From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons

Kenneth Kang, Hong Liang, Henry Ma, Anthony Richards, Ajai Chopra and Meral Karasulu

No 2001/154, IMF Working Papers from International Monetary Fund

Abstract: This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant progress has also been made in stabilizing the financial system and addressing corporate distress, and wide-ranging reforms have made Korea’s economy more open, competitive, and market driven. Notwithstanding these achievements, more needs to be done before the soundness of the corporate and financial sectors is firmly established.

Keywords: WP; capital market; financial system; exchange rate; public funds; financial crisis; fiscal policy; Korea; Asian financial crisis; IMF; cost of capital; short-term debt; market share; investment trust; capital structure; operating income; Standard and Poor's; liquidity crisis; Corporate sector; Financial sector; Commercial banks; Loans; Global (search for similar items in EconPapers)
Pages: 94
Date: 2001-10-01
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Citations: View citations in EconPapers (24)

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