The economic crisis that has swept the world! Who will seize the opportunity in this crisis with no

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EBS Documentary

Published on Jul 3, 2024
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※ This video is part of <Docuprime - Central Bank in the Age of Chaos 1-3> broadcast from June 8 to 10, 2020. What does a central bank, which is not easily accessible, do? A modern economic system seen through the role of a central bank An economic field experience with a panel of experts This documentary explains the complex modern economic system through the field and experience at a level suitable for the viewer. Through this, we examine the role and function of the central bank in our society and provide time to discuss the future of the central bank in a rapidly changing era. Economic issues felt through the field and cases <Central Bank in the Age of Chaos> shows the economic field as it is rather than the format of the existing economic documentary that focuses on explanation, leaving room for the viewer to think for themselves. It visits the field where the cast can feel economic issues firsthand and increases the viewer's understanding by incorporating various economic cases. The best experts in each field gathered for economic education Professor Jinil Kim, who is from the US central bank and the Federal Reserve Board, Professor Jeongho Park, an economic education expert, and Taesung Choi, an expert in history and humanities, joined forces to help with easy understanding of complex economic issues. They will visit economic sites such as free food centers and currency exchange offices in Argentina and slums and stores in Venezuela to examine the role of central banks, and discuss the flow of the global economy in the chaotic era and the future of central banks through in-depth discussions with leading economists and officials from major countries' central banks. The role and function of central banks that were difficult to perceive Money has been with us since the early days of mankind. We live in a modern society that cannot be sustained without money. However, the history of central banks, which manage a series of money and financial systems, is not very long. In addition, the role of central banks is different from that of commercial banks that we generally encounter. The role of central banks, which indirectly coordinate the macroeconomy, is not easy to perceive in real life. What is certain is that the central bank's monetary policy contributes to the stability of prices and finance. In Part 1, 'The Invisible Hand that Moves Prices', we learn about the primary goal of the central bank, price stability, and interest rates. We visit the site of hyperinflation that occurs when the central bank does not function properly, and we confirm how the prices we feel are determined through the stories of merchants and housewives. Part 2, 'Financial Crisis, the Butterfly Effect of Money', tells the story of the role of the central bank in the global economic crisis. We visit Argentina, which is suffering from the exchange rate fluctuation of the key currency, the dollar, and the real estate site of China, which is suffering from expanding debt. We also learn what trump card the central bank has prepared to respond to the market recession caused by the COVID-19 crisis. Part 3, 'The Future of Currency and Central Banks', looks at currency, trust, and the future of central banks. We find answers to people's trust, from cash that has been used traditionally, to gold that has been loved by mankind for a long time, to virtual currency that has recently shown a tremendous expansion. We discuss the future role of central banks. ■ Part 1. The invisible hand that moves prices. What effect does the central bank's interest rate adjustment have on prices? The common goal and first goal of central banks around the world is 'price stability'. So what kind of relationship is there between prices that we feel in our daily lives and central banks? To find the answer, the production team visited South America, which is suffering from a price crisis. Venezuela recorded an inflation rate of over 130,000% as of 2018. It was the world's number one crude oil producer, but now that the central bank's function has been paralyzed, we take a look at the lives of its citizens. On the other hand, advanced countries such as the United States, Japan, and recently Korea are very worried about prices that are not rising. The low price phenomenon expressed as deflation is not affected by the central bank's lowest interest rate ever, even negative interest rates. Prices are a problem if they rise too much, but they are also a problem if they do not rise. What do market merchants and housewives think about prices? And how does the central bank deal with the country's prices? In Part 1 of Central Banks in Chaos: The Invisible Hand that Controls Prices, Central Banks, we delve into the secrets of prices and interest rates that we didn't know about. ■ Part 2. Financial Crisis, the Butterfly Effect of Money How should we respond to the economic crisis that keeps r

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