Monetary Policy of the Bank of Korea during the First 60 Years

Abstract

The current paper provides an analytic overview of the history of

monetary policy in Korea, since the founding of the Bank of Korea in

June 1950 through the spring of 2010. In light of the dramatic socioeconomic

transformation over this period, the 60 years are divided

into four phases, which provided a different environment for the conduct

of monetary policy. An organizing analytical framework is proposed

for each phase, with the hope of facilitating further research.