Inflation Targeting: New Directions for Monetary Policy in Postcrisis Korea

Donghyun Park and Junggun Oh
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Junggun Oh: Monetary Studies Team, Bank of Korea, Seoul 100-794, Korea

Chapter 7 in Monetary and Financial Management in Asia in the 21st Century, 2002, pp 169-189 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractAlthough Korea is one of the most remarkable economic success stories of the postwar era, it went through an unprecedented economic and financial crisis in 1997–98. In the aftermath of the crisis, macroeconomic stability and more efficient allocation of resources have become top priorities for policymakers. In this connection, the central bank has adopted explicit inflation targeting as its guiding principle in conducting monetary policy. This paper reviews the background and operational framework of the inflation targeting system in the Korean context, and its potential contribution to the broader objective of macroeconomic stability.

Date: 2002
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