References
Ben, R. (2009, March 23). Dollar falls against rivals. In cnnmoney.com. Retrieved March 25, 2009 from http://money.cnn.com/2009/03/23/markets/dollar/index.htm
Summary
According to the article, the U.S. government is going to purchase risky funds for making a stable banking system through a new plan which is called "Public-Private Investment Program." Also, the government has encouraged private investors to buy tied assets. However, the currency market's reaction was quiet. The dollar price is still unstable, and this problem affected to Asian and European markets to advance. The Federal Reserves' plan causes a drop in the value of the dollar.
Reaction
By the Wall Street shock, many countries have gotten into economic problems. Especially, countries that were having good economic relationship with the U.S. have had more serious problems. Dollar price was going down; it pays off the countries that were unstable, as well as their stock price was shrinking. Some countries didn't want to buy the dollar because of its risk. Korea has also faced the economic crisis. Many large enterprises had American's financial bills or stocks. According to dropped Dow-Jones average price, KOSPI (Korea Composite Stock Price Index) also fell. Lee Myung Bak, who is the President of South Korea, has been trying to overcome the current problems by laying off thousands of office workers and having an alliance between other nations which are troubled about the economy. Nowadays, the disturbances are getting better. Won currency value is rising somewhat. Also, Korean economic plight is getting stable. I think, WBC gives a little positive effectiveness. Korean team won in the semifinal, so many countries have remarked about Korea; it leads foreign investors to buy the Korean Won. Higher demands make the Won the recovered. The Korean government needs us to keep making effort to make the economy ore secure.
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