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Recovery from a Financial Meltdown: The Political Economy of Crisis Management under the Kim Dae-Jung Administration

Author

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  • Sharma, Shalendra D.

    (University of San Francisco)

Abstract

In Korea, the IMF-supported program, approved in late 1997, focused on financial sector restructuring, corporate governance, capital account liberalization, labor market reforms and trade liberalization. As in Thailand, it soon became clear that the IMF program underestimated the severity and deIn Korea, the IMF-supported program, approved in late 1997, focused on financial sector restructuring, corporate governance, capital account liberalization, labor market reforms and trade liberalization. As in Thailand, it soon became clear that the IMF program underestimated the severity and depth of the crisis. It fell upon the newly-elected government of Kim Dae-Jung to deal with both the crisis and the IMF. This paper illustrates how the Kim Dae-Jung administration deftly dealt with the grave challenges it faced. Korea's remarkable economic recovery, is in large measure, due to the government's prudent handling of the numerous economic challenges it faced. This paper examines the Korean government's management of the crisis－documenting both its achievements and the challenges ahead.

Suggested Citation

  • Sharma, Shalendra D., 2002. "Recovery from a Financial Meltdown: The Political Economy of Crisis Management under the Kim Dae-Jung Administration," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 6(2), pages 157-190, December.
    • Handle: RePEc:ris:eaerev:0227
    DOI: 10.11644/KIEP.JEAI.2002.6.2.99
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    Keywords

    Korean Economic Reforms; Financial Crisis; The IMF; Kim Dae-Jung;
    All these keywords.

    JEL classification:

    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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