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24 U. Pa. J. Int'l Econ. L. 875 (2003)
To Thine Ownself Be True: IMF Conditionality and Erosion of Economic Sovereignty in the Asian Financial Crisis

handle is hein.journals/upjiel24 and id is 885 raw text is: COMMENT TO THINE OWNSELF BE TRUE:1 IMF CONDITIONALITY AND EROSION OF ECONOMIC SOVEREIGNTY IN THE ASIAN FINANCIAL CRISIS CATHERINE H. LEE* 1. INTRODUCTION Prior to World War II, there was no international financial system in existence.3 The International Monetary Fund (IMF), designed to serve as the center of the postwar international monetary system, was established to focus on member states' Balance of Payments (BOPs),4 exchange rates, and exchange controls. However, the IMF was not designed to influence member states' domestic policies or priorities primarily because the economic sphere was thought to be something that could be separated from the areas of domestic governance. Gradually, * J.D. candidate, 2004, University of Pennsylvania Law School; B.B.A., Korea University, 2000. I would like to thank my parents for all their love and trust; my friends for their love and support; and all members of the Journal of International Economic Law at the University of Pennsylvania for their hard work on this Comment. I would also like to thank U Jin for his suggestions in writing this Comment. Lastly, I wish to thank Sam for being the cat's meow. I WILLIAM SHAKESPEARE, HAMLET, PRINCE OF DENMARK act 1, sc. 3, 1. 81 (Philip Edwards ed., Cambridge Univ. Press 1985) (1602). 3 3 THE INTERNATIONAL MONETARY FUND 1945-1965, TWENTY YEARS OF INTERNATIONAL MONETARY COOPERATION pt. 3 Uohn Keith Horsefield ed., 1969). 4 The Balance of Payments (BOPs) is a statistical statement that summarizes the economic transactions of an economy with the rest of the world for a specific period, typically a year or quarter. It covers: (1) all the goods, services, factor income, and current transfers an economy receives from or provides to the rest of the world; and (2) capital transfers and changes in an economy's external financial claims and liabilities.

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