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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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

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

(p.182) 9 The Republic of Korea's Economy in the Swirl of Global Crisis
The Global Financial Crisis and Asia

Dongchul Cho

Oxford University Press

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

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