Since the 1991 balance of payments crisis, India has embarked on an ambitious program of economic liberalization. Over the past decade the Indian government has introduced a series of far-reaching reforms that have transformed the once closed economy. This paper examines the policy reforms and...

In Korea, the IMF-supported program, approved in late 1997, focused on financial sector restructuring, corporate governance, capital account liberalization, labor market reforms and trade liberalization. As in Thailand, it soon became clear that the IMF program underestimated the severity and...