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Monetary Policy in a Changing Financial Environment - Searching for an Efficient Monetary Policy Framework in Korea

Author

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  • Kim, C.

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.

Suggested Citation

  • Kim, C., 1997. "Monetary Policy in a Changing Financial Environment - Searching for an Efficient Monetary Policy Framework in Korea," Papers 97-05, Economisch Institut voor het Midden en Kleinbedrijf-.
    • Handle: RePEc:fth:midkle:97-05
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    Cited by:

    1. By Alexander W. Hoffmaister, 2001. "Inflation Targeting in Korea: An Empirical Exploration," IMF Staff Papers, Palgrave Macmillan, vol. 48(2), pages 1-5.

    More about this item

    Keywords

    KOREA ; MONETARY POLICY;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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