Korea's Post-Crisis Monetary Policy Reforms

Donghyun Park () and Junggun Oh ()
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Junggun Oh: Institute for Monetary and Economic Research, Bank of Korea, Seoul 100-794, Korea

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2005, vol. 08, issue 04, pages 707-731

Abstract: Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoption of inflation targeting — in Korea's efforts to build a stronger and more efficient financial system, thereby preventing crises in the future.

Keywords: Korea; financial regulation; monetary policy; inflation targeting; Asian crisis (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2005
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