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Early warning system for financial crisis

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Frame of Image ersity Hyungmin Jung, Head of Early Warning System Office, Korea Center for International Finance Moon-Soo Kang, Professor, KDI School of Public Policy and Management
Research Management Supported by
KDI School of Public Policy and Management Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000678-01 ISBN 979-11-5545-177-9 94320 ISBN 979-11-5545-171-7 [SET 6] Copyright © 2014 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000678-01
Knowledge Sharing Program
2015 Modularization of Korea’s Development Experience
Early Warning System for Financial Crisis
Preface
opportunity to better understand the factors that drive development. Within approximately a single generation, Korea transformed itself from an aid-recipient basket-case to a donor more remarkable is that the fruits of Korea’s rapid growth were relatively widely shared. country with fast-paced yet sustained economic growth. What makes Korea’s experience even In 2004, the Korean Ministry of Strategy and Finance (MOSF) and the Korea Development The study of Korea’s economic and social transformation offers a unique window of
Institute (KDI) launched the Knowledge Sharing Program (KSP) to assist partner countries
in the developing world by sharing Korea’s development experience. To provide a rigorous
foundation for knowledge exchange engagements, KDI School has accumulated case Modularization Progr


Full Text
Title Early warning system for financial crisis
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Lee, Hangyong

Publisher

Sejong:KDI School

Date 2015
Project Development Cases
Series Title; No Knowledge Sharing Program; 경제발전경험 모듈화 사업
ISBN 979-11-5545-177-9 94320; 979-11-5545-171-7 [SET 6]
Pages 88
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Economy < Financial Policy
Holding KDI School
Supervisor Ministry of Strategy and Finance
Organizer Ministry of Strategy and Finance; Hanyang University
Sponsor Ministry of Strategy and Finance
Project Term 2015-01-01 ~ 2015-12-31

Abstract

Since the Mexican crisis in 1994 and the East Asian crisis in 1997, interest in developing early warning systems has soared in emerging market countries. The global financial crisis also increased interest in developing an effective early warning system. Indeed, immediately after the onset of the global financial crisis, the G20 asked the IMF and the FSB (Financial Stability Board) to establish an early warning system for a periodic assessment of system-wide risks.
A financial crisis is a combined result of vulnerability of an economy and specific trigger events. Given that past experience tells us that trigger events are almost unpredictable, an early warning system should aim to identify vulnerabilities of an economy. Thus, IMF(2010) points out that an early warning system is a “flag-raising” exercise, signaling trends that could make markets or countries vulnerable to unanticipated events. (The rest omitted)

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