Financial Crisis In South Korea Essay
DESCRIPTION OF PROJECT ON FINANCIAL CRISIS IN KOREA AND IMF
"In December 1997, Korea went into serious economy crisis and went to seek a bailout from the International Monetary Fund (IMF). The Korean currency crisis is known popularly as the I.M.F. crisis because the local currency once tumbled to 2,000 won against the U.S. dollar. The danger of economic collapse forced South Korea to swallow a tough bailout package from the International Monetary Fund that closed big banks and industrial companies, led legions of workers to be laid off and prompted citizens to donate their gold to the national treasury. But South Korea was able to bounce back and resume the soaring growth rates that have enabled its gross domestic product to double since 1998, catapulting South Korea into the ranks of the world’s wealthiest nations".(Martin Fackler.( Jan. 6, 2011). Lessons Learned, South Korea Makes Quick Economic Recovery. Retrieved from
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Therefore the best way to solve the negative impact on bailout role they play in the world economy is to readjust the policies that create crisis to countries seeking their assistance in the first place. The IMF should concentrates on being a fund provider to countries in need, not to be the dictator of the fiscal and monetary policies. it is now the responsibility of governments of each country to determine or examine the regulatory that he would imposed on his financial institutions in order to limit the risk of financial crisis."These governments will have incentive to do this if their access to international capital from other countries is tied to their maintenance of responsible fiscal policy”. (Moore, Terbeek, Thym (2007-09): INTERNATIONAL FINANCIAL CRISIS, The Effect of the IMF on World Economic Policy and Private businesses. Retrieved from
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