ative attacks on currency and markets.
Kang (1998) argues that the South Korean government was not at the time of the crisis well-prepared for curbing indiscreet corporate inroads into foreign markets and excessive borrowing from overseas sources. The South Korean government neglected the urgent need to strengthen supervision amid the process of deregulation. Finally, with respect to the opening of the capital market, the government did not establish an appropriate tracking of capital movements which led to excessive overseas borrowing and excessive short-term borrowing by both corporations and financial institutions.
Pyun (1999) contends that as early as 1996, more tha
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