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The Effectiveness of Credit Policy: Evidence from the Republic of Korea

Author

Listed:
  • Jiho Lee

    (Head of Industry and Labor Research Team, the Bank of Korea. Author email: jiho_lee@bok.or.kr)

Abstract

In response to the global financial crisis and subsequent Great Recession, central banks embarked on a variety of unconventional measures. Among others, credit policy has been widely employed in many advanced economies. However, credit policy is far less understood than unconventional monetary policy by both policy makers and academic scholars. This paper sheds new light on what credit policy is, how it differs from other central bank policies, and what its risks and limitations might be. In particular, I examine whether credit policy has been effective in stimulating the real economy in the Republic of Korea.

Suggested Citation

  • Jiho Lee, 2019. "The Effectiveness of Credit Policy: Evidence from the Republic of Korea," Asian Development Review, MIT Press, vol. 36(1), pages 206-224, March.
    • Handle: RePEc:tpr:adbadr:v:36:y:2019:i:1:p:206-224
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    File URL: http://www.mitpressjournals.org/doi/pdf/10.1162/adev_a_00128
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    Cited by:

    1. Arby, Muhammad Farooq & Younus, Sayera & Tobgye, Sonam & Dema, Phurpa & Das, Praggya & Shafwath, Aminath & Bhatta, Siddha Raj & Raza, Bilal & Perera, W.S Navin, 2021. "The use of Unconventional Monetary Policy Instruments by South Asian Central Banks," MPRA Paper 119287, University Library of Munich, Germany, revised 01 Apr 2023.

    More about this item

    Keywords

    credit policy; fiscal aspects of central banking; quantitative easing and credit easing; unconventional monetary policy;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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