{
  "title": "From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons",
  "publication": "IMF Working Papers, October 1, 2001",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/from-crisis-to-recovery-in-korea-strategy-achievements-and-lessons-15396",
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  "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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis.\n- The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply.\n- Significant progress has been made in stabilizing the financial system and addressing corporate distress.\n- Wide-ranging reforms have made Korea’s economy more open, competitive, and market driven.\n- Notwithstanding these achievements, more needs to be done before the soundness of the corporate and financial sectors is firmly established."
    },
    {
      "heading": "Key findings and achievements",
      "content": "- Rapid recovery from the deep recession in 1998.\n- Sharp reduction in vulnerability to a balance of payments crisis.\n- Stabilization of the financial system and addressing corporate distress noted as significant progress.\n- Structural reforms increased openness, competition, and market orientation of Korea’s economy.\n- Caveat: remaining work needed to firmly establish soundness of corporate and financial sectors."
    },
    {
      "heading": "Thematic focus areas (as described on the page)",
      "content": "- Banking; Commercial banks\n- Corporate sector\n- Economic sectors\n- Financial crises; Financial institutions; Financial sector\n- Loans"
    },
    {
      "heading": "Keywords and analytical scope",
      "content": "- Asian financial crisis\n- capital market; capital structure\n- Commercial banks; Corporate sector; cost of capital\n- exchange rate; financial crisis; Financial sector; financial system\n- fiscal policy; Global; IMF\n- investment trust; Korea; liquidity crisis; Loans\n- market share; operating income; public funds; short-term debt\n- Standard and Poor's; WP\n\n---\n\n Content in this bundle\n\n- From Crisis to Recovery in Korea:  Strategy, Achievements, and Lessons - WP/01/154\n  - From Crisis to Recovery in Korea:  Strategy, Achievements, and Lessons - WP/01/154 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - From Crisis to Recovery in Korea:  Strategy, Achievements, and Lessons - WP/01/154 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/from-crisis-to-recovery-in-korea-strategy-achievements-and-lessons-15396"
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    "Authors: Kenneth H Kang, Hong Liang, Henry Ma, Anthony J. Richards, Ajai Chopra, Meral Karasulu",
    "Published: October 1, 2001",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451857238.001",
    "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 been made in stabilizing the financial system and addressing corporate distress.",
    "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.",
    "Rapid recovery from the deep recession in 1998.",
    "Sharp reduction in vulnerability to a balance of payments crisis.",
    "Stabilization of the financial system and addressing corporate distress noted as significant progress.",
    "Structural reforms increased openness, competition, and market orientation of Korea’s economy.",
    "Caveat: remaining work needed to firmly establish soundness of corporate and financial sectors.",
    "Banking; Commercial banks",
    "Corporate sector",
    "Economic sectors",
    "Financial crises; Financial institutions; Financial sector",
    "Loans",
    "Asian financial crisis",
    "capital market; capital structure",
    "Commercial banks; Corporate sector; cost of capital",
    "exchange rate; financial crisis; Financial sector; financial system",
    "fiscal policy; Global; IMF",
    "investment trust; Korea; liquidity crisis; Loans",
    "market share; operating income; public funds; short-term debt",
    "Standard and Poor's; WP",
    "**From Crisis to Recovery in Korea:  Strategy, Achievements, and Lessons - WP/01/154**"
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