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아시아금유위기 IMF의 역활 (What were the IMF’s roles in the Asian financial crisis in 1997?)

What were the IMF’s roles in the Asian financial crisis in 1997?IntroductionThe International Monetary Fund (IMF) is an organization of 188 countries, working to foster international monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth. The main purpose of the IMF is to provide the global public financial stability. The IMF has been successful in helping its member states recover from its financial crisis by providing advice and financing to them. Powerful financial institutions such as the IMF, the World Bank (WB) and the Inter-American Development Bank, impose Neoliberalism to advocate economic liberalization, free trade and open markets. This theoretical framework can be found through the role of the IMF. The IMF’s liberal policy helped many member countries such as Mexico in 1997, to overcome crises. However, applying the same solution advised by the IMF produced some negative impacts on the Asian nancial market leads to a decrease in international trade, thus causing deflation in the world’s economy. On the contrary to this, an abundance of the supply induce excess demand and high inflation. The IMF’s solution to manage the international liquidity is an operation of the funding system. The financial support to member states is to relieve the unequal distribution of international liquidity by funding states lacking of liquidity to resolve negative balance of payment. Moreover, this funding has a function of helping the member states secure international liquidity by increasing the foreign payment. The IMF induces its member states to advance international creditworthiness through an assessment of the economic performance and the current economic condition. The IMF motivates the states to raise their credit ratings by making the funding condition stricter to states with low foreign condition worthiness. This causes the member states to exert themselves to increase the foreign debdit facility that allows member states to withdraw fund in case of balance of payment deficit. The maximum limit of loan is a hundred percent of the member states’ quota. However, when an exceptional situation occurs a loan that exceeds the limit is also possible.F. Relief LoanA state facing a crisis even with the IMF’s loan signifies that more financial support needed from other states or the World Bank. Generally, in this case, most states would agree with a condition of the IMF’s support, the syndicated loan, which is often called package. This implies that states requesting for financial support and individual states such as the United States and Japan which have interest would participate in the consortium of funding support that the IMF plays a leading role in organizing. In 1997, South Korea also received US$5.7 billion in this way. Member states are obliged to convey their interests in making an agreement with the IMF in an unofficial way for the purpose of concluding stand-by ch IMF believed would help to overcome the crisis. As the conditions suggested by the IMF to the Mexican government had a crucial role in overcoming the crisis, the IMF believed applying the same conditions to the Asian economy would have a positive impact on the Asian financial crisis. Although similar conditions were applied in the three countries, the application produced many different results and had a few negative impacts on the economy of the three countries. Economic conditions in those three countries that were assisted by the IMF have been worsening, rather than improving, due to the IMF's stringent terms for such assistance such as keeping high interest rates while cutting public spending and increasing taxes. Those measures may have helped re-establish fiscal and monetary discipline and consequently, avoid another round of currency devaluations. However, the measures have instead had a deflationary impact on the already depressed economies.South KoreaThe IMF played a cruciare, as can be seen through Mexico’s recovery from the financial crisis in 1994, South Korea achieved considerable results in the beginning of IMF’s intervention in the crisis. Nevertheless, it had been standing in the crossroads where the pace of reform delayed and another crisis occurred in the later years of the IMF’s assistance.ThailandSimilar to the financial crisis in South Korea, the IMF performed an essential role for Thailand in overcoming the financial crisis. The result of the IMF’s role in the Thai crisis can also be seen as reasonably successful. However, they were many difficulties for Thailand economy to produce such result. Although the Thai government switched the exchange rate system from the multicurrency basket system to a flexible exchange system to recover from the financial crisis, baht continued to tumble on the Thai currency market. Thai received financial support from not only the IMF but also many other countries such as Japan, China, Hong Korea, Singapore and.

경영/경제| 2013.06.06| 11페이지| 1,000원| 조회(182)

IMF역활, 아시아 금융 위기, 태국IMF, 국제통화기금 ( IMF), 한국IM..

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