Download publication

Book/Special report

EU-Korea Economic Exchange

Articles published during the Bruegel/Korea Institute of Finance project on ‘EU-Korea policy responses to the global financial and economic crisis and the scope for internationalisation of the financial services industry’

By: , , , , , , , , , , , , , , and Date: April 22, 2013 Topic: Global Economics & Governance

Even though the roots of the global financial crisis lay in risky financial structures in the United States and weaknesses in financial regulation, the crisis became global mainly because of significant financial and trade linkages between the US and other countries. Most countries, including European Union countries and Korea, have felt the impact of the global crisis. The major channels through which the global crisis transmitted to the EU economy seems to be related to the internationalisation of the financial services industry and financial interlinkages, while in Korea the trade channel was more important.

There was a striking difference between the ways in which the EU and Korea were affected by the global financial and crisis. While the initial shock was broadly similar after the collapse of Lehman Brothers in September 2008, Korea recovered very quickly and output in 2013 is expected to exceed by more than 18 percent the 2007 output level. But the EU’s output is still expected to fall behind the pre-crisis value. The current mild impact of the crisis on Korea is in contrast to the harsh impact of the Asian crisis in the late 1990s, when Korean output fell significantly in 1998, though it recovered quickly after 1999.

Based on these observations, we launched a research project to learn from each other by studying the crisis response in the EU and Korea, and the potential for internationalisation of the financial services industry in the EU and Korea. This research was supported by the European Commission, for which we are grateful.

We organised two major conferences, one in Brussels on Global financial services integration on 16 April 2012, and one in Seoul on The Eurozone crisis and its impact on the global economy on 16 January 2013. We published four newsletters with various articles related to our research themes. This e-book collects our contributions to this project and presents the conference summaries.

Zsolt Darvas, Bruegel April 2013

Read article More on this topic More by this author
 

Podcast

Podcast

A rushed deal or a rush to judgement?

The Comprehensive Agreement on Investment (CAI) is supposed to improve market access for European companies operating in China and to ensure a level playing field, as well as reciprocity. Does it fulfil such expectations?

By: The Sound of Economics Topic: Global Economics & Governance Date: January 27, 2021
Read article More on this topic More by this author
 

Opinion

A Global Pandemic Alarm Bell

The appearance of new strains of the coronavirus in the United Kingdom, South Africa, and Brazil has given the world no choice but to design and implement a comprehensive global strategy. So, what's stopping that from happening?

By: Jean Pisani-Ferry Topic: Global Economics & Governance Date: January 26, 2021
Read about event More on this topic
 

Past Event

Past Event

Conversation with President Jin Liqun (AIIB) on key Infrastructure trends that could shape the recovery

What will happen to infrastructure financing in a post-COVID world?

Speakers: Jin Liqun and Guntram B. Wolff Topic: Global Economics & Governance Date: January 26, 2021
Read about event
 

Upcoming Event

Feb
4
13:00

Carbon Border Adjustment Mechanism: Greening the EU trade?

Assessing CBAM from a trade perspective.

Speakers: Luis Garicano, Emily Lydgate and André Sapir Topic: Energy & Climate, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article Download PDF More on this topic
 

Policy Contribution

Economic Crisis in the Middle East and North Africa

In the 2010s, the economic outlook of the countries in the Middle East and North Africa region deteriorated, with numerous long-term socio-economic and institutional challenges still unresolved. COVID-19 has compounded the problems. As the region's largest external trading partner, the European Union should do more to support economic and political transformation.

By: Marek Dabrowski and Marta Domínguez-Jiménez Topic: Global Economics & Governance Date: January 21, 2021
Read article More on this topic More by this author
 

Podcast

Podcast

Where did the vaccine strategy go wrong?

“We have to open our mind, we have to look internationally. Because if we don’t, COVID-19 is going to stay with us.”

By: The Sound of Economics Topic: Global Economics & Governance Date: January 20, 2021
Read article More on this topic More by this author
 

Blog Post

Memo to the European Commissioner for Financial Services Policy

The Commissioner for Financial Services Policy should define and promote a vision for a sustainable global financial regulatory and supervisory order, based on the lessons from the previous major international financial crisis in 2007-09 and its aftermath. As a member of President Ursula von der Leyen’s “geopolitical Commission,” the Commissioner should lead in setting the international agenda and build global credibility by driving the corresponding “domestic” (ie EU) reforms at home. This memo focuses on the international aspects.

By: Nicolas Véron Topic: Global Economics & Governance Date: January 20, 2021
Read article More on this topic More by this author
 

Opinion

An EU - China investment deal: a second look

For the moment, it does not look like we have the basis for greater and deeper economic relations with China. However, dismissing China and the opportunities that it creates for global cooperation would also be a mistake.

By: Maria Demertzis Topic: Global Economics & Governance Date: January 19, 2021
Read article More on this topic More by this author
 

Opinion

Résilience : la nouvelle boussole

Pour surmonter le choc de la pandémie de Covid-19, l’économiste écarte, dans sa chronique, l’idée d’un repli protectionniste, mais suggère de passer d’un objectif de réduction des coûts à celui de la réduction des risques.

By: Jean Pisani-Ferry Topic: Global Economics & Governance Date: January 18, 2021
Read article More on this topic More by this author
 

Blog Post

A matter of life and death: governments must speed up vaccination

COVID-19 vaccination in Europe and the United States is moving too slowly and is failing to prevent avoidable death and economic disruption. More must be done to accelerate the campaign by targeting those most at risk.

By: Uri Dadush Topic: Global Economics & Governance Date: January 13, 2021
Read article More on this topic More by this author
 

Opinion

Europe's disappointing investment deal with China

Why rush a deal that is so inherently complex?

By: Alicia García-Herrero Topic: Global Economics & Governance Date: January 4, 2021
Read article More on this topic More by this author
 

Blog Post

Happy New Year?

A recovery from the COVID-19 recession is underway though the suffering is far from over, especially for the most vulnerable. Inequality is both a consequence of the pandemic and a cause of its severity. Many countries need comprehensive policy change to address its worst effects.

By: Uri Dadush Topic: Global Economics & Governance Date: December 23, 2020
Load more posts