Avoiding the Apocalypse: The Future of the Two Koreas
Institute for International Economics, 2000 - 431 pagine
On the Korean peninsula one of the greatest success stories of the postwar era confronts a famine-ridden-and possibly nuclear-armed-totalitarian state. The stakes are extraordinarily high for both North and South Korea and for countries such as the United States that have a direct stake in these affairs. This study, the most comprehensive volume to date on the subject, examines the current situation in the two Koreas in terms of three major crises: the nuclear confrontation between the United States and North Korea, the North Korean famine, and the South Korean financial crisis. The future of the peninsula is then explored under three alternative scenarios: successful reform in North Korea, collapse and absorption (as happened in Germany), and "muddling through" in which North Korea, supported by foreign powers, makes ad hoc, regime-preserving reforms that fall short of fundamental transformation.
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The financial liberalization policy was reversed in 1972 , when interest rates were
lowered and direct government control of the banking system was increased in
order to channel capital to preferred sectors , projects , or firms . The government
The justification was that higher interest rates were needed to restrain aggregate
demand , staunch capital flight , stabilize the exchange rate , and fix the domestic
resource costs of servicing the foreign debt . What the Fund did not appear to ...
One consequence , however , is that this leaves them vulnerable to interest rate
spikes . He claims that the empirical evidence shows that banking crises in
developing countries are associated with interest rate spikes , not with currency ...
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The South Korean Economy until 1997
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