97년 아시아 금융위기 속 중국과 한국 비교분석 (영문)

소개

1997년 아시아와 대한민국의 금융위기(IMF)에 대한 글로써
당시 금융위기로부터 어느 정도 자유로웠던 중국과의
비교를 통해 금융정책의 중요성, 당시 한국의 문제점, 자본유출에 대해
영문으로 썼습니다.

목차

• Capital flows in Asia
– KOREA VS. CHINA-HONG KONG
• Korea
• China and Hong Kong
CONCLUSION & POLICY LESSONS
Bibliography

본문내용

INTRODUCTION & BACK GROUD INFORMATION
Asian Financial Crisis was a period of financial crisis suffered by much of Asian countries beginning in 1997. The crisis started at Thailand, and spread like wildfire to other countries in Asia. This paper mainly focuses on the capital flow in Asia before and after the financial crisis started, and discusses the different impact of capital flow during the financial crisis in Korea and China (including Hong Kong SAR), and then is the policy lessons.
• Capital flows in Asia
Starting from the early 1990s, Asian attracted large amount of capital flows until the financial crisis. The markedly increase in capital inflows is due to the high rate of return in these developing countries and much of these capital inflows are Foreign Direct Investment. At that time, there’s a declining trend of interest rate in advanced countries, investors searched for high-yield opportunity in emerging markets. At the same time, many Asian countries were experiencing economic reforms which provided more opportunities for foreign investors. The following graph shows the total gross capital flows to some Asian countries in a period from 1976 to 1996.

참고자료

· Takatoshi Ito., 2000. Capital Flows in Asia. Capital Flows and the Emerging Economies: Theory, Evidence, and Controversie, University of Chicago Press
· Bill, W.S. Hung. Causes of capital flows in East Asian Economies after the Financial Crisis: A variance Decomposition Anaylsis. Hong Kong Baptist University, available at http://net2.hkbu.edu.hk/~brc/WP200210.PDF
· Asian Financial Crisis: Causes and Development, Hong Kong Institute of Economics and Business Strategy, The University of Hong Kong, available at
· http://www.hku.hk/apec/research/afc/eng/eng_full_report.pdf
· Mr. Grenville talks on the Asian crisis, capital flows and the international financial architecture Talk by the Deputy Governor of the Reserve Bank of Australia, Mr. Stephen Grenville, to Monash University Law School Foundation in Melbourne on 21/5/98.available at
· http://www.bis.org/review/r980603a.pdf