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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Author

Listed:
  • Kenneth H Kang
  • Hong Liang
  • Henry Ma
  • Anthony J. Richards
  • Ajai Chopra
  • Meral Karasulu

Abstract

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant progress has also been made in stabilizing the financial system and addressing corporate distress, and wide-ranging reforms have made Korea’s economy more open, competitive, and market driven. Notwithstanding these achievements, more needs to be done before the soundness of the corporate and financial sectors is firmly established.

Suggested Citation

  • Kenneth H Kang & Hong Liang & Henry Ma & Anthony J. Richards & Ajai Chopra & Meral Karasulu, 2001. "From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons," IMF Working Papers 01/154, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:01/154
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    Citations

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    Cited by:

    1. Aykut Kibritcioglu, 2002. "Monitoring Banking Sector Fragility," Macroeconomics 0206004, EconWPA, revised 17 Mar 2006.
    2. Simon Johnson & Andrei Shleifer, 2004. "Privatization and Corporate Governance," NBER Chapters,in: Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Volume 12, pages 13-34 National Bureau of Economic Research, Inc.
    3. Marcus Noland, 2007. "South Korea's Experience with International Capital Flows," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 481-528 National Bureau of Economic Research, Inc.
    4. Udaibir S Das & Richard Podpiera & Nigel Davies, 2003. "Insurance and Issues in Financial Soundness," IMF Working Papers 03/138, International Monetary Fund.
    5. Se-Jik Kim, 2004. "Timing of International Bailouts," IMF Working Papers 04/9, International Monetary Fund.
    6. Otaviano Canuto & Swati R. Ghosh, 2013. "Dealing with the Challenges of Macro Financial Linkages in Emerging Markets," World Bank Publications, The World Bank, number 16202, June.
    7. Hong, Kiseok & Lee, Jong-Wha & Lee, Young Soo, 2007. "Investment by Korean conglomerates before and after the crisis," Japan and the World Economy, Elsevier, vol. 19(3), pages 347-373, August.
    8. repec:bla:pacecr:v:22:y:2017:i:4:p:677-701 is not listed on IDEAS
    9. Kibritcioglu, Aykut, 2002. "Excessive Risk-Taking, Banking Sector Fragility, and Banking Crises," Working Papers 02-0114, University of Illinois at Urbana-Champaign, College of Business.
    10. Ashoka Mody & Se-Jik Kim, 2004. "Managing Confidence in Emerging Market Bank Runs," IMF Working Papers 04/235, International Monetary Fund.
    11. Pritha Mitra, 2006. "Post-Crisis Recovery; When Does Increased Fiscal Discipline Work?," IMF Working Papers 06/219, International Monetary Fund.
    12. Doowon Lee, 2006. "The Korean Economy in Transition: In Search for a New Model," Global Economic Review, Taylor & Francis Journals, vol. 35(2), pages 207-230.
    13. Liu, Wan-Chun & Hsu, Chen-Min, 2006. "The role of financial development in economic growth: The experiences of Taiwan, Korea, and Japan," Journal of Asian Economics, Elsevier, vol. 17(4), pages 667-690, October.
    14. World Bank, 2003. "Turkey : Corporate Sector Impact Assessment Report," World Bank Other Operational Studies 14870, The World Bank.
    15. Dirk Baur & Renee Fry, 2006. "Endogenous Contagion - A Panel Data Analysis," CAMA Working Papers 2006-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    16. Saibal Ghosh, 2005. "Does leverage influence banks' non-performing loans? Evidence from India," Applied Economics Letters, Taylor & Francis Journals, vol. 12(15), pages 913-918.
    17. Joshua Aizenman & Kenneth M. Kletzer & Brian Pinto, 2005. "Sargent-Wallace meets Krugman-Flood-Garber, or: why sovereign debt swaps do not avert macroeconomic crises," Economic Journal, Royal Economic Society, vol. 115(503), pages 343-367, April.
    18. Bacha, Obiyathulla I., 2004. "Lessons from East Asia's Crisis and Recovery," MPRA Paper 12759, University Library of Munich, Germany.
    19. Se-Jik Kim, 2003. "Macro Effects of Corporate Restructuring in Japan," IMF Working Papers 03/203, International Monetary Fund.

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