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Why did Korean domestic demand slow down after the Asian financial crisis?

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Title Why did Korean domestic demand slow down after the Asian financial crisis?
Similar Titles
Material Type Reports
Author(English)

Whang, Unjung; Moon, Seongman; Ahn, Taehyun; Kim, Subin; Kim, Junyup

Publisher

세종:대외경제정책연구원

Date 2015-12
Series Title; No 연구보고서 / 15-01
ISBN 978-89-322-1615-7: 978-89-322-1088-9(set)
Pages 97
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Economy < Financial Policy
Economy < Economic Conditions
Holding 대외경제정책연구원; KDI국제정책대학원

Abstract

Economic growth in Korea has slowed down dramatically after
the Asian financial crisis of 1997. The average growth rate of real
GDP of Korea before the crisis (1981-1996) was 9.3%, while it was
reduced to 3.7% during the period (2003-2014) after the credit card
lending boom following the financial crisis. Coincidently, the
patterns of domestic demand growth before and after the crisis
were similar to the GDP growth: the average growth rate of Korean
real domestic demand was 8.8% and -0.3%, in the respective periods.
This remarkable decline in both growth rates should not be
attributed to the factors that are linked to the short-run economic
fluctuations because these phenomena have lasted more then 10
years after the Asian financial crisis. Instead, structural factors
related to the domestic market or exports are more likely to induce
the significant declines in the growth of these two variables. (The rest omitted)