The Present Status of Structural Reforms in Korea's Financial and Corporate Sectors

2000年08月01日

(Seihoon Lee)

1. Introduction

In December 1997, Korea asked for approximately $55 billion in emergency aid from the IMF (who provided $21 billion) and other international organizations. Today, two and a half years later, the Korean economy has exceeded the expectations of that pessimistic time. The financial system has sta-bilized overall, and the Kim Dae Jung administration has been internationally praised for its financial and corporate sector reforms.

Nonetheless, an uncertain future awaits the government-led reforms following a poor showing in the April general election, in which the government party failed to win a clear majority (winning 115 of 274 seats).

In this paper, we examine the progress of Korea’s structural reforms in the financial and corporate sec-tors, and consider what lies ahead.

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