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From the 1997-98 Asian financial crisis to the 2008-09 global economic crisis : Lessons from Korea’s experience

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Frame of Image Lessons from Korea’s Experience
Bang Nam Jeon 1 Drexel University
I. Introduction The East Asian countries were hit hard by the financial crisis of 1997 but experienced a significant and remarkable recovery due in part to far-reaching economic and regulatory reforms. However, a decade later, the Asian countries are suffering again from the ongoing global economic crisis which began in the summer of 2007. If this current crisis is not managed effectively, the Asian economic situation could escalate into a more serious crisis than that of 1997-98. Due to the increased globalization of financial markets, crises tend to become more severe and contagious even if the affected countries have strong macroeconomic fundamentals. The two crises, ten years apart, provide us with a unique case study to examine whether or not the recovery from the 1997 crisis and the extensive reform efforts during the post-crisis period in Asia have been well executed, or whether they have been incomplete and ineffective in addressing the on-going global economic and financial crises since 2007. Focusing on the Korean economy, which experienced the worst damage as well as the most successful recovery from the 1997 crisis, this paper discusses the successes and failures of the postcrisis reform efforts and identifies vulnerable areas that need further reform in Korea. There is no precise answer for why and how one of the most successful developing economies over the past 40 years suddenly became a victim o


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Title From the 1997-98 Asian financial crisis to the 2008-09 global economic crisis
Similar Titles
Sub Title

Lessons from Korea’s experience

Material Type Reports
Author(English)

Jeon, Bang Nam

Publisher

Drexel University

Date 2012
Pages 47
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Conditions
Economy < Economic System