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The Bank Of Korea
The Bank of Korea (BOK; ) is the central bank of the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul, South Korea. The bank's primary purpose is price stability. For that, the bank targets inflation. The 2016–18 target is consumer price inflation of 2.0%. History 1945-1970 The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act. Following liberation on August 15, 1945, the Korean economy was plunged into turmoil. Tackling the severe inflation and financial disorder brought about by an acute shortage of resources and the division of the country along the 38th parallel was the immediate priority. In this situation, discussions raged across the country on establishing a central bank for the Republic of Korea and Dr. A.I. Bloomfield, dispatched from the Federal Reserve Bank of New York, drafted the Bank of Korea Act. Based on this draft, the Bank of Korea Act was passed in May 1950 and the bank launched it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 of the 1948 constitution. According to the 2020 census, Seoul has a population of 9.9 million people, and forms the heart of the Seoul Capital Area with the surrounding Incheon metropolis and Gyeonggi province. Considered to be a global city and rated as an Alpha – City by Globalization and World Cities Research Network (GaWC), Seoul was the world's fourth largest metropolitan economy in 2014, following Tokyo, New York City and Los Angeles. Seoul was rated Asia's most livable city with the second highest quality of life globally by Arcadis in 2015, with a GDP per capita (PPP) of around $40,000. With major technology hubs centered in Gangnam and Digital Media City, the Seoul Capital Area is home to the headquarters of 15 ''Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frankfurt
Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its namesake Main River, it forms a continuous conurbation with the neighboring city of Offenbach am Main and its urban area has a population of over 2.3 million. The city is the heart of the larger Rhine-Main metropolitan region, which has a population of more than 5.6 million and is Germany's second-largest metropolitan region after the Rhine-Ruhr region. Frankfurt's central business district, the Bankenviertel, lies about northwest of the geographic center of the EU at Gadheim, Lower Franconia. Like France and Franconia, the city is named after the Franks. Frankfurt is the largest city in the Rhine Franconian dialect area. Frankfurt was a city state, the Free City of Frankfurt, for nearly five centuries, and was one of the most import ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of South Korea
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 5th largest economy in Asia and the 13th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world, following the Great Recession. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century. South Korea's education system and the establishment of a motivated and educated populace is largely responsible for spurring the country's high technology boom and economic development. South Korea began to adapt an export-oriented economic strategy to fuel its economy. In 2019, South Kor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Central Banks
. Central banks Central banks Central banks This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*). Disappeared central banking jurisdictions * – Bank of Amsterdam (1609-1791) * – Taula de canvi de Barcelona (1401-1714) * – East African Currency Board (1919-1966) * – (''Hrvatska Državna Banka'', 1941-1945) * – National Bank of Czechoslovakia (1926–1939 and 1945-1950) and State Bank of Czechoslovakia (1950–1992) * – (1854-1875) * – Bank of Saint George (1407-1805) * – (1948-1968) and Staatsbank der DDR (1968-1990) * – Hamburger Bank (1619-1875) * – Bank of Korea (1909–1950) * – Central Bank of Manchou (1932-1945) * - Bank of Issue in Poland (1940-1945) * – (1765-1846) and (1847-1875) * – (1849-1861), itself formed through the merger of (1846-1849) and Banca di Torino (1847-1849) * – National Bank of Vietnam (1954-1975) * – Banco di Napoli, under di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lee Ju-yeol
Lee Ju-yeol (; born 24 July 1952) is a South Korean economist and technocrat served as the 25th Governor of the Bank of Korea, the South Korean central bank, from 2014 to 2022. He was re-nominated for the governorship by President Moon Jae-in and the nomination was confirmed by the National Assembly, thus renewing his governorship to March 2022 and becoming the first central bank Governor to be appointed for a second term throughout the history of the nation. He also serves as the Alternate Governor representing South Korea on the IMF Board. Lee received his BA in Business Management from Yonsei University Yonsei University (; ) is a private research university in Seoul, South Korea. As a member of the " SKY" universities, Yonsei University is deemed one of the three most prestigious institutions in the country. It is particularly respected in th ... in 1977 and MA in Economics from Pennsylvania State University in 1988. He first worked at the Bank of Korea in 1977 and serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kim Choong-soo
Kim Choong-soo (; born 6 June 1947) is a South Korean economist and politician who was Governor of the Bank of Korea from April 2010 until March 2014. Education After graduating from Kyunggi High School in Seoul in 1966, he entered Seoul National University and graduated with a degree in Economics in 1973. He received a Ph.D degree in Economics from the University of Pennsylvania The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ..., U.S.A. in 1979. Career In 1979, he started his professional career as Senior Research Associate at the Center for Human Resource Research, Ohio State University, U.S.A. He returned to Korea in 1983 and served at the Korea Development Institute (KDI) as Senior Economist for ten years. His research areas at KDI included macroeconomic policy management, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Park Seung
Park Seung (Korean: 박승; Hanja: 朴昇; born February 16, 1936) is a Korean economist who most recently served as a Governor of the Bank of Korea from 2002 to 2006. Before becoming a governor of the Bank of Korea, he was a professor at Chung-Ang University, a president of Korea Economic Association (1999-2000), a senior secretary to the President for Economic Affairs under the Office of the President, and a minister of Ministry of Construction (1988-1989). Early life and education Park was born in Gimje, North Jeolla Province, as the second son of six kids under his mother, Kang Sinyong and father, Park Hyunsik. After graduating from the Department of Economics at Seoul National University in 1961, Park worked at the Bank of Korea between 1961 and 1976. He obtained his Master's and Ph.D. degree in economics from the State University of New York at Albany in 1974. His dissertation is titled “Development Effect of Foreign Capital in the Labor Surplus Economy”. Career After ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yoo Chang-soon
Yoo Chang-soon (6 August 1918 – 2 June 2010) was the Prime Minister of South Korea from 4 January 1982 to 24 June 1982. Yoo was born in Anju, South Pyongan, a city located in present-day North Korea, and attended the Pyongyang Commercial School (평양상업학교). He went on to tertiary education at Hastings College in Nebraska, graduating in 1950. The following year, he entered the service of the South Korean government, working at the Bank of Korea's Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and List of cities in Japan, largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, ... branch. He was governor of the Bank of Korea from 1961 to 1962. References 1918 births 2010 deaths Hastings College alumni Prime Ministers of South Korea People from South Pyongan South Korean expatriates in the United States Governors of the Bank of Korea< ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-bank Financial Institution
A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples of these include insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. Alan Greenspan has identified the role of NBFIs in strengthening an economy, as they provide "multiple alternatives to transform an economy's savings into capital investment which act as backup facilities should the primary form of intermediation fail." The term ''non-bank'' likely started as non-deposit taking banking institution. However, due to financial regulations adopted from English speaking countries, non-English speaking countries took "non-bank" as a s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross (economics), gross" basis. Settlement (finance), Settlement in "real time" means a payment Financial transaction, transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or net settlement, netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the financial market in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
