Korea’s rapid economic rise and lessons for developing economies. The financial crisis and its aftermath

  • 2013-05-15
  • By KIM Chung-Hwan, Cultural attache at the Embassy of the Republic of Korea
Readers of this newspaper may recall that a few Asian countries were engulfed in a financial crisis, beginning in the second half of 1997, gripping a significant part of Asia to varying degrees. The crisis started in Thailand with the collapse of the Thai currency and soon spread to other major economies in the region. Among them, Indonesia, South Korea and Thailand were the countries most affected by the crisis and eventually the International Monetary Fund stepped in to initiate a 58.3 billion dollar loan program to stabilize the Korean currency.In the wake of the collapse of the ...
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