The Korean Financial Crisis and NFDI

Kyoo Kim and Charles R. Chittle

Chapter 9 in The Changing Economic Environment in Asia, 2001, pp 135-151 from Palgrave Macmillan

Abstract: Abstract With the spread of the Asian financial crisis, Korea has been hit by its worst economic depression since 1970. Industrial production declined, plant operation rates nose-dived, and unemployment soared to 1.5 million at the end of May 1998. Facility investment declined 8.7 percent in 1997 and 38.5 percent in 1998. Such investment had been increasing before the crisis at an average annual rate of over 10 percent for some years. Korean GDP for the first time decreased at an annual rate of 5.5 percent in 1998. One of the causes of the slump was a loss of confidence by foreign investors. The Korean economy has since recovered rapidly. According to IMF sources, the growth in real GDP is expected to have reached 9 percent in 1999 (IMF, 1999). Industrial production increased by 22.5 percent in 1999; this is the highest rate of increase recorded since 1980.

Keywords: Interest Rate; Real Exchange Rate; Real Interest Rate; Foreign Exchange Market; Tariff Rate (search for similar items in EconPapers)
Date: 2001
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28726-6_10

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230287266

DOI: 10.1007/978-0-230-28726-6_10

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().