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1 results

  • 5 - The Monetary Policy Strategies of the Bank of Korea

  • from Part III - How Is Monetary Policy Conducted in Korea?
  • Woosik Moon, Seoul National University
  • Book:
    Monetary Policy and Central Banking in Korea
    Published online:
    17 February 2022
    Print publication:
    24 February 2022, pp 114-137

  • 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.