The Pains of Economic and Financial Reforms

Development of the Chaebol & the Financial Crisis:
Under the terms of conditional borrowing from the IMF, the Korean government launched a wide-ranging package of economic and financial reforms. These reforms focused on the corporate sector and introduced full market discipline into the corporate and financial sectors while dissolving the "too big-to-fail moral hazards, liquidating insolvent businesses, and letting financial institutions fail as well, depending on the consequent losses from their loan operations.

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