When what was to become the Asian financial crisis of 1997 broke out in Thailand, few analysts predicted that this crisis would spread to South Korea. Korea, after all, had risen from poverty to become one of the "Asian miracle economies". However, the crisis did not spare Korea, and the Korean government was forced to negotiate a bailout from the International Monetary Fund in late 1997. In 1998, the Korean economy went into the deepest recession recorded in that country since the Korean War. Many of the underlying ...
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When what was to become the Asian financial crisis of 1997 broke out in Thailand, few analysts predicted that this crisis would spread to South Korea. Korea, after all, had risen from poverty to become one of the "Asian miracle economies". However, the crisis did not spare Korea, and the Korean government was forced to negotiate a bailout from the International Monetary Fund in late 1997. In 1998, the Korean economy went into the deepest recession recorded in that country since the Korean War. Many of the underlying problems were homegrown. Huge amounts of debt had been amassed by Korea's large industrial conglomerates (the chaebol), and often the funds had been invested in undertakings that were not earning satisfactory rates of return. By the end of 1998, a number of smaller conglomerates had failed and one of the top five (Daewoo) was in serious trouble and eventually would fail. In this study, author Edward M. Graham examines how this situation arose, tracing its roots to the aggressive industrial policy begun by Korean strongman president Park Chung-hee during the late 1960s. Graham notes that a major failing of Korea during the "miracle-economy" years was that the financial sector in Korea remained underdeveloped and thus never was able to develop a counterweight to the economic and political power that, over time, the chaebol acquired. The crisis of 1997 can be seen as the culminating event of that asymmetry that was created by Korean industrial policy, i.e., very powerful industrial groups that operated without the countervailing power of financial institutions. Graham then looks at the efforts at reform since 1997, including reform of the financial sector and the chaebol themselves. He concludes that, while much progress has been made, the reform has been uneven and is far from complete.
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Publisher:
Peterson Institute for International Economics
Published:
2003
Language:
English
Alibris ID:
17894177894
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Good. Ships from UK in 48 hours or less (usually same day). Your purchase helps support Sri Lankan Children's Charity 'The Rainbow Centre'. Shows some signs of wear but in good overall condition. 100% money back guarantee. We are a world class secondhand bookstore based in Hertfordshire, United Kingdom and specialize in high quality textbooks across an enormous variety of subjects. We aim to provide a vast range of textbooks, rare and collectible books at a great price. Our donations to The Rainbow Centre have helped provide an education and a safe haven to hundreds of children who live in appalling conditions. We provide a 100% money back guarantee and are dedicated to providing our customers with the highest standards of service in the bookselling industry.
Publisher:
Peterson Institute for International Economics
Published:
2003
Language:
English
Alibris ID:
16533711838
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This is an ex-library book and may have the usual library/used-book markings inside. This book has soft covers. In fair condition, suitable as a study copy. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 400grams, ISBN: 9780881323375.
Publisher:
Peterson Institute for International Economics
Published:
2003
Language:
English
Alibris ID:
17933743519
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Fine. Trade paperback (US). Glued binding. 224 p. Contains: Illustrations, black & white. In Stock. 100% Money Back Guarantee. Brand New, Perfect Condition, allow 4-14 business days for standard shipping. To Alaska, Hawaii, U.S. protectorate, P.O. box, and APO/FPO addresses allow 4-28 business days for Standard shipping. No expedited shipping. All orders placed with expedited shipping will be cancelled. Over 3, 000, 000 happy customers.
Publisher:
Peterson Institute for International Economics
Published:
2003
Language:
English
Alibris ID:
17933687482
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Seller's Description:
Fine. Trade paperback (US). Glued binding. 224 p. Contains: Illustrations, black & white. In Stock. 100% Money Back Guarantee. Brand New, Perfect Condition, allow 4-14 business days for standard shipping. To Alaska, Hawaii, U.S. protectorate, P.O. box, and APO/FPO addresses allow 4-28 business days for Standard shipping. No expedited shipping. All orders placed with expedited shipping will be cancelled. Over 3, 000, 000 happy customers.