The Bank of Korea Moves Beyond Monetary Policy
Earlier this year, South Korea’s central bank worked with government ministries to devise macroprudential measures to stabilize the country’s housing market. This shows that monetary policymakers can, and perhaps should, play a critical role in tackling structural challenges that could profoundly affect future prosperity.
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SEOUL – South Korea’s remarkable transformation from one of the world’s poorest countries to one of the richest is unparalleled in recent history. But while official data show robust growth and low unemployment, the South Korean economy remains beset by deep structural challenges that could have a profound impact on its future prosperity.