Front Matter

Front Matter

Author(s):
David Coe, and Se-Jik Kim
Published Date:
September 2002
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    © 2002 International Monetary Fund and Korea Institute for International Economic Policy

    Production: Korea Institute for International Economic Policy, Korea Typesetting and figures: Orom System, Korea

    Cataloging-in-Publication Data

    Korean crisis and recovery/editors, David T. Coe and Se-Jik Kim—Washington, D.C.:

    International Monetary Fund: Korea Institute for International Economic Policy, c2002

    • p.cm.

    Papers presented at a conference held May 17-19, 2001 at the Shilla Hotel in Seoul, Korea.

    Sponsored by the International Monetary Fund and the Korea Institute for International Economic Policy.

    Includes bibliographical references.

    ISBN 1-58906-068-7

    1. Financial crises—Korea (South)—Congresses. I. Coe, David T. II. Kim, Se-Jik, 1960-

    III. International Monetary Fund.

    HG3330.5.A6K57 2002

    Price: $32.00

    Address orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel:(202)623-7430 Telefax:(202)623-7201

    E-mail: publications@imf.org

    Internet:http://www.imf.org

    Cover Painting Credit: Tanwon Kim, Hong-to (1760-?, Chosun Dynasty), “Daejangkan” (“A Blacksmith’s Workshop,” genre painting), a light-colored Figure on paper, 27cmx22.7cm, National Museum of Korea, Seoul, Korea.

    Contents

    Foreword

    Four years after the outbreak of the Asian economic crisis and three and one-half years after the beginning of the IMF program with Korea, the International Monetary Fund (IMF) and the Korea Institute for International Economic Policy (KIEP) jointly sponsored a conference on the Korean crisis and recovery. The conference was held at the Shilla Hotel in Seoul on May 17-19, 2001.

    The objective of the conference was to distill lessons from the Korean economic crisis and recovery, and the policies adopted by the government with support from the international community. The timing of the conference, coming after the three-year Stand-By Arrangement with the IMF ended on December 2, 2000, and following two years of remarkable economic recovery from the crisis, seemed appropriate for such an assessment. The conference brought together Korean and non-Korean economists with Korean policymakers and IMF and World Bank staff, some of whom were involved in designing and implementing the Korean program. Holding the conference in Seoul, with broadly equal participation by Koreans and non-Koreans, was considered essential to ensure that Korean perspectives on the crisis were well represented.

    David Coe, who was IMF Senior Resident Representative in Seoul, and Se-Jik Kim, Visiting Research Fellow at KIEP, on leave from the Research Department of the IMF, proposed and organized the conference. Their proposal was strongly supported by Stanley Fischer, then First Deputy Managing Director of the IMF—whose planned participation in the conference, unfortunately, had to be cancelled at the last minute—by Kyung Tae Lee, then President of KIEP, and by the Asia and Pacific Department of the IMF.

    This conference volume contains the 13 papers presented at the conference. Each paper is an important reference for scholars and policymakers seeking to understand the Korean crisis and recovery, and the policies adopted to address the crisis. We believe the conference accomplished its objective very successfully.

    Yusuke Horiguchi

    Director, Asia and Pacific Department

    International Monetary Fund

    Choong Yong Ahn

    President, Korea Institute for International Monetary Fund International Economic Policy

    Acknowledgments

    We are indebted to Stanley Fischer, Kyung Tae Lee, and Yusuke Horiguchi for their unwavering support. They, together with Professor Un-Chan Chung of Seoul National University, Dr. Jaebong Ro of KIEP, Professor Jong-Wha Lee of Korea University, and Ajai Chopra of the IMF’s Asia and Pacific Department, gave generously of their time to help define the themes of the conference and identify potential authors and participants.

    We are particularly grateful to Jung Woon Kim, Young-Mok Yang, and Hyong Kun Lee of KIEP, and to Hyeon-Sook Shim of the IMF’s Seoul office for their superb assistance in making local conference arrangements and taking care of a myriad of organizational details. We are also indebted to Audrey K. Lee, Maryse Dubé, and Seonhee Bae for their excellent assistance in editing and coordinating the production of this volume.

    Contributors and Participants

    Contributors

    Robert J. Barro is Professor in the Department of Economics at Harvard University.

    Yangho Byeon is Director General of the Financial Policy Bureau at the Ministry of Finance and Economy.

    Yoon Je Cho is Professor at the Graduate School of International Studies at Sogang University.

    Ajai Chopra was Assistant Director, Asia and Pacific Department at the time of the conference and is currently Senior Advisor, European I Department at the International Monetary Fund.

    Chae-Shick Chung was Research Fellow in the Korea Institute for International Economic Policy, and is currently Professor in the Department of Economics at Sogang University.

    David T. Coe was the IMF’s Senior Resident Representative in Seoul and is currently Assistant Director, Asia and Pacific Department at the International Monetary Fund.

    Michael Dooley is Professor in the Department of Economics at the University of California at Santa Cruz.

    Rudi Dornbusch was Professor in the Department of Economics at the Massachusetts Institute of Technology.

    Barry Eichengreen is Professor in the Department of Economics at the University of California at Berkeley.

    Eric Friedman is Professor of Economics at Rutgers and Cornell Universities.

    Simon Johnson is Professor in the Sloan School of Management at the Massachusetts Institute of Technology.

    Kenneth Kang is Senior Economist, Asia and Pacific Department at the International Monetary Fund.

    Meral Karasulu is Economist, Monetary and Exchange Affairs Department at the International Monetary Fund.

    Dae Il Kim is Professor in the Department of Economics at Seoul National University.

    Se-Jik Kim is Visiting Research Fellow at the Korea Institute for International Economic Policy, on leave from the Research Department at the International Monetary Fund.

    Woochan Kim is Professor at the Korea Development Institute’s School of Public Policy and Management.

    Anne O. Krueger was Professor of Economics at Stanford University and is currently First Deputy Managing Director of the International Monetary Fund.

    Jong-Wha Lee is Professor in the Department of Economics at Korea University.

    Hong Liang is Economist, Asia and Pacific Department at the International Monetary Fund.

    Henry Ma is Economist, Asia and Pacific Department at the International Monetary Fund.

    William P. Mako is Senior Specialist in the Private Sector Development Unit, East Asia and Pacific Region at the World Bank.

    Todd Mitton is Professor of Business Management at Brigham Young University.

    Gyutaeg Oh is Professor in the School of Business Administration at Chung-Ang University and Director, Korea Fixed Income Research Institute.

    Yung Chul Park is Professor in the Department of Economics at Korea University.

    Changyong Rhee is Professor in the Department of Economics at Seoul National University and Director, Korea Fixed Income Research Institute.

    Anthony Richards was Deputy Chief, Asia and Pacific Department at the International Monetary Fund, and is currently Chief Manager for International Markets and Relations at the Reserve Bank of Australia.

    Jungho Yoo is Director of the Center for Economic Information at the Korea Development Institute.

    Participants

    Charles Adams was Senior Economic Advisor at the Asian Development Bank and is currently Assistant Director, Regional Office for Asia and the Pacific (Tokyo) at the International Monetary Fund.

    Bijan B. Aghevli was Managing Director of Asian Economic and Policy Research at Chase Manhattan Bank, Hong Kong and is former Deputy Director, Asia and Pacific Department at the International Monetary Fund.

    Choong Yong Ahn* was Professor at the Department of Economics at Chung-Ang University and is currently President of the Korea Institute for International Economic Policy.

    Michael Callaghan* is Executive Director for Korea in the International Monetary Fund.

    Young-Rok Cheong* is Professor in the School of International and Area Studies at Seoul National University.

    Jonghwa Cho* is Director of the Department of International Macroeconomics and Finance and Senior Research Fellow at the Korea Institute for International Economic Policy.

    Won-Dong Cho is Advisor to the Executive Director for Korea at the International Monetary Fund and was formerly Deputy Director General for Policy Coordination at Korea’s Ministry of Finance and Economy.

    Myung-Chang Chung is Director of the Research Department at the Bank of Korea.

    Stephen Grenville was Deputy Governor at the Reserve Bank of Australia.

    Kyttack Hong* is Professor in the Department of Economics at Chung-Ang University.

    Yusuke Horiguchi is Director of the Asia and Pacific Department of the International Monetary Fund.

    Hasung Jang is Professor of Business Administration at Korea University.

    Nyum Jin was Deputy Prime Minister and Minister of Finance and Economy of Korea.

    Sung Hee Jwa is President of the Korea Economic Research Institute.

    Jun Il Kim was Research Fellow at the Korea Development Institute and is currently Senior Economist, Policy Development and Review Department at the International Monetary Fund.

    Pyung Joo Kim is Professor in the Department of Economics at Sogang University.

    Sun Bae Kim* is Managing Director and Head of Asia-Pacific Economic Research, Goldman Sachs, Hong Kong.

    Sung-Min Kim* is Head of Bond Market Analysis Team in the Department of Financial Markets at the Bank of Korea.

    Yong Jin Kim is Professor in the Department of Economics at Dongduk Women’s University.

    Chon Pyo Lee* is Professor in the Department of Economics at Seoul National University.

    Doowon Lee* is Professor in the Department of Economics at Yonsei University.

    Jang-Yung Lee is Senior Counselor to the Minister of Finance and Economy of Korea.

    Keun-Young Lee* is Research Advisor in the Institute for Monetary and Economic Research of the Bank of Korea.

    Kye-Sik Lee* is Visiting Professor at the Korea Development Institute’s School of Public Policy and Management.

    Kyung Tae Lee was President of the Korea Institute for International Economic Policy and is currently Ambassador to the Organization for Economic Cooperation and Development, Paris.

    Robert McCauley* is Deputy Chief Representative, Asian and Pacific Office of the Bank for International Settlements, Hong Kong.

    Rachel McCleary* is Director of the Religion, Economic Performance, and Political Structure Project at Harvard University.

    Tarrin Nimmanahaeminda is a former Minister of Finance of Thailand.

    Kap-Soo Oh* is Assistant Governor of the Financial Supervisory Service of Korea.

    Se-Il Park* is Professor in the School of International and Area Studies at Seoul National University.

    Hak Kil Pyo is Professor in the Department of Economics at Seoul National University.

    Zia Qureshi was Lead Economist and Country Program Coordinator for Korea at the World Bank and is currently Sector Manager, Economic Policy at the World Bank.

    Jaebong Ro* is Senior Research Fellow at the Korea Institute for International Economic Policy and Executive Director of Asia-Pacific Economic Cooperation Education Foundation, Korea.

    Eisuke Sakakibara is Professor at Keio University and Director of the Global Security Research Centre in Japan.

    Il SaKong is Chairman and CEO of the Institute for Global Economics, Korea and a former Minister of Finance and Economy of Korea.

    Richard Samuelson* is Head of Korean Equities at UBS Warburg, Seoul.

    Kwanho Shin* is Professor in the Department of Economics at Korea University.

    Michael Spencer* is Chief Economist, Asia for Deutsche Bank, Hong Kong.

    Rak-Yong Uhm* is a former Vice Minister of Finance and Economy of Korea and is currently Advisor of Yoon & Partners and Research Fellow at the Korea Institute of Finance.

    Yunjong Wang* is Senior Research Fellow at the Korea Institute for International Economic Policy.

    Joseph Winder* is President of the Korea Economic Institute of America in Washington, D.C.

    Doo Yong Yang* is Research Fellow at the Korea Institute for International Economic Policy.

    Invited observers.

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