Detail Causes for Business Failure : Understanding The 1997 Korean Crisis   Oleh:  Lee, Jisoon Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Asian Economics vol. 9 no. 4 (1998), page 637-652. Topik: business failure; business failure; korean crisis Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ50.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This paper explains why the Korean business sector is in such bad shape based on the hypothesis that it is partly due to bad management and partly due to bad systems and policies. Bad management of business firms, especially the large ones belonging to chaebols, was a crucial element in fermenting the crisis. This stems from the deeper problem of the lack of an effective corporate governance mechanism. There did not exist effective mechanisms with which inefficient managers could be punished. Thus, when large firms went on prolonged investment binges, nothing could have prevented them. The grave ill effects of financial controls long used by the government, were another crucial elements that instigated the current crisis. The policy, whose essence was to create economic rents through interest rate controls and allocate those rents to designated areas, had produced many ill effects. The policies, among others, made borrowers overly dependent on debts and lenders extremely burdened with non - recoverable loans, making both very vulnerable to bad shocks. If Korea can reform her government - dominated economic system toward a more market - dependent one, she will emerge from the current crisis much stronger. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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