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Notable features of 2008 financial crisis and directions of adjustment by the Korean economy
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- Authors
- Issue Date
- 2009-04
- Citation
- Seoul Journal of Economics, Vol.22 No.2, pp. 181-215
- Keywords
- Financial crisis ; Global imbalance ; Key currency ; Depreciation
- Abstract
- Some notable features of 2008 financial crisis have been
observed alongside with the comparison of what have been done
in response to it with those of 1998 Asian financial crisis.
Asymmetries between U.S. as a debtor with key currency privilege
and other debtors without the original fortune were observed. It is
further noticed that the asymmetries would be altered with the
2008 financial crisis as U.S. became even bigger debtor with the
crisis not only to others but to herself. A few measures have been
proposed to reduce the asymmetries. It was thought what were
required to Asian debtors of 1998 had to be applied similarly to
the debtor U.S. Massive inflation from many stimulus packages of
nations was expected. It would surely lead to dollar depreciation,
and it is speculated that the depreciation would resolve quite
much of current global imbalance via de facto hard landing.
- ISSN
- 1225-0279
- Language
- English
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