The Korean Financial Crisis of 1997
            : Onset, Turnaround, and Thereafter

Lee, Kyu-Sung

dc.creator	Lee, Kyu-Sung
dc.date	2012-03-19T09:03:07Z
dc.date	2012-03-19T09:03:07Z
dc.date	2011
dc.date.accessioned	2023-02-17T20:33:59Z
dc.date.available	2023-02-17T20:33:59Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20110408052735
dc.identifier	978-0-8213-8239-4
dc.identifier	http://hdl.handle.net/10986/2280
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/242661
dc.description	This book chronicles how Korea dealt with and overcame the crisis over time. The book is organized into eleven chapters. Chapter one outlines the troubling financial market conditions at home and abroad before the crisis. Chapter two then delves into the origin of the crisis and offers analyses on the shortcomings of the Korean economy and the instability of the international financial system. In chapter three, policy measures the government executed in the wake of the onset of the crisis are described and analyzed. Chapter four probes the steps taken to reduce the risk of sovereign insolvency in the face of the cool market reaction to the initial package of crisis response measures announced by the International Monetary Fund in December 1997. Chapter five describes the background within which the government established the institutional framework necessary for corporate, financial, and labor market restructuring between December 1997 and April 1998. The government efforts to secure additional foreign currency liquidity through the markets and to devise initiatives to counter the massive unemployment are discussed in detail. In chapter six, the situation during May and June 1998 is explored with a focus on the closure of nonviable corporate and financial companies and the efforts to drive down interest rates and revive credit flows. This is followed, in chapter seven, by an analysis of the first phase of financial sector restructuring, which started in the third quarter of 1998, and the measures adopted to shore up potential growth and cope with the pressing problem of unemployment. Chapters eight and nine deal separately with the restructuring of the top five chaebols (the large family-controlled and family-run groups that dominate business in Korea), the economic stimulus packages applied during the fourth quarter of 1998, the efforts to restore financial market stability and economic growth, and the initial phase of foreign exchange liberalization measures, which were implemented during the first half of 1999. Chapter ten then discusses the situation during the second half of 1999, with a particular focus on the collapse of the Daewoo business group, including the steps taken to contain the resulting fallout, as well as measures aimed at expanding the economic recovery. Chapter eleven, the final chapter, offers a diagnosis of the Korean economy, along with an analysis of the policy implications and the responses for the future.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING STANDARDS
dc.subject	ALLOCATION OF CAPITAL
dc.subject	ASSET MANAGEMENT
dc.subject	ASSUMPTION OF LIABILITIES
dc.subject	AVAILABILITY OF CREDIT
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE SHEETS
dc.subject	BANK BRANCHES
dc.subject	BANK LENDING
dc.subject	BANK SPREAD
dc.subject	BANK SUPERVISION
dc.subject	BANKRUPTCIES
dc.subject	BANKRUPTCY
dc.subject	BASIS POINTS
dc.subject	BENCHMARK STOCK
dc.subject	BENEFICIARY
dc.subject	BIDS
dc.subject	BOND FUNDS
dc.subject	BOND MARKETS
dc.subject	BOND YIELD
dc.subject	BOND YIELDS
dc.subject	BROKERAGE
dc.subject	CAPITAL ACCOUNT
dc.subject	CAPITAL FLOW
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKET LIBERALIZATION
dc.subject	CAPITAL MARKETS
dc.subject	CASH FLOW
dc.subject	CASH HOLDINGS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANKS
dc.subject	CHECKING ACCOUNTS
dc.subject	COMMERCIAL BANK
dc.subject	COMMERCIAL BANKS
dc.subject	COMMERCIAL PAPER
dc.subject	CORPORATE BOND
dc.subject	CORPORATE BOND ISSUES
dc.subject	CORPORATE BOND MARKETS
dc.subject	CORPORATE BONDS
dc.subject	CORPORATE CREDIT RISKS
dc.subject	CORPORATE GOVERNANCE
dc.subject	CREDIT ACCESS
dc.subject	CREDIT FLOWS
dc.subject	CREDIT GUARANTEE
dc.subject	CREDIT GUARANTEES
dc.subject	CREDIT LINE
dc.subject	CREDIT MARKETS
dc.subject	CREDIT RATING
dc.subject	CREDIT RATINGS
dc.subject	CREDIT-RATING AGENCIES
dc.subject	CREDITOR
dc.subject	CREDITOR BANK
dc.subject	CREDITOR BANKS
dc.subject	CREDITORS
dc.subject	CREDITWORTHINESS
dc.subject	CRISIS COUNTRIES
dc.subject	CURRENCY CRISIS
dc.subject	CURRENCY DEPRECIATION
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	CURRENT ACCOUNT DEFICITS
dc.subject	DEBT COMPOSITION
dc.subject	DEBT ISSUES
dc.subject	DEBT PAYMENT
dc.subject	DEBT PAYMENTS
dc.subject	DEBT SECURITIES
dc.subject	DEBTS
dc.subject	DEFAULTS
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSITORS
dc.subject	DEPOSITS
dc.subject	DEVELOPMENT BANK
dc.subject	DISBURSEMENT
dc.subject	DOMESTIC BANKS
dc.subject	DOMESTIC BOND
dc.subject	DOMESTIC BOND MARKETS
dc.subject	ECONOMIC CONDITIONS
dc.subject	ECONOMIC LIBERALIZATION
dc.subject	ECONOMIC POLICIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EQUITY FUNDS
dc.subject	EQUITY INVESTMENTS
dc.subject	EQUITY ISSUES
dc.subject	EQUITY MARKETS
dc.subject	EXCESS SUPPLY
dc.subject	EXCHANGE RATES
dc.subject	EXPENDITURES
dc.subject	EXPORTERS
dc.subject	EXTERNAL DEBT
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL RESTRUCTURING
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STATEMENT
dc.subject	FINANCIAL STRUCTURES
dc.subject	FINANCIAL SUPPORT
dc.subject	FLOATING RATE
dc.subject	FOREIGN CAPITAL
dc.subject	FOREIGN CURRENCIES
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN DEBT
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE MARKET
dc.subject	FOREIGN EXCHANGE MARKETS
dc.subject	FOREIGN EXCHANGE RESERVES
dc.subject	FOREIGN EXCHANGE TRANSACTIONS
dc.subject	FOREIGN INVESTMENT
dc.subject	FOREIGN INVESTORS
dc.subject	FOREIGN LENDERS
dc.subject	FOREIGN MARKETS
dc.subject	FORWARD MARKET
dc.subject	FORWARD MARKETS
dc.subject	GLOBAL BOND
dc.subject	GLOBAL BONDS
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT GUARANTEES
dc.subject	GOVERNMENT POLICY
dc.subject	GOVERNMENT REGULATIONS
dc.subject	GOVERNMENT SUPPORT
dc.subject	GRACE PERIOD
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GUARANTEE FUND
dc.subject	HEDGE FUND
dc.subject	HEDGE FUNDS
dc.subject	HOLDING
dc.subject	INFLATION
dc.subject	INFLATIONARY PRESSURES
dc.subject	INFORMATION TECHNOLOGY
dc.subject	INSTRUMENT
dc.subject	INSURANCE CORPORATION
dc.subject	INTEREST RATE SPREAD
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL BANKING
dc.subject	INTERNATIONAL FINANCIAL INSTITUTIONS
dc.subject	INTERNATIONAL FINANCIAL MARKETS
dc.subject	INTERNATIONAL FINANCIAL SYSTEM
dc.subject	INTERNATIONAL INVESTMENT
dc.subject	INTERNATIONAL SETTLEMENTS
dc.subject	INVENTORIES
dc.subject	INVESTMENT CAPITAL
dc.subject	INVESTOR CONFIDENCE
dc.subject	INVESTOR REDEMPTION
dc.subject	LABOR MARKET
dc.subject	LENDERS
dc.subject	LINE OF CREDIT
dc.subject	LINES OF CREDIT
dc.subject	LIQUIDITY
dc.subject	LOCAL CURRENCY
dc.subject	LOCAL LENDERS
dc.subject	LONG-TERM CAPITAL
dc.subject	LONG-TERM INVESTMENT
dc.subject	LONG-TERM LOANS
dc.subject	LOSS OF CONFIDENCE
dc.subject	MACROECONOMIC STABILITY
dc.subject	MARKET CONDITIONS
dc.subject	MARKET CONFIDENCE
dc.subject	MARKET INTEGRATION
dc.subject	MARKET INTEREST RATES
dc.subject	MARKET SHARES
dc.subject	MARKET STABILITY
dc.subject	MATURITY
dc.subject	MINORITY SHAREHOLDERS
dc.subject	MONETARY AUTHORITIES
dc.subject	MONETARY FUND
dc.subject	NET DEBT
dc.subject	NONPERFORMING LOAN
dc.subject	NONPERFORMING LOANS
dc.subject	OUTSTANDING LOANS
dc.subject	OVERSEAS DEBT
dc.subject	PAYMENT OBLIGATIONS
dc.subject	POLICY RESPONSES
dc.subject	PORTFOLIO
dc.subject	PRUDENTIAL REGULATIONS
dc.subject	PUBLIC FUNDS
dc.subject	REAL EXCHANGE RATE
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATE
dc.subject	REDEMPTION DEMAND
dc.subject	REPAYMENT
dc.subject	REPAYMENTS
dc.subject	RESERVE
dc.subject	RESERVES
dc.subject	RETURN
dc.subject	RULE OF LAW
dc.subject	SAFETY NET
dc.subject	SAMURAI BOND
dc.subject	SECURITIES
dc.subject	SECURITIES DEALERS
dc.subject	SETTLEMENT
dc.subject	SHORT-TERM BORROWING
dc.subject	SHORT-TERM EXTERNAL DEBT
dc.subject	SHORT-TERM LIQUIDITY
dc.subject	SMALL INVESTORS
dc.subject	SOVEREIGN RATING
dc.subject	SOVEREIGN RATINGS
dc.subject	SPOT MARKET
dc.subject	STOCK MARKET
dc.subject	STOCK MARKETS
dc.subject	STOCKS
dc.subject	SUBSIDIARY
dc.subject	SUPERVISORY AUTHORITIES
dc.subject	SUPERVISORY AUTHORITY
dc.subject	SWAP
dc.subject	TAX
dc.subject	TAX COLLECTION
dc.subject	TRADE BALANCE
dc.subject	TRADE UNIONS
dc.subject	TRADING
dc.subject	TRANSPARENCY
dc.subject	TREASURY
dc.subject	TREASURY BONDS
dc.subject	TREASURY YIELDS
dc.title	The Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter
dc.type	Publications & Research :: Publication
dc.type	Publications & Research :: Publication
dc.coverage	East Asia and Pacific
dc.coverage	East Asia
dc.coverage	Asia
dc.coverage	Korea, Republic of