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Dongchul Cho

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Dongchul Cho

Dongchul Cho examines Korea’s recent monetary policy in comparison with Japan’s experiences in the 1990s. As in Japan, the Bank of Korea’s forecasts were excessively optimistic during the 2012 to 2015 period, resulting in conservative monetary policy, while Korea differs from Japan in having a milder pace of disinflation and a low likelihood of a real estate bubble-bust. Nonetheless, conservative policy based on past experiences could become risky in a rapidly changing environment, particularly with Korea’s rapid aging and declining potential growth. The answer to the question, whether Korea with a lag of two decades will follow Japan into deflation, lies in future monetary policy.

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Edited by Maurice Obstfeld, Dongchul Cho and Andrew Mason

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Edited by Maurice Obstfeld, Dongchul Cho and Andrew Mason

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Maurice Obstfeld, Dongchul Cho and Andrew Mason

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Global Economic Crisis

Impacts, Transmission and Recovery

Edited by Maurice Obstfeld, Dongchul Cho and Andrew Mason

The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of financial markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies?
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Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Dongchul Cho, Takatoshi Ito and Andrew Mason