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Macroeconomic Adjustments and the Real Economy in Korea and Malaysia Since 1997

In: Seeking Growth Under Financial Volatility

Author

Listed:
  • Zainal-Abidin Mahani
  • Kwanho Shin
  • Yunjong Wang

Abstract

The financial crisis that broke out in Thailand in July 1997 and then spread to other parts of East Asia brought about a deep recession, causing a sharp decline in living standards, rising unemployment, industrial breakdown, and social dislocation in the region (Park and Wang, 2002). In 1997–98, five East Asian countries — Indonesia, Korea, Malaysia, the Philippines, and Thailand — experienced deep currency and banking crises. Although a few other East Asian countries were affected to a limited extent, the Asian financial crisis was region-wide.1

Suggested Citation

  • Zainal-Abidin Mahani & Kwanho Shin & Yunjong Wang, 2006. "Macroeconomic Adjustments and the Real Economy in Korea and Malaysia Since 1997," Palgrave Macmillan Books, in: Ricardo Ffrench-Davis (ed.), Seeking Growth Under Financial Volatility, chapter 5, pages 139-183, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52303-6_5
    DOI: 10.1057/9780230523036_5
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    1. Ethan Kaplan & Dani Rodrik, 2002. "Did the Malaysian Capital Controls Work?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 393-440, National Bureau of Economic Research, Inc.
    2. Agosin, Manuel R., 2001. "Korea and Taiwan in the financial crisis," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1701.
    3. Borensztein, Eduardo & Lee, Jong-Wha, 2002. "Financial crisis and credit crunch in Korea: evidence from firm-level data," Journal of Monetary Economics, Elsevier, vol. 49(4), pages 853-875, May.
    4. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    5. Valerie Cerra & Sweta Chaman Saxena, 2005. "Did Output Recover from the Asian Crisis?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 1-23, April.
    6. International Monetary Fund, 2000. "Republic of Korea: Article IV for 2000 Consultation," IMF Staff Country Reports 2000/010, International Monetary Fund.
    7. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
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