Managing the Asian Meltdown: The IMF and South Korea

Managing the Asian Meltdown: The IMF and South Korea

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Abstract

This case study asks students to consider the causes of the Korean economic crisis of 1997–1998 and assess the appropriateness of the International Monetary Fund's response to it. On a more general level, the case explores the evolving role of the IMF by asking students to think about the responsibility of both lenders and borrowers in the Asian crisis, the problem of moral hazard, and the necessity of structural adjustment in crisis countries. It is designed for use in courses dealing with international political economy or East Asian politics. Although the study will work best for students who already have some background on the IMF and exchange rates, appendices on both subjects have been included to make the case as self-contained as possible.

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