South Korea and the IMF

Paper Summary:

The paper discusses the 1997 East Asian financial crisis, also termed the IMF crisis, that saw the downturn of many formerly robust East Asian and Southeast Asian countries. The paper discusses the aid packages of the International Monetary Fund (IMF) and the difficult economic measures they required. The paper looks at Phillips curve and South Korea's exchange rate behavior. The paper concludes that most analysts view the country's economy as stable and forecast a strong outlook for it.

Outline:
Overview
Central Bank and OMO
Phillip's Curve
Exchange Rate Behavior
Conclusion

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."

Sample of Sources Used:

• Brealey, Richard A., et al. Financial Stability and Central Banks: A Global Perspective. London: Routledge, 2001.
• Chung, Jae-Yong, and Richard J. R. Kirkby. The Political Economy of Development and Environment in Korea. London: Routledge, 2002.
• "Exchange Rates." International Monetary Fund (online). 31 Jul. 2006< http://www.imf.org/external/data.htm>.
• Guille, Mauro F. The Limits of Convergence: Globalization and Organizational Change in Argentina, South Korea, and Spain. Princeton, NJ: Princeton University Press, 2001.
• "Korea, South." CIA World Fact Book (online). 31 Jul. 2006<http://www.cia.gov>.

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