The Causes Of The Imf Crisis In South Korea What Experts Say

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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.

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.

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.

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.

Financial Sector Crisis and Restructuring

Author : Carl-Johan Lindgren
Publisher :
ISBN 13 : 9781557758712
Total Pages : 103 pages
Book Rating : 4.7/5 (587 download)

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Book Synopsis Financial Sector Crisis and Restructuring by : Carl-Johan Lindgren

Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

The Asian Financial Crisis

Author : Morris Goldstein
Publisher : Peterson Institute
ISBN 13 : 9780881322613
Total Pages : 236 pages
Book Rating : 4.3/5 (226 download)

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Book Synopsis The Asian Financial Crisis by : Morris Goldstein

Download or read book The Asian Financial Crisis written by Morris Goldstein and published by Peterson Institute. This book was released on 1998 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.

Republic of Korea

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1513541439
Total Pages : 65 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Republic of Korea by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Republic of Korea written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2020-04-20 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Financial System Stability Assessment (FSSA) with the Republic of Korea. The Korean authorities have continued their efforts at upgrading the prudential, legal, and supervisory framework for the financial sector, and keeping up with international standards and practices in other G20 jurisdictions. The authorities have been strengthening the system with micro and macroprudential measures against vulnerabilities, strengthening the crisis management framework, and upgrading the prudential and legal framework. The FSSA suggests moving toward a more forward-looking monitoring and systemic risk identification mechanism. The reliability of various stress tests could be augmented with advanced methods, system-wide monitoring, and testing the overall leverage related to residential properties, households’ resilience to adverse shocks, and sovereign contingent liabilities. Stronger focus is required on systemic risks emanating from securities market activities that can amplify contagion, including sudden redemption and liquidity pressures in the funds and asset management industry.

The IMF and the Silent Revolution

Author : Mr.James M. Boughton
Publisher : International Monetary Fund
ISBN 13 : 9781557759702
Total Pages : 68 pages
Book Rating : 4.7/5 (597 download)

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Book Synopsis The IMF and the Silent Revolution by : Mr.James M. Boughton

Download or read book The IMF and the Silent Revolution written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 2000-09-11 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.

The Asian Financial Crisis and the Architecture of Global Finance

Author : Gregory W. Noble
Publisher : Cambridge University Press
ISBN 13 : 9780521794220
Total Pages : 322 pages
Book Rating : 4.7/5 (942 download)

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Book Synopsis The Asian Financial Crisis and the Architecture of Global Finance by : Gregory W. Noble

Download or read book The Asian Financial Crisis and the Architecture of Global Finance written by Gregory W. Noble and published by Cambridge University Press. This book was released on 2000-09-11 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the political and economic causes and consequences of the Asian financial crises.

The Global Financial Crisis

Author : Dick K. Nanto
Publisher : DIANE Publishing
ISBN 13 : 1437919847
Total Pages : 127 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis The Global Financial Crisis by : Dick K. Nanto

Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

The Japanese Banking Crisis of the 1990's

Author : Mr.Akihiro Kanaya
Publisher : International Monetary Fund
ISBN 13 : 1451842406
Total Pages : 48 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Japanese Banking Crisis of the 1990's by : Mr.Akihiro Kanaya

Download or read book The Japanese Banking Crisis of the 1990's written by Mr.Akihiro Kanaya and published by International Monetary Fund. This book was released on 2000-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.

Lessons and Policy Implications from the Global Financial Crisis

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1451963025
Total Pages : 42 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Lessons and Policy Implications from the Global Financial Crisis by : Mr.Luc Laeven

Download or read book Lessons and Policy Implications from the Global Financial Crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2010-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.

Economic and Financial Crises in Emerging Market Economies

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241106
Total Pages : 540 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Economic and Financial Crises in Emerging Market Economies by : Martin Feldstein

Download or read book Economic and Financial Crises in Emerging Market Economies written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-11-01 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the developing world. The crises eventually spread to Russia, Turkey, and Latin America, and impacted the economies of many industrialized nations as well. In today's increasingly interdependent world, finding ways to reduce the risk of future crises—and to improve the management of crises when they occur—has become an international policy challenge of paramount importance. This book rises to that challenge, presenting accessible papers and commentaries on the topic not only from leading academic economists, but also from high-ranking government officials (in both industrial and developing nations), senior policymakers at international institutions, and major financial investors. Six non-technical papers, each written by a specialist in the topic, provide essential economic background, introducing sections on exchange rate regimes, financial policies, industrial country policies, IMF stabilization policies, IMF structural programs, and creditor relations. Next, personal statements from the major players give firsthand accounts of what really went on behind the scenes during the crises, giving us a rare glimpse into how international economic policy decisions are actually made. Finally, wide-ranging discussions and debates sparked by these papers and statements are summarized at the end of each section. The result is an indispensable overview of the key issues at work in these crises, written by the people who move markets and reshape economies, and accessible to not just economists and policymakers, but also to educated general readers. Contributors: Montek S. Ahluwalia, Domingo F. Cavallo, William R. Cline, Andrew Crockett, Michael P. Dooley, Sebastian Edwards, Stanley Fischer, Arminio Fraga, Jeffrey Frankel, Jacob Frenkel, Timothy F. Geithner, Morris Goldstein, Paul Keating, Mervyn King, Anne O. Krueger, Roberto Mendoza, Frederic S. Mishkin, Guillermo Ortiz, Yung Chul Park, Nouriel Roubini, Robert Rubin, Jeffrey Sachs, Ammar Siamwalla, George Soros

Financial Crises and the Politics of Macroeconomic Adjustments

Author : Stefanie Walter
Publisher : Cambridge University Press
ISBN 13 : 1107292441
Total Pages : 273 pages
Book Rating : 4.1/5 (72 download)

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Book Synopsis Financial Crises and the Politics of Macroeconomic Adjustments by : Stefanie Walter

Download or read book Financial Crises and the Politics of Macroeconomic Adjustments written by Stefanie Walter and published by Cambridge University Press. This book was released on 2013-10-31 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: When are policy makers willing to make costly adjustments to their macroeconomic policies to mitigate balance-of-payments problems? Which types of adjustment strategies do they choose? Under what circumstances do they delay reform, and when are such delays likely to result in financial crises? To answer these questions, this book examines how macroeconomic policy adjustments affect individual voters in financially open economies and argues that the anticipation of these distributional effects influences policy makers' decisions about the timing and the type of reform. Empirically, the book combines analyses of cross-national survey data of voters' and firms' policy evaluations with comparative case studies of national policy responses to the Asian financial crisis of 1997/8 and the recent global financial crisis in Eastern Europe. The book shows that variation in policy makers' willingness to implement reform can be traced back to differences in the vulnerability profiles of their countries' electorates.

Financial Crises

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475543409
Total Pages : 670 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises by : Mr.Stijn Claessens

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

The Regulatory Responses to the Global Financial Crisis

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1484336658
Total Pages : 39 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Regulatory Responses to the Global Financial Crisis by : Mr.Stijn Claessens

Download or read book The Regulatory Responses to the Global Financial Crisis written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-03-14 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.