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BOK Issue

BOK Issue Note Stablecoin–FX Linkages: Evidence from Fiat–Stablecoin Pair Listings on a Global Exchange As the issuance and use of USD stablecoins have expanded, policy interest in the linkages between USD stablecoin markets and conventional foreign exchange markets has increased. 2026. 09. 03
BOK Issue Note Who Moved the Career Ladder? AI and Young Workers in Korea We examine youth employment trends amid AI diffusion using National Pension subscriber data and the Economically Active Population Survey. 2026. 08. 18
BOK Issue Note How Will Consumption Evolve in Regions Benefiting from the Semiconductor Boom?: Spillover Effects Examined Through Regional Microdata [BOK Issue Note 2026-20] As the semiconductor industry sustains an unprecedented boom, expectations for its broader economic spillover effects are also rising. Indeed, Gross Domestic Income (GDI) has recorded high double-digit growth, driven by improved terms of trade amid a sharp rise in semiconductor export prices, and domestic semiconductor firms have been expanding wages and investment on the back of higher operating profits. For the Korean economy to sustain robust growth momentum going forward, this growth in the IT sector needs to spread broadly through the domestic economy, and assessing this spread requires examining whether rising income is translating into higher spending—the consumption channel. Accordingly, this paper uses regional microdata to analyze the consumption spillover effect, focusing on regions directly benefiting from the semiconductor boom, such as Icheon, Hwaseong, and Cheongju. 2026. 08. 31
BOK Issue Note Rethinking Tourism as a Service Export: Growth Effects and Policy Implications The number of inbound visitors to Korea reached approximately 18.94 million in 2025, surpassing the pre-pandemic peak of 17.50 million in 2019 and continuing to expand rapidly. As inbound visitors generate tourism exports through their consumption of a wide range of goods and services in Korea, the potential contribution of inbound tourism to the Korean economy has also gained increasing attention. 2026. 08. 05
Blog Does AI Adoption Improve Productivity? It has been nearly three years since ChatGPT launched. AI has already become an irreplaceable tool for many workers. It is no longer unusual to ask AI to draft a report or to use AI for data analysis. In fact, as of 2025, more than half of employed persons in Korea (51.8%) are using generative AI at work, and this pace is as much as eight times faster than the diffusion of the Internet in the past[Figure 1]. 2026. 07. 22
Speeches Governor Hyunsong Shin at the ECB Forum on Central Banking 2026 Governor Shin presented a paper titled "A unified ledger in practice: lessons from Project Hangang" at the European Central Bank Forum on Central Banking 2026. The video(Seesion 4, 1:07:48) can be accessed via the following link. 2026. 07. 01

Research Papers

BOK Issue Note How Are Global Economic Linkages Being Reshaped amid Geopolitical Fragmentation? Despite prolonged geopolitical tensions, including the U.S.–China rivalry and the Russia–Ukraine war, global trade has remained relatively stable, rat... 2026.09.22
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BOK Working Paper Paper (in Korean) BOK Working Paper No.2026-15, Co-movement of Long-Term Interest Rates between Korea and the United States Author : Jaeho Yun(Ewha Womans University), Dowan Kim(Bank of Korea), Hyungsuk Lee(Bank of Korea) This paper examines the evolving pattern of co-m... 2026.09.20
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Annual Report on the Payment and Settlement Systems Payment and Settlement Systems Report 2025 In 2025, amid the ongoing digital transformation of finance, the need to upgrade infrastructure to enhance cross-border payments and related financial... 2026.09.17
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Monetary Policy Reports Executive Summary for Monetary Policy Report (September 2026) Monetary Policy Report at a Glance Monetary Policy Decisions [Bank of Korea Base Rate] Back-to-back Base Rate Hikes from 2.50% to 3.00% Economi... 2026.09.10
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Korea Economic Outlook Korea Economic Outlook (August 2026) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2026.09.04
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BOK Issue Note Stablecoin–FX Linkages: Evidence from Fiat–Stablecoin Pair Listings on a Global Exchange As the issuance and use of USD stablecoins have expanded, policy interest in the linkages between USD stablecoin markets and conventional foreign exch... 2026.09.03
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Financial Stability Report Financial Stability Report (June 2026) - Please refer to the attached PDF file. - This is a translation prepared by the Bank's staff based on the original Korean text released on June ... 2026.08.31
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BOK Issue Note How Will Consumption Evolve in Regions Benefiting from the Semiconductor Boom?: Spillover Effects Examined Through Regional Microdata [BOK Issue Note 2026-20] 1. As the semiconductor industry sustains an unprecedented boom, expectations for its broader economic spillover effects are also rising. Indeed, Gros... 2026.08.31
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BOK Working Paper (in English) BOK Working Paper No.2026-14, Economic Shocks and Income Polarization under Quasi-Marketization: Evidence from North Korea Author : Yongshin Cho(Economic Research Institute, Economic Security Studies Team) This paper examines how adverse economic shocks reshape the inc... 2026.08.24
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BOK Regional Economic Report (BOK Golden Book) Regional Economic Report(July 2026) This is a condensed English version of the Regional Economic Report published in Korean on July 29, 2026. Regional economic conditions in the Regional... 2026.08.18
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BOK Issue Note Who Moved the Career Ladder? AI and Youth Employment in Korea We examine youth employment trends amid AI diffusion using National Pension subscriber data and the Economically Active Population Survey. First, the ... 2026.08.18
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BOK Issue Note Rethinking Tourism as a Service Export: Growth Effects and Policy Implications     The number of inbound visitors to Korea reached approximately 18.94 million in 2025, surpassing the pre-pandemic peak of 17.50 million i... 2026.08.05
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BOK Working Paper (in English) BOK Working Paper No.2026-13, Good Housing Booms, Bad Housing Booms: Classifying Local Housing-Market Episodes and Their Macroeconomic Consequences Author : Sangyup Choi(Yonsei University), Junghyuk Lee(Bank of Korea) How can we distinguish good housing booms from bad ones? We develop a high-freq... 2026.08.03
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BOK Issue Note What Makes the Current Terms-of-Trade Improvement Different? Real-Economy Spillovers from the Semiconductor Upturn [BOK Issue Note 2026-16] The Korean economy recorded strong GDP growth of 3.8% year on year in the first quarter of this year, supported by the semiconductor upturn. At the sa... 2026.07.19
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BOK Working Paper Paper (in Korean) BOK Working Paper No.2026-12, Spillover Effects of External Shocks through Cross-Country Transmission Channels: A Large Bayesian Global VAR Approach Author : Sunho Lee(Bank of Korea) This study constructs a Large Bayesian Global Vector Autoregression (LB-GVAR) model covering eight major economi... 2026.07.02
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Korea Economic Outlook Korea Economic Outlook (May 2026) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2026.06.30
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Annual Reports 2025 Annual Report 1. This is an unofficial translation prepared by the Bank's staff based on the original Korean text released on March 27, 2026. 2. Contents  &... 2026.06.30
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Quarterly/Economic Analysis [Vol.32 No.2] Credit Deterioration and Insurance Policy Lapse Author: Song, Yunah(Korea Insurance Research Institute) This study examines how deteriorating credit conditions affect insurance lapse, using de... 2026.06.30
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Quarterly/Economic Analysis [Vol.32 No.2] Cyclicality of Social Welfare Expenditure Author: Shinyae Noh(Seoul National Univ.), Chul-In Lee(Seoul National Univ.) To assess the income-smoothing capability of social welfare program... 2026.06.30
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Quarterly/Economic Analysis [Vol.32 No.2] Mandatory External Audits, Disclosure Timeliness, and Re-disclosure Behavior of Public-Interest Corporations Author: Sangwha Shin(Chungnam National Univ.) This study exploits the 2020 introduction of mandatory external audits for public-interest corpora... 2026.06.30
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