Foreword

Chapter 1: Unfolding of the Global Financial Crisis

1. Background of the global financial crisis
　1.1. The U.S.’s low interest rate policy
　1.2. Global Imbalances
　1.3. Moral hazard of economic players
　1.4. Limits of financial regulators
2. Pre-crisis phase
　2.1. Mortgage market expansion
　2.2. Bubbles in the global housing market
3. Spread of the crisis and countermeasures taken by major economies
　3.1. The subprime mortgage crisis and the bankruptcy of Lehman Brothers
　3.2. Spread of crisis to the global financial market
　3.3. Spread of the crisis to the real economy
　3.4. Simultaneous slowdown of the global economy
　3.5. Major economies’ countermeasures against the crisis
　3.6. Strengthened global coordination between advanced and emerging economies
4. Spread of the global financial crisis to Korea
　4.1. Financial market disturbance
　4.2. Impact on the real economy
　4.3. Vulnerability of the Korean economy

Chapter 2: Policy Measures to Recover from the Global Financial Crisis

1. Public finance and taxation
　1.1. Expansion of public spending
　1.2. Tax cut and reliefs
　1.3. Evaluation and tasks of fiscal and tax policies
2. Monetary, financial and foreign exchange policies
　2.1. Monetary policy
　2.2. Financial policy
　2.3. Foreign exchange policy
　2.4. The Seoul G-20 summit and reform of the financial regulation system
　2.5. Financial restructuring
　2.6. Corporate restructuring
　2.7. Evaluations and future tasks
3. Measures to create jobs and stabilize the people's livelihood
　3.1. Job creation efforts
　3.2. Measures to stabilize the people’s livelihood and prices
　3.3. Evaluation

Chapter 3: Macro Evaluation of the Crisis Management and Future Tasks

1. Achievement and evaluation of recovering from the crisis
　1.1. The process of the Korean economy recovering from the crisis
　1.2. Background and factors in recovering from the crisis
2. Risk factors and future policy directions for the Korean economy
　2.1. Overview of Korea's recent economic conditions
　2.2. Risk factors in the Korean economy
　2.3. Policy directions for sustainable economic growth

Endnote

References