Monetary Policy and Central Banking in Korea

by Woosik Moon

Overview

This study is among the first to examine the theory and practice of monetary policy in South Korea. Woosik Moon provides a detailed analysis of the central bank of South Korea, one of the most successful and important economies in Asia. He covers everything from monetary policy to inflation targeting and macroprudential regulation, explaining how these policy tools were used to deal with the aftermath of the 2007-2011 financial crisis. He then brings his study into our current moment, speculating as to how the use of these policies will change in order to deal with the fallout of the Covid-19 pandemic. This book offers in-depth investigations and the provision of the most up-to-date information about the Bank of Korea's monetary and financial actions, serving as essential reading for central bankers and professionals of financial markets around the world, as well as anyone interested in monetary policy-making.

Product Details

ISBN-13:	9781009094207
Publisher:	Cambridge University Press
Publication date:	03/21/2024
Pages:	375
Product dimensions:	6.00(w) x 1.25(h) x 9.00(d)

About the Author

Woosik Moon is Professor of Economics at the Graduate School of International Studies, Seoul National University. He was a member of the Monetary Policy Board of the Bank of Korea, from 2012 to 2016.

Table of Contents

Preface; Part 1. What is the Goal of Korean Monetary Policy: 1. The goals of economic and monetary policy; Part II. How does Money Affect the Korean Economy: 2. Money and the evolution of monetary standards; 3. The transmission channels of monetary policy; Part III. How is Monetary 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?: 10. The financial crisis and its impact on Korean economy; 11. Macro-prudential policy; 12. Crisis management and lender of last resort; Part V. What Will Be the Challenge for Future Monetary Policy in Korea: 13. Monetary policy under low growth and low inflation.

Editorial Reviews

'Less than a quarter of a century ago, South Korea was in the throes of an economic and financial crisis, leaving the Bank of Korea to grapple desperately with the fallout. Today the Bank of Korea is a model modern central bank, as shown by its successful navigation of the Global Financial Crisis and COVID-19 pandemic. Woosik Moon provides the first comprehensive account of this historic transition.' Barry Eichengreen, University of California, Berkeley

'As Korea’s economy grows, its economic policy has also received global attention. Significantly, this publication introduces English-language readers to the monetary policy changes in Korea over the recent decades. Infused with the author’s experience as a Monetary Policy Board member and long academic career, it will undoubtedly be a helpful guide for those interested in the Korean economy.' Lee Juyeol, Governor, Bank of Korea

'International observers interested in Korean economics have waited a long time for a comprehensive book explaining all the aspects of Korea’s central banking and monetary policies. With Woosik Moon’s highly detailed volume, the long wait is over. I heartily recommend it.' David Marsh, Chairman, Official Monetary and Financial Institutions Forum (OMFIF)

From the Publisher