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This study is among the first to examine the theory and practice of monetary policy in South Korea. Woosik Moon provides a detailed analysis of the central bank of South Korea, one of the most successful and important economies in Asia. He covers everything from monetary policy to inflation targeting and macroprudential regulation, explaining how these policy tools were used to deal with the aftermath of the 2007-2011 financial crisis. He then brings his study into our current moment, speculating as to how the use of these policies will change in order to deal with the fallout of the Covid-19 pandemic. This book offers in-depth investigations and the provision of the most up-to-date information about the Bank of Korea's monetary and financial actions, serving as essential reading for central bankers and professionals of financial markets around the world, as well as anyone interested in monetary policy-making.
'Less than a quarter of a century ago, South Korea was in the throes of an economic and financial crisis, leaving the Bank of Korea to grapple desperately with the fallout. Today the Bank of Korea is a model modern central bank, as shown by its successful navigation of the Global Financial Crisis and COVID-19 pandemic. Woosik Moon provides the first comprehensive account of this historic transition.'
Barry Eichengreen - University of California, Berkeley
'As Korea’s economy grows, its economic policy has also received global attention. Significantly, this publication introduces English-language readers to the monetary policy changes in Korea over the recent decades. Infused with the author’s experience as a Monetary Policy Board member and long academic career, it will undoubtedly be a helpful guide for those interested in the Korean economy.'
Lee Juyeol - Governor, Bank of Korea
'International observers interested in Korean economics have waited a long time for a comprehensive book explaining all the aspects of Korea’s central banking and monetary policies. With Woosik Moon’s highly detailed volume, the long wait is over. I heartily recommend it.'
David Marsh - Chairman, Official Monetary and Financial Institutions Forum (OMFIF)
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