borrowed the then-enormous sum of $21 billion
from the IMF in December 1997, evoking great concern
at the time, but went on to repay the loan
ahead of schedule. The South Korean government
implemented needed reforms quickly. The country
had reached a nearly developed stage, and adjustment
was easier than for other afflicted countries,
notably Indonesia. When the 2008 global crisis
erupted, exports from South Korea, now a highincome
country, were severely hit. But the country’s
fairly rapid adjustment—unusual for the high-income
club in which it now found itself—again underscored
both the resilience and the robustness of the economy
and its policymaking