Chapter

The Republic of Korea's Economy in the Swirl of Global Crisis

Dongchul Cho

in The Global Financial Crisis and Asia

Published in print October 2012 | ISBN: 9780199660957
Published online January 2013 | e-ISBN: 9780191748981 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199660957.003.0009
The Republic of Korea's Economy in the Swirl of Global Crisis

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This chapter argues that the Republic of Korea is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. It also emphasizes the differences between the current recession and the currency crisis period. The chapter discusses the prospects for the Korean economy, including the issue regarding exports vs. domestic demand and domestic savings rate. The analyses form the basis for discussing appropriate policies for Korea in the aftermath of the global financial crisis.

Keywords: Korean economy; global crisis; policy response; recession; currency crisis; demand; saving rate

Chapter.  5596 words.  Illustrated.

Subjects: Financial Markets

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