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An Integrated Policy Framework - application to Korea's monetary policy

· Chang Yong Rhee, Governor of the Bank of Korea (South Korea)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, financial stability, banking regulation and supervision

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· Chang Yong Rhee Wiki · Bank of Korea WikiAn Integrated Policy Framework - application to Korea's monetary policy

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the Korea International Economic Association Winter Conference, Seoul, 23 December 2024.

Why it mattersKorea's governor answers criticism of slow rate cuts by pointing to property and debt risks.

Problems raised
  1. The Bank of Korea was criticised as slow.
  2. Rate cuts could fuel property prices.
  3. Financial imbalances are growing.
Solutions proposed
  1. Apply an Integrated Policy Framework.
  2. Coordinate rates with macroprudential tools.
  3. Weigh real economy and financial stability together.
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