Sovereignty and Central Banking: Evidence from the East Asian Region in the Early 1900s

Sung Jun Park and Howard Kahm

Global Economic Review, 2015, vol. 44, issue 2, 167-183

Abstract: This paper examines the connection between sovereignty and central banking through a case study of the Bank of Chosŏn in colonial Korea during the 1910s and 1920s. Using historical and statistical analysis, this study shows the particular characteristics and limitations of the Bank of Chosŏn and its operations, both within the specific colonial context and under the political and economic conditions imposed by Japanese imperialism, such as a fixed exchange rate and the subordination of the Korean economy to Japan. While the Bank of Chosŏn was unable to ultimately exercise independent policy-making, this particular case offers avenues for exploring the historical and policy-making effects upon the relationship between sovereignty and central banking.

Date: 2015
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DOI: 10.1080/1226508X.2015.1029506

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