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Is Korea’s monetary policy following in the footsteps of Japan?

In: Economic Stagnation in Japan

Author

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  • Dongchul Cho

Abstract

Dongchul Cho examines Korea’s recent monetary policy in comparison with Japan’s experiences in the 1990s. As in Japan, the Bank of Korea’s forecasts were excessively optimistic during the 2012 to 2015 period, resulting in conservative monetary policy, while Korea differs from Japan in having a milder pace of disinflation and a low likelihood of a real estate bubble-bust. Nonetheless, conservative policy based on past experiences could become risky in a rapidly changing environment, particularly with Korea’s rapid aging and declining potential growth. The answer to the question, whether Korea with a lag of two decades will follow Japan into deflation, lies in future monetary policy.

Suggested Citation

  • Dongchul Cho, 2018. "Is Korea’s monetary policy following in the footsteps of Japan?," Chapters, in: Dongchul Cho & Takatoshi Ito & Andrew Mason (ed.), Economic Stagnation in Japan, chapter 10, pages 202-231, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17837_10
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