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A preview of tale of Korea’s two crises : Distinct aftermaths of 1997 and 2008 crises

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  • A preview of tale of Korea’s two crises
  • Huh, Chan-Guk; Nam, Kwanghee
  • The Association of Korean Economic Studies


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Title A preview of tale of Korea’s two crises
Similar Titles
Sub Title

Distinct aftermaths of 1997 and 2008 crises

Material Type Articles
Author(English)

Huh, Chan-Guk; Nam, Kwanghee

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2010-04
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 11(no. 1)
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

Abstract

The 2008 global financial crisis was much more severe than the 1997 Asian crisis. Thus, ceteris paribus and barring a serious nonlinearity, Korea‟s economy should have done worse in 2008 than a decade ago. However, the opposite seems to be true. This paper examines factors behind such a puzzling outcome. Another issue raised is potential long lasting impacts of the recent crisis. Since the 1997 crisis, the average growth rate of real GDP has been noticeably lower. Given serious welfare implications of such deceleration, one cannot but wonder about similar long term effects of the current crisis going forward.