Korean Economic Crisisproblems with formatThe Korean economy has played an important role in the remarkable economic growth, which has been called the ¡°Miracle of East Asia¡¯¡±. In late 1997, however, the Korean economy fell into a default crisis and finally received IMF aid. Subsequently, Korea struggled not only to reform its monetary system, but also to promote drastic reforms in its economic structure in order to improve the productivity of Korean industry. In this context, understanding what really caused the Korean economic crisis is very important. . Without identifying and solving the fundamental problems, no one can be sure that Korea will never face a similar economic crisis again. We must therefore identify what caused the crisis in 1997 and what the Korean government needs to do. Therefore, this paper will examine the root cause of the Korean economic crisis in 1997 and present solutions for the stable growth of the Korean economy in the future. Causes of the Korean Economic Crisis On November 21, 1997, the Korean government formally requested stand-by loans from the International Monetary Fund. With this request, the Korean government admitted its inability to meet international debt payments by its own means. Below are three popular opinions on the cause of the Korean economic crisis in 1997 (Cho, 1999): First, the currency crisis in Southeast Asian countries, mainly Thailand and Indonesia, in the summer of 1997 made Korea vulnerable to attacks by currency speculators. Currency speculators thus turned their attention to Korea, after having devoured the countries of Southeast Asia. Secondly, the root cause of... half of the document... 1998.Press release IV. ¡°Economic Crisis and Restructuring in Korea,¡± International Conference, December 3, 1999, Seoul, Korea.(http://www.idep.org/conference12/default_eng.htm)Underwood, Peter(1998), Korea¡ ¯s Current Economic Crisis, Industrial Research and Consulting, Affiliate of Fry Consultants Atlanta, (http://www.fryconsultants.com/new.html)Yang, Woo Jin(2002), ¡°The Roots of the Economic Crisis in the Post-Democratization of Korea¡±. By Eileen Sir, UCLA International Institute, (http://www.isop.ucla.edu/research.asp) http://www.nira.go.jp/newse/research/a151.html http://www. res .org.uk/media/annconf99/demet.htmhttp://www-hoover.stanford.edu/homepage/Books/koreareform.htmlhttp://www.hankooki.com/kt_op/200011/t20001129171159481174.htmhttp:// www .nira.go.jp/newse/research/a151.htmlhttp://www.hartford-hwp.com/archives/55a/index-g.html