Crisis In South Korea Research Articles

Suicide rates among working-age adults in South Korea before and after the 2008 economic crisis

BackgroundMultiple studies have shown that macroeconomic factors are associated with changes in suicide rates. We investigated how changes in economic conditions associated with the recent economic crisis in South Korea...

Changes in Financial Market Regulation from Pre Crisis to Post Crisis in South Korea

The paper deals with the state-led development regime. This paper analyzes financial market liberalization in Korea with the focus being on its political economic dynamics. The key questions this paper deals with are: 1. What are the underlying dynamics and driving forces of financial market liberalization in Korea and what are the domestic and international interests behind it? How do they differ between the first round of liberalization up to the 1997/98 crisis and the second one since then? 2. Did financial market liberalization and foreign investment help to overcome the crisis as the IMF and the Korean government claim? 3. Why was financial market liberalization in Korea accompanied by a bigger state? 4. Who profited from the state-led liberalization and who had to pay the price of restructuring?

Tax Implications of Global Financial Crisis in South Korea

Tax Implications of Global Financial Crisis in South Korea

Developmental State, Welfare State, Risk Family: Developmental Liberalism and Social Reproduction Crisis in South Korea

Developmental State, Welfare State, Risk Family: Developmental Liberalism and Social Reproduction Crisis in South Korea

Residual Selves: Trauma and Forgetting in Park Chan-Wook's Oldboy

This article situates Park Chan-wook's Oldboy (2003) in the wake of the International Monetary Fund (IMF) crisis in South Korea and argues that the film's particular emphasis on forgetting signals a turn away both from traditional, Freudian theorizations of trauma and from the deployment of these models as a primary means of conceptualizing modern Korean history. The article reads the film's protagonist, O Dae-su, as an embodiment of the anxieties and vexations of the salary men working for the chaebôls at a time of economic collapse. The salary man is a pivotal figure not only because he figures financial hardship but also, and more importantly, because he indexes a profound ideological crisis in which the sustaining fictions of the chaebôl, often referred to as “Confucian capitalism,” reveal themselves as always already unraveled. Because of the nationalist orientation of South Korean corporate enterprise, this unraveling has broader consequences for the national imaginary. The article thus draws a parallel between the film's residual selves and Derridean ghosts as discussed in the Specters of Marx (1994), which are less the expressions of a repressed past returning and more the disembodied embodiments of a failed inheritance and disjointed temporality. The discontinuity between traditional past and modernized present was once obscured by the fantasy of corporate paternalism; and when this discontinuity is exposed, a disconcerting vacuum opens up, leaving the present troubling and illegible.

Crisis and Recovery: What We Have Learned from the South Korean Experience?*

This paper analyzes the process of recovery from the 1997 financial crisis in South Korea, and draws some lessons from it. The fast restoration of financial stability due to early closure of non‐viable financial institutions and quick resolution of non‐performing loans was critical for the speedy recovery of the South Korean economy. The swift adjustment in fiscal and monetary policies in addition to the large depreciation of real exchange rates also supported the fast recovery. Corporate and government bond markets played an important role in the financial restructuring and macroeconomic adjustment process. Structural reforms helped to alleviate the weaknesses in the corporate sector, particularly in chaebol groups. However, the fast recovery also generated unwelcome side‐effects. Because of aggressive fiscal expansion through government‐guaranteed bonds and public credit guarantee programs, sovereign liabilities increased greatly and transparency of the official fiscal stance deteriorated. Thanks to structural reform, corporate and financial sectors began to recognize the importance of micro risk management, but increased risk aversion contributed to the slowdown of corporate investment and, therefore, reduced long‐run growth perspective in South Korea. How to revive long‐term growth rates remains an important question in South Korea despite fast recovery from the crisis.

Mortality effects of the economic crisis in South Korea

Mortality effects of the economic crisis in South Korea

Changing Trends of Work in South Korea: The Rapid Growth of Underemployment and Job Insecurity

This article examines how the nature of work has changed since the 1997 financial crisis in South Korea. We demonstrate that a majority of workers now have become irregular workers, how peoples' perception of work has changed, and how the changing trends of work have impacted the quality of life.

Family Breakdown and Invisible Homeless Women: Neoliberal Governance During the Asian Debt Crisis in South Korea, 1997-2001

This article examines the relationship between the South Korean welfare administration’s reluctance to consider homeless women as deserving of state aid during the Asian debt crisis (henceforth the crisis) and the emergence of a pathologizing, popular discourse of family breakdown. Based on fieldwork I did in Seoul between 1998 and 2000, this article seeks to elucidate how the diagnostic discourses and prescriptive measures of “family breakdown” (kajong haeche or kajok haeche) proved congruent with a policy measure of selecting “deserving” homeless citizens defined as male breadwinners with employability and rehabilitating capacity. I argue that diverse social actors, including journalists, civic leaders, and government managers, enunciated logics of neoliberal human values; when social actors participated in the social governance of homelessness they relied on such logics to discipline gender and family relationships.1 Building on this analysis I conclude that social governance, particularly of

Regarding “Changes in Mortality after the Recent Economic crisis in South Korea”

Regarding “Changes in Mortality after the Recent Economic crisis in South Korea”

The Political Logic of Economic Crisis in South Korea

This article identifies the causal mechanisms for the 1997 economic crisis in South Korea. Focusing on constitutional design and electoral cycle, the analysis specifies institutional incentive structures that induced contradictory political behavior by the president and legislators. The economic crisis is thus explained by political dynamics.

The social perils of the Korean financial crisis

This article examines the social impact of the 1997 financial crisis in South Korea. Although the crisis was short-lived, it has created major ripples all across the country, profoundly affecting the Koreans' lifestyle and family life as well as their values and worldview. In spite of the magnitude of the financial crisis and its social impact, scant scholarly attention has been paid to the issue, although the causes and economic impact of the crisis have been amply discussed. In view of this, the article examines major social changes brought upon by the financial crisis. The article probes, for example, how employment patterns have been deeply affected, whereby a majority of workers are now irregular workers or are underemployed. The article also demonstrates how the people's perception of work has changed and how the income gap between the rich and the poor has widened. Also discussed are, among others, the continuing discrimination against women in the workplace, rising divorce rate, increase in immigration and value conflicts over the relevance of Confucianism in contemporary Korea. In addition, the article examines the agency of the Korean people in reacting to or coping with the changing circumstances.

The Social and Political Impact of Economic Crisis in South Korea: A Comparative Note

The five-year term of President Kim Dae Jung ended up deepening political cleavages in the wake of growing social conflicts. We find it ironic that the Kim Dae Jung regime, the first case of horizontal power transfer through election, has seen social conflicts worsening instead of weakening. Since the economic crisis of 1997, the country has undergone a profound societal and political transformation as a result of the International Monetary Fund (IMF)'s program of liberalisation, privatisation and deregulation. We investigate the structural realignment - power shift, social conflicts, and coalition change - in the wake of the economic crisis in Korea. We critically examine the impact of various reform measures on state-society relations. Our starting point is a belief that the stability of a regime depends not only on economic performance but also on social and political performance. The current Korean situation might even suggest that social and political factors are more important than economic performance in evaluating structural adjustment programs. We begin by examining the underlying nature of the Kim Dae Jung regime's reform measures. Then we address the social realignment, coalition change, and social conflicts, and assess their implications for consolidation of democracy. Finally we draw some policy implications.

Economic crisis, downsizing and “layoff survivor's syndrome”

This article deals with layoff survivor's syndrome following the 1997 economic crisis in South Korea. South Korea has been credited with quickly recovering from its economic crisis by implementing policies aimed at economic restructuring. However, researchers have discovered that, in addition to those directly affected by a lay-off, layoff survivors as well suffer from impacts on their mental health — hence the name, layoff survivors' syndrome. The present research focuses on the socio-psychological impact of downsizing on layoff survivors on the basis of a nationwide survey. The findings reveal a significant difference in work attitudes after downsizing, as well as a significant impact on survivors' mental health. The study concludes that these negative impacts may negatively influence organizational productivity, and thus downsizing as a blanket strategy for organizational renewal needs to be reconsidered.

Regulatory Forbearance and Financial Crisis in South Korea

Since the outbreak of the so-called currency crisis of Korea in 1997, many theorists, policymakers, and practitioners have provided several accounts of the crisis, pointing to issues such as soft-budget constraints of the government, the moral hazard of financial intermediaries, and inefficient corporate governance structure. Though these analyses have explained some aspects of the crisis, they have rarely stressed the role and impact of government regulations on the national economy. Prior to the crisis, Korean government interventions in market activities through various industrial policies were regarded as one of the most important bases of the rapid economic growth that lasted for more than 30 years, creating a collaborative but collusive relationship with the private sector. This close governmentbusiness interconnectedness implies that a study on the success or failure in the economy provides only a partial explanation if it does not pay attention to the behaviors and institutional structures of the government that make and implement regulatory policies. This paper argues that government failures that arose from regulatory forbearance were one of the most significant underlying causes of the crisis. Examining government regulation is particularly important because the government plays a pivotal role even in a time of crisis, as well as in the currently ongoing reform process. Critics argue that the government should step down from the reform process, leaving the market more options to choose its own survival path. This viewpoint is based on the notion that the

An analysis of currency crisis in South Korea

This paper provides empirical evidence on the causes and timing of the 1997 currency crisis in South Korea. A persistent weakness in the economic fundamentals through out much of the pre-crisis period created necessary conditions for the crisis. However, the timing of the currency crisis was determined by a unique combination of an unprecedented increase in default risk faced by the banking system and a decrease in foreign exchange reserves (FXRES) that restricted the ability of the government to bail out. A VAR model identifies two important variables that were crucial in triggering the currency crisis. One is the ratio of dishonored bills (DS) that measures default risk and serves as a proxy for the market value of banks. The other is FXRES that measures the strength of the government's bailout policies. Estimates from a vector autoregressive (VAR) model confirm a strong impact of the lagged changes in the ratio of DS and FXRES on the current changes in the won's value. Immediately before the November crisis, the ratio of DS reached an all-time high while reserves dropped to 1-month imports. These developments significantly contributed to the negative expectations resulting in a massive capital outflow followed by a drastic devaluation of the currency.

Mass Attitudes Toward Financial Crisis and Economic Reform in Korea

This paper addresses an aspect of the financial crisis in South Korea that has not been dealt with in depth. The question that will be analyzed is: how does the general population perceive the crisis? In attempting to answer this question we rely on new representative survey data, covering the years 1998 and 1999. Specifically, respondents voice their opinion (a) regarding the causes of the crisis, (b) the potential agencies fostering a recovery, (c) the domestic versus international reform strategies involved, and (d) the government-or market-oriented reform programs involved. Given the importance of public support for economic reforms, some of the results of our research could prove to be of considerable value to Korean policy makers or advising international organizations.

ECONOMIC CRISIS AND RESTRUCTURING IN SOUTH KOREA: Beyond the Free Market-Statist Debate

This paper, which examines the causes of the South Korean crisis in 1997-98 and the nature and consequences of the post-crisis restructuring process, looks critically at the neoliberal position but also at what the authors call the statist position (which celebrated and continues to defend the usefulness of industrial policy and state direction of the economy against neoliberal critics). While there are important differences between these approaches, the authors show that because both ignore the structural causes of South Korea's crisis, neither is able to explain, much less help overcome it. The paper then examines the economic, political, and social effects of the restructuring process, demonstrating how it has left the South Korean economy more dominated by foreign capital and the chaebol, and more dependent on exports and labor exploitation than before the crisis. As a result, South Korea appears headed for a new crisis. The authors conclude by highlighting ongoing worker resistance to the restructuring process and a movement-building strategy for advancing a worker/community-centered recovery and development program.

ECONOMIC CRISIS AND RESTRUCTURING IN SOUTH KOREA: Beyond the Free Market-Statist Debate

This paper, which examines the causes of the South Korean crisis in 1997-98 and the nature and consequences of the post-crisis restructuring process, looks critically at the neoliberal position but also at what the authors call the statist position (which celebrated and continues to defend the usefulness of industrial policy and state direction of the economy against neoliberal critics). While there are important differences between these approaches, the authors show that because both ignore the structural causes of South Korea's crisis, neither is able to explain, much less help overcome it. The paper then examines the economic, political, and social effects of the restructuring process, demonstrating how it has left the South Korean economy more dominated by foreign capital and the chaebol, and more dependent on exports and labor exploitation than before the crisis. As a result, South Korea appears headed for a new crisis. The authors conclude by highlighting ongoing worker resistance to the restructuri...

Work, nation and hypermasculinity: the 'woman' question in the economic miracle and crisis in South Korea

(2001). Work, nation and hypermasculinity: the 'woman' question in the economic miracle and crisis in South Korea. Inter-Asia Cultural Studies: Vol. 2, No. 1, pp. 53-68.