Policies for Growth with Low Inflation and Increased Efficiency

A thirty-fifth anniversary is an unusual time for a celebration. If we think of an anniversary as the celebration of a birth, rather than a marriage, the tenth anniversary of the Bank of Korea marks the end of stagnant development and the beginning of a spurt of sustained real growth. The twenty-first anniversary was the occasion for coming to maturity in a world of fluctuating exchange rates. A thirty-fifth anniversary comes too late for congratulations on successful passage through adolescence and too early for the celebrants to be confined to the rocking chair at the central bank clubhouse, there to reminisce about past monetary crises, to be moan the fiscal profligacy of governments in the developing and developed countries, or to rest content with past achievements of the Korean economy and its financial system.