THE KOREAN FINANCIAL CRISIS OF 1997: CAUSES AND POLICY RESPONSES
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For three decades, Korea was held up as an economic icon. The countrys typical biend ofhigh savings and investment rates, autocratic political systems,.export-oriented businesses, restricted domestic markets, government capital allocation, and controlled financial systems were hailed· as ideal ingredients for the strong economic growth ofdeveloping countries (Shapiro, 1999). However, in July 1997, a currency turmoil erupted in Thailand, spreading to Korea and other countries. This article investigates a number ofpractical issues about the Korean crisis of1997interlinked economies, the causes ofthe crisis, andpolicy responses.
Abstract
For three decades, Korea was held up as an economic icon. The countrys typical biend ofhigh savings and investment rates, autocratic political systems,.export-oriented businesses, restricted domestic markets, government capital allocation, and controlled financial systems were hailed· as ideal ingredients for the strong economic growth ofdeveloping countries (Shapiro, 1999). However, in July 1997, a currency turmoil erupted in Thailand, spreading to Korea and other countries. This article investigates a number ofpractical issues about the Korean crisis of1997interlinked economies, the causes ofthe crisis, andpolicy responses.