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Sydkorea under två kriser - vad lärde man sig av krisen 1997 inför krisen 2008?

Von Wiesen, Johan LU and Gustafsson, Louise LU (2013) NEKH01 20131
Department of Economics
Abstract
This paper examines the macroeconomic policy management in South Korea during the Asian and global financial crises from a policy learning perspective. We argue that the lessons Korean officials drew from the Asian crisis were primarily negative, reflecting the harsh outcome of this crisis, and included economic restructuring as well as active crisis management adjustments. These restructurings have led to a more balanced liberalization of the Korean economy combined with better supervision on both financial and corporate markets. One of the major differences in active crisis management during the two crises pertains to use of monetary policy as a result of learning between the two. During the latter crisis Korean officials chose not to... (More)
This paper examines the macroeconomic policy management in South Korea during the Asian and global financial crises from a policy learning perspective. We argue that the lessons Korean officials drew from the Asian crisis were primarily negative, reflecting the harsh outcome of this crisis, and included economic restructuring as well as active crisis management adjustments. These restructurings have led to a more balanced liberalization of the Korean economy combined with better supervision on both financial and corporate markets. One of the major differences in active crisis management during the two crises pertains to use of monetary policy as a result of learning between the two. During the latter crisis Korean officials chose not to intervene on the exchange market and instead fully employed monetary policy to ease recession, in stark contrast to the contractive polices under IMF guidance during the Asian crisis. (Less)
Please use this url to cite or link to this publication:
author
Von Wiesen, Johan LU and Gustafsson, Louise LU
supervisor
organization
course
NEKH01 20131
year
type
M2 - Bachelor Degree
subject
keywords
South Korea, Policy learning, Asian crisis, Global financial crisis
language
Swedish
id
3806950
date added to LUP
2013-06-20 10:23:15
date last changed
2013-06-20 10:23:15
@misc{3806950,
  abstract     = {This paper examines the macroeconomic policy management in South Korea during the Asian and global financial crises from a policy learning perspective. We argue that the lessons Korean officials drew from the Asian crisis were primarily negative, reflecting the harsh outcome of this crisis, and included economic restructuring as well as active crisis management adjustments. These restructurings have led to a more balanced liberalization of the Korean economy combined with better supervision on both financial and corporate markets. One of the major differences in active crisis management during the two crises pertains to use of monetary policy as a result of learning between the two. During the latter crisis Korean officials chose not to intervene on the exchange market and instead fully employed monetary policy to ease recession, in stark contrast to the contractive polices under IMF guidance during the Asian crisis.},
  author       = {Von Wiesen, Johan and Gustafsson, Louise},
  keyword      = {South Korea,Policy learning,Asian crisis,Global financial crisis},
  language     = {swe},
  note         = {Student Paper},
  title        = {Sydkorea under två kriser - vad lärde man sig av krisen 1997 inför krisen 2008?},
  year         = {2013},
}