Seemingly, the IMF austerity program intended to help bolster the economic fundamentals of the Korean economy through tightening fiscal and monetary policies and reforming financial and corporate sectors. It may have been true to a certain extent, but financial liberalization has been a game changer.
Has austerity offered by the IMF been in essence the solution or the cause of the economic difficulty facing Korea?
The irony seems to lie in that policy actions as part of a broader movement toward a more open market-oriented system have yielded long-term repercussions.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment