From Crisis to Recovery in Korea Strategy, Achievements, and Lessons

94 Pages Posted: 31 Jan 2006

See all articles by Ajai Chopra

Ajai Chopra

Peter G. Peterson Institute for International Economics

Kenneth Kang

International Monetary Fund (IMF)

Meral Karasulu

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department

Hong Liang

International Monetary Fund (IMF)

Henry Ma

Independent Author

Anthony J. Richards

Reserve Bank of Australia - Economic Research

Date Written: October 2001

Abstract

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant progress has also been made in stabilizing the financial system and addressing corporate distress, and wide-ranging reforms have made Korea`s economy more open, competitive, and market driven. Notwithstanding these achievements, more needs to be done before the soundness of the corporate and financial sectors is firmly established.

Keywords: Korea, Asian financial crisis, IMF

JEL Classification: E6, F3, F4

Suggested Citation

Chopra, Ajai and Kang, Kenneth and Karasulu, Meral and Liang, Hong and Ma, Henry and Richards, Anthony J., From Crisis to Recovery in Korea Strategy, Achievements, and Lessons (October 2001). IMF Working Paper No. 01/154, Available at SSRN: https://ssrn.com/abstract=879974

Ajai Chopra (Contact Author)

Peter G. Peterson Institute for International Economics

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

Kenneth Kang

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Meral Karasulu

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Hong Liang

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Henry Ma

Independent Author

Anthony J. Richards

Reserve Bank of Australia - Economic Research ( email )

GPO Box 3947
Sydney, NSW 2001
Australia
61 2 9551 8801 (Phone)
61 2 9551 8833 (Fax)

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