Symptom therapy

摘要

The korean stock market has doubled since June. Korea's current account surplus will approach $40 billion in 1998, while its currency reserves are up from $7 billion late last year to a record $46 billion. The won has gained 60% against the dollar, and three-year domestic corporate bond rates are down from 30% to 7.8%. But the celebrating is a bit premature. Korea is like a patient revived by a blood transfusion by doctors who do nothing to stop the hemor-rhaging. The transfusion came as a $58 billion IMF-led loan package.