This paper examines episodes of the banking system distress and crisis in a large sample of countries. The empirical results identify several macroeconomic and financial variables as useful leading indicators. The main macroeconomic indicators were of limited value in predicting the Asian...

Since the financial crisis in 1997-98, Korea has made major progress in financial, and corporate sector reform - the supervisory and regulatory regime for the financial sector has been substantially strengthened, and recent reforms helped achieve a high degree of observance of international...

This Selected Issues paper for the Republic of Korea focuses on the role of monetary policy in the current context of slowing growth and rising inflation pressures. Korea has not remained immune to the global slowdown, and with the cycle turning downward, the trade-off between inflation and...

Korea’s statistics are generally of a high quality, and reflect a significant improvement since the last Report on the Observance of Standards and Codes. Korea’s adherence to internationally accepted statistical practices requires cross-cutting recommendations, and the development of a...

Korea has enjoyed strong growth owing to rapidly increasing exports and consumption. Potential growth is slowing as the population ages, whereas social polarization is growing. Korea should implement plans to build an advanced financial system and improve service productivity by opening the...

This note is on Korea’s transition to a knowledge-based economy, the prospects and challenges ahead, and the development of its financial sector. Assessment of recent government initiatives to develop capital markets has been presented. The note discusses restrictions on Chaebol ownership of...

This 2009 Article IV Consultation highlights that like other open economies, Korea was hard hit by the global financial crisis during the last quarter of 2008. The authorities responded with a timely and comprehensive set of financial market and macrostabilization measures. Executive Directors...