A Lost Decade? Costs and Benefits of the Post-crisis Financial Reforms in South Korea
Almost a decade has passed since the financial crisis in South Korea. At the time Korean banks, already under financial stress, were faced with bad loans stemming from bankruptcies in the corporate sector. To resolve the bad loan problem, the Korean government actively intervened in the financial sector. The policy of "shock therapy" worked to restructure failed or failing banks.
Myung-Koo Kang will discuss this "shock therapy" approach in Korea and look at this approach to financial restructuring in a broader comparative context. He will also explore the impact of Korea's restructuring efforts on financial intermediation and the consequences of rapid privatization on the Korean financial sector.
Myung-Koo Kang is a postdoctoral fellow of Shorenstein APARC. Kang is currently revising his dissertation for publication titled, "Growing out of the "Vortex": The Politics of Financial Restructuring in Japan and South Korea". His dissertation explores the reasons why, despite similar institutional legacies emphasizing economic development, South Korea and Japan have responded so differently to their respective banking crises. Kang received his Ph.D. in political science from the University of California, Berkeley, in 2006. He was a visiting scholar to the Policy Research Institute of the Ministry of Finance, Japan, in 2003-4. His research focuses on comparative political economy, international relations, public administration, and East Asia.
Philippines Conference Room
Myung-Koo Kang
Shorenstein APARC
Encina Hall, Room E301
Stanford University
Stanford, CA 94305-6055
Myung-Koo Kang holds Ph.D. from the University of California, Berkeley (major in political science, specialty: comparative political economy, public administration, and East Asia) and M.A and B.A. from the Seoul National University (major in international relations). He was brought up in a rural area of South Korea, observing the massive social mobilization during the 1970s, and he served in the DMZ for three years before he came to the U.S. He conducted research at the Policy Research Institute of the Ministry of Finance, Japan, for a year as a visiting scholar about Japanese financial reforms.
Dr. Kang is currently conducting research on various projects: (1) preparing the dissertation for publication about the financial reforms in Japan and South Korea, and effects of financial restructuring on corporate financing and governance; (2) research on the social and historical origin of Korean power elite, and as its extension, leading research project on comparative studies on power elite in Japan, South Korea, and China; (3) the pattern of uneven regional integration in East Asia and its prospects; (4) research on the political and economic difficulties faced by North Korean refugees living in South Korea.