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ÀúÀÚ : MAN-SOO KANG
ÀúÀÚ MAN-SOO KANG HAS TACKLED TWO ECONOMIC CRISES, ASIAN FINANCIAL CRISIS IN 1997 AND GLOBAL ECONOMIC CRISIS IN 2008, AS VICE MINISTER AND MINISTER OF FINANCE, AND SENIOR ECONOMIC ADVISOR TO THE PRESIDENT OF KOREA. HE ALSO HAS SERVED AS COMMISSIONER OF THE CUSTOMS, VICE MINISTER OF TRADE AND INDUSTRY, AND CHAIRMAN AND CEO OF THE KOREA DEVELOPMENT BANK. MAJOR ACHIEVEMENTS DURING HIS CAREER INCLUDE NEGOTIATION FOR BAIL-OUT PROGRAM WITH INTERNATIONAL MONETARY FUND AND RESHUFFLING KOREA¡¯S CENTRAL BANKING AND REGULATORY SYSTEM IN 1997. HE ALSO IMPLEMENTED OVERALL REVISION FOR TAX SYSTEM INCLUDING INTRODUCTION OF VALUE ADDED TAX IN 1977. IN 2008, HE EXERCISED FOREIGN EXCHANGE AND TAX-CUT POLICIES FOR OVERCOMING THE GLOBAL ECONOMIC CRISIS. HE WROTE ¡°EYE-WITNESSED DOCUMENTARY ON 30 YEARS OF KOREAN ECONOMY¡± DEALING HIS EXPERIENCES ON FISCAL AND FINANCIAL POLICIES IN THE GOVERNMENT. HE ATTENDED SEOUL NATIONAL UNIVERSITY FOR LAW AND NEW YORK UNIVERSITY FOR ECONOMICS.
PROLOGUE
CHAPTER 1 _ CRISES REDUX
01 Boom and Bust Cycle
Recurring crises
1997 Asian crisis: Temptation and mismatch
2008 global crisis: Imbalance and burst bubble
Crises in Korea: Trial and error
02 Bubbles Eventually Burst
Investor or speculator
Greed and speculation
Inevitable burst of bubble
03 Crises like Typhoons
Misjudgments by authorities
Fearful tranquility
Tariff and currency wars: Beggar-my-neighbor
Birth of IMF and GATT
CHAPTER 2 _ 1997 ASIAN FINANCIAL CRISIS
04 Liquidity Mismatch
Typhoon from Southeast Asia
Capital flood and currency appreciation
Sudden outflow of foreign money
Forced change: IMF program
Wounds of crisis
Asian cooperation: Chiang Mai Initiative
05 Korean Economy in a Nutcracker
Pre-crisis missteps
Nut in nutcracker
Overvalued won and flat tariff rate
Cracked nut: Deterioration in current account balance
Failure in customs management
Steps to improve competitiveness
06 1997 Foreign Exchange Crisis in Korea
Economic health indicator: Current account balance
Crisis prevention measures
Kia Motors: Too big to fail
Escaping trap of flat tariff rate
Overcoming trap of overvalued won
Fuse of a crisis: Merchant banks
Sharp withdrawals of short-term funds
Failed financial reforms
Efforts coming to naught
07 Forced Changes: IMF Bailout
Requesting IMF help
Strategies of negotiation with IMF
IMF economic program
Presidents¡¯ talk: Finish in one day
Consensus on economic program
Side let...(ÇÏ·«)