The Structural Reform Experience of Mexico and its Implication for Korea and APEC CountriesYoon-Je Cho, Chong-Sup Kim

This paper analyzes the financial crisis experiences of Mexico in the 1980s and 1990s, and draws their implications for the Korean economic adjustments. Our analysis suggests that Mexican experience of the 1980s may be more relevant for the Korean policy makers than that of 1990s since that causes for the financial and currency crisis and the internal and external economic conditions it faced after crisis is more similar to what the Korean economy is facing now. Mexico, despite long years of adjustment efforts in the 1980s, still could not effectively deal with its over-indebtedness of public and private firms, and thereby had to resort to a large scale debt-equity conversion scheme facilitated by the Brady Plan. Even with case of the most recent financial crisis it faced, the Mexican government has not been fully successful in dealing with the nonperforming assets problem of its banking sector. The analysis also suggests that, in both countries, the timing of financial crisis coincided with the timing of transition of government and political uncertainty.

The main challenge facing the Korean economy now is to implement a successful financial and corporate restructuring. For this, the government should do the followings ; (I) mobilization of the sufficient fiscal resources to resolve the banking and other financial sector problem ; (ii) establishment of a clear and detailed plan to link the use of the public funds and the improvement of the efficiency of troubled financial institutions ;(iii) orchestration of the financial restructuring to be linked to the improvement of corporate sector financial structure which is currently over-leveraged ;and (iv) introduction of schemes, such as mutual funds, which lead to the changed composition of Korean financial market between debt and equity inancing.

서언
요약

I. 서론

II. 외환위기의 발생 요인과 과정
1. 한국과 멕시코의 최근 외환위기 발생 과정
2. 한국과 멕시코의 외환위기 비교 분석

III. 외환위기 이후의 구조조정
1. 멕시코 경제의 회복과 시사점
2. 1995년 IMF프로그램하에서의 조정과정: 멕시코
3. 한국경제에 대한 시사점 및 한국의 금융구조조정 과제

IV. 결론

참고문헌