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Governor Of The Bank Of Korea
The Bank of Korea (BOK; ) is the central bank of South Korea and issuer of South Korean 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 1950–1970 The Bank of Korea was established on under the Bank of Korea Act passed of , taking over assets and operations from the simultaneously liquidated Bank of Chōsen. It was given a wide range of functions in relation to monetary and financial policy, banking supervision, and foreign exchange policy. The Korean War began only thirteen days after the bank was created, forcing the Head Office to relocate to Daejon, Daegu and Busan. It returned to Seoul after the Incheon landings. The bank's 89 boxes of silver and gold bullion was moved by the military to the Jinhae naval station and then given to the New York Federal Reserve Bank to pay for South Korea's entry into t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seoul
Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities by GDP, sixth largest metropolitan economy in 2022, trailing behind New York metropolitan area, New York, Greater Tokyo Area, Tokyo, Greater Los Angeles, Los Angeles, Paris metropolitan area, Paris, and London metropolitan area, London, and hosts more than half of South Korea's population. Although Seoul's population peaked at over 10 million, it has gradually decreased since 2014, standing at about 9.6 million residents as of 2024. Seoul is the seat of the Government of South Korea, South Korean government. Seoul's history traces back to 18 BC when it was founded by the people of Baekje, one of the Three Kingdoms of Korea. During the Joseon dynasty, Seoul was officially designated as the capital, surrounded by the Fortress Wall of Seoul. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daegu
Daegu (; ), formerly spelled Taegu and officially Daegu Metropolitan City (), is a city in southeastern South Korea. It is the third-largest urban agglomeration in South Korea after Seoul and Busan; the fourth-largest List of provincial-level cities of South Korea, metropolitan city in the nation with over 2.3 million residents; and the second-largest city after Busan in the Yeongnam Regions of Korea, region in southeastern South Korea. Daegu and the surrounding North Gyeongsang Province are often referred to as Daegu-Gyeongbuk, with a total population of over 5 million. Daegu is located in south-eastern Korea about from the coast, near the Geumho River and its mainstream, Nakdong River in Gyeongsang Province. The Daegu basin is the central plain of the Yeongnam List of regions of Korea, region. In ancient times, the Daegu area was part of the proto-kingdom Jinhan. Subsequently, Daegu came under the control of the Silla Kingdom, which unified the Korean Peninsula. During th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Five-Year Plans Of South Korea
The Five-Year Economic and Social Development Plans () were a series of economic development projects in South Korea. Background Both North and South Korea had survived the Korean War (1950–53). From the end of World War II, South Korea remained largely dependent on U.S. aid until a military coup occurred in 1961. American economic aid failed in its goal of creating an industrial base in South Korea largely thanks to corruption. While the South Koreans did not starve and were able to keep up with national defense, most of the aid was misappropriated for private use. This created a small class of wealthy Koreans at the expense of the majority of the country, generating resentment. Despite this widespread corruption however, the Syngman Rhee administration had managed to use some U.S. aid to develop the country's education system, transportation infrastructure, and communications infrastructure. The Syngman Rhee government submitted a draft of a long-term economic development plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
May 16 Coup
The May 16 military coup d'état () was a military coup d'état in South Korea in 1961, organized and carried out by Park Chung Hee and his allies who formed the Military Revolutionary Committee, nominally led by Army Chief of Staff Chang Do-yong after the latter's acquiescence on the day of the coup. The coup rendered powerless the democratically elected government of Prime Minister Chang Myon and President Yun Posun, and ended the Second Republic, installing a reformist military Supreme Council for National Reconstruction effectively led by Park, who took over as chairman after Chang's arrest in July. The coup was instrumental in bringing to power a new developmentalist elite and in laying the foundations for the rapid industrialization of South Korea under Park's leadership, but its legacy is controversial for the suppression of democracy and civil liberties it entailed, and the purges enacted in its wake. Termed the "May 16 Military Revolution" by Park and his alli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
April 19 Revolution
The April Revolution (), also called the April 19 Revolution or April 19 Movement, were mass protests in South Korea against President Syngman Rhee and the First Republic from April 11 to 26, 1960, which led to Rhee's resignation. Protests opposing Rhee were started by student and labor groups in the southeastern port city of Masan on April 11. The protests were triggered by the discovery of the body of a local high school student killed by police during demonstrations against rigged elections in March. Popular discontent had arisen due to Rhee's autocratic rule, corruption, use of violence against political opposition, and uneven development of South Korea. The Masan discovery led to large student protests in Seoul, which were violently suppressed; a total of 186 people were killed during the two weeks of protest. Rhee resigned on April 26 before fleeing to exile in the United States, and was replaced by Yun Posun, beginning the transition to the Second Republic of South ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seoul Bank
Seoul Bank (), known from 1976 to 1995 as Seoul Trust Bank (), was a major bank in South Korea, originally established as a regional bank in 1959. By the mid-1990s, it was one of the five most prominent Korean banks, together with Chohung Bank, Korea Commercial Bank, Korea First Bank, and Hanil Bank. It was determined to be insolvent during the 1997 Asian financial crisis, however, and was taken over by the Korean authorities, then merged into Hana Bank. Overview Seoul Bank was established in December 1959 as part of the Bank of Korea's policy of favoring the creation of regional banks across the country. As such, its activity was initially concentrated in the Seoul Metropolitan Area. It soon expanded beyond that remit, however, by opening a branch in 1962 in the central Nampo-dong neighborhood of Busan. In August 1976, Seoul Bank absorbed Korea Trust Bank, and changed its name to Seoul Trust Bank. It kept that name for nearly two decades before changing it back to Seoul Bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chōsen Industrial Bank
The Chōsen Industrial Bank ( ''Chōsen Shokusan Ginkō'', ''Joseon Siksan Eunhaeng''), also referred to as Chosen Colonization Bank or Joseon Industrial Bank, was a major financial institution in Korea under Japanese rule and its immediate aftermath. It was formed in 1918 by merging six banks established under the Korean Empire. In 1950, it was renamed the Korea Industrial Bank (, not to be confused with the later Industrial Bank of Korea), and eventually liquidated in 1954 with its viable operations transferred to the newly created Korea Development Bank. Overview In 1906, at the initiative of its Japanese financial adviser , the Korean Empire decreed the establishment of agricultural and industrial banks to stimulate the country's economy. 11 such banks had been established on a local basis by 1908, including the Hanseong Agricultural and Industrial Bank () in what is now Seoul. That year, they were merged into six establishments. In June 1918, the six banks were merged into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Korea Development Bank
Korea Development Bank (KDB Bank) is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development of Korea. , it was the 61st biggest global bank according to The Bankers top 1000 World Bank List. KDB Bank has not only fostered the growth of strategic industries but also facilitates the turnaround of troubled companies through restructuring and providing capital for strategic development projects. Since 2000, it has diversified into investment banking services and operates as a Commercial and Investment Bank. Nevertheless, it is a major restructuring player and has saved many big companies during major financial crisis, especially in the 1997 Asian financial crisis and the 2008 financial crisis. History KDB Bank was founded in 1954 to supply and manage major industrial c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Cooperation Administration
The Economic Cooperation Administration (ECA) was a U.S. government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's first head was Paul G. Hoffman, a former leader of car manufacturer Studebaker; he was succeeded by William Chapman Foster in 1950. The rest of the organization was also headed by major business figures such as Arthur A. Kimball (who was a key contributor to the ECA's founding) as well as David K.E. Bruce (who worked at the Office of Strategic Services in Europe during World War II). The ECA had an office in the capital of each of the 16 countries participating in the Marshall Plan. In theory the ECA served as joint administrator of the Marshall Plan development projects in each European country. In practice, local officials knew far more about what was needed than ECA representatives, who developed a management strategy of listening to local officials and allowed them to se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Bank Of Reconstruction And Development
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States; it is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and the concessional lending institution, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff. Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
