KPP

WHAT IS THE KPP FOR?

In 2015, the Bank of Korea initiated the Knowledge Partnership Program (shortly 'KPP'), a policy advisory and technical support program aimed at fostering international cooperation and enhancing mutual understanding with central banks worldwide. As the central bank in the country that had experienced remarkable growth and had successfully overcome numerous challenges in the process, the Bank of Korea was considered uniquely positioned to impart its vast knowledge and experience in policymaking, implementation, and building resilient financial systems and infrastructure to other central banks seeking such guidance (hereafter referred to as 'partner central banks').

WHAT DOES THE KPP OFFER & DEAL WITH?

• Through the KPP, the Bank of Korea provides the partner central banks with comprehensive policy consultations encompassing an in-depth analysis, policy recommendations, and training opportunities, tailored to the partner central banks’ needs.
• The KPP can cover all central banking topics, including monetary and credit policy, financial markets, financial stability, economic research, statistical compilation, payment and settlement systems, currency issuance, foreign exchange policy, and foreign reserve management.

HOW ARE THE KPP PROJECETS DETERMINED & IMPLEMENTED?

• Each year, the KPP project topics are carefully determined through a mutual consent process between the Bank of Korea and partner central bank. The process involves receiving proposals from each partner central bank, conducting a comprehensive review by the Bank of Korea, and reaching a conclusion by signing a bilateral agreement between the two banks.
• Once the topic is chosen, the project is executed by a KPP Team which consists of the Bank of Korea staff, research consultants from a distinguished economic institute employed by the Bank of Korea, and officials from the partner central bank who possess expertise and experience in the consultation topic. Over approximately eight months, the team conducts in-depth collaborative research joining various activities.
• The recommendations and proposed solutions as a result of extensive joint studies are then meticulously organized and presented in the form of a final report to the partner central bank.

WHAT ACTIVITIES ARE CONDUCTED IN A KPP PROJECT?

Preliminary Meeting

Prior to the project's commencement, a preliminary meeting takes place in the partner central bank's country, Korea or online. During this meeting, the KPP Team elaborates on the selected topic and establishes an action plan to ensure a comprehensive understanding and clarity for the subsequent activities.

Kick-off Seminar and Field Study

The Korean KPP team visits the partner central bank’s country, where representatives from both central banks sign the Bilateral Agreement for the KPP project. A kick-off seminar is held to discuss the research outline and exchange ideas about the consultation topic. During the visit, the KPP Team conducts field studies by interviewing senior executives and working-level staff from the partner central bank, as well as relevant organizations in the country.

Interim Seminar and Capacity-building Training Program

An interim seminar is held in Korea to present an interim report containing the findings from the diagnostic study and case studies. During this seminar, the team will gather feedback and comments not only from officials of the partner central bank but also from a group of experts. Additionally, as part of the project's capacity-building efforts, training sessions and study visit programs to relevant institutions in Korea are arranged and provided for the staff of the partner central bank.

Policy Recommendations and Final Dissemination Seminar

The policy recommendations and action plans that the KPP team has developed are integrated into a final report, which incorporates feedback and comments from both the Bank of Korea and the partner central bank, aligning with the project’s objectives. The final report is presented during the final seminar, which takes place in the partner central bank's country. The aim of this seminar is to disseminate the outcomes of the KPP project to various stakeholders, including government officials, participants from the financial sector, and academics.

WHAT HAVE WE ACHIEVED THROUGH THE KPP SO FAR?

During 2015~2023, the Bank of Korea has successfully executed 53 KPP projects with ten partner central banks primarily from the Asian region. All the participants have expressed high satisfaction with the program's diverse activities and positive outcomes. They have acknowledged the significant benefits of the knowledge acquired and policy recommendations provided, which have been instrumental in their professional work and future development.

HOW CAN YOU GET FURTHER INFORMATION

If you're interested in acquiring more information, exploring potential collaboration, or have any inquiries, our dedicated team is prepared to assist you throughout the entire process. Your interest is highly valued, and we are committed to providing a prompt response. We’re excited to begin another rewarding endeavor together and anticipate your message.

Central Banking Study Program (CBSP)

Purpose

• The Bank of Korea (BOK) has run the Central Banking Study Program(CBSP) since 2003 with the main goal of enhancing international cooperation. It has provided valuable opportunities to share the BOK's policy experiences with other central bank colleagues, and has provided a space for colleagues to learn from each other, as well.
• When it first started, the program was held once a year, covering various subjects related to the main responsibilities of a central bank. In response to growing demand for a more concentrated program, however, that format changed in 2013 to offer separate modules covering specialized topics.

Participations

Each program can accept up to 20 candidates, who are mid-level officers of central banks with sufficient work experience to benefit from the program. A maximum of two people per country can be accepted.

Operating Format

The CBSP offers separate modules covering specialized topics. It is held three to four times a year, with each program running for four days, including a one-day field trip. Presentations will be given by experts from the Bank of Korea and other institutions, with participants engaging in discussions during the lectures. Participants are invited to deliver short presentations (15-20 minutes) about their own countries' specific experiences.

Cost sharing

The Bank of Korea covers all the expenses related to the lectures, lunches and field trips. The selected participants will have to pay for their own airfare, travel expenses, accommodation, daily expenses and meals not covered by the Bank of Korea. In certain cases, the Bank of Korea will cover the cost of accomodation and round-trip economy class airfare expenses for some participants.

For further Information

Please refer to the link below for more information.

Central Banking Study Program