ECONOMIC CRISES AND STRATEGIES FOR OVERCOMING THEM: THE EXPERIENCES OF SOUTH KOREA AND TURKEY

Elyor Bakhtiyorovich Moyliyev; Narzullayeva Maftuna Fayzullo kizi

Authors

Elyor Bakhtiyorovich Moyliyev PhD Lecturer, Department of "International Economics and Management" University of World Economy and Diplomacy
Narzullayeva Maftuna Fayzullo kizi Master’s Student University of World Economy and Diplomacy

Keywords:

economic crises, financial stability, macroeconomic policy, globalization process, international financial markets, inflation and deflation, state economic role, crisis analysis methodology, economic security, structural reforms, economic growth factors, international economic organizations.

Abstract

This article analyzes the 1998 financial crisis in South Korea and the 2000s financial crises in Turkey from a historical and economic perspective, examining their recovery strategies through a comparative approach. The study evaluates the causes of the crises, the role of international financial institutions (IMF, World Bank), as well as the effectiveness of domestic policies and structural reforms. Drawing on practical experience and international literature, the article highlights the importance of post-crisis financial stability, institutional reforms, and economic diversification. The findings provide valuable insights for developing effective strategies to overcome modern economic crises for developing effective strategies to overcome contemporary economic crises.

References

1. Kue, I. (2007). Social Welfare Reform Since the 1997 Economic Crisis in Korea: Achievement, Limits, and Future Prospects. Retrieved from https://onlinelibrary.wiley.com/doi/full/10.1111/j.1753-1411.2007.00003.x

2. Baliño, T. J. T., & Ubide, A. (1999). The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform. IMF Working Paper, March 1999.

3. Okumus, F. (2003). The Impact of Economic Crisis: Evidence from Turkey. In Walker, K. (2002), The Consequences of the Economic Crisis in Turkey. Working Paper, 13th Meeting of the EU-Turkey Joint Consultative Committee, Erzurum. Retrieved from https://pmc.ncbi.nlm.nih.gov/articles/PMC7148811/#bib30

4. Republic of Turkey Ministry of Treasury and Finance. (2019). Debt Indicators (p. 4). Retrieved from https://ms.hmb.gov.tr/uploads/sites/2/2019/01/DEBT-INDICATORS.pdf

5. Akyüz, Y., & Boratav, K. (2004); Ertugrul, A., & Yeldan, E. (2003); Yeldan, E. (2002); Independent Social Scientists Alliance. (2006). Reports on inflation reduction program and subsequent crisis.

6. Coe, D. T., & Kim, S.-J. (Eds.). (2001, May 17-19). Korean Crisis and Recovery—Papers Presented at a Conference held in Seoul, Korea. Retrieved from https://www.imf.org/external/pubs/nft/seminar/2002/korean/

7. He, D. (2004, September). The Role of KAMCO in Resolving Nonperforming Loans in the Republic of Korea (pp. 6–7). IMF. Retrieved from https://www.imf.org/external/pubs/ft/wp/2004/wp04172.pdf?utm

8. IMF. (2000). Republic of Korea: Economic and Policy Developments. Retrieved from https://www.elibrary.imf.org/view/journals/002/2000/011/article-A001-en.xml?utm

9. IMF. (2000). Korea: Economic and Policy Developments. IMF Country Report No. 00/11.

10. IMF. (2015). Press release. Retrieved from https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr0207

11. World Bank. Foreign direct investment, net inflows. Retrieved from https://data.worldbank.org/indicator/BX.KLT.DINV.WD.GD.ZS?locations=TR