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Korea

In: Trauma to Triumph Rising from the Ashes of the Asian Financial Crisis

Author

Listed:
  • Hoe Ee Khor
  • Diwa C. Guinigundo
  • Masahiro Kawai

Abstract

Having just joined the Organization for Economic Co-operation and Development (OECD) in 1996, Korea was expected to sidestep the regional crisis. However, not only did the crisis spread to Korea, but the country nearly went into sovereign default, an event that could have had global financial and security consequences. The default was averted by a concerted international effort. Nevertheless, Korea suffered a deep downturn. As remarkable though was the speed of the country's recovery, reflecting the leadership of a charismatic President who was firmly committed to the International Monetary Fund (IMF) program and determined to push through comprehensive reforms.

Suggested Citation

  • Hoe Ee Khor & Diwa C. Guinigundo & Masahiro Kawai, 2022. "Korea," World Scientific Book Chapters, in: Hoe Ee Khor & Diwa C Guinigundo & Masahiro Kawai (ed.), Trauma to Triumph Rising from the Ashes of the Asian Financial Crisis, chapter 5, pages 89-109, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811253560_0005
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    More about this item

    Keywords

    ASEAN+3; Asian Financial Crisis; Global Financial Crisis;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F3 - International Economics - - International Finance

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