Korea: Financial Crisis, Structural Reform and Social Consequences

Young Youn Lee and Hyun-Hoon Lee

Chapter 5 in The Social Impact of the Asia Crisis, 2000, pp 57-84 from Palgrave Macmillan

Abstract: Abstract The year 1997 was a nightmare for Korea. For three decades before the Asian financial crisis, Korea had experienced very high growth rates and this had transformed it from one of the poorest countries in the world into the 29th member country of the OECD in December 1996. Less than a year after its admission to the OECD, however, Korea experienced a severe financial crisis.

Keywords: Gross Domestic Product; International Monetary Fund; Commercial Bank; Korean Government; Nominal Wage (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97801-6_5

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DOI: 10.1057/9780333978016_5

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