Half Title Page -- Title Page -- Copyright -- Contents -- Preface -- About the Author -- Abbreviations -- 1 The Unfolding of the Korean Financial Crisis -- 1996: A Year of Uncertainty -- The Hanbo Bankruptcy and the Degradation in External Creditworthiness, January-March 1997 -- A Momentary Lull in Financial Markets, April-June 1997 -- A Looming Crisis in Financial Markets, July-September 1997 -- Onset of the Financial Crisis and the Request for an IMF Rescue, October-November 1997 -- Notes -- 2 Origin of the Crisis -- Divergent Views of the Crisis -- The Macroeconomy and the Financial Crisis -- Korea's Structural Weaknesses and Vulnerabilities -- The Risks of Capital Liberalization -- The International Financial Architecture and the Financial Crisis -- Lax Crisis Management in Korea -- Notes -- 3 Overview of Korea's Postcrisis Responses -- Crisis Recovery and Policy Challenges -- The Implementation of Postcrisis Measures -- Notes -- 4 Initial Responses to the Crisis, December 1997 -- Actions by the IMF, December 3, 1997 -- Korea: Memorandum on the Economic Program -- Actions Prior to the IMF Standby Arrangement -- Banking Reforms -- Averting National Insolvency -- Notes -- 5 Securing Foreign Currency Liquidity and Laying the Groundwork for Reform and Restructuring, December 1997-April 1998 -- Securing Foreign Currency Liquidity -- Capital Market Liberalization and the Expansion of Foreign Investment -- Laying the Groundwork for Structural Reform -- The Intensifying Credit Crunch and Mounting Unemployment -- Notes -- 6 Restructuring Led by Business Closures and the Push for Lower Interest Rates, May-June 1998 -- The Recognition of Economic Reality -- The Focus of Corporate and Financial Restructuring on the Closure of Failing Businesses -- Lowering Interest Rates and Easing the Credit Crunch.

The Contracting Real Economy and Deepening Labor Unrest -- Notes -- 7 Completion of First-Phase Restructuring and Policies Aimed at Boosting Potential Growth, July-September 1998 -- Economic Outlook and Policy Challenges, Second Half of 1998 -- The Completion of the First Round of Restructuring -- Expanded Unemployment Measures and Labor Union Resistance to Restructuring -- The Russian Moratorium and the Fate of the Won -- Policies for Robust Growth -- Notes -- 8 Getting the Economy Back on Track and Quickening the Pace of Restructuring, October-December 1998 -- Policy Challenges and the Shifting Economic Landscape -- Instability in International Financial Markets and the Government Response -- Quickening the Pace of Restructuring -- Policies Aimed at Economic Revival -- 9 Restoring Financial Stability and Realizing Positive Economic Growth, January-June 1999 -- The Economic Policy Agenda for 1999 -- Forging Ahead with Restructuring -- The Investment Grade Rating and the Supply of Foreign Exchange to Markets -- Restoring Calm to Financial Markets and Resuming Positive Growth -- 10 The Settlement of the Daewoo Shock and the Expanded Economic Recovery, July-December 1999 -- Policy Challenges and Responses during the Second Half of 1999 -- Strategies for the Transition to a Knowledge- Based Economy -- The Collapse of the Daewoo Group and Restoring Calm to Financial Markets -- Pressing Ahead with Structural Reform -- Economic Hardship among Low- and Middle-Income Households and the Government Response -- Accelerating Economic Recovery and the Transition to Net Creditor Status -- 11 Korea's Economic Renewal Challenges and Solutions for the Transition to the Next Level -- Questions about the Korean Economy -- Diagnosis of the Korean Economy -- The Challenges Ahead in Korea's Economic Revival -- The Reform of Korea's Economic System -- Note.

References and Other Sources -- Index -- Back Cover.