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The Role of State Intervention in the Financial Sector: Crisis Prevention, Containment, and Resolution

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  • Yoon Je Cho

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    Abstract

    This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by advanced economies because they are twin crises: financial and currency crises. Such crises require the development of a comprehensive strategy covering the stabilization of the domestic financial market and the foreign exchange market, closely coordinated responses by different government bodies, an extraordinary effort for financial restructuring, and the introduction of a new regulatory framework. [ADBI Working Paper 196]

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    Paper provided by eSocialSciences in its series Working Papers with number id:3017.

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    Date of creation: Oct 2010
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    Handle: RePEc:ess:wpaper:id:3017

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    Keywords: state intervention; prevention; containment; Asian; financial. currency; stabilization; framework;

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    1. Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 5(4), pages 55-68, Winter.
    2. Cho, Yoon Je, 1988. "The effect of financial liberalization on the efficiency of credit allocation : Some evidence from Korea," Journal of Development Economics, Elsevier, Elsevier, vol. 29(1), pages 101-110, July.
    3. Assenmacher-Wesche, Katrin & Gerlach, Stefan, 2008. "Ensuring financial stability: Financial structure and the impact of monetary policy on asset prices," IMFS Working Paper Series 16, Institute for Monetary and Financial Stability (IMFS), Goethe University Frankfurt.
    4. Ben Bernanke & Mark Gertler, 1999. "Monetary policy and asset price volatility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 77-128.
    5. Scott, David, 2002. "A practical guide to managing systemic financial crises : a review of approaches taken in Indonesia, the Republic of Korea, and Thailand," Policy Research Working Paper Series 2843, The World Bank.
    6. Cho, Yoon Je, 1990. "McKinnon-Shaw versus the neostructuralists on financial liberalization: A conceptual note," World Development, Elsevier, Elsevier, vol. 18(3), pages 477-480, March.
    7. Asl? Demirgüç-Kunt & Edward J. Kane & Luc Laeven (ed.), 2008. "Deposit Insurance around the World: Issues of Design and Implementation," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262042541, December.
    8. Asli Demirguc-Kunt & Edward J. Kane, 2002. "Deposit Insurance Around the Globe: Where Does It Work?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 16(2), pages 175-195, Spring.
    9. Bordo, Michael D & Jeanne, Olivier, 2002. "Boom-Busts in Asset Prices, Economic Instability and Monetary Policy," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3398, C.E.P.R. Discussion Papers.
    10. Asli Demirgüç-Kunt & Luis Servén, 2010. "Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies," World Bank Research Observer, World Bank Group, World Bank Group, vol. 25(1), pages 91-124, February.
    11. Caprio, Gerard & Honohan, Patrick, 2001. "Finance for Growth: Policy Choices in a Volatile World," MPRA Paper 9929, University Library of Munich, Germany.
    12. Jerry H Tempelman, 2009. "Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis," Business Economics, Palgrave Macmillan, vol. 44(3), pages 182-183, July.
    13. Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002. "Asset Prices in a Flexible Inflation Targeting Framework," NBER Working Papers 8970, National Bureau of Economic Research, Inc.
    14. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, Elsevier, vol. 19(1-2), pages 1-24.
    15. Fry, Maxwell J, 1989. "Financial Development: Theories and Recent Experience," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 5(4), pages 13-28, Winter.
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    Cited by:
    1. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers, Asian Development Bank Institute 345, Asian Development Bank Institute.

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