Lessons from South Korea's Economc Policy during the Global Financial Crisis

Byongwon Bahk, KSP’s 2009-2010 Koret Fellow and a recent chief economic adviser to South Korean President Lee Myung-bak, spoke in San Francisco January 11 on “Lessons from South Korea's Economic Policy during the Global Financial Crisis.” Mr. Bahk explained how traumatic memories of the 1997-1998 East Asian financial crisis and ensuing reforms resulted in South Korean leaders responding quickly and massively to the current financial crisis, allowing the country to recover more rapidly than any other OECD member. He also discussed future challenges to the South Korean economy as it faces lagging investment, an overregulated services sector, and a rapidly aging society with the world’s lowest birthrate. Co-sponsored by the World Affairs Council of Northern California and the Asia Foundation, the event was moderated by Mr. Philip W. Yun, the Asia Foundation’s Vice President for Resource Development and a former senior U.S. State Department official.

The Byongwon Bahk is generously funded by the Koret Foundation of of San Francisco; it was established to bring leading professionals in Asia and the United States to Stanford to study United States-Korea relations.