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Monetary policy in a changing financial environment: searching for an efficient monetary policy framework in Korea

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  • Chiho Kim
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    Abstract

    This paper reviews how the changing financial environment in Korea has affected the conduct of monetary policy and examines the extent to which the Bank of Korea now uses the short-term interest rate rather than money aggregates as an operating target. Empirical results from estimation of monetary reaction functions suggest that the Bank of Korea has been following an interest rate target recently, even though it has not explicitly admitted to doing so. The paper also discusses how the conduct of monetary policy can be further enhanced by reforming the call money market and developing the long-term government securities market.

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    Bibliographic Info

    Paper provided by Federal Reserve Bank of San Francisco in its series Pacific Basin Working Paper Series with number 97-05.

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    Date of creation: 1997
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    Handle: RePEc:fip:fedfpb:97-05

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    Keywords: Monetary policy - Korea;

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    1. Fuhrer, Jeffrey C & Moore, George R, 1995. "Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output," American Economic Review, American Economic Association, vol. 85(1), pages 219-39, March.
    2. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 363-412 National Bureau of Economic Research, Inc.
    3. Benjamin M. Friedman & Kenneth N. Kuttner, 1996. "A price target for U.S. monetary policy? Lessons from the experience with money growth targets," Working Paper Series, Macroeconomic Issues WP-96-14, Federal Reserve Bank of Chicago.
    4. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September.
    5. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    6. Benjamin M. Friedman, 1993. "The role of judgment and discretion in the conduct of monetary policy: consequences of changing financial markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 151-225.
    7. Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
    8. Mishkin, Frederic S, 1994. "Preventing Financial Crises: An International Perspective," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(0), pages 1-40, Suppl..
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