Preface

sessionxx I. THE KOREAN CRISIS AND ECONOMIC CHANGES

1. Korea Ten Years after the Crisis: Collateral and Reserve Accumulation / Michael P. Dooley, Peter Garber, and David Folkerts-Landau
Comments on “Korea Ten Years after the Crisis: Collateral and Reserve Accumulation”: Two Crises of International Economics / Naoyuki Yoshino

2. Inflation Targeting in Korea: Success, Good Luck or Bad Luck? / Yung Chul Park and Charles Wyplosz
Comments on “Inflation Targeting in Korea: Success, Good Luck or Bad Luck?” / Hans Genberg

3. Ten Years after the Crisis: Financial System Transition in Korea / Joon Ho Hahm
Comments on “Ten Years after the Crisis: Financial System Transition in Korea” / Shinji Takagi

4. Corporate Sector Restructuring in Korea: Status and Challenges / Stijn Claessens and Dongsoo Kang
Comments on “Corporate Sector Restructuring in Korea: Status and Challenges” / Youngjae Lim


sessionxx II. CHANGES LOOKING FORWARD: TOWARDS LONG-TERM STABLE ECONOMIC GROWTH

1. Achieving Long-Term Fiscal Sustainability in Korea / Tarhan Feyzioğlu, Michael Skaarup, and Murtaza Syed
Comments on “Achieving Long-Term Fiscal Sustainability in Korea”: Should We Be Concerned by Korea's Exposure to the International Interbank Market? / Robert N. McCauley

2. Household Debt in Korea and Macroeconomic Implications / Meral Karasulu and Jerald A. Schiff
Comments on “Household Debt in Korea and Macroeconomic Implications” / Chang Seok Oh

3. Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis / Hak K. Pyo
Comments on “Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis” / Chin Hee Hahn


sessionxx III. WHAT IS THE AGENDA FOR THE NEXT 10 YEARS?

1. Changes in Labor Quality among New College Graduates in Korea / Dae Il Kim
Comments on “Changes in Labor Quality among New College Graduates in Korea” / Yeongkwan Song

2. Trade Structure, FTAs, and Economic Growth: Implications for East Asia / Chan-Hyun Sohn and Hongshik Lee
Comments on “Trade Structure, FTAs, and Economic Growth: Implications for East Asia” / Hyun-Hoon Lee

3. Crisis, Adjustment, and Long-run Economic Growth in Korea / Noh Sun Kwark, Changyong Rhee and Doo Yong Yang
Comments on “Crisis, Adjustment, and Long-run Economic Growth in Korea” / Kwanho Shin


Seminar Program

List of Participants

List of KIEP Publications

Most observers would consider the 1997 Asian crisis as the biggest challenge in the impressive economic development of Korea. The Korean economy went through a significant transformation to overcome the unprecedented shocks of the crisis. The resolution of the crisis acted as a catalyst to bring much needed structural change in the financial and corporate sectors. In the process Korea has adopted wide-ranging economic reforms, experienced substantial institutional change and significant improvements in its legal framework.(생략)

Preface

sessionxx I. THE KOREAN CRISIS AND ECONOMIC CHANGES

1. Korea Ten Years after the Crisis: Collateral and Reserve Accumulation / Michael P. Dooley, Peter Garber, and David Folkerts-Landau
Comments on “Korea Ten Years after the Crisis: Collateral and Reserve Accumulation”: Two Crises of International Economics / Naoyuki Yoshino

2. Inflation Targeting in Korea: Success, Good Luck or Bad Luck? / Yung Chul Park and Charles Wyplosz
Comments on “Inflation Targeting in Korea: Success, Good Luck or Bad Luck?” / Hans Genberg

3. Ten Years after the Crisis: Financial System Transition in Korea / Joon Ho Hahm
Comments on “Ten Years after the Crisis: Financial System Transition in Korea” / Shinji Takagi

4. Corporate Sector Restructuring in Korea: Status and Challenges / Stijn Claessens and Dongsoo Kang
Comments on “Corporate Sector Restructuring in Korea: Status and Challenges” / Youngjae Lim


sessionxx II. CHANGES LOOKING FORWARD: TOWARDS LONG-TERM STABLE ECONOMIC GROWTH

1. Achieving Long-Term Fiscal Sustainability in Korea / Tarhan Feyzioğlu, Michael Skaarup, and Murtaza Syed
Comments on “Achieving Long-Term Fiscal Sustainability in Korea”: Should We Be Concerned by Korea's Exposure to the International Interbank Market? / Robert N. McCauley

2. Household Debt in Korea and Macroeconomic Implications / Meral Karasulu and Jerald A. Schiff
Comments on “Household Debt in Korea and Macroeconomic Implications” / Chang Seok Oh

3. Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis / Hak K. Pyo
Comments on “Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis” / Chin Hee Hahn


sessionxx III. WHAT IS THE AGENDA FOR THE NEXT 10 YEARS?

1. Changes in Labor Quality among New College Graduates in Korea / Dae Il Kim
Comments on “Changes in Labor Quality among New College Graduates in Korea” / Yeongkwan Song

2. Trade Structure, FTAs, and Economic Growth: Implications for East Asia / Chan-Hyun Sohn and Hongshik Lee
Comments on “Trade Structure, FTAs, and Economic Growth: Implications for East Asia” / Hyun-Hoon Lee

3. Crisis, Adjustment, and Long-run Economic Growth in Korea / Noh Sun Kwark, Changyong Rhee and Doo Yong Yang
Comments on “Crisis, Adjustment, and Long-run Economic Growth in Korea” / Kwanho Shin


Seminar Program

List of Participants

List of KIEP Publications

Most observers would consider the 1997 Asian crisis as the biggest challenge in the impressive economic development of Korea. The Korean economy went through a significant transformation to overcome the unprecedented shocks of the crisis. The resolution of the crisis acted as a catalyst to bring much needed structural change in the financial and corporate sectors. In the process Korea has adopted wide-ranging economic reforms, experienced substantial institutional change and significant improvements in its legal framework.(생략)

List of Participants
Foreword
Introduction

Theme 1: Current Capital Flows and Related Risks in East Asia

1. Determinants of Korea's capital outflows
2. Capital inflow under the fear of sudden stop

Theme 2: China's New Exchange Rates Regimes and its Implication to East Asia

3. Global Imbalances and East Asia's Policy Adjustments
4. China's Reforms on Exchange Rate System and International Trade between Japan and China
5. What do We Know about China's Exchange Rate Regime Reform?

Theme 3: Too Much or Too Less: How to stimulate private sectors in East Asia

6. Domestic Investment and Regional imbalances in East Asia
7. Small Business Finance and Its Relation to the Development of Regional Bond Market: Macroeconomic Perspective

1. 최근 자본이동과 동아시아의 신흥위험

□ Session 1에서는 최근 동아시아의 자본이동 추이를 개관하고 동아시아 지역에서의 자본이탈 가능 위험을 식 별 평가하였음.

- 동아시아 국가는 경상수지 흑자에 따라 외환보유고가 지속적으로 증가되고, 동 자산을 선진금융시장의 안전자산에 재투자하고 있음. 반면 동아시아 지역에서의 선진국의 투자는 위험자산에 집중되어 있어 충분한 외환보유고를 갖고 있음에도 불구하고 동아시아 국가들은 자본이동의 잠재적인 위험 요인 존재

- 특히 미국의 지속적인 경상수지 적자는 글로벌 불균형의 위험을 증폭시키고 있고 이를 달러화 약세 혹은 동아시아 통화 강세를 통해서 조정할 때 국제금융시장의 위험은 더욱 커질 것임. (생략)