Bold shift: central banks must adapt as societies evolve, and Governor Chang Yong Rhee’s approach at the Bank of Korea is a prime example of that evolution. Price stability remains the core mission for monetary authorities, but the path to achieving it is increasingly shaped by broader structural insights. Rhee has broadened the Bank of Korea’s research agenda to include long-running societal trends—such as population aging—to better grasp how Korea’s economy is changing and how policy should respond. Before stepping into the governor’s chair in 2022, Rhee held multiple senior positions within major international institutions, notably the IMF, where he developed a global perspective on financial stability and policy design.
If you’re curious about how the Bank of Korea is positioning itself for the future, you can watch the 2025 Michel Camdessus Central Banking Lecture webcast, which features discussions around innovative central banking practices and macroeconomic strategy.
About the people behind the show: Chang Yong Rhee serves as Governor of the Bank of Korea and previously directed the IMF’s Asia and Pacific Department, bringing a wealth of experience from both national and international financial spheres.
Behind the mic, the IMF’s Bruce Edwards produces the organization’s podcast series. Edwards is an award-winning audio producer and journalist who has reported from conflict zones, sites of social upheaval, and natural disaster areas worldwide. He believes that economists play a crucial role in solving global challenges and aims to highlight leading research through IMF podcasts. Jeff Kearns contributes to Finance & Development and helps bring these conversations to a broader audience.
In short, the episode underscores how evolving research—anchored in structural realities like demographics—can inform central-bank policy in a world that’s constantly changing. It invites readers to consider: How should monetary policy balance traditional price stability with the complex realities of aging populations and shifting labor markets? And what sculpting questions should we ask to ensure policy remains adaptive and effective as new data and trends emerge?
