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Korea’s Economy Volume 22

Publication: May 2011

Bankruptcy Policy Reforms and Corporate Restructuring in Postcrisis Korea

In the unfolding process of the Korean financial crisis in 1997, an inefficient corporate bankruptcy system played a damaging role in the Korean economy. Before the crisis, in 1996 and during the first three quarters of 1997, numerous large firms faced with bankruptcy actively sought shelter under court-administered rehabilitation procedures.…

Korea-U.S. Economic Relations in 2005

Korea’s economy in the year 2005 demonstrated that it is picking up significant positive momentum, although the full-year performance in 2005 showed mixed results. Korea’s real gross domestic product (GDP) grew 4 percent in 2005, and there are clear indications that economic recovery, specifically in terms of GDP, is in…

Reforming the Pension System in Korea

Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation and Development (OECD); the share of Korea’s population older than age 65 is projected to double from 7 percent to 14 percent between 2000 and 2019. In comparison, this…

Korea's Postcrisis Exchange Rate Policy

There are few areas about which there is a greater range of opinions among international monetary experts than the issue of exchange rate regimes. Eminent economists can be found who support almost any position. However, this range masks the substantial amount of agreement among a broad majority of serious students…

Recent Developments in Korea's Financial Markets: Foreign Exchange Liberalization and the New Real Estate Policy

In 2005, the Korean government implemented a number of new financial policies. Of those, two policy measures deserve special attention because of their potentially significant impact on domestic financial markets. First, in July, the Korean government launched an overseas investment promotion plan to encourage residents of Korea to invest abroad;…