콘텐츠 바로가기
로그인
컨텐츠
  • HOME
  • SEARCH
PLUS Text Size MINUS RESET
FACEBOOK TWITTER Linked In

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic Administration

Print

Korea’s economic reform measures under the IMF program : Government measures in the critical first six months of the Korean economic crisis

Related Document
Frame of Image
  • Korea’s economic reform measures under the IMF program
  • Sohn,Chan-Hyun; Yang,Junsok
  • Korea Institute for International Economic Policy


link
Title Korea’s economic reform measures under the IMF program
Similar Titles
Sub Title

Government measures in the critical first six months of the Korean economic crisis

Material Type Reports
Author(English)

Sohn,Chan-Hyun; Yang,Junsok

Publisher

[Sejong, South Korea] : Korea Institute for International Economic Policy

Date 1998-06
Series Title; No Policy Paper / 98-01
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Economic Administration
Holding Korea Institute for International Economic Policy
License

Abstract

By November 1997, the financial crisis that had been tormenting Southeast Asia since the summer of that year spread to Korea. The foreign exchange difficulties were quite unlike anything the world had ever seen. The resultant economic chaos is still being sorted out and the effects will likely be felt for years to come. The crisis in Korea was touched off in November when a loss of confidence by foreign investors resulted in huge withdrawals of funds and a swift, massive depreciation of the Korean won. In early December, the Korean government requested the assistance of the IMF. The government and the IMF agreed on a program of fundamental economic reforms to curb the foreign exchange crisis. In particular, the reforms aimed to eliminate some of the long-standing problems with the Korean economy such as excessive regulations, inefficient financial sector, corporate governance without checks and balances, high levels of restrictions in trade and capital flows, rigid labor markets, and non-transparency.