International Monetary Fund: Korean Financial Crisis, 1997   Description Days before the start of committee, on 21 November 1997, South Korea, possessing the 11th largest economy in the world, requested aid from the International Monetary Fund (IMF) in response to the collapse of its national currency (the won). As members of the IMF, you face the challenge of designing a sound financial plan for stabilizing the Korean currency and economy. With massive monetary funds, the ability to hold negotiations between banks and South Korea, and the power to impose structural, economic reforms as conditions for receiving aid at your disposal, what will be your course of action? Will you use previous models of IMF action and seek only to re-stabilize the economy, or will you attempt to alter what you perceive as the flaws that gave rise to the crisis in the first place? As the world’s economies become increasingly interconnected, the successes or failures of a single economy are hardly ever isolated. How will your actions affect an already extremely economically unstable region? Staff Chair: Melinda Guo Vice-Chair: Dennis Martin Crisis Director: Yoanna Pumpalova