Korean Economic Reform: Before and Since the 1997 Crisis
In 1997 the author was told, by an official at the Korean embassy in Washington DC, that the most serious economic problem facing Korea was the need for reform of the financial sector. This proved to be true, as a financial crisis hit Korea in November 1997. Though problems arising before November 1997 indicate that Korea's economic problems were not solely financial. This study covers earlier reform efforts, the 1997 crisis and the measures taken by Korea since then to deal with the country's economic problems. It attempts to analyze the problems and offer suggestions as to how problems might corrected or resolved.
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Financial Reform Prior to the 1997 Crisis
The Basic Underlying Problems of the Economy
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addition April Bank of Korea bank's banking system bankruptcy billion borrowing Business Korea central bank chaebols commercial banks corporate governance Corporate Restructuring corporate sector creditor banks Daewoo Group Daewoo Motor debt/equity ratios December declined deposits directors domestic Economic Bulletin Seoul Economic Report equity established February Finance and Economy financial reform financial sector Financial Supervisory financial system firms foreign exchange foreign exchange market foreign investors funds government's Hanbo increase industry insolvent insurance companies interest rates investment trust companies issue ITCs January July June KAMCO KDIC Kia Motors Kim Dae-Jung Kookmin Bank Korea Economic Korea Exchange Bank Korea First Bank Korea Stock Exchange Korean banks March merchant banks mergers Ministry of Finance monetary policy money market NBFIs Newsreview nonperforming loans November 1997 crisis NPLs October operations percent plans problems reform and restructuring securities companies shareholders short-term subsidiaries top five chaebols trillion workout programs