1997년 아시아 IMF 때 환율제제의 역활

소개

환율제제의 역활에 대한 영어 리포트 입니다.
주제는
Discuss the role of the exchange rate regime in contribuiting to any one of the following crises(or problem situation for policy makers)
the 1997 crisis in south east asia( you could focus on one country here, such as indonesia or South Korea, just make clear which country or countreis you are looking at). 였고 한국을 예로 들었습니다. A 받은 리포트입니다.

목차

Twin crises
Mechanism of exchange rate regime involvement in the making of Southeast Asian crises
Mechanisms of the South Korean crisis
Conclusions
Bibliography

본문내용

This assignment investigates a role of the exchange regime in contributing to the 1997 crisis in South Korea. The assignment first observes that there were actually twin crises at work in the case of South Korea – the financial and the exchange crisis. The second part of the assignment focuses on the mechanisms of exchange regime involvement in the making of the crises across Southeast Asia. The third part applies the theory to specific conditions of South Korea. Finally, the conclusions summarize the findings of the assignment.

Twin crises
In regards of the South Korean 1997 crisis, David Coe and Se-Jin Kim observed that “a foreign exchange crisis and financial crisis occurred almost simultaneously, and have come to be termed twin crises”. (Coe and Kim 2002: p. 159) Even though the two crises are separate phenomena, the foreign exchange crisis greatly contributed to the occurrence of the financial crisis and the following recession of the South Korean economy. Coe and Kim also posited that these were likely “to have a far more severe impact on a domestic economy than either a financial or a currency crisis alone” and it was not coincidental that their occurrence was “virtually simultaneous”. (Coe and Kim 2002: p. 159)

Similarly, Paul Krugman observed a crucial role of exchange rate regimes in inducing the 1997 crises across Southeast Asian economies. On an example of varied countries and economies from Thailand, to Indonesia, to South Korea, he highlighted main features of exchange regimes that contributed to the crisis and its contagion across the region. (Krugman 2008: pp. 77 – 100)

참고자료

· Coe, D. and Kim. S. (2002) Korean crisis and recovery, Washington: International Monetary Fund
· Cooper, G. (2008) The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy, Harriman House Limited
· Krueger, A. and Yoo, J. (2002) ‘Falling profitability, higher borrowing costs, and chaebol finances during the Korean crisis’, in Coe, D. and Kim. S. (2002) Korean crisis and recovery, Washington: International Monetary Fund
· Krugman, P. (2009) The Return to Depression Economics, Penguin Books
· Miller, M. (2003) Credit reporting systems and the international economy, MIT Press
· Montes, M. (1998) The currency crisis in Southeast Asia, Institute of Southeast Asian Studies
· Sabri, N. (2002) International financial systems and stock volatility: issues and remedies, Emerald Group Publishing
· Togzon, J. (2002) The economies of Southeast Asia: before and after the crisis, Edward Elgar Publishing
· Twomey, M. (2000) A Century of Foreign Investment in the Third World, Routledge