[경제학 원론] Economic Crisis in Korea (1997)

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The currency crisis that started in Thailand in July 1997 brought the financial collapse in whole Asia. By late 1997, its contagion spread to Indonesia, Malaysia, Hong Kong, and Korea. In two months from October to December, the Korean won depreciated by 112 percent against U.S. dollars and it brought the country's sovereign issue. More than 17,000 companies went bankrupt including 8 conglomerates in two months in 1997.
During the research for Korean crisis, I realized that the current crisis is quite different from traditional ones such as Latin American crisis in the 1980's. Korean current crisis had little do with the mismanagement of monetary and fiscal policy or negative changes in the external environment. The concerning factors of the Korean crisis would be excess debt financing and weak regulation of financial intermediaries.
In my opinion, because Korean currency crisis is due to extreme loss of foreign monetary funds, the best way to understand which factors initiated the loss of foreign investor's confidence in Korea is to analyze the evolution of the crisis from the foreign investor's point of view. In this paper, I will analyze what are the causes of the crisis, what Korean government did about the currency collapse and whether Korean crisis was predictable.

참고 자료

Bank for International Settlements
1998 Maturity, Sectoral and Nationality Distribution of International Bank Lending.

Bergsten, Fred
1997 The Asian Monetary Crisis: Proposed Remarks, Statement before the Committee on Banking and Financial Services, U.S. House of Representatives

Goldfajn, Jeffrey A. and Andrew K. Rose
1997 Capital Flows and the Twin Crisis: The Role of Liquidity. IMF Working Papers WP/97/87

Kaminsky, Graciela and Carmen M. Reinhart
1997 The Twin Crisis: The Causes of Banking and Balance of Payment Problems. International Finance Discussion Paper. No 544. Board of Governors of the Federal Reserve System

Kaminsky, Graciela, Saul Lizondo, and Carmen M. Reinhart
1997 Leading Indicators of Currency Crises. IMF Working Papers. WP/97/79

Lee, Young-Seop and Lee, Chong-Wook
1998 Was The Korean Currency Crisis Predictable. Mimeo ( Korean Version )

Lee, Jin-Myun
1997 A Reexamination on the Real Effective Exchange Rate of the Won. Policy Research Paper 97-05, Korean Development Institute ( Korean Version )

Shin, I and Hahm, J
1998 The Korean Crisis: Causes and Resolution. Korean Development Institute ( Korean Version )

Internet Sources
The Bank of Korea: http://www.bok.or.kr/
Investment Caf? http://www.hum-net.com/htmls/default.htm

Internet News Papers

MAEIL Business Newspaper: http://www.mk.co.kr/ 1997
CHOSUN Business Newspaper: http://www.chosun.com/ 1997, 1998
SEOUL Business Newspaper: http://www.hk.co.kr/sed.htm/ 1998
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