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Market and society

McNamara, Dennis

Market and Society in Korea, 2002, p.6-23

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Título:
Market and society
Autor: McNamara, Dennis
Assuntos: Asia ; Asian studies ; Development economics
É parte de: Market and Society in Korea, 2002, p.6-23
Descrição: South Korea survived the IMF crisis once again confounding her critics despite a series of crises and a credit guarantee of $58 billion. Somewhere between markets and miracles, crises and financial credibility, lies a story of growth and recovery significant well beyond the peninsula. "Cronyism" in government, banks and conglomerates appeared the easiest explanation for the sudden reversal from the envy of developing nations to the infamy of the IMF's largest bailout. Cronyism would include the moral hazard of permitting firms to amass debts so large that state-controlled banks fear to foreclose lest they bring the banks down with them. Cross-shareholding and cross-debt guarantees within the mid-size and larger Korean jaebol would be further evidence, creating a "web of interlocking ownership and indebtedness." 1 But unraveling the nexus of Korea, crisis, and cronyism across three years of financial and corporate restructuring has not proved easy. 2
Editor: United Kingdom: Routledge
Idioma: Inglês

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