학술논문
The Korean Currency Crisis and the IMF Program: An Insider's View
이용수 8
- 영문명
- 발행기관
- 서울대학교 경제연구소
- 저자명
- In-June Kim Yeongseop Rhee
- 간행물 정보
- 『Seoul Journal of Economics』Seoul Journal of Economics Volume 11 No.4, 351~380쪽, 전체 29쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 1998.12.31
6,280원
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국문 초록
영문 초록
When the Korean currency crisis broke out, the IMF and many scholars blamed the whole crisis on Korea's internal problems. This paper, however, takes different stances from others towards the current crisis in several respects. We argue that both external and internal causes of the crisis should be equally addressed in explaining the current crisis. As external causes, we list the boom-and-bust cycle generated by the capital liberalization and asymmetries of financial liberalization policies. For the triggering factors of the Korean crisis, we emphasize sudden outflow of foreign capital, Southeast Asian crisis, as well as use of foreign reserves to support overseas branches of Korean banks. Regarding the IMF program, we criticize the IMF's macroeconomic policy and the complete financial opening policy. But unlike critics of the IMF program, we argue that the policy of structural reforms is necessary to strengthen the Korean economy and we should take this opportunity to implement it although such policy may exacerbate the severity of the crisis.
목차
Abstract
Ⅰ. Introduction
Ⅱ. What Made Korea Vulnerable?
Ⅲ. Triggering Factors of the Korean Currency Crisis
Ⅳ. IMF Program and Its Evaluation
Ⅴ. Conclusion
References
키워드
해당간행물 수록 논문
- The Meltdown of the Indonesian Economy in 1997-1998: Causes and Responses
- Korean Currency Crisis: The Financial Sector Fragility
- Non-Exchange Rate Adjustments in the Asian Crisis: The People's Republic of China and Hong Kong
- Coping with the Asian Financial Crisis: The Taiwan Experience
- The Korean Currency Crisis and the IMF Program: An Insider's View
- Japanese Financial Instability and Weaknesses in the Corporate Governance Structure
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