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Financial reform and financial crisis in Korea

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  • Financial reform and financial crisis in Korea
  • Oh, Junggun; Park, Donghyun
  • Nanyang Technological University


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Title Financial reform and financial crisis in Korea
Similar Titles
Material Type Reports
Author(English)

Oh, Junggun; Park, Donghyun

Publisher

[Singapore]:Nanyang Technological University

Date 1998
Series Title; No Working Paper Series of School of Accountancy and Business / 8/98
Pages 25
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding The Pennsylvania State University

Abstract

We assess the role of financial reforms and liberalization in Korea’s financial crisis, which erupted in late 1997. We first examine financial reforms carried out since the early 1980s and their effects on corporate financing as well as the current account. We then analyze policy issues associated with the current financial crisis. Our main conclusion is that the crisis is due in no small measure to the unbalanced nature of Korea’s financial reforms – extensive external liberalization combined with inadequate internal liberalization. Therefore, the key to Korea’s recovery lies in successful restructuring of its financial institutions.