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.
Edited by Duck-Koo Chung, former Member of the National Assembly of the Republic of Korea and Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US
Contents: Foreword 1. Introduction 2. The Korean Economy Before and After the Crisis 3. What Caused the Crisis? A Post Mortem 4. US Policy Toward the Crisis 5. The Monetary Policy Response to the Crisis 6. The Fiscal Policy Response to the Crisis 7. Social Impact of the Crisis 8. Financial Restructuring 9. Corporate Restructuring 10. Changes in the Labor Markets and Industrial Relations 11. Transparency and Social Capital 12. Social Realignment, Coalition Change and Political Transformation 13. Recurrence of Financial Crises: Cross-Country Patterns and Implications for Korea 14. Reform and the Risk of Recurrence of Crisis References Index