Korea

Hoe Ee Khor, Diwa C. Guinigundo and Masahiro Kawai ()

Chapter 5 in Trauma to Triumph:Rising from the Ashes of the Asian Financial Crisis, 2022, pp 89-109 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Having just joined the Organization for Economic Co-operation and Development (OECD) in 1996, Korea was expected to sidestep the regional crisis. However, not only did the crisis spread to Korea, but the country nearly went into sovereign default, an event that could have had global financial and security consequences. The default was averted by a concerted international effort. Nevertheless, Korea suffered a deep downturn. As remarkable though was the speed of the country's recovery, reflecting the leadership of a charismatic President who was firmly committed to the International Monetary Fund (IMF) program and determined to push through comprehensive reforms.

Keywords: ASEAN+3; Asian Financial Crisis; Global Financial Crisis (search for similar items in EconPapers)
JEL-codes: F02 F3 G01 (search for similar items in EconPapers)
Date: 2022
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