Comparative Study on the Structural Causes and Policy Implications of Financial Crises: Focusing on the Cases of Korea in 1997, the United States in 1929, and Japan in 1989

초록

This study conducts a comparative analysis of three major financial crises —Korea’s 1997 foreign exchange crisis, the United States’ 1929 Great Depression, and Japan’s 1989 asset bubble collapse—to uncover their structural causes and derive policy implications. Drawing on theoretical frameworks such as Hyman Minsky’s financial instability hypothesis, Milton Friedman’s policy failure theory, and Charles Kindleberger’s contagion model, the research employs a qualitative case study approach to examine the causes, processes, and outcomes of each crisis. Key findings reveal common mechanisms: excessive private debt expansion fueling asset bubbles during booms, followed by systemic collapses amplified by policy failures, such as inadequate liquidity provision(U.S.), unprepared capital liberalization(Korea), and delayed restructuring(Japan).

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