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Bank restructuring in Asia : Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Korea-

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  • Bank restructuring in Asia
  • Ito, Takatoshi; Hashimoto, Yuko
  • Research Institute of Economy, Trade and Industry


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Title Bank restructuring in Asia
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Sub Title

Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Korea-

Material Type Reports
Author(English)

Ito, Takatoshi; Hashimoto, Yuko

Publisher

[Tokyo]:Research Institute of Economy, Trade and Industry

Date 2007-02
Series Title; No RIETI Discussion Paper Series / 07-E-038
Subject Country Asia & Pacific(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding RIETI

Abstract

This paper analyzes the Korean bank restructuring process that started in the wake of its currency crisis of 1997. Korea suffered a heavy currency crisis that was accompanied, if not caused, by acute shortage of dollar liquidity of Korean banks. The currency crisis was essentially banking crisis. This paper covers topics such as the scheme of capital injection to weak banks, nationalization of insolvent institutions, and setting up a strong financial restructuring agency. Structural problem as well as liquidity problem in banks’ balance sheets became serious as the currency crisis deepened. On April 14, 1998, the Government announced the basic restructuring framework aiming to stabilize financial markets. The government’s restructuring framework included capital injection to financial institutions, mergers and/or closing down of banks, and asset sales. (The rest omitted)