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Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis

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Author Info

  • Bernd Hayo
  • Doh Chull Shin

Abstract

The International Monetary Fund (IMF) has played an important role in restructuring the Korean economy over the past three years. Relying upon survey data collected in 1998 and 1999, we explore the role of the IMF in Korea as perceived by its citizens. In the eyes of the Korean people, the IMF helped their economy to recover from the crisis. However, those Koreans who experience a decline in their income are critical of the IMF's role in their economy. Finally, our analysis reveals that the generally pro-IMF orientation of most Korean people has little to do with their support for a market-oriented reform program.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/13841280214095
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 5 (2002)
Issue (Month): 2 ()
Pages: 89-100

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Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:89-100

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Related research

Keywords: Imf; Korea; Policy Reform; Financial Crisis; Public Opinion;

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References

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  1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  2. Bernd Hayo, 1998. "Knowledge and Attitude Towards European Monetary Union," Macroeconomics 9810001, EconWPA.
  3. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August.
  4. John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 68.
  5. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 735-46, November.
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Cited by:
  1. Ali Kutan & Brasukra Sudjana, 2003. "Investor reaction to IMF actions in the indonesian financial crisis," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 6(3), pages 181-190.
  2. Bernd Hayo, 2005. "Mass Attidudes Toward Financial Crisis and Economic Reform in Korea," Marburg Working Papers on Economics 200504, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  3. Greß, Stefan, 2004. "Competition in Social Health Insurance: A Three-Country Comparison," IBES Diskussionsbeiträge 135, University of Duisburg-Essen, Faculty for Economics and Business Administration.
  4. Martin Edwards, 2009. "Public support for the international economic organizations: Evidence from developing countries," The Review of International Organizations, Springer, vol. 4(2), pages 185-209, June.

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