Taking an overall view in the light of the points I have just mentioned, we certainly cannot say that Korean macro-economic variables present an unsatisfactory pattern. But vigilance is also called for as the Korean economy confronts problems that are by no means trifling.
The post-Lehmans global contraction certainly provided a dramatic illustration of exposure to external shocks. By that time, however, the globalization turbocharger was already working in reverse as Anglo and other banks struggled to refinance their foreign borrowings.