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Korea’s Economy Volume 26

Publication: May 2011
Jeffrey R. Shafer

The Republic of Korea and the North Pacific Economy: After the Great Panic of 2008

The financial panic of late 2008 and the global economic recession that followed has been the greatest economic shock since World War II. While North Asia was caught up in the recession, the process of economic development was not derailed, and the panic could prove to be only a footnote…

Financial Crises and East Asia's Financial Cooperation

East Asia is an area where real economic activities are closely linked. The brisk trade in goods and services among East Asian countries shows a well-integrated East Asian economy. Most trade by East Asian countries is cleared in U.S. dollars, however, which implies that, when foreign exchange shocks occur, countries…

How Available are DPRK Statistics?

A common problem facing students of the economy of the Democratic People’s Republic of Korea (DPRK) is the shortage of available statistics. It is extremely challenging to procure DPRK data, and even the few available statistics are in many cases fragmented, discontinuous, and seemingly unreliable. In consequence, economics literature tends…

Korea's Economic Stability and Resilience in Time of Crisis

In the wake of the fall of Lehman Brothers, in the fourth quarter of 2008 and the first quarter of 2009 Korea was faced with its biggest economic challenge since the 1997 Asian financial crisis. The U.S. financial crisis hit the global economy hard, and its consequences spread to developing…

U.S.-Korea Economic Relations: A (Historical) View from Seoul

What corresponding changes are being made to the Korea-U.S. economic and trade relationship? If, through the changes of the last decade, our trade relationship has evolved from one narrowly focused on outstanding trade issues to a broader and more strategic relationship, as I will argue, what are the challenges and…

Cho Man, Kim Kyung-Hwan

Housing Policy, Mortgage Markets, and Housing Outcomes in Korea

This paper aims to trace the major changes that took place in the Korean housing market and the housing finance system during the past decade, and also to offer an evaluation of government interventions on housing outcomes. We focus our attention on the role of the expansion of mortgage lending…