IDEAS home Printed from
   My bibliography  Save this book

EU-Korea Economic Exchange


  • Zsolt Darvas
  • Chung-Han Kim
  • Shahin Vallée
  • Nicolas Véron
  • Haesik Park
  • Georg Zachmann
  • Jeong Ho Suh
  • Jean Pisani-Ferry
  • Christopher Byungho Suh
  • Reinhilde Veugelers
  • Hyoungsik Noh
  • Sungwook Park
  • Jabonn Kim
  • Mansoo Jee
  • Marco Antonielli
  • Mario Mariniello


Even though the roots of the global financial crisis lay in risky financial structures in the United States and weaknesses in financial regulation, the crisis became global mainly because of significant financial and trade linkages between the US and other countries. Most countries, including European Union countries and Korea, have felt the impact of the global crisis. The major channels through which the global crisis transmitted to the EU economy seems to be related to the internationalisation of the financial services industry and financial interlinkages, while in Korea the trade channel was more important.There was a striking difference between the ways in which the EU and Korea were affected by the global financial and crisis. While the initial shock was broadly similar after the collapse of Lehman Brothers in September 2008, Korea recovered very quickly and output in 2013 is expected to exceed by more than 18 percent the 2007 output level. But the EU’s output is still expected to fall behind the pre-crisis value. The current mild impact of the crisis on Korea is in contrast to the harsh impact of the Asian crisis in the late 1990s, when Korean output fell significantly in 1998, though it recovered quickly after 1999.Based on these observations, we launched a research project to learn from each other by studying the crisis response in the EU and Korea, and the potential for internationalisation of the financial services industry in the EU and Korea. This research was supported by the European Commission, for which we are grateful.We organised two major conferences, one in Brussels on Global financial services integration on 16 April 2012, and one in Seoul on The Eurozone crisis and its impact on the global economy on 16 January 2013. We published four newsletters with various articles related to our research themes. This e-book collects our contributions to this project and presents the conference summaries.Zsolt Darvas, Bruegel April 2013

Suggested Citation

  • Zsolt Darvas & Chung-Han Kim & Shahin Vallée & Nicolas Véron & Haesik Park & Georg Zachmann & Jeong Ho Suh & Jean Pisani-Ferry & Christopher Byungho Suh & Reinhilde Veugelers & Hyoungsik Noh & Sungwoo, . "EU-Korea Economic Exchange," Books, Bruegel, number 777.
  • Handle: RePEc:bre:bebook:777

    Download full text from publisher

    File URL:
    Download Restriction: no


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Mukhopadhyay, Jyoti Prasad, 2014. "Does access to microfinance affect consumption inequality? :evidence from a randomized controlled trial in Andhra Pradesh, India," MPRA Paper 58674, University Library of Munich, Germany.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bre:bebook:777. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruegel). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.