[KS] Central Bank independence in Korea
seliger at maincc.hufs.ac.kr
Thu Dec 13 01:26:59 EST 2001
Dear List members,
since the revision of the revision of the Bank of Korea Act in December
31, 1997, the Bank of Korea enjoys legal independence under a single,
dominant goal - price stability - with a formulation very close to
similar stipulations in the European Union's or the former German
Deutsche Bundesbank law. Both - independence and price stability as the
main goal - were parts of IMF conditionality.
However, how far is the Bank of Korea de facto able to make decisions
independently from government?
I found in the daily press numerous instances of government pressure,
open conflict between government and BOK and common decision making in
However, I would be interested in a review of these questions, academic
or newspaper articles and additional data.
I think this question is also interesting for the list, since it is a
detail in the broader question, inhowfar the change of formal
institutions after the crisis of 1997 resulted in conflict with informal
institutions and decision-making processes or how much the informal
processes also changed.
Any suggestions are highly welcome, either to the list or my private
Dr. Bernhard Seliger
Graduate School of International Area Studies
Hankuk University of Foreign Studies
130 791 Seoul
Republic of Korea
Tel. 00 82 2 964 8517
Fax. 00 82 2 965 4792
e-mail: Seliger at maincc.hufs.ac.kr
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