INTERNATIONAL ACTORS ON PUBLIC ENDORSEMENT: The Effect of the IMF on Public Support for South Korea's Government in a Post-Crisis Era

Abstract

Employing an original survey experiment and in-person interviews conducted in South Korea, this thesis examines the impact of a hypothetical, present-day IMF intervention on public support for the government. South Korea has a contentious history with the IMF, stemming from the disastrous Asian Financial Crisis in 1997. Since then, the government has avoided borrowing from the international organization, even during the 2008 Global Financial Crisis. Yet, recent research on European countries shows that IMF endorsement of controversial policies, such as austerity, can actually increase support for those policies and the government. Voters unsure about economic policies may see the IMF as a reassuring signal that their government is acting responsibly. Results from my survey, which uses a novel pre-post design, surprisingly confirm that the IMF has a positive effect on public support for the Korean government. In-person interviews (in Korean) confirm that the public discontent associated with the IMF has indeed softened over time. The findings ultimately suggest that elected officials in South Korea may be able to work with the IMF again in the event of a future crisis without necessarily risking political support.