Lessons from the 1997 and the 2008 Crises in the Republic of Korea

Hangyong Lee, C. Rhee
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引用次数: 3

Abstract

The economy of the Republic of Korea was hit harder than anticipated by the global financial crisis. In the first phase, large capital outflows led to a severe liquidity strain in the foreign exchange market resulting in a rapid depreciation of the exchange rate. Then, in the second phase, the contraction of global demand led to a collapse of exports and a sharp decline in economic activity, raising concerns about a full-fledged financial crisis in the country. This paper describes how the global financial crisis spilled over into the Korean economy and how the government responded to the financial turmoil. It also provides the background and rationale for the Korean government’s decisions to adopt specific policy measures. Based on Korean experiences during the 1997 and the 2008 crises, this paper documents the lessons learned and identifies several important policy issues that might have regional implications for Asia.
1997年和2008年韩国危机的教训
韩国经济受到全球金融危机的打击比预期的要严重。在第一阶段,大量资本外流导致外汇市场流动性严重紧张,导致汇率迅速贬值。然后,在第二阶段,全球需求萎缩导致出口崩溃和经济活动急剧下降,引发了对该国全面金融危机的担忧。本文描述了全球金融危机如何波及韩国经济,以及政府如何应对金融动荡。这也为韩国政府决定采取具体政策措施提供了背景和依据。根据韩国在1997年和2008年金融危机中的经验,本文记录了从中吸取的教训,并确定了可能对亚洲产生区域影响的几个重要政策问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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