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

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  • Bernd Hayo

    (University of Essen and ZEI University of Bonn)

  • Doh Chull Shin

    (University of Missouri)

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, this paper explores 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 intervention in their economy. Finally, our analysis of the public attitude data reveals that the pro-IMF orientations among the Korean people have little to do with their support for a market- oriented reform program.

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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0204001.

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Date of creation: 17 Apr 2002
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Handle: RePEc:wpa:wuwpdc:0204001

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Keywords: IMF; Korea; policy reform; financial crisis; public opinion;

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  1. John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 68, July.
  2. 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, Oxford University Press, vol. 22(6), pages 735-46, November.
  3. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, Elsevier, vol. 26(8), pages 1555-1561, August.
  4. Jong-Wha Lee & Changyong Rhee, 2002. "Macroeconomic Impacts of the Korean Financial Crisis: Comparison with the Cross-country Patterns," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 25(4), pages 539-562, 04.
  5. Bernd Hayo, 1998. "Knowledge and Attitude Towards European Monetary Union," Macroeconomics, EconWPA 9810001, EconWPA.
  6. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
  7. International Monetary Fund, 1998. "Do IMF-Supported Programs Work? a Survey of the Cross-Country Empirical Evidence," IMF Working Papers, International Monetary Fund 98/169, International Monetary Fund.
  8. Taylor, Lance, 1998. "Capital Market Crises: Liberalisation, Fixed Exchange Rates and Market-Driven Destabilisation," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 22(6), pages 663-76, November.
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Cited by:
  1. Martin Edwards, 2009. "Public support for the international economic organizations: Evidence from developing countries," The Review of International Organizations, Springer, Springer, vol. 4(2), pages 185-209, June.
  2. Bernd Hayo, 2005. "Mass Attidudes Toward Financial Crisis and Economic Reform in Korea," Marburg Working Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 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, University of Duisburg-Essen, Faculty for Economics and Business Administration 135, University of Duisburg-Essen, Faculty for Economics and Business Administration.
  4. Ali Kutan & Brasukra Sudjana, 2003. "Investor reaction to IMF actions in the indonesian financial crisis," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(3), pages 181-190.

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