From Crisis to Recovery: Korea's Policy Response to the Global Financial Meltdown, August 2007-June 2009
During the two-year period since the outbreak in August 2007 of the U.S. subprime crisis, Korea has felt its severe effects: Korea’s economy contracted sharply and experienced a liquidity crisis. In 2008, Korea’s economy grew 2.2 percent, less than half of its average growth since the 1997 Asian financial crisis.…