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Korea's financial evolution : A banker's perspective

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  • Korea's financial evolution
  • Fallon, Robert
  • APEC Study Center


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Title Korea's financial evolution
Similar Titles
Sub Title

A banker's perspective

Material Type Articles
Author(English)

Fallon, Robert

Publisher

[Singapore]:APEC Study Center

Date 2005-02
Pages 16
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Columbia University

Abstract

When the Asian financial crisis first reared its ugly head in South East Asia, nobody knew how long, how awful, and how catastrophic Asian money centers would be rocked. And rocked they were, especially in Korea, as well as several other economies. Running a trade deficit for several years leading up to 1997, when several firms began to go bankrupt, Korean financial markets panicked, and fear took over. In late 1997, foreign banks, which had extended short-term credit to many Korean financial institutions, left a dust trail as they all bailed out, leaving banks and the Korean central bank clamoring for liquidity. The stock market and the won were devalued by about 50 percent as fear swept through the nation. Newspapers across the globe showed women hawking their jewelry and crying, while nationalism set in and everyone bought Korean instead of foreign goods. (The rest omitted)