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Post-pandemic monetary policy in Korea: toward an Integrated Policy Framework

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  • Rhee, Changyong

Abstract

In conducting monetary policy since the COVID-19 pandemic, the Bank of Korea (BOK) faced trade-offs among policy objectives. During the tightening cycle to curb inflation, the BOK experienced sharp currency depreciation driven by the Federal Reserve’s faster rate hikes, alongside heightened financial instability. As the BOK’s policy stance shifted, financial imbalances intensified, and political turmoil emerged thereafter. The Bank has addressed the trade-offs by employing various combinations of policy tools, which aligns with the core principles of Integrated Policy Framework developed by the IMF and the BIS. Throughout this process, the BOK has gained key lessons, including the importance of policy cooperation, the challenges of communication, and the need for flexible policy responses with long-term perspective.

Suggested Citation

  • Rhee, Changyong, 2026. "Post-pandemic monetary policy in Korea: toward an Integrated Policy Framework," Journal of International Money and Finance, Elsevier, vol. 161(C).
    • Handle: RePEc:eee:jimfin:v:161:y:2026:i:c:s0261560625002256
    DOI: 10.1016/j.jimonfin.2025.103490
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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