Causes and Consequences of the Korean Financial Crisis

Dosoung Choi, Frank C. Jen and H. Han Shin
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Dosoung Choi: College of Business Administration, Seoul National University, Seoul, Korea
Frank C. Jen: School of Management, State University of New York at Buffalo, Buffalo, New York, USA
H. Han Shin: School of Management, State University of New York at Buffalo, Buffalo, New York, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2000, vol. 03, issue 01, 1-26

Abstract: During the past decade, the profitability of Korean firms has declined significantly while their business risk has risen substantially. The deteriorating condition was largely due to excessive investments in manufacturing capacity that were financed mainly with short-term debt capital. The measures to restructure the system are summarized in two major thrusts: one, to reform corporate governance so that the business sector becomes more transparent and more value-enhancing; and two, to help develop long-term capital markets so that the domestic financial system becomes less vulnerable to external shocks.

Keywords: Asian Crisis; Corporate Governance; Korean Financial Crisis; Over-Investment; and Capital Markets Development (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (3)

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DOI: 10.1142/S0219091500000029

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