Paper Summary:

The paper discusses the 1997 East Asian financial crisis that began in Thailand and quickly spread throughout the region with a sudden devaluation of currencies, stock markets and various other financial assets. The paper shows how the financial crisis was a seminal moment for South Korea and for the region in general.

From the Paper:

"The 1997 East Asian financial crisis, also termed the IMF crisis locally within the region, saw the downturn of many formerly robust East Asian and Southeast Asian countries. The crisis began in Thailand and quickly spread throughout the region with sudden devaluation of currencies, stock markets and various other financial assets (Li). South Korea, being one of the globe's largest economies, seemed to have sufficient safeguards in place to prevent the massive currency devaluation that was so rapidly crippling the East Asian economies. It had average gross domestic product (GDP)..."

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