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Global financial crisis and the Korean economy
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- Authors
- Issue Date
- 2009-04
- Citation
- Seoul Journal of Economics, Vol.22 No.2, pp. 145-179
- Keywords
- Financial crisis ; Subprime mortgage ; Derivatives transaction ; Macro financial regulation and supervision
- Abstract
- This paper examines why the Korean economy is most suffering
from the current U.S. born financial crisis and suggests policies to
overcome it with discerning the features of the current crisis from
the past one. A notable feature of the current crisis is that
excessive securitization by financial institutions and reliance on
financial derivatives widens and deepens the crisis much further
and makes it difficult to assess the damages from the crisis.
Policy suggestions include: The government provide enough liquidity;
the government first restructure financial institutions and lead
corporate restructuring together with them; macro financial regulation
and supervision as well as micro one be emphasized; and a
drastic stimulus package be introduced not only to stimulate the
economy in recession but also to enlarge the long term growth
potential.
- ISSN
- 1225-0279
- Language
- English
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