Korea: Conquering a Financial Crisis

"In 1997, South Korea, the world’s 11th-largest economy at that time, was brought to the verge of economic collapse by the "Asian flu." This program scrutinizes that country’s amazing comeback, facilitated by the IMF. Using intensive crisis management and a massive bailout of $21 billion, South Korea quickly began to reverse the effects of a buildup of bad banking debt and excessive short-term borrowing. The former Minister of Finance and Economy, IMF economists, and others address the banking reforms used to insure the future of the economy, such as adjusting interest rates, creating new bank lending practices, and encouraging corporate debt reduction. (19 minutes)" (text from Films for the Humanities and Sciences)