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

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 socio-economic 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