Post-Crisis Asia: Assessing South
Korea's Dramatic Recovery From
the Asian Financial Crisis

by Anindya Bhattacharya

[October 21, 2005]


This lecture examines the factors behind the remarkable economic recovery of South Korea from the Asian financial crisis that had gripped the country during late 1997.  It examines the restructuring efforts undertaken by the Korean government in the corporate, financial, labor market, public enterprise, and foreign investment sectors, and   evaluates the results as well as the effectiveness of such reforms.

The paper concludes that the Korean structural reforms yielded positive economic results by stabilizing the currency and banking markets, and by substantially improving economic growth in Korea.   However, Korea faces many challenges, including geo-political risks, export dependence on the U.S. market, and sustaining the pace of corporate reform over the long term.






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