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1 results

  • 10 - Financial Crisis and the Role of Government

  • from Part IV - How Is Financial Stability Pursued in Korea?
  • Woosik Moon, Seoul National University
  • Book:
    Monetary Policy and Central Banking in Korea
    Published online:
    17 February 2022
    Print publication:
    24 February 2022, pp 235-260

  • Summary

    Financial markets are subject to constant shocks, which can lead to crises when markets fail. Theoretically, the government can prevent such market failures. In practice, however, crises are often caused or amplified by government failure. This was particularly the case for the 1997 currency crisis in Korea. Not only did the Korean government’s inappropriate intervention trigger the crisis, but its inappropriate policy responses further transformed the initial mistakes into an economic disaster. This stands in sharp contrast to the government’s responses to the 2008 global economic crisis and the 2020 COVID-19 pandemic. This chapter overviews the roles played by the Korean government during these three crises.