South Korea

An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and in 1910 it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK). During the Korean War (1950-53), US troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 14 times the level of North Korea. In 1993, KIM Young-sam became South Korea's first civilian president following 32 years of military rule. South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President KIM Dae-jung and the North's leader KIM Jong Il. In October 2007, a second North-South summit took place between the South's President ROH Moo-hyun and the North Korean leader. Harsh rhetoric and unwillingness by North Korea to engage with President LEE Myung-bak following his February 2008 inauguration has strained inter-Korean relations.

Economical characteristics

 * Currency: South Korean won (ISO code: KRW)
 * This country does not seem to have a central bank.
 * Central bank discount rate: 1.75% (31 December 2008)
 * Commercial banks lending rate: 7.17% (31 December 2008)
 * Stock of money (M1): $73.16 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $473.4 billion (31 December 2008)

Notable events:

 * Banking crisis: January 1986, July 1997
 * Years in inflation: 15.4% (share of years 1945-2009 with annual inflation above 20 per cent per annum)
 * Public default: 1997-1998 (external)

Links

 * South Korea on Wikipedia
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Asian Tiger or Asian Kitten? by Tim Swanson, August 2007
 * The IMF Bailout in Korea: A Socialist Poison (pdf) by Bong Joon Yoon


 * Korea's External Debt Nears US$400 Bil. Mark by Hwang Sung-hee, August 2011