BEYOND THE CRISIS: Korea’s Emergence from the Global Financial Storm of 2008

Stepping up to the task of economic reform is critical in both the local and global contexts. Hasty optimism in a market known for its notoriously short memory must not be allowed to dilute the importance of the role of reform in further strengthening the financial systems in many countries. Otherwise, the ominous threat that “the end of one crisis is the beginning of the next crisis” looms exponentially closer.

This book is prepared to serve two objectives. One is sharing knowledge of effective crisis management, based on Korea’s recent experience in overcoming its own turmoil during the global financial crisis. International organizations such as the IMF, OECD and the World Bank, as well as the international press, have given much coverage to Korea’s economic comeback story. The Korean experience may shed some light for many emerging economies in dealing with such a financial crisis.

This book also endeavors to propose an agenda for a safer and more disciplined financial environment, leading to balanced and sustained growth of the world economy. While steps have already been taken, the global community must not lose momentum in continuing to improve the architecture of the international financial system. The present crossroads also coincides with Korea’s assumption of the G-20 Forum chairmanship, under the auspices of which Korea stands ready to play an active role in promoting collective global efforts to these ends.

About the Author

Dr. Jun Kwang-woo is currently chairman of the National Pension Service of Korea, one of the top five pension funds in the world. In 2008—2009, he served as founding chairman of the Financial Services Commission of Korea, playing a pivotal role in coping with the global financial crisis that erupted in 2008.