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Global political-economic system and financial crisis : Korea, Brazil and the IMF

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Frame of Image al analyses to understand the causes of financial crises and to evaluate reform efforts. The theoretical model is called Global Political-Economic System (GPES) in which various domestic and international actors interact with each other. For empirical analysis, case studies on Korea and Brazil are conducted. In these case studies, technical, inter-subjective and ethical competence of various actors is questioned. Particular attention is given to IMF’s role in dealing with financial crises in two countries. In Korea, macro indicators such as usable foreign reserve, exchange rate and stock price index showed significant improvement in the economy. However, undesirable impacts such as high unemployment and widening income gap were observed. In Brazil, there is a concern that environmental disruption may follow. In both countries, corruption and collusion among key actors were at the center of financial and economic disaster. The paper concludes with a suggestion that public policies in general encompass a broad concept of sustainability.
This paper is a part of a larger study on Global Political-Economic System (GPES). The first version of this paper was written in May 1999. Comments are welcome. Not to be quoted without permission of the author.
1
Contents
I.
Introduction
• A Tale of Two Countries • Overview
II.
Theoretical Model: Global Political-Economic System
• Shortcomings of Existing Theories • Problems and Opportunities in the World • Global Political-Economic System: A
Contents

Full Text
Title Global political-economic system and financial crisis
Similar Titles
Sub Title

Korea, Brazil and the IMF

Material Type Reports
Author(English)

Lim, Gill-Chin

Publisher

[Seoul]:KDI school of Public Policy and Management

Date 1999
Pages 36
Subject Country Brazil(Americas)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI; KDI School

Abstract

In recent years, several countries in Asia and South America have suffered from serious
financial crises. This paper presents a theoretical model and empirical analyses to
understand the causes of financial crises and to evaluate reform efforts. The theoretical
model is called Global Political-Economic System (GPES) in which various domestic
and international actors interact with each other. For empirical analysis, case studies on
Korea and Brazil are conducted. In these case studies, technical, inter-subjective and
ethical competence of various actors is questioned. Particular attention is given to IMF’s
role in dealing with financial crises in two countries. In Korea, macro indicators such as
usable foreign reserve, exchange rate and stock price index showed significant
improvement in the economy. However, undesirable impacts such as high
unemployment and widening income gap were observed. In Brazil, there is a concern
that environmental disruption may follow. In both countries, corruption and collusion
among key actors were at the center of financial and economic disaster. The paper
concludes with a suggestion that public policies in general encompass a broad concept
of sustainability.