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Global financial crisis : Background, prospects, and its impacts on Korea

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  • Global financial crisis
  • Park, Jae-Ha; Lee, Sangche
  • Seoul National University(Institute of Economics Research)


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Title Global financial crisis
Similar Titles
Sub Title

Background, prospects, and its impacts on Korea

Material Type Articles
Author(English)

Park, Jae-Ha; Lee, Sangche

Publisher

[Seoul]:Seoul National University(Institute of Economics Research)

Date 2009
Journal Title; Vol./Issue Seoul Journal of Economics:vol. 22(no. 1)
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding Seoul National University

Abstract

The global financial system is going through turmoil triggered by the subprime mortgage crisis in the United States. Severe adjustments befell all sorts of financial markets, and financial institutions are very vulnerable to potential shocks from deteriorating economic conditions. This paper briefly recaps the ongoing global financial crisis and its impact it has had on Korean financial markets and economy. It also comments on some issues of crisis management strategies in the short-run, including bailouts and coutercyclical macroeconomic policies. Lastly, from a long-term perspective, it proposes an appropriate policy direction for preventing and managing future crises.