한국의 외환위기 - 원인, 해결과정과 결과

다국어 초록 (Multilingual Abstract)

  Though Korea had serious structural problems before the crisis in 1997, they were not the causes of the crisis. The crisis broke out because Korean government had insufficient foreign exchange reserves in relation to short-term foreign debt of the private sector. The demand by the IMF and the US Treasury in the wake of the crisis was therefore problematic in terms of both effectiveness and fairness. Korea nevertheless actively accommodated the demand to utilize it for the purpose of carrying out domestic reforms. As a result, the management of firms and financial institutions has become more sound and transparent. However, the gains by foreign capital within the Korean soil after the crisis exceeds the overseas gains by Korean capital by more than 300 billion dollars. The crisis and its resolution process are also responsible for the stagnation of investment and employment, deterioration in income distribution, slow growth of total factor productivity, and deteriorating fiscal situation observed in the last ten years. Korea has paid so much cost after the crisis basically because Korea miscalculated the US intention to reestablish her hegemony utilizing the financial prowess. It may have been better for Korea to have refused the demand by the IMF and the US in 1997. Korea should also be very careful in utilizing the external pressure to facilitate domestic reform.

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