Abstract ▼ AI-Helper

The Korean Economy could have entered into the threshold of ten of thousand dollars of the national income per head since it began to be fast growing in 1960 and the government could have become a member nation of OECD. After that, as the member nation, it has driven forward the policy of opening, f...

The Korean Economy could have entered into the threshold of ten of thousand dollars of the national income per head since it began to be fast growing in 1960 and the government could have become a member nation of OECD. After that, as the member nation, it has driven forward the policy of opening, freeing, and internationalism to embody the picture of advanced Korean Economic. But a foreign exchange crisis having come near on Southeast Asia not in a year of being the member of nation of OECD brought about a serious crisis of national economy with a sudden rising of an exchange and money rate and the fall of the stock. Because of these things, the government came to have asked a relief fund of IMF(International Monetary Fund) in order to solve the problem of the severe foreign exchange shortage This Study inquires into the background and the basic cause of how should korean economy have faced to a foreign exchange crisis which had applauded for high growth in sixties? and is going to raise the point at Korean economy issue and search for a countermeasure. Korea met a serious national economy crisis such as running dishonour of a large corporation, a sudden rising of an exchange and money rate and the fall of the stock and so on and received the relief fund of IMF in order to break through a foreign exchange crisis. IMF demanded Korean government performance of the program on the contents of carrying out strict economic policies on finances and currency, reforming the financial market, the spread of the liberalization of trade, opening the capital market, being soft labor market, and reconsidering transparent of running of a business and so one, with offering the relief fund we can guess the following facts, judging from the basic cause and progress of economy crisis which brought about through the indices of principal macroeconomic and finance variables, the transitions of current policies, the changes of international competitive power, the scale and structure of a foreign loan, the present debt situation of domestic corporation and so on. First, it was the inadequate countermove of Korea government on a foreign exchange crisis situation and a fall stock in Hong Kong to be direct happening cause of the foreign exchange in the end of 1997. Regarding this as a primary factor, it can be said the insolvent monetary enterprise from being caused running dishonour of a enterprise and a sudden fall stock of enlarging an appraisal loss and profit. Second, the Koearn economy on IMF four-year condition had experienced the worst depression in the eighthies because of a sudden fall stock, a sudden rising of foreign exchange rate, the mass leaving of corporations and monetary enterprises. and then the government made the foreign exchange expand with the campaign of gathering gold, making reform sympathy, recovering international faith to recover rapidly in the end of 1998 but the structure regulation was overdue and relieved the tension, raising international unfavorable condition and the economy began to be depressed again. IMF required strict economy and reform system strongly at the beginning of us, but in later they turned the direction into floating the condition of be allowing to lower money rates, being seen the severe depression of economy on the policy of hyper money rates. Also, the Korean government drove forward in priority the structure reformation such as monetary, enterprise, labor, public institution and obtained results in shape but, the autonomous structure regulation was not completed and the qualitative improvement was also insufficient. At first, IMF program obtained results of the foreign exchange expansion and the structure regulation but in later, it had a bad influences such as excessive reformation speed, incongruity for domestic reality, a change for the worse on growing potential power etc. Third, The direction where the Korea economy should go depends on inspecting the unusual symptom of the rapidly changing world situation and making a stabilizing fin which can assimilate the international shock after the model of the foreign exchange crisis experiences. We have to rather concentrate our efforts on recovering the aftermath of a crisis recovery process than satisfying visible results such as refunding a foreign loan and a structure regulation. We ought to construct all kinds of institution(facilities, equipments, law, system) and drive forward soft reformation like a economic awareness etc. to be functioned the system which is introduced on the way of progressing the structure reformation. The reformation can be successful only the under condition of considering our own culture and custom and driving forward continually after the model of the representative example of Eastern Europe and North America that Big-Bank system reformation will be failed in the end without considering cultural climate because at first it can be popular but in later can not be lasting.. This lesson is what we should deeply impress upon our mind.

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