Abstract
Korea’s experience since the 1997 economic crisis has prompted many questions about its development policies and strategy towards the transition of the economy, whose rapid growth in the past had been based on a government-led development strategy, with heavy protection and intervention, in the move towards a fully market-based economy.
This chapter is a revised version of a paper presented at a workshop organized by the Institute of Developing Economies in Tokyo on 21–2 March 2001. I appreciate comments made by the participants of the workshop and Akira Kohsaka.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Bank of Korea (BOK a) (various years) Financial Statement Analysis (Seoul: BOK).
Bank of Korea (BOK b) (various issues) Flow of Funds (Seoul: BOK).
Bank of Korea (BOK c) (various years) Monthly Bulletin (Seoul: BOK).
Bank of Korea (BOK d) (various years) Analysis of Financial Statements of Corporate Firms (Seoul: BOK).
Barsuto, G. and A. R. Ghosh (2000) ‘The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries’, IMF Working Paper no. 00/19 (Washington, DC: IMF).
Cho, Y. J. (1998) ‘The Structural Reform Issues of The Korean Economy’, Sogang Institute of International and Area Studies Working Paper no: 98–01 (SIIAS).
Cho, Y. J. (2000) ‘Restructuring the Financial System in Korea — Key Issues’, Sogang Insritute of International and Area Studies Working Paper no. 00–01 (SIIAS).
Cho, Y. J. (2001) ‘The Financial Crisis of Korea: A Consequence of Poorly Phased Liberalization?’, in G. Caprio, P. Honohan and J. Stiglitz (eds), Financial Liberalization: How Far? How Fast? (Cambridge: Cambridge University Press).
Dekle, R., C. Haiao and S. Wang (1999) ‘Do High Interest Rates Appreciate Exchange Rates during Crisis?’, Oxford Bulletin of Economics and Statistics.
Flood, R. and A. K. Rose (2001) ‘Uncovered Interests Parity in Crisis: The Interest Rate Defense in the 1990s’, mimeo.
Furman, J. and J. E. Stiglitz (1998) ‘Economic Crises: Evidence and Insights from East Asia’, Brookings Papers on Economic Activity, vol. 2, pp. 1–135.
Goldfajn, I., and T. Baig (1998) ‘Monetary Policy in the Aftermath of Currency Crises: The Case of Asia’, IMF Working Paper no. 98/170 (Washington, DC: IMF).
Goldfajn, I. and P. Gupta (1999) ‘Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?’, IMF Working Paper no. 99/42 (Washington, DC: IMF).
Kraay, A. (2000) ‘Do High Interest Rates Defend Currencies during Speculative Attacks?’, World Bank Policy Research Working Paper no. 2267 (Washington, DC: World Bank).
Ministry of Finance and Economy (MOFE) (various years) Financial Statistic Bulletin (Seoul: MOFE).
Nam, J.-H. (2000) ‘Non-Performing Assets of the Korean Banks’, mimeo, Sogang University (in Korean).
Oh, K.-T. and C.-R. Rhee (2001) ‘Bond Market Development after the Currency Crisis’, mimeo (in Korean).
Ohno, K., K. Shirono and E. Sisli (2000) ‘Can High Interest Rates Stop Regional Cunency Falls?’, ADB Institute Working Paper no. 6: ADB.
Radelet, S. and J. D. Sachs (1999) ‘What Have We Learned, So Far, from the Asian Financial Crisis?’, paper presented at the NBER Conference on the Korean Currency Crisis.
Editor information
Editors and Affiliations
Copyright information
© 2004 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Cho, Y.J. (2004). Re-examination of Korea’s Economic Adjustment Policies since the 1997 Crisis. In: Kohsaka, A. (eds) New Development Strategies. Palgrave Macmillan, London. https://doi.org/10.1057/9780230523609_9
Download citation
DOI: https://doi.org/10.1057/9780230523609_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-51495-3
Online ISBN: 978-0-230-52360-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)