I believe this experience help me greatly to understand economic crisis. A case analysis of economic crisis management is included in the lecture on “Financial Crises and Policy Responses: A Korean Perspective” that I delivered to Policy Board members and executives of the Bank of Japan in the Tripartite Governors’ Meeting on August 3, 2010.
But before we get into the details of the extent and implications of the crisis on our country’s development momentum, I suppose it is important to ask the question: How did the current global financial crisis occur in the first place? What led to the creation of “bubbles”? I believe that there are two layers to the reasons for the crisis.