East Asian Crisis in South Korea and the Role of International Institutions

The aim of this paper is to provide greater insight into the role of international organizations, notably the International Monetary Fund, during the crisis in South Korea and objectively evaluate their actions. The first chapter describes the economic development in historical context and subsequent causes of the crisis in South Korea. The second part is devoted to the course of the crisis, its effects on the economy and also the measures that were adopted by the Korean Government. This section also describes the response of the IMF as the major international institution, responsible for the rescue project. The third part focuses on the agenda of the Washington consensus and proposed changes