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Global economic recession and East Asia : How has Korea managed the crisis and what has it learned?

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Frame of Image . Causes and Consequences of the Liquidity Crisis ……….………...4 3. Korea’s Policy Response to Economic Downturn and Liquidity Crisis: August 2007-June 2009…………………………………. … 17 4. Financial Market Opening and Macroeconomic Policy Conundrum ………………………………………………………… 23
5. Maturity and Currency Mismatches: Can they be moderated?.... .30 6. Reserve Adequacy for Self Insurance……………………………… 41 7. Concluding Remarks………………………………………………... 49 Reference……………………………………………………………… 52
1.
Introduction
Ten years after recovering from a devastating financial crisis, Korea has
once again been engulfed in another crippling economic downturn and financial turmoil. This time Korea is not the epicenter of the crisis, but it has not been spared from the collateral damage inflicted by the global economic crisis that was touched off by the US sub-prime crisis in August 2007, and which has since degenerated into the deepest recession since the 1929 depression. As the latest IMF WEO Update (July 2009C) concludes, “Even with determined policy actions, … global activity is now projected to decline 1.3 percent in 2009. This would represent by far the deepest post–World War II recession. Even once the crisis is over, there will be a difficult transition period, with output growth appreciably below rates seen in the recent past” Most of East Asia’s export oriented economies including Korea have been hardly immune to the crisis. However, it appears the crisis is over in these economies. Two years after the crisis bro


Full Text
Title Global economic recession and East Asia
Similar Titles
Sub Title

How has Korea managed the crisis and what has it learned?

Material Type Reports
Author(English)

Park, Yung-Chul

Publisher

[Seoul]:The Bank of Korea(Institute for Monetary and Economic Research)

Date 2009-11
Series Title; No Working Paper / no. 409
Pages 58
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Holding The Bank of Korea; KDI School