The Global Financial Crisis and the Challenges of the Korean Economy
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
This paper analyzes why the U.S. financial crisis evolved into a global financial crisis, and why the Great Moderation led to the Great Recession. Then, the U.S. policy responses to the crisis are discussed and are compared with the policy measures prescribed by the IMF on the Korean economy immediately after the 1997 Korean Currency and Banking Crisis. The paper also deals with the sovereign debt crises of the Euro zone to analyze the needs for macro-prudential regulation and supervision. The main focus of this paper, however, is to examine the impacts of the global financial crisis on the Korean economy, to evaluate the macro-policy measures meant to ride out the crisis, and to present the major challenges that Korea will face in the future. Given that internal and external risk factors abound, along with persistent uncertainties in the Korean economy, the policies on securing price, financial, exchange rate, and fiscal stability as well as stable economic growth are recommended.
Abstract
This paper analyzes why the U.S. financial crisis evolved into a global financial crisis, and why the Great Moderation led to the Great Recession. Then, the U.S. policy responses to the crisis are discussed and are compared with the policy measures prescribed by the IMF on the Korean economy immediately after the 1997 Korean Currency and Banking Crisis. The paper also deals with the sovereign debt crises of the Euro zone to analyze the needs for macro-prudential regulation and supervision. The main focus of this paper, however, is to examine the impacts of the global financial crisis on the Korean economy, to evaluate the macro-policy measures meant to ride out the crisis, and to present the major challenges that Korea will face in the future. Given that internal and external risk factors abound, along with persistent uncertainties in the Korean economy, the policies on securing price, financial, exchange rate, and fiscal stability as well as stable economic growth are recommended.
참고문헌 (11)
- Eichengreen, B., "What Can Replace the Dollar", Project Syndicate, August 11, ~ (2011)
- Hall, R. E., "Why Does the Economy Fall to Pieces after a Financial Crisis?", Journal of Economic Perspectives, 24(4), pp.3~20 (2010)
- Hanson, S. G., "A Macroprudential Approach to Financial Regulation", Journal of Economic Perspectives, 25(1), pp.3~28 (2011)
- Kim, In June, "Paradigm Shift and the Korean Economy: Focused on Macro-economy and Finance", The Korean Economic Forum, 2(4), pp.5~16 (2009)
- Kim, In June, "The Korean Currency Crisis and the IMF Program: An Insider’s View", Seoul Journal of Economics, 11(4), pp.351~380 (1998)
- 김인준, "Global Financial Crisis and the Korean Economy", Seoul Journal of Economics, 22(2), pp.145~179 (2009), 경제연구소
- Kim, Jun-il, "Fiscal Space" (2011), Economic Research Institute, Bank of Korea
- Krugman, P., "How Did Economist Get It So Wrong?", The New York Times. September 2, 2009, ~ (2009)
- Mishkin, F. S., "Over the Cliff: From the Subprime to the Global Financial Crisis", Journal of Economic Perspectives, 25(1), pp.49~70 (2011)
- Shleifer, A., "Fire Sales in Finance and Macroeconomics", Journal of Economic Perspectives, 25(1), pp.29~48 (2011)
- Joseph E. Stiglitz, "Lessons from the Global Financial Crisis of 2008", Seoul Journal of Economics, 23(3), pp.321~339 (2010), 경제연구소