Paper Summary:

The paper discusses the 1997 East Asian financial crisis, also termed the IMF crisis locally within the region, that saw the downturn of many East Asian and Southeast Asian economies. The paper explains that the International Monetary Fund (IMF) received much of the blame due to its handling of the crisis. The paper focuses on the IMF efforts in South Korea and reveals that the IMF today is moving toward a less restrictive and more realistic system.

Outline:
Introduction
The East Asian Economic Crisis
South Korea
Conclusion

From the Paper:

"The South Korean Central Bank was forced to expand its open market operations (OMO) in order to attempt to stabilize its currency. By elevating the amount of OMO in terms of their own securities, Central Banks attempt to control extreme devaluation in times of stress or manage exchange rates in a more stable fashion (Guille 57). For South Korea, contracting the amount of currency through sales of securities was extremely important in controlling the free-fall of the Won during the extent of the crisis."

Sample of Sources Used:

• Amsden, Alice H. Asia's Next Giant. New York: Oxford University Press, 1989.
• "And South East Asia Thinks It's All Over." The Economist (8 Nov 1997), 19.
• Chowdhury, Neel and Anthony Paul. "Where Asia Goes from Here." Fortune (November 24, 1997), 96.
• Diamond, Larry and Byung-Kook Kim. Consolidating Democracy in South Korea. Boulder, Colorado: Lynne Rienner, 2000.
• European World Year Book 1998. London: Europa, 1998.

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