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Global Financial Crisis and the Korean Economy: Issues and Perspectives
Author: Pyo Hak-kil
Region: Asia
Theme: Economics
Location: Korea, South
Published May 25, 2011
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The year 2008 will be recorded in world history as a year in which the global capitalist system was threatened as a consequence of the U.S.-originated financial turmoil that began with the bankruptcy of Lehman Brothers on 15 September 2008. The impending worldwide recession is now often compared with the Great Depression that began in 1929. The repercussions of the financial turmoil from Wall Street have been quick and widespread around the globe, resulting in contraction in the real sector, rising unemployment, and a decrease in commodity prices including the price of oil. Emerging-market economies in particular are the hardest hit by the financial turmoil, with sharp reductions in stock prices and exchange rates.

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