A tale of two monetary policies: Korea and Japan

Thomas Cargill

FRBSF Economic Letter, 2005, issue apr15

Abstract: In most countries' experience, the course of financial liberalization?much like the course of true love in Shakespeare?"never did run smooth." The process of reforming an economy from one where the government takes the lead in allocating financial and real resources to one where market forces determine economic outcomes can involve choices and consequences that are painful and costly. ; This Economic Letter focuses on recent developments in two major economies in Asia?South Korea and Japan?to highlight some of the differences in their progress and to suggest that the differences might be due in part to different monetary policy outcomes.

Date: 2005
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