South Korea and the International Monetary Fund

South Korea and the International Monetary Fund (IMF) partner together to assist the country in managing its financial system.

[4] As of recent, the IMF sent a team to Seoul to discuss the fiscal policy that is supposed to assist growth in the short and medium term.

The won dropped in value and a large investment panic in the state led to the eventual bankruptcies of chaebols that had borrowed huge amounts for their individual projects.

[6] In late November 1997, an IMF economist team was brought to Seoul to discuss a "bail out package" that was worth $60 billion and included several conditions that were to help restore the health of the country's economy.

[7][8][9] South Korea signed the agreement with the IMF to address their deficients due to the 1997 Asian financial crisis.

[10] The structural provisions included: Other policies and programs forced Korea to slash government expenditure, raise interest rates, liberalize trade, restructure the government, and stop Korean conglomerates from expanding, in the hopes of stopping inflation and increasing foreign reserves.

Approximately one-quarter of the nation's population participated in the campaign from all social classes, selling gold such as wedding bands and sports medals.

South Korea created a safety net with other Asian nations, to avoid any future financial crisis.

[15] As a result of the increasing complexity in world financial systems, South Korea joined the CMI (Chiang Mai Initiative materialization).

Parties include South Korea, China, Hong Kong, Japan, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Cambodia, Myanmar, Brunei and Laos.

Alternatively, the "non-regular workers tier" receive significantly lower wages, more likely to have little to no social welfare and subordinate job security.