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

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dc.contributor.authorLee, Kyu-Sung
dc.date.accessioned2012-03-19T09:03:07Z
dc.date.available2012-03-19T09:03:07Z
dc.date.issued2011
dc.description.abstractThis 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.en
dc.identifierhttp://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.doi10.1596/978-0-8213-8239-4
dc.identifier.isbn978-0-8213-8239-4
dc.identifier.urihttps://hdl.handle.net/10986/2280
dc.languageEnglish
dc.publisherWorld Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectALLOCATION OF CAPITAL
dc.subjectASSET MANAGEMENT
dc.subjectASSUMPTION OF LIABILITIES
dc.subjectAVAILABILITY OF CREDIT
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEETS
dc.subjectBANK BRANCHES
dc.subjectBANK LENDING
dc.subjectBANK SPREAD
dc.subjectBANK SUPERVISION
dc.subjectBANKRUPTCIES
dc.subjectBANKRUPTCY
dc.subjectBASIS POINTS
dc.subjectBENCHMARK STOCK
dc.subjectBENEFICIARY
dc.subjectBIDS
dc.subjectBOND FUNDS
dc.subjectBOND MARKETS
dc.subjectBOND YIELD
dc.subjectBOND YIELDS
dc.subjectBROKERAGE
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET LIBERALIZATION
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW
dc.subjectCASH HOLDINGS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCHECKING ACCOUNTS
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL PAPER
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND ISSUES
dc.subjectCORPORATE BOND MARKETS
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE CREDIT RISKS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCREDIT ACCESS
dc.subjectCREDIT FLOWS
dc.subjectCREDIT GUARANTEE
dc.subjectCREDIT GUARANTEES
dc.subjectCREDIT LINE
dc.subjectCREDIT MARKETS
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDIT-RATING AGENCIES
dc.subjectCREDITOR
dc.subjectCREDITOR BANK
dc.subjectCREDITOR BANKS
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectCRISIS COUNTRIES
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY DEPRECIATION
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT COMPOSITION
dc.subjectDEBT ISSUES
dc.subjectDEBT PAYMENT
dc.subjectDEBT PAYMENTS
dc.subjectDEBT SECURITIES
dc.subjectDEBTS
dc.subjectDEFAULTS
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT BANK
dc.subjectDISBURSEMENT
dc.subjectDOMESTIC BANKS
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC BOND MARKETS
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC LIBERALIZATION
dc.subjectECONOMIC POLICIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEQUITY FUNDS
dc.subjectEQUITY INVESTMENTS
dc.subjectEQUITY ISSUES
dc.subjectEQUITY MARKETS
dc.subjectEXCESS SUPPLY
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectEXPORTERS
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESTRUCTURING
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STRUCTURES
dc.subjectFINANCIAL SUPPORT
dc.subjectFLOATING RATE
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN EXCHANGE TRANSACTIONS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN LENDERS
dc.subjectFOREIGN MARKETS
dc.subjectFORWARD MARKET
dc.subjectFORWARD MARKETS
dc.subjectGLOBAL BOND
dc.subjectGLOBAL BONDS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT REGULATIONS
dc.subjectGOVERNMENT SUPPORT
dc.subjectGRACE PERIOD
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGUARANTEE FUND
dc.subjectHEDGE FUND
dc.subjectHEDGE FUNDS
dc.subjectHOLDING
dc.subjectINFLATION
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINSTRUMENT
dc.subjectINSURANCE CORPORATION
dc.subjectINTEREST RATE SPREAD
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BANKING
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL SETTLEMENTS
dc.subjectINVENTORIES
dc.subjectINVESTMENT CAPITAL
dc.subjectINVESTOR CONFIDENCE
dc.subjectINVESTOR REDEMPTION
dc.subjectLABOR MARKET
dc.subjectLENDERS
dc.subjectLINE OF CREDIT
dc.subjectLINES OF CREDIT
dc.subjectLIQUIDITY
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL LENDERS
dc.subjectLONG-TERM CAPITAL
dc.subjectLONG-TERM INVESTMENT
dc.subjectLONG-TERM LOANS
dc.subjectLOSS OF CONFIDENCE
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET CONFIDENCE
dc.subjectMARKET INTEGRATION
dc.subjectMARKET INTEREST RATES
dc.subjectMARKET SHARES
dc.subjectMARKET STABILITY
dc.subjectMATURITY
dc.subjectMINORITY SHAREHOLDERS
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY FUND
dc.subjectNET DEBT
dc.subjectNONPERFORMING LOAN
dc.subjectNONPERFORMING LOANS
dc.subjectOUTSTANDING LOANS
dc.subjectOVERSEAS DEBT
dc.subjectPAYMENT OBLIGATIONS
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC FUNDS
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREDEMPTION DEMAND
dc.subjectREPAYMENT
dc.subjectREPAYMENTS
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRULE OF LAW
dc.subjectSAFETY NET
dc.subjectSAMURAI BOND
dc.subjectSECURITIES
dc.subjectSECURITIES DEALERS
dc.subjectSETTLEMENT
dc.subjectSHORT-TERM BORROWING
dc.subjectSHORT-TERM EXTERNAL DEBT
dc.subjectSHORT-TERM LIQUIDITY
dc.subjectSMALL INVESTORS
dc.subjectSOVEREIGN RATING
dc.subjectSOVEREIGN RATINGS
dc.subjectSPOT MARKET
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectSTOCKS
dc.subjectSUBSIDIARY
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSUPERVISORY AUTHORITY
dc.subjectSWAP
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTRADE BALANCE
dc.subjectTRADE UNIONS
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BONDS
dc.subjectTREASURY YIELDS
dc.titleThe Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafteren
dspace.entity.typePublication
okr.date.disclosure2011-04-08
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research::Publication
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20110408052735
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid666521468284098048
okr.identifier.doi10.1596/978-0-8213-8239-4
okr.identifier.externaldocumentum000356161_20110408052735
okr.identifier.internaldocumentum14027159
okr.identifier.report59462
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/04/08/000356161_20110408052735/Rendered/PDF/594620PUB0REPL10Box358282B01PUBLIC1.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryKorea, Republic of
okr.region.geographicalEast Asia
okr.region.geographicalAsia
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitCorp. Real Estate & Facilities (GSDCR)
okr.volume1 of 1
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