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This lecture
examines the
factors behind
the remarkable
economic
recovery of
South Korea from
the Asian
financial crisis
that had gripped
the country
during late
1997. It
examines the
restructuring
efforts
undertaken by
the Korean
government in
the corporate,
financial, labor
market, public
enterprise, and
foreign
investment
sectors, and
evaluates the
results as well
as the
effectiveness of
such reforms.
The paper
concludes that
the Korean
structural
reforms yielded
positive
economic results
by stabilizing
the currency and
banking markets,
and by
substantially
improving
economic growth
in Korea.
However, Korea
faces many
challenges,
including
geo-political
risks, export
dependence on
the U.S. market,
and sustaining
the pace of
corporate reform
over the long
term.
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