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Since the 2008 global financial crisis, policymakers as well as academicians have been seeking to fathom why subsequent recoveries remain tenuous. Other outstanding issues that they have been trying to understand include: why do some economies grow faster than others? How should the exchange rate volatility be understood and what factors make an economy more likely to fall into an exchange rate crisis? What policies need to be taken during tranquil periods, and how should they be changed once the crisis is triggered? As a partial effort to meet such interests, this book provides insights into these issues.
This book examines growth and convergence (Part I), exchange rate volatility and the Asian crisis (Part II), and the global crisis (Part III). In addition, the book also draws lessons from South Korea's experiences - a country which has undergone three different crises and brisk recoveries (Part IV). The book also includes some practical and policy-oriented analysis. This is a truly comprehensive book bringing together varied topics and diversity under one common theme - economic growth and crisis.
Dongchul Cho is Chief Economist at the Korea Development Institute (KDI) and Professor at the KDI School of Public Policy and Management. He is also serving as a member of National Economic Advisory Council to the President. Before he joined the KDI in 1995, Dr. Cho was Professor of Economics at Texas A&M University. He graduated from Seoul National University and holds a PhD in Economics from the University of Wisconsin-Madison. His major areas of interest are macroeconomics and international finance.