Monetary and financial issues

What's New

Inflation is well above target and private debt levels have risen substantially, albeit from a low level. The authorities have taken measures to keep household debt in check and monetary policy needs to ensure a restrictive stance.
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With the on-going recovery, inflation is projected to rise to the central bank's target zone of 2.5% 3.5%. If the economy weakens, Korea has scope to further relax monetary policy. Monetary policy will need to tighten as the recovery matures.
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The resilience of the financial sector has improved and work to roll-out macro-prudential policy tools continues. Reform to the house finance system is required to support financial stability while avoiding exposing taxpayers to costly bailouts
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Debt and macroeconomic stability: The perils of high debt and how to avoid them
Policy Note No. 16

Capital flows and financial fragility
This project explores how the structure of international capital flows drives financial fragility, and examines how policies can help increase financial stability.

‌Do house prices impact consumption and interest rate? Evidence from OECD countries using an agnostic identification procedure
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure.

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