A Comparison of the IMF Program and Economic Performance among Three Asian Crisis Countries: Thailand, Indonesia, and Korea

Yunjong Wang and Wanjoong Kim
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Yunjong Wang: Korea Institute for International Economic Policy
Wanjoong Kim: Korea Institute for International Economic Policy

East Asian Economic Review, 1998, vol. 2, issue 3, 49-103

Abstract: The whole international society believes that if Korea and Thailand generally carry out the IMF programs, the fruit of the structure reform will be soon put across. In Indonesia, the way of IMF capital support has been changed from the existing 8.25 stand-by agreement to extended credit agreement, so Indonesia gets more support from the international world. But there is an analysis that there is still a lot of uncertainty in Indonesia. Observing the "economic fruit" which was the result of the IMF programs in the countries mentioned above, the cognition of the international world is more evident. In spite of this, because of the rise of the exchange rate of the three countries above, going by US dollar, the rate of foreign exchange risk which is predicted by the index of foreign exchange rate crisis increased on the contrary with the sharp decrease of state financial resource. This is because the amount of foreign debts the country should reimburse increased accordingly due to the rise of exchange rate of Korea and Thailand in which the stability of the foreign exchange rate market recovered in a short period. This considered, in order to overcome the future foreign exchange crisis and decrease foreign debts, the most important thing is to emphasize the basic economic condition presents in the prediction index of foreign exchange crisis.

Keywords: Asian Crisis Countries; IMF Program; Thailand; Indonesia; Korea (search for similar items in EconPapers)
JEL-codes: F31 F32 F34 (search for similar items in EconPapers)
Date: 1998
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