The South Korea Financial Crisis - Dissertation Example

There will be sections on: promoting greater competition (which includes the pre-crisis in Korea, Korea’s downfall and subsequent recovery, Korea's economic transformation, Korea and economic sanctions, Korean international relations and the politics of economy; globalization in Korea, and the comparison of Malaysia to Korea); improving corporate governance and education (which includes Korean debt, the economy in a postwar Korea, and higher education and economic competitiveness within Korea); and improving capital structure and profitability (which includes Korea's recovery and capital controls and trade liberalization in Korea).

According to Lee, “Most strikingly, formerly the 11th largest economy in the world, Korea…ha[d] been the hardest hit. The Korean government requested emergency help from the IMF on November 21, 1997, to restore overseas confidence…For the first time in three decades, [Korea[ would experience the worst economic growth in forthcoming years…” Korea had been hit hard by the economic downturn in Asia. Regrettably, this was not just a Korean phenomenon, however. Korea’s problems, however, were indicative of the rest of Southeast Asia.

Korea was majorly in debt by 1997, as it had been steadily increasing about $20 or $30 billion dollars more into debt each year for the three years prior to the Asian Economic Crisis of 1997. Not surprisingly, Korea’s total debt shot through the roof in 1997. Korea’s total debt had reached $120.8 billion dollars by 1997.. After this, there will be sections on: promoting greater competition (which includes the pre-crisis in Korea, Korea's downfall and subsequent recovery, Korea's economic transformation, Korea and economic sanctions, Korean international relations and the politics of economy; globalization in Korea, and the comparison of Malaysia to Korea); improving corporate governance and education (which includes Korean debt, the economy in a postwar Korea, and higher education and economic competitiveness within Korea); and improving capital structure and profitability (which includes Korea's recovery and capital controls and trade liberalization in Korea).

According to Lee (2003), "Most strikingly, formerly the 11th largest economy in the world, Koreaha[d] been the hardest hit [by the Asian Economic Crisis of 1997]. The Korean government requested emergency help from the IMF on November 21, 1997, to restore overseas confidenceFor the first time in three decades, [Korea[ would experience the worst economic growth in forthcoming years" Korea had been hit hard by the economic downturn in Asia. Regrettably, this was not just a Korean phenomenon, however.

Korea's problems, however, were indicative of the rest of Southeast Asia.Korea was majorly in debt by 1997, as it had been steadily increasing about $20 or $30 billion dollars more into debt each year for the three or four years prior to the Asian Economic Crisis of 1997.Not surprisingly, Korea's total debt shot through the roof in 1997.Korea's total debt had reached $120.8 billion dollars by 1997, which is in comparison to past years, which is shown in the following table (which covers the years 1982-1997).

According Haggard et al. (2003), "Korea's