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

By Kenneth H Kang, Hong Liang, Henry Ma, Anthony J. Richards, Ajai Chopra, Meral Karasulu

October 1, 2001

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Kenneth H Kang, Hong Liang, Henry Ma, Anthony J. Richards, Ajai Chopra, and Meral Karasulu. From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons, (USA: International Monetary Fund, 2001) accessed November 12, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Commercial banks, Corporate sector, Economic sectors, Financial crises, Financial institutions, Financial sector, Loans

Keywords: Asian financial crisis, Capital market, Capital structure, Commercial banks, Corporate sector, Cost of capital, Exchange rate, Financial crisis, Financial sector, Financial system, Fiscal policy, Global, IMF, Investment trust, Korea, Liquidity crisis, Loans, Market share, Operating income, Public funds, Short-term debt, Standard and Poor's, WP

Publication Details

Pages:

94
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2001/154
Stock No:

WPIEA1542001
ISBN:

9781451857238
ISSN:

1018-5941

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