Votes and cheap money

Article Abstract:

The South Korean government's demand that interest rates be cut before the Dec 18, 1992 election were rejected by the central-bank governor Cho Soon. The government's earlier steps to boost stocks which had resulted in a 180 point recovery in the stock exchange, were primarily to show ruling-party candidate Kim Young Sam in a good light. Cho, however, refused to lower the rediscount rate, claiming that the regulated and non-regulated rates should be the same as per ministry rules. Bank policy should be dictated by market conditions and not by politics.

Political aspects, Interest rate futures

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Won wildcard

Article Abstract:

The presidential elections in South Korea in 1992 favors the incumbent government's candidate in at least two issues: inflation has been brought to a manageable level and the current account deficit has been trimmed through a tight monetary policy. However, there is a downside to these beneficial developments. The country's currency, won, is steadily depreciating. The costs of depreciation would readily be seen in the increase in prices of necessary imports.

Prices and rates, Column, Monetary policy, Won (Korea)

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Keys to reform: South Korean bureaucrats are slowly opening up the money markets

Article Abstract:

South Korea's Finance Ministry is set to implement a series of reforms to revitalize the country's financial system. Bowing to foreign and domestic pressure to open up the country's financial markets, the ministry has set a detailed timetable for liberalization. It is also negotiating a $100 million World Bank loan to be used for the modernization of the country's financial services industry.

Planning, Laws, regulations and rules, Financial markets, Deregulation

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