출판사 서평
“The Korean economy is a history of challenge that has blossomed amid hardship and crises. You have always stood at the forefront in facing challenges. During the 2008 global financial crisis, you led the Korean economy as Minister of Finance to rise from the crisis. You were unskilled at persuasion...
“The Korean economy is a history of challenge that has blossomed amid hardship and crises. You have always stood at the forefront in facing challenges. During the 2008 global financial crisis, you led the Korean economy as Minister of Finance to rise from the crisis. You were unskilled at persuasion, but didn’t give up or circumvent. Time passes by, but policies with soul last. Your devotion will be long remembered. We, the press corps who criticized sometimes and defended other times, present you today with this small plaque of appreciation.”
This was what was written on the plaque of appreciation presented to the author on November 15, 2012, several years after retirement from the Minister of Finance post, by the members of the Press Corps at the Ministry of Finance during the time of global financial crisis. As a journalist recalled, \"I have worked as a journalist for 18 years, and I have written more articles during this one year than I did for the past 17 years\", 2008 was a year marked by a continuous series of numerous countermeasures to overcome the global economic crisis, while the author, in the center of this turmoil, had to bear the heavy burden. The path taken by the author, perhaps one of the only officials to confront two crises in the fierce and harsh field, battling the 1997 Asian financial crisis as Vice Minister of Finance and tackling the 2008 global economic crisis as Minister of Finance, chronicles path that the Korean economy has traveled.
This book provides a gripping record on the two crises, Asian financial crisis and global economic crisis, that have changed and shaped Korea, with detailed first hand accounts on the causes of the crises, turbulent times during the crisis, and political and diplomatic negotiations in the process of tackling the crisis. It is a must read if one wishes to gain a true insight on the Korean economy, decisions that had to be made in times of crises, how decisions were made, and what resulted from such decisions.
■ FORM THE BOOK
“In 2008, foreign media sarcastically described Korea’s economic situation as ‘1997 rewind’, ‘heading for black September’, ‘Asia’s Iceland’, and ‘as risky as Poland’. However, they quickly switched to plaudits the next year when Korea began recovering at the fastest pace in the OECD. Bloomberg ran a column, ‘Hats off to officials in Seoul’ on July, 2009. Financial Times said that Korea was no more a loser, the economy was as big as India’s with a population 20 times larger than Korea’s, and the exports was bigger than that of the UK on February, 2010. On August, 2011, the IMF praised that the Korean government’s fast and decisive measures set a textbook example on how to stimulate an economy in recession.”
“We became stronger and got seven achievements in tackling the 2008 turmoil with the “get-up-and-go” spirit and by turning the crisis into an opportunity. They were; the fastest recovery in the OECD; rise as the world’s seventh largest exporter; the world’s highest R&D investment relative to GDP; switchover to capital exporter; highest credit rating in Asia; transformation into a rule making country; and transition from a recipient to a donor.”
“In this new era, it is increasingly true that the strong don’t always survive but survivors become the strong. Zero interest rates and quantitative easing were phenomenon of a new form of currency war, and we do not know where it is heading. They may be adding fuel to the bubbles that sparked the crisis, deepening the problems even further.”

목차
PROLOGUE
CHAPTER 1 _ CRISES REDUX
01 Boom and Bust Cycle
Recurring crises
1997 Asian crisis: Temptation and mismatch
2008 global crisis: Imbalance and burst bubble
Crises in Korea: Trial and error
02 Bubbles Eventually Burst
Investor or speculator
Greed and speculation
Inevitable burst of bubble
03 Crises like Typhoons
Misjudgments by authorities
Fearful tranquility
Tariff and currency wars: Beggar-my-neighbor
Birth of IMF and GATT
CHAPTER 2 _ 1997 ASIAN FINANCIAL CRISIS
04 Liquidity Mismatch
Typhoon from Southeast Asia
Capital flood and currency appreciation
Sudden outflow of foreign money
Forced change: IMF program
Wounds of crisis
Asian cooperation: Chiang Mai Initiative
05 Korean Economy in a Nutcracker
Pre-crisis missteps
Nut in nutcracker
Overvalued won and flat tariff rate
Cracked nut: Deterioration in current account balance
Failure in customs management
Steps to improve competitiveness
06 1997 Foreign Exchange Crisis in Korea
Economic health indicator: Current account balance
Crisis prevention measures
Kia Motors: Too big to fail
Escaping trap of flat tariff rate
Overcoming trap of overvalued won
Fuse of a crisis: Merchant banks
Sharp withdrawals of short-term funds
Failed financial reforms
Efforts coming to naught
07 Forced Changes: IMF Bailout
Requesting IMF help
Strategies of negotiation with IMF
IMF economic program
Presidents’ talk: Finish in one day
Consensus on economic program
Side letter: Tough negotiations
Birth of consolidated supervisory body
Record bailout: US$58.3 billion
Negotiation for debt rollover
Agreement in New York
Birth of a leftist government
CHAPTER 3 _ LEGACY OF CRISIS
08 Repaying of Borrowed Income
Eagerness and ignorance
Crisis wounds: Massive job losses and closures
Survival tools: Exchange rate and foreign reserves
09 Crisis Lessons: No Friend in Need
Crisis repeats itself
External balance should be prioritized
Exchange rate is a matter of sovereignty
Foreign exchange reserves are life line
R&D supplies edge
10 Legacy of Leftist Government
A half blessing in disguise
Low investment
Return to current account deficit
Inadequate R&D investment
Labor market setback
Strengthened financial base
11 Elections and Platforms
Election economics: Good policies are bad pledges
Vision of Top 7 Nation
Pledges: Toward advanced country and community of hope
Presidential transition committee
CHAPTER 4 _ 2008 GLOBAL ECONOMIC CRISIS
12 Unprecedented Global Crisis in 2008
Imbalance and burst of bubble
Progress of crisis: Too connected to fail
Unprecedented responses: All means mobilized
Unprecedented currency war: Open the safes
Results of crisis management: Long road ahead
13 Reflection of 2008 Economic Crisis
Obese economy: Excessive consumption and investment
‘Diet’ economy: Work hard, save more, and invest more
Inconvenient truth: Troubles in financial system
Leadership and cooperation: Birth of G-20
14 Economics of Restraint
Lessons from crisis: Restraint and reform
Dilemmas of economics: Keynes, Friedman, Hayek and Schumpeter
Experiences of Korea: Conflicting choices and policy mix
Economics of managed restraint: Toil and sweat
CHAPTER 5 _ KOREA’S RESPONSES IN 2008
15 Caught in Turmoil
Already limping in three traps
Subprime crisis on horizon
Managing crisis first
16 Strategies against Crisis: Get up and Go!
Ride out with get-up-and-go
Crisis is opportunity
Preemptive, decisive, and sufficient measures
17 Urgent Measures: Survivors Become the Strong
First move: Normalizing exchange rates
Second move: Lowering oil tax and tariff rates
Third move: Tax rebates of 240,000 won
Fourth move: Cutting interest rate and injecting liquidity
Fifth move: Korea-US currency swap
Last move: Guaranteeing bank debt with US$100 billion
18 Investment Environment: Maximizing Potential
Tax cuts: The best tool
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