IMF in Korea essays

IMF in Korea essays The subject matter that will be discussed within this paper are the effects of the IMF (International Monetary Fund) in relation(s) to South Korea and other neighboring Asian countries in the same economic distress. It will also tie into the use of media and other aspects of international communications Korea and the United States used to cover the crisis. The economic crisis of South Korea has hit many of the citizens of Korea very hard. Many companies went bankrupt and with that many people lost their jobs. This economic crash was not only felt by the Koreas living in Korea, but also by the ones who live abroad. Many international students had to return back home because they could no longer afford the expenses with studying abroad. Store owners in Korea who lived in the United States would more than likely lose their businesses. Overall, the economic crash is effecting our United States economy greatly. It began with the devaluation of currency in Thailand in July of 1997. Afterwards, many other Asian countries were to follow such as the Malaysia, Philippines and of course South Korea. Media coverage of the economic situation was and still is now, being highly covered. All the major news stations are covering how this situation is having adverse effects to not only the Korean nation, but the United States also. Many goods that the United States export to Korea and other Asian countries cannot be bought due to the lack of money. As the crisis has unfolded in Asia, the IMF has become, at least for this brief moment in history, almost a household name. But even if the institution has become more well known, its role in Asia and more broadly in the world economy is not widely understood. Despite the back-to-back corporate failures and resulting financial jitters, Korea has asked the United Nations to help with their crisis. The involvement of the United Nations has increased the media coverage of the Asian crisis. The actions they ...