The Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter
This 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 in...
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| Format: | Publication |
| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20110408052735 http://hdl.handle.net/10986/2280 |
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okr-10986-2280 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ALLOCATION OF CAPITAL ASSET MANAGEMENT ASSUMPTION OF LIABILITIES AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEETS BANK BRANCHES BANK LENDING BANK SPREAD BANK SUPERVISION BANKRUPTCIES BANKRUPTCY BASIS POINTS BENCHMARK STOCK BENEFICIARY BIDS BOND FUNDS BOND MARKETS BOND YIELD BOND YIELDS BROKERAGE CAPITAL ACCOUNT CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET LIBERALIZATION CAPITAL MARKETS CASH FLOW CASH HOLDINGS CENTRAL BANK CENTRAL BANKS CHECKING ACCOUNTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL PAPER CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE CREDIT RISKS CORPORATE GOVERNANCE CREDIT ACCESS CREDIT FLOWS CREDIT GUARANTEE CREDIT GUARANTEES CREDIT LINE CREDIT MARKETS CREDIT RATING CREDIT RATINGS CREDIT-RATING AGENCIES CREDITOR CREDITOR BANK CREDITOR BANKS CREDITORS CREDITWORTHINESS CRISIS COUNTRIES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT COMPOSITION DEBT ISSUES DEBT PAYMENT DEBT PAYMENTS DEBT SECURITIES DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANKS DOMESTIC BOND DOMESTIC BOND MARKETS ECONOMIC CONDITIONS ECONOMIC LIBERALIZATION ECONOMIC POLICIES EMERGING MARKET EMERGING MARKET COUNTRIES EQUITY FUNDS EQUITY INVESTMENTS EQUITY ISSUES EQUITY MARKETS EXCESS SUPPLY EXCHANGE RATES EXPENDITURES EXPORTERS EXTERNAL DEBT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESTRUCTURING FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STRUCTURES FINANCIAL SUPPORT FLOATING RATE FOREIGN CAPITAL FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN LENDERS FOREIGN MARKETS FORWARD MARKET FORWARD MARKETS GLOBAL BOND GLOBAL BONDS GLOBALIZATION GOVERNMENT GUARANTEES GOVERNMENT POLICY GOVERNMENT REGULATIONS GOVERNMENT SUPPORT GRACE PERIOD GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUND HEDGE FUNDS HOLDING INFLATION INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSTRUMENT INSURANCE CORPORATION INTEREST RATE SPREAD INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL SETTLEMENTS INVENTORIES INVESTMENT CAPITAL INVESTOR CONFIDENCE INVESTOR REDEMPTION LABOR MARKET LENDERS LINE OF CREDIT LINES OF CREDIT LIQUIDITY LOCAL CURRENCY LOCAL LENDERS LONG-TERM CAPITAL LONG-TERM INVESTMENT LONG-TERM LOANS LOSS OF CONFIDENCE MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET INTEGRATION MARKET INTEREST RATES MARKET SHARES MARKET STABILITY MATURITY MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND NET DEBT NONPERFORMING LOAN NONPERFORMING LOANS OUTSTANDING LOANS OVERSEAS DEBT PAYMENT OBLIGATIONS POLICY RESPONSES PORTFOLIO PRUDENTIAL REGULATIONS PUBLIC FUNDS REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REDEMPTION DEMAND REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RULE OF LAW SAFETY NET SAMURAI BOND SECURITIES SECURITIES DEALERS SETTLEMENT SHORT-TERM BORROWING SHORT-TERM EXTERNAL DEBT SHORT-TERM LIQUIDITY SMALL INVESTORS SOVEREIGN RATING SOVEREIGN RATINGS SPOT MARKET STOCK MARKET STOCK MARKETS STOCKS SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SWAP TAX TAX COLLECTION TRADE BALANCE TRADE UNIONS TRADING TRANSPARENCY TREASURY TREASURY BONDS TREASURY YIELDS |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ALLOCATION OF CAPITAL ASSET MANAGEMENT ASSUMPTION OF LIABILITIES AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEETS BANK BRANCHES BANK LENDING BANK SPREAD BANK SUPERVISION BANKRUPTCIES BANKRUPTCY BASIS POINTS BENCHMARK STOCK BENEFICIARY BIDS BOND FUNDS BOND MARKETS BOND YIELD BOND YIELDS BROKERAGE CAPITAL ACCOUNT CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET LIBERALIZATION CAPITAL MARKETS CASH FLOW CASH HOLDINGS CENTRAL BANK CENTRAL BANKS CHECKING ACCOUNTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL PAPER CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE CREDIT RISKS CORPORATE GOVERNANCE CREDIT ACCESS CREDIT FLOWS CREDIT GUARANTEE CREDIT GUARANTEES CREDIT LINE CREDIT MARKETS CREDIT RATING CREDIT RATINGS CREDIT-RATING AGENCIES CREDITOR CREDITOR BANK CREDITOR BANKS CREDITORS CREDITWORTHINESS CRISIS COUNTRIES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT COMPOSITION DEBT ISSUES DEBT PAYMENT DEBT PAYMENTS DEBT SECURITIES DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANKS DOMESTIC BOND DOMESTIC BOND MARKETS ECONOMIC CONDITIONS ECONOMIC LIBERALIZATION ECONOMIC POLICIES EMERGING MARKET EMERGING MARKET COUNTRIES EQUITY FUNDS EQUITY INVESTMENTS EQUITY ISSUES EQUITY MARKETS EXCESS SUPPLY EXCHANGE RATES EXPENDITURES EXPORTERS EXTERNAL DEBT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESTRUCTURING FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STRUCTURES FINANCIAL SUPPORT FLOATING RATE FOREIGN CAPITAL FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN LENDERS FOREIGN MARKETS FORWARD MARKET FORWARD MARKETS GLOBAL BOND GLOBAL BONDS GLOBALIZATION GOVERNMENT GUARANTEES GOVERNMENT POLICY GOVERNMENT REGULATIONS GOVERNMENT SUPPORT GRACE PERIOD GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUND HEDGE FUNDS HOLDING INFLATION INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSTRUMENT INSURANCE CORPORATION INTEREST RATE SPREAD INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL SETTLEMENTS INVENTORIES INVESTMENT CAPITAL INVESTOR CONFIDENCE INVESTOR REDEMPTION LABOR MARKET LENDERS LINE OF CREDIT LINES OF CREDIT LIQUIDITY LOCAL CURRENCY LOCAL LENDERS LONG-TERM CAPITAL LONG-TERM INVESTMENT LONG-TERM LOANS LOSS OF CONFIDENCE MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET INTEGRATION MARKET INTEREST RATES MARKET SHARES MARKET STABILITY MATURITY MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND NET DEBT NONPERFORMING LOAN NONPERFORMING LOANS OUTSTANDING LOANS OVERSEAS DEBT PAYMENT OBLIGATIONS POLICY RESPONSES PORTFOLIO PRUDENTIAL REGULATIONS PUBLIC FUNDS REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REDEMPTION DEMAND REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RULE OF LAW SAFETY NET SAMURAI BOND SECURITIES SECURITIES DEALERS SETTLEMENT SHORT-TERM BORROWING SHORT-TERM EXTERNAL DEBT SHORT-TERM LIQUIDITY SMALL INVESTORS SOVEREIGN RATING SOVEREIGN RATINGS SPOT MARKET STOCK MARKET STOCK MARKETS STOCKS SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SWAP TAX TAX COLLECTION TRADE BALANCE TRADE UNIONS TRADING TRANSPARENCY TREASURY TREASURY BONDS TREASURY YIELDS Lee, Kyu-Sung The Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter |
| geographic_facet |
East Asia and Pacific East Asia Asia Korea, Republic of |
| description |
This 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. |
| format |
Publications & Research :: Publication |
| author |
Lee, Kyu-Sung |
| author_facet |
Lee, Kyu-Sung |
| author_sort |
Lee, Kyu-Sung |
| title |
The Korean Financial Crisis of 1997
: Onset, Turnaround, and Thereafter |
| title_short |
The Korean Financial Crisis of 1997
: Onset, Turnaround, and Thereafter |
| title_full |
The Korean Financial Crisis of 1997
: Onset, Turnaround, and Thereafter |
| title_fullStr |
The Korean Financial Crisis of 1997
: Onset, Turnaround, and Thereafter |
| title_full_unstemmed |
The Korean Financial Crisis of 1997
: Onset, Turnaround, and Thereafter |
| title_sort |
korean financial crisis of 1997
: onset, turnaround, and thereafter |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20110408052735 http://hdl.handle.net/10986/2280 |
| _version_ |
1764385171414450176 |
| spelling |
okr-10986-22802021-04-23T14:02:00Z The Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter Lee, Kyu-Sung ACCOUNTING ACCOUNTING STANDARDS ALLOCATION OF CAPITAL ASSET MANAGEMENT ASSUMPTION OF LIABILITIES AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEETS BANK BRANCHES BANK LENDING BANK SPREAD BANK SUPERVISION BANKRUPTCIES BANKRUPTCY BASIS POINTS BENCHMARK STOCK BENEFICIARY BIDS BOND FUNDS BOND MARKETS BOND YIELD BOND YIELDS BROKERAGE CAPITAL ACCOUNT CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET LIBERALIZATION CAPITAL MARKETS CASH FLOW CASH HOLDINGS CENTRAL BANK CENTRAL BANKS CHECKING ACCOUNTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL PAPER CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE CREDIT RISKS CORPORATE GOVERNANCE CREDIT ACCESS CREDIT FLOWS CREDIT GUARANTEE CREDIT GUARANTEES CREDIT LINE CREDIT MARKETS CREDIT RATING CREDIT RATINGS CREDIT-RATING AGENCIES CREDITOR CREDITOR BANK CREDITOR BANKS CREDITORS CREDITWORTHINESS CRISIS COUNTRIES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT COMPOSITION DEBT ISSUES DEBT PAYMENT DEBT PAYMENTS DEBT SECURITIES DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANKS DOMESTIC BOND DOMESTIC BOND MARKETS ECONOMIC CONDITIONS ECONOMIC LIBERALIZATION ECONOMIC POLICIES EMERGING MARKET EMERGING MARKET COUNTRIES EQUITY FUNDS EQUITY INVESTMENTS EQUITY ISSUES EQUITY MARKETS EXCESS SUPPLY EXCHANGE RATES EXPENDITURES EXPORTERS EXTERNAL DEBT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESTRUCTURING FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STRUCTURES FINANCIAL SUPPORT FLOATING RATE FOREIGN CAPITAL FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN LENDERS FOREIGN MARKETS FORWARD MARKET FORWARD MARKETS GLOBAL BOND GLOBAL BONDS GLOBALIZATION GOVERNMENT GUARANTEES GOVERNMENT POLICY GOVERNMENT REGULATIONS GOVERNMENT SUPPORT GRACE PERIOD GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUND HEDGE FUNDS HOLDING INFLATION INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSTRUMENT INSURANCE CORPORATION INTEREST RATE SPREAD INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL SETTLEMENTS INVENTORIES INVESTMENT CAPITAL INVESTOR CONFIDENCE INVESTOR REDEMPTION LABOR MARKET LENDERS LINE OF CREDIT LINES OF CREDIT LIQUIDITY LOCAL CURRENCY LOCAL LENDERS LONG-TERM CAPITAL LONG-TERM INVESTMENT LONG-TERM LOANS LOSS OF CONFIDENCE MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET INTEGRATION MARKET INTEREST RATES MARKET SHARES MARKET STABILITY MATURITY MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND NET DEBT NONPERFORMING LOAN NONPERFORMING LOANS OUTSTANDING LOANS OVERSEAS DEBT PAYMENT OBLIGATIONS POLICY RESPONSES PORTFOLIO PRUDENTIAL REGULATIONS PUBLIC FUNDS REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REDEMPTION DEMAND REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RULE OF LAW SAFETY NET SAMURAI BOND SECURITIES SECURITIES DEALERS SETTLEMENT SHORT-TERM BORROWING SHORT-TERM EXTERNAL DEBT SHORT-TERM LIQUIDITY SMALL INVESTORS SOVEREIGN RATING SOVEREIGN RATINGS SPOT MARKET STOCK MARKET STOCK MARKETS STOCKS SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SWAP TAX TAX COLLECTION TRADE BALANCE TRADE UNIONS TRADING TRANSPARENCY TREASURY TREASURY BONDS TREASURY YIELDS This 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. 2012-03-19T09:03:07Z 2012-03-19T09:03:07Z 2011 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20110408052735 978-0-8213-8239-4 http://hdl.handle.net/10986/2280 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication East Asia and Pacific East Asia Asia Korea, Republic of |