Bank of Korea (BoK)
People: Weidmann re-elected as chair of BIS board
Korea appoints deputies; new Malaysian prime minister appoints team of economic advisers; new vice presidents in Richmond and Atlanta
Central Banking Awards 2018: Gallery
See the winners from the big night, including leading figures from across the industry who came to pick up their awards
People: South Korea’s Juyeol Lee nominated for new term
South Korean president nominates Lee for fresh four-year term; SNB’s Wiedmer steps down; State Bank of Vietnam appoints new banking supervisors
Bank of Korea unveils changes to its DSGE model
The existing model’s accuracy was reduced following structural changes in the economy
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Asian central banks crack down on cryptocurrency
Central banks in China, Korea, Malaysia and Singapore all taking action as cryptocurrency prices slump
Bank of Korea on hold amid policy dilemma
Strong won and benign inflation likely to keep the BoK on hold in the first half of 2018
Bank of Korea makes first hike in six years
Central bank triggers hiking cycle despite below-target inflation, as economy shows “solid” growth
Banking sector openness affects policy transmission, BoK paper finds
Bank of Korea study focuses on smaller open economies
Korea suffering from ‘missing inflation’ – deputy governor
Core inflation is still in the mid-1% range despite economic improvement
People: Trio of deputies appointed at Sri Lankan, Korean and Bahaman central banks
Veteran central bankers appointed at Sri Lankan and Korean institutions; Bank of Bahamas also gets new second in command
Korean governor outlines limitations of GDP as economic indicator
GDP does not “fully capture” income or wealth distribution; Lee Ju-yeol offers alternatives based on microdata and other macroeconomic indicators
Bank of Korea paper says digital currency will not displace hard cash
Digital currency could be used as a medium of exchange, but will not oust cash as a store of value, given the issues surrounding insurance and trust, authors of working paper find
Adopting inflation target can create higher inflation – paper
Bank of Korea working paper finds positive relationship between inflation target and inflation, implying some central banks may be tempted to move the goalposts
Bank of Korea embarks on ‘coinless society’ project
Central bank wants to eradicate use of coins by 2020; first stage of the project to use electronic travel passes to pay for goods and services
Emerging markets hit harder by US rate hikes than domestic policy – Bank of Korea paper
US rate hikes have a larger impact on growth and financial flows in emerging markets than changes in domestic policy, researchers find
Korea needs right kind of banking competition – quarterly bulletin
Competition can harm welfare if it is focused on gaining market share through a price war, authors say; Korean system may benefit from greater diversity
South Korean governor calls for international swap line expansion
Lee Juyeol welcomes improvements in financial safety nets at both global and regional levels, but suggests more co-operation is needed to ensure they expand further
Korea reveals organisational changes in annual report
Financial markets department established in 2015, alongside divisions dedicated to capital markets, monetary policy research and financial system analysis
Outflows during normalisation proportional to earlier inflows, paper warns
Working paper examines the effects unconventional monetary policies in advanced economies had on capital flows in emerging markets, and predict what is to come during normalisation
Korean paper explores ‘divergent’ spillovers to EMs
Macro-prudential policies key to protecting emerging markets from spillovers, research says; normalisation in the US could lead to ‘renewed tensions’
Bank of Korea to adopt 2% target from 2016
Central bank scraps its target range in favour of a fixed point; inflation rises to 1% but board expects it to ‘continue at a low level’ in coming months
Cycles in Korean unemployment explained ‘mostly’ by domestic shocks, paper finds
Working paper estimates a new Keynesian model with labour market frictions, designed to mirror the Korean economy, to study relationship between different shocks and dynamics