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Inflation Targeting: New Directions for Monetary Policy in Postcrisis Korea

In: Monetary And Financial Management In Asia In The 21st Century

Author

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  • Donghyun Park

    (Room No. S3-B1A-10, Nanyang Business School, Nanyang Technological University, Singapore 639798, Singapore)

  • Junggun Oh

    (Monetary Studies Team, Bank of Korea, Seoul 100-794, Korea)

Abstract

Although 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.

Suggested Citation

  • Donghyun Park & Junggun Oh, 2002. "Inflation Targeting: New Directions for Monetary Policy in Postcrisis Korea," World Scientific Book Chapters, in: Augustine H H Tan (ed.), Monetary And Financial Management In Asia In The 21st Century, chapter 7, pages 169-189, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789812776709_0007
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