Chang Yong Rhee: Post-pandemic monetary policy in Korea - toward an integrated policy framework

Keynote speech by Mr Chang Yong Rhee, Governor of the Bank of Korea, at the joint 2025 conference of the Bank of Korea (BOK), the Asian Development Bank (ADB), and the Journal of International Money and Finance (JIMof), Seoul, 16 July 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, distinguished guests, I am Rhee Changyong, governor of the Bank of Korea.

Thank you for joining us at this conference, co-hosted by the Bank of Korea (BOK), the Asian Development Bank (ADB), and the Journal of International Money and Finance (JIMF). I would like to express my sincere appreciation in particular to Dr. Donghyun Park of the ADB and Professor Joshua Aizenman of the JIMF for their invaluable contributions in organizing this gathering.

This year's conference focuses on fiscal and monetary policy in emerging markets. We learn the theories of fiscal and monetary policy through textbooks, but in the real economy, we often experience a great deal of trial and error when applying them. This challenge is even more pronounced in emerging economies, whose economic structures often differ significantly from those assumed in textbook models based on advanced economies. Accordingly, I believe that gatherings like this are especially valuable. They allow us to share policy experiences and to develop approaches tailored to each country's specific circumstanes.