You are not permitted to access the full text of articles.
If you have any questions about permissions,
please contact the Society.
ํ์๋์ ๋ ผ๋ฌธ ์ด์ฉ ๊ถํ์ด ์์ต๋๋ค.
๊ถํ ๊ด๋ จ ๋ฌธ์๋ ํํ๋ก ๋ถํ ๋๋ฆฝ๋๋ค.
|[ Article ]|
|Seoul Journal of Economics - Vol. 24, No. 4, pp. 495-524|
|ISSN: 1225-0279 (Print)|
|Print publication date 30 Nov 2011|
|Received 27 Sep 2010 Revised 10 Nov 2010 Accepted 11 Nov 2010|
|Monetary Policy of the Bank of Korea during the First 60 Years|
Kyungsoo Kim ; Jaewoo Lee
|Professor, Department of Economics, Sungkyunkwan University, 53 Myeongnyun-dong 3-ga, Jongno-gu, Seoul 110-745, Korea, Tel: +82-2-760-0431, Fax: +82-2-760-0946 (firstname.lastname@example.org)|
|Corresponding Author, Deputy Division Chief of the Open Macroeconomics Division, the IMF Research Department, 700 19th St N.W., Washington DC 20431, USA, Tel: +1-202-623-7331, Fax: +1-202-589-7331 (email@example.com)|
JEL Classification: E4, E5, F4
The current paper provides an analytic overview of the history of monetary policy in Korea, since the founding of the Bank of Korea in June 1950 through the spring of 2010. In light of the dramatic socioeconomic transformation over this period, the 60 years are divided into four phases, which provided a different environment for the conduct of monetary policy. An organizing analytical framework is proposed for each phase, with the hope of facilitating further research.
|Keywords: Inflation, Liberalization, Small open economy
We appreciate the comments by participants in the Bank of Korea 2010 Conference, the seminar in the Korea University, and the 18th Seoul Journal of Economics International Symposium in Seoul National University, and in particular, by Andrew Filardo, Stan Fischer, Dongsoo Kang, Jun Il Kim, Soyoung Kim, Kwanho Shin, and Woon Shin. This paper is based on personal views of both authors as macroeconomists, and does not necessarily reflect the views or policies of the Bank of Korea or the IMF. The views expressed herein should not be attributed to the IMF, its Executive Board, or its management.
|1.||Aizenman, Joshua, and Lee, Jaewoo. “International Reserves: Precautionary vs. Mercantilist Views.” Theory and Evidence, Open Economies Review 18 (No. 2 2007): 191-214.
|2.||Bank of Korea. Economic Statistics Since Independence. 2005 (in Korean).|
|3.||Barro, Robert J. Determinants of Economic Growth: A Cross-Country Empirical Study. MIT Press Books, MA: The MIT Press, 1998.|
|4.||Blanchard, Olivier J., Faruqee, Hamid, and Das, Mitali. The Impact Effect of Crisis on Emerging Market Countries. BPEA, Spring, 2010.
|5.||Caballero, Ricardo J. “Sudden Financial Arrest.” IMF Economic Review 58 (No. 1 2010): 6-36.
|6.||Caballero, Ricardo J., and Panageas, Stavros. “Contingent Reserves Management: An Applied Framework, The Central Bank of Chile.” Journal Economia Chilena 8 (No. 2 2005): 45-56.|
|7.||Cho, Yoon Je, and Kim, Joon-Kyung. Credit Policies and the Industrialization of Korea, World Bank Discussion Papers, 1995.
|8.||Clarida, Richard, Gali, Jordi, and Gertler, Mark. “Monetary Policy and Macroeconomic Stability: Evidence and Some Theory.” Quarterly Journal of Economics 115 (No. 1 2000): 147-80.
|9.||Coe, David T., and Kim, Se-Jik (eds.). Korean Crisis and Recovery. Washington, DC: International Monetary Fund, 2002.|
|10.||Cole, David C., and Park, Yung Chul. Financial Development in Korea 1945-1978. Cambridge, MA: Harvard University Press, 1983.
|11.||De Carvalho Filho, Irineu. Inflation Targeting and the Crisis: An Empirical Assessment. IMF Working paper 10/45, 2010.
|12.||Dornbusch, Rudiger. Latin Triangle. MIT mimeo, 1996.|
|13.||Fischer, Stanley. “Globalization and Its Challenges.” American Economic Review 93 (No. 2 2003): 1-30.
|14.||Gerschenkron, Alexander. Economic Backwardness in Historical Perspectives. Cambridge: Harvard University Press, 1962.|
|15.||Giovannini, Alberto, and De Melo, Martha. “Government Revenue from Financial Repression.” American Economic Review 83 (No. 4 1993): 953-63.|
|16.||Hoshi, Takeo, Kim, J., and Park, YC. Growth and Structural Changes in Korea’s Financial Sector, 1985-2008. Harvard/KDI Book Manuscript, 2010.|
|17.||Kim, Kyungsoo. Panel Approach to Efficient Early Warning System. Sungkyunkwan University, Mimeo, 2006 (in Korean).|
|18.||Kim, Kyungsoo. Korea's Financial Market and Policies. Mimeo, 2008 (in Korean).|
|19.||Kim, Kyungsoo. Macroeconomic Vulnerability of Small Open Economy. The Federation of Korean Industries, Seoul, 2009 (in Korean).|
|20.||Kim, Kyungsoo, and Suh, Young Kyung. Dealing with the Benefits and Costs of Internationalization of Korean Won. Mimeo, 2010.|
|21.||Kim, Soyoung, and Park, Yung Chul. Inflation Targeting in Korea: a Model of Success? In Monetary Policy in Asia: Approaches and Implementation, Proceedings of a BIS/HKIMR Conference Held in Hong Kong SAR on 21-22 November 2005, BIS Papers 31, 2006.|
|22.||Lee, Jaewoo. Insurance Value of International Reserves: An Option Pricing Approach. IMF Working Paper 04/175, 2004.
|23.||Lee, Jaewoo. “External Balances in Five Asian Countries.” In Yin-Wong Cheung and Kar-Yie Wong (eds.), China and Asia: Economic and Financial Interactions. London and New York: Routledge, pp. 99-112, 2009a.
|24.||Lee, Jaewoo. “Option Pricing Approach to International Reserves.” Review of International Economics 17 (No. 4 2009b): 844-60.
|25.||Obstfeld, Maurice, Taylor, Allan, and Schambaugh, Jay. “Financial Stability, the Trilemma, and Internatioanl Reserves.” American Economic Journal: Macroeconomics 2 (No. 2 2010): 57-94.
|26.||Ostry, Jonathan D., Ghosh, Atish R., Harbermeier, Karl, Chamon, Marcos, Qureshi, Mahvash S., and Reinhardt, Dennis B. S. Capital Inflows: The Role of Controls. IMF Staff Position Note SPN/10/04, February 19, 2010.|
|27.||Reinhart, Carmen, and Rogoff, Kenneth. This Time is Different: Eight Centuries of Financial Folly. NJ: Princeton University Press, 2009.
|28.||Sargent, Thomas J., and Wallace, Neil. “Some Unpleasant Monetarist Arithmetic.” Federal Reserve Bank of Minneapolis Quarterly Review 9 (No. 1 1981): 15-31.
|29.||Shaw, Edward. Financial Deepening in Economic Development. New York: Oxford University Press, 1973.|
|30.||Shin, Kwhanho. “Assessment of Monetary and Exchange Rate Policy after the Crisis.” The Korean Economic Review 55 (No. 4 2007): 275-312 (in Korean).|
|31.||Taylor, John. “Discretion versus Policy Rule in Pratice.” Carnegie-Rochester Conferences Series on Public Policy 39 (No. 1 1993): 195-214.
|32.||Walsh, Carl E. Monetary Theory and Policy. MA: MIT Press, 1998.|
|33.||Woo, Jung-en. Race to the Swift: State and Finance in Korean Industrialization. New York: Columbia University Press, 1991.|
|34.||World Economic Outlook. Washington: International Monetary Fund, 2010.|
Editorial Office, Seoul Journal of Economics, Institute of Economic Research, Seoul National University 599 Gwanangno, Gwanak-gu, Seoul 151-746, Korea
Tel: +82-2-880-5434 | Fax: +82-2-888-4454 | E-mail: firstname.lastname@example.org
Copyright (c) 2020 SJE. All rights reserved.