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Notable features of 2008 financial crisis and directions of adjustment by the Korean economy

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Authors
Lee, Chon Pyo
Issue Date
2009-04
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.22 No.2, pp. 181-215
Keywords
Financial crisisGlobal imbalanceKey currencyDepreciation
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
URI
https://hdl.handle.net/10371/67703
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of Economics (SJE)Seoul Journal of Economics vol.22 no.1~4 (2009)
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