By Eduard Brau, Ian McDonald
This publication presents a definitive account of the hot background of the foreign financial Fund, and the successes it has loved because it was once based. With interesting contributions through present and previous IMF employees contributors, this booklet deals a different perception into the workings of the association and explores the way it has benefited many.
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Extra info for Successes of the International Monetary Fund: Untold Stories of Cooperation at Work
Sample text
The abrupt appointment of Mr. Lim as Deputy Prime Minister created yet another complication. Before the financial crisis, Mr. Lim had spent some time at the World Bank as Korea’s Representative Director. Mr. Lim’s tenure at the World Bank overlapped with Lawrence Summers’ term as Vice President for Research for the World Bank. Somehow, the encounter between these two gentlemen was not a happy one. To be more specific, Lawrence Summers felt that Mr. Lim would not eagerly embrace the liberal, market-oriented policy reforms that the United States and the IMF would expect from Korea in exchange for an IMF rescue package.
Capital markets have been deepened. Chaebols turned to capital markets to raise financing, helping to develop one of the largest bond markets in Asia. The stock market has also grown rapidly, and foreign investors now account for about a third of market capitalization. Financial markets now exercise greater discipline on the chaebols; financial risks, rather than being concentrated in the banking system, are now more widely dispersed. • Corporate finances and governance have been overhauled. Before the crisis, Korea’s corporate sector was characterized by high leverage and low profitability.
1 billion available to Korea during the first 15day period was judged to be altogether inadequate by Korea’s foreign creditors, even in terms of meeting the nation’s short-term obligations. Given the large amount of short-term obligations and precarious level of official foreign reserves, this judgment became a self-fulfilling prophecy. As rollovers were refused, the limited foreign reserves rapidly depleted. An internal memorandum prepared by the Bank of Korea on December 18, which took into account both the inflows of foreign funds expected during the ensuing 12-day period plus the foreign reserve balance on hand and the outflows expected to take place during the same period, showed that the foreign reserve balance expected on December 31 would be anywhere from negative $600 million to positive $900 million.