By Brian Bridges
Brian Bridges examines the effect on South Korea of the monetary challenge of 1997. protecting occasions as much as and together with the hot parliamentary elections in South Korea, the publication considers the socio-economic and political implications of the monetary quandary. it really is valuable examining for college students of contemporary Korea.
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Additional info for Korea after the Crash (Politics in Asia Series)
Example text
1, export growth plummeted from a very healthy 30 per cent in 1995 to 3 per cent in 1996. Domestically, by the mid-1990s South Korea seemed to be suffering from the ‘three highs’: high wages, high interest rates and high land prices. Korean companies’ attempts to adjust to the rising costs were hampered both by restrictive labour legislation, still largely unchanged from the earlier authoritarian periods, and the trade unions’ desires for greater social welfare. Although the number of strikes dropped in the mid-1990s, annual wage increases were still in double digits (in the 1992–96 period rising at double the average inflation rate).
When the Suharto government introduced in mid-January 1998 a budget which was interpreted as defying IMF strictures for greater austerity, confidence plummeted and Indonesia was forced to conclude a revised agreement with the IMF which required sweeping economic and financial reforms. Political dynamics then took over, as widespread popular dissatisfaction with both Suharto’s prearranged re-election in March 1998 and with fuel and food price rises (ironically introduced in conformity with IMF demands to end subsidization) found expression in street demonstrations and ethnic riots, until in May 1998 Suharto was forced to step down.
International confidence continued to ebb away. An estimated $1 billion a day was leaving South Korea and the country seemed on the verge of default. Two major international credit agencies, Moody’s and Standard and Poor’s, drastically downgraded their credit ratings for Korea. 43 Two days later he met the three presidential candidates to discuss the IMF commitments and persuaded them to issue a statement that all three candidates, including the previously wavering Kim Dae-jung, would abide by the agreement to ‘enhance the international credibility’ of South Korea and to ‘stabilize the financial market at the earliest opportunity’.