisis and Change

Author : Jasper Kim
Publisher : Ewha Womans University Press
ISBN 13 : 9788973006601
Total Pages : 312 pages
Book Rating : 4.0/5 (66 download)

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Book Synopsis Crisis and Change by : Jasper Kim

Download or read book Crisis and Change written by Jasper Kim and published by Ewha Womans University Press. This book was released on 2005 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:

New Millennium South Korea

Author : Jesook Song
Publisher : Routledge
ISBN 13 : 1136916202
Total Pages : 177 pages
Book Rating : 4.1/5 (369 download)

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Book Synopsis New Millennium South Korea by : Jesook Song

Download or read book New Millennium South Korea written by Jesook Song and published by Routledge. This book was released on 2010-10-04 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the common held belief that Asian nations have displayed anti-market tendencies of under-consumption and export-oriented trade since the Asian financial crisis, in the 10 years since the crisis, South Korea has bucked this trend accruing a higher debt rate than the US. This groundbreaking collection of essays addresses questions such as how did the open market policies and restructuring processes implemented during the Asian financial crisis magnify the consumption and debt level in South Korea to such an extent? What is the impact of these financial changes on the daily lives of people in different cultural and socio-economic groups? In examining these questions the authors provide valuable insight into the rise of financial capitalism, transnational mobility and the implications of neoliberal governing tactics following the Asian Financial Crisis. Examining South Korea’s transformation during the early years of the 21st century, New Millenium South Korea will be of interest to anthropologists, economists and sociologists, as well as students and scholars of Korean Studies.

Korean Crisis and Recovery

Author : Mr.David T. Coe
Publisher : International Monetary Fund
ISBN 13 : 9781589060685
Total Pages : 548 pages
Book Rating : 4.0/5 (66 download)

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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.

Financial Crisis and Transformation of Korean Business Groups

Author : Sea-Jin Chang
Publisher : Cambridge University Press
ISBN 13 : 9780521025195
Total Pages : 380 pages
Book Rating : 4.0/5 (251 download)

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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 2006-03-16 with total page 380 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.

Restructuring 'Korea Inc.'

Author : Jang-Sup Shin
Publisher : Routledge
ISBN 13 : 1134469381
Total Pages : 157 pages
Book Rating : 4.1/5 (344 download)

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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.

Financial Liberalization and the Asian Crisis

Author : H. Chang
Publisher : Springer
ISBN 13 : 0230518621
Total Pages : 294 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Financial Liberalization and the Asian Crisis by : H. Chang

Download or read book Financial Liberalization and the Asian Crisis written by H. Chang and published by Springer. This book was released on 2001-06-11 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.

From Miracle to Maturity

Author : Barry Eichengreen
Publisher : BRILL
ISBN 13 : 1684175267
Total Pages : 395 pages
Book Rating : 4.6/5 (841 download)

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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."

Contemporary South Korean Economy: Challenges And Prospects

Author : Min-hua Chiang
Publisher : #N/A
ISBN 13 : 9813207256
Total Pages : 168 pages
Book Rating : 4.8/5 (132 download)

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Book Synopsis Contemporary South Korean Economy: Challenges And Prospects by : Min-hua Chiang

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 168 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.