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

Author/Editor:

Ajai Chopra ; Anthony J. Richards ; Henry Ma ; Hong Liang ; Kenneth H Kang ; Meral Karasulu

Publication Date:

October 1, 2001

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 01/154

Subject:

English

Publication Date:

October 1, 2001

ISBN/ISSN:

9781451857238/1018-5941

Stock No:

WPIEA1542001

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

94

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