Book contents
- Monetary Policy and Central Banking in Korea
- Monetary Policy and Central Banking in Korea
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Preface and Acknowledgements
- Abbreviations
- Part I What Is the Goal of Korean Monetary Policy?
- Part II How Does Money Affect the Korean Economy?
- Part III How Is Monetary Policy Conducted in Korea?
- 4 The Organisation and Functions of the Bank of Korea
- 5 The Monetary Policy Strategies of the Bank of Korea
- 6 Inflation Targeting in Korea
- 7 The Tools and Instruments of Monetary Policy
- 8 Monetary Policy without Money
- 9 Foreign Exchange Market Intervention and Monetary Policy
- Part IV How Is Financial Stability Pursued in Korea?
- Part V What Will Be the Challenge for Future Monetary Policy in Korea?
- References
- Index
5 - The Monetary Policy Strategies of the Bank of Korea
from Part III - How Is Monetary Policy Conducted in Korea?
Published online by Cambridge University Press: 17 February 2022
Book contents
- Monetary Policy and Central Banking in Korea
- Monetary Policy and Central Banking in Korea
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Preface and Acknowledgements
- Abbreviations
- Part I What Is the Goal of Korean Monetary Policy?
- Part II How Does Money Affect the Korean Economy?
- Part III How Is Monetary Policy Conducted in Korea?
- 4 The Organisation and Functions of the Bank of Korea
- 5 The Monetary Policy Strategies of the Bank of Korea
- 6 Inflation Targeting in Korea
- 7 The Tools and Instruments of Monetary Policy
- 8 Monetary Policy without Money
- 9 Foreign Exchange Market Intervention and Monetary Policy
- Part IV How Is Financial Stability Pursued in Korea?
- Part V What Will Be the Challenge for Future Monetary Policy in Korea?
- References
- Index
Summary
To carry out monetary policy properly, central banks prepare a strategy through which they attain their goals. Initially, the BoK set its priority on stabilising exchange rates and maintaining a balance of payments surplus, but this goal was gradually overshadowed by the goal of price and output stability. Accordingly, the BoK shifted its strategy from exchange rate and monetary targeting to inflation targeting. This chapter examines the historical development of the monetary policy strategies in Korea, and the current monetary policy framework adopted by the BoK.
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- Monetary Policy and Central Banking in Korea , pp. 114 - 137Publisher: Cambridge University PressPrint publication year: 2022