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
4 - The Organisation and Functions 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
Monetary policy in Korea is implemented by, and is the responsibility of, the Bank of Korea. More precisely, it is the Monetary Policy Board (MPB), an autonomous administrative agency modelled after the Board of Governors of the Federal Reserve System in the United States, which determines monetary policy through collective decisions. This monetary policy system was only established when the Bank of Korea became independent in 1998. This chapter looks at the history, organisation and decision-making structure of the BoK and its relationship with the Korean government.
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- Monetary Policy and Central Banking in Korea , pp. 81 - 113Publisher: Cambridge University PressPrint publication year: 2022