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Korea's economic crisis and corporate governance

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Frame of Image heir Advantages and Weaknesses Fragility of the Financial Sector
3. Governance Structure of Korean Corporations and Banks • Aggregate Ownership Structure of Listed Companies • Structure of Ownership and Control for Chaebols • Ownership and Control of Financial Institutions • Improvements in Corporate Governance under the IMF Program • Major Features of Corporate Governance in Korea Lack of Internal Control Weak Monitoring by Creditor Banks Absence of Threat in the Market: Mergers and Acquisitions
4. Remaining Issues of Korean Corporate Governance System • Should Chaebols be Broken up? • May Banks be Owned by Chaebols? • Main Banks: An Option for Effective Corporate Monitoring and Governance? 5. Conclusion
1
1. Introduction: Causes of the Korean Financial Crisis
Korea's sustained economic growth, which averaged around 8% a year over a span of 35 years since the early 1960s, came to an abrupt end by the financial crisis of late 1997. In 1998, the economy suffered from a 6% setback in its GDP. With the substantial depreciation of the won and the economic setback, per capita GDP, which exceeded US$10,000 several years ago, slid back to the 1991 level at a little over US$ 6,800. The crisis was triggered by a series of corporate bankruptcies in 1997. None of the 30 largest chaebols had gone bankrupt for a decade preceding the crisis, enough to convince people and international banks that they were ‘too big to fail’. Therefore, the chaebol bankruptcies were quite a shock in the mark


Full Text
Title Korea's economic crisis and corporate governance
Similar Titles
Material Type Reports
Author(English)

Nam, Sang-Woo

Publisher

Seoul:KDI school of Public Policy and Management

Date 1999
Series Title; No Working paper series / 99-02
Pages 56
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI school of Public Policy and Management