On 23rd August 2001, the bank of Korea announced to the public that the last portion of the debt from the IMF had been fully paid out and it was three years earlier than originally planned (The Korea times, 2001). This historical day seemed to mean a lot to the Korean economy as it finally regained financial sovereignty. Even the IMF praised Korea’s economic achievement, due to the fact that Korea was the quickest country to recover among the others that received the IMF rescue fund. (IMF, 2001).
Yoon (2011) pointed out Korea's surprising economic turn-around during the crises. By comparing the results of the other countries, he illustrated the strong efforts in economic recovery of the Korean people themselves.
But what was the reality? During the difficult three year and eight month period, was the Korean economy really transformed? Or, was the Korean government too hurried to look good to the outside world? For the next blog posts, I will look more deeply at these questions by presenting various macro-economic indices to show the epicentre of the remaining problems that the IMF had not anticipated.
Pictures from Korean News paper Hankuk-ilbo http://weekly.hankooki.com
Yoon (2011) pointed out Korea's surprising economic turn-around during the crises. By comparing the results of the other countries, he illustrated the strong efforts in economic recovery of the Korean people themselves.
But what was the reality? During the difficult three year and eight month period, was the Korean economy really transformed? Or, was the Korean government too hurried to look good to the outside world? For the next blog posts, I will look more deeply at these questions by presenting various macro-economic indices to show the epicentre of the remaining problems that the IMF had not anticipated.
Pictures from Korean News paper Hankuk-ilbo http://weekly.hankooki.com
IMF (2001) IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit , Available at: http://www.imf.org/external/np/sec/nb/2001/nb0182.htm (Accessed: 12nd February 2012).
the Korea Times ( 2001) IMF Graduation and the New Begin, Available at: http://www.koreatimes.com/article/50117 (Accessed: 12nd Feb. 2012).
Yoon, D. (2011) 'The Korean Economic Adjustment to the World Financial Crisis', Asian Economic Papers, 10(1), pp. 106-126.
Yoon, D. (2011) 'The Korean Economic Adjustment to the World Financial Crisis', Asian Economic Papers, 10(1), pp. 106-126.
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