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The Global Financial Crisis and the Korean Economy (Paperback)
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The Global Financial Crisis and the Korean Economy (Paperback)
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The world economy fell into a global financial crisis in 2008/9 and
is still jittered by its aftershocks. Like other financial crises
happened in the world economy, it came as a surprise. In historical
perspective, financial crises should be understood as a natural
fact of life in the world economy and a more pertinent question
that should be posed would be why people so easily forget and do
not learn from the historical experience. This book deals with the
question in two ways. First, it investigates the frame of mind that
distances people from the reality of life. At the heart of it, it
argues that there are wrong perceptions on the working of the world
economy, in particular, the international financial market. It
summarizes them as 'the five conventional wisdoms' in the
international financial market and, by critically examining them,
it draws on 'the five financial theorems', which would provide
intellectual pillars for a more realistic understanding of the
global financial market. Second, the book examines in detail the
case of an emerging market economy that fell into a financial
crisis twice in the recent decade. South Korea provides us with an
interesting case of emerging market financial crises that came as
'surprises': it faced a financial crisis in 1997/98 after it had
been acclaimed as one of 'East Asian miracle economies' and it was
again befallen to a crisis during the global financial crisis in
2008/2009 after it was widely regarded as a country that had
recovered from the crisis with one of the most successful
implementations of the IMF-sponsored reforms. The book attempts to
provide the readers with a realistic understanding of emerging
market financial crises by interpreting the recent global financial
crisis and the Korean crises with some general concepts manifested
in 'the five financial theorems'. It also tries to draw more
general implications for policy management of emerging market
economies.
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