콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy

Print

Adjustment reforms in Korea since the financial crisis : December 1997-June 1998

Related Document
Frame of Image
  • Adjustment reforms in Korea since the financial crisis
  • 왕윤종 ; 장형수
  • Korea Institute for International Economic Policy


link
Title Adjustment reforms in Korea since the financial crisis
Similar Titles
Sub Title

December 1997-June 1998

Material Type Reports
Author(Korean)

왕윤종 ; 장형수

Publisher

[서울]:Korea Institute for International Economic Policy

Date 1998
Series Title; No Policy Paper / 98-02
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding Korea Institute for International Econmic Policy

Abstract

The East Asian financial crisis emerged as Thailand's currency crisis in July 1997 spread to the neighboring countries, which eventually forced Indonesia and Korea to request assistance from the IMF. The Korean government had officially made the request on November 21 after nearly all of its foreign reserves were depleted in defense of the Korean won. For the short-term, the IMF program stresses on a tight aggregate-demand policy to stabilize the foreign exchange market. For the mid- and long-terms, it stresses on the structural reforms of the financial and corporate sectors, which were the underlying causes of the currency crisis. The IMF programs for the affected East Asian countries - including Korea - are a combination of the traditional aggregate demand and restructuring policies.The international financial institutions' assessment of the Korean economy and the Korean government's mandated and voluntary reform measures wields a significant influence over Korea's ability to attract fund support from the governments and banks of the United States, Japan, and other advanced economies, including foreign investors. (The rest omitted)