Firstly, the Korean government abandoned the defense of the currency on November 18, 1997 to control the financial crisis and sought a rescue package from the IMF on November 22, 1997. Secondly, the stock market index plummeted from 520 just prior to the shock to its lowest point, just above 300, by the end of December 1997. Finally, many Korean
firms announced and implemented various restructuring activities intended to combat the crisis during this period.