The Korean Financial Crisis of 1997 Onset, Turnaround, and Thereafter

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ISBN: 9780821382394 | 082138239X
Cover: Paperback
Copyright: 1/28/2011

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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.

Preface	p. xiii
About the Author	p. xvii
Abbreviations	p. xix
The Unfolding of the Korean Financial Crisis	p. 1
1996: A Year of Uncertainty	p. 1
The Hanbo Bankruptcy and the Degradation in External Creditworthiness, January-March 1997	p. 5
A Monetary Lull in Financial Markets, April-June 1997	p. 8
A Looming Crisis in Financial Markets, July-September 1997	p. 12
Onset of the Financial Crisis and the Request for an IMF Rescue, October-November 1997	p. 21
Notes	p. 34
Origin of the Crisis	p. 35
Divergent Views of the Crisis	p. 35
The Macroeconomy and the Financial Crisis	p. 37
Korea's Structural Weaknesses and Vulnerabilities	p. 43
The Risks of Capital Liberalization	p. 53
The International Financial Architecture and the Financial Crisis	p. 60
Lax Crisis Management in Korea	p. 69
Notes	p. 71
Overview of Korea's Postcrisis Responses	p. 73
Crisis Recovery and Policy Challenges	p. 73
The Implementation of Postcrisis Measures	p. 82
Notes	p. 85
Initial Responses to the Crisis, December 1997	p. 87
Actions by the IMF, December 3, 1997	p. 87
Korea: Memorandum on the Economic Program	p. 90
Actions Prior to the IMF Standby Arrangement	p. 95
Banking Reforms	p. 96
Averting National Insolvency	p. 98
Notes	p. 110
Securing Foreign Currency Liquidity and Laying the Groundwork for Reform and Restructuring, December 1997-April 1998	p. 111
Securing Foreign Currency Liquidity	p. 111
Capital Market Liberalization and the Expansion of Foreign Investment	p. 116
Laying the Groundwork for Structural Reform	p. 120
The Intensifying Credit Crunch and Mounting Unemployment	p. 133
Notes	p. 150
Restructuring Led by Business Closures and the Push for Lower Interest Rates, May-June 1998	p. 151
The Recognition of Economic Reality	p. 151
The Focus of Corporate and Financial Restructuring on the Closure of Failing Businesses	p. 153
Lowering Interest Rates and Easing the Credit Crunch	p. 164
The Contracting Real Economy and Deepening Labor Unrest	p. 175
Notes	p. 178
Completion of First-Phase Restructuring and Policies Aimed at Boosting Potential Growth, July-September 1998	p. 179
Economic Outlook and Policy Challenges, Second Half of 1998	p. 179
The Completion of the First Round of Restructuring	p. 186
Expanded Unemployment Measures and Labor Union Resistance to Restructuring	p. 208
The Russian Moratorium and the Fate of the Won	p. 218
Policies for Robust Growth	p. 226
Notes	p. 235
Getting the Economy Back on Track and Quickening the Pace of Restructuring, October-December 1998	p. 237
Policy Challenges and the Shifting Economic Landscape	p. 237
Instability in International Financial Markets and the Government Response	p. 239
Quickening the Pace of Restructuring	p. 248
Policies Aimed at Economic Revival	p. 274
Restoring Financial Stability and Realizing Positive Economic Growth, January-June 1999	p. 283
The Economic Policy Agenda for 1999	p. 283
Forging Ahead with Restructuring	p. 286
The Investment Grade Rating and the Supply of foreign Exchange to Markets	p. 305
Restoring Calm to Financial Markets and Resuming Positive Growth	p. 314
The Settlement of the Daewoo Shock and the Expanded Economic Recovery, July-December 1999	p. 327
Policy Challenges and Responses during the Second Half of 1999	p. 327
Strategies for the Transition to a Knowledge-Based Economy	p. 330
The Collapse of the Daewoo Group and Restoring Calm to Financial Markets	p. 336
Pressing Ahead with Structural Reform	p. 344
Economic Hardship among Low- and Middle-Income Households and the Government Response	p. 360
Accelerating Economic Recovery and the Transition to Net Creditor Status	p. 364
Korea's Economic Renewal: Challenges and Solutions for the Transition to the Next Level	p. 369
Questions about the Korean Economy	p. 369
Diagnosis of the Korean Economy	p. 370
The Challenges Ahead in Korea's Economic Revival	p. 389
The Reform of Korea's Economic System	p. 397
Note	p. 413
References and Other Sources	p. 415
Index	p. 421
Table of Contents provided by Ingram. All Rights Reserved.

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The Korean Financial Crisis of 1997 Onset, Turnaround, and Thereafter

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