On July 30th, 2019, Changwon National University’s (CWNU) student team ‘E-STREAM ’ was awarded third prize in the regional preliminaries of the ‘2019 Monetary Policy Challenge’ held by the Bank of Korea (BOK).
The BOK was established on June 12th, 1950. It has served as Korea’s central bank since then. It manages the official foreign exchange reserves, maintains financial system stability, etc. Also, it provides economic education. It holds an annual ‘Monetary Policy Challenge’ for college students. This competition provides students with a simulated experience of the decision-making process for monetary policy to promote a greater understanding of BOK’s role in the formulation and implementation of monetary policy.
The Campus Journal interviewed a member of ‘E-STREAM ’.
Please introduce yourself.
Hello, I’m Kim Min-jae. I’m a student at the Department of Global Business, and I’m now in my third year at CWNU. I chose International Trade as my major. Since I’m interested in economics, I’m studying it as my minor as well.
Q: Why did you decide to participate in the 2019 Monetary Policy Challenge?
I was considering taking part in the competition because of my personal interest in economics. So, I decided to participate in the event when some senior students told me to give it a try.
Q: What is your team’s name, and what does it mean?
We’re called ‘E-STREAM ’ which is a shortened form of ‘ECONOMY STREAM’. The name contains the team’s philosophy that it is important to understand the 'flow' of the economy rather than just focusing on individual economic change. My team consists of four members. We all are also members of the economics club ‘Pacemaker’.
Q: How long have you been preparing for the competition?
We prepared for three months, from May to July 2019. Even during summer vacation, I had several group meetings with team members to share thoughts on the direction of monetary policy.
Q: What was your team’s main idea about the base rate?
We considered price stabilization and financial stability when the Base Rate is determined based on the goals of BOK. Therefore, we analyzed the price and financial situation and set the next few months’ base rate with a macroscopic perspective.
Q: What did you learn from the competition?
I started thinking about the monetary policies and macroeconomic structure of the BOK and other countries on a daily basis. However, the most important thing that I learned is the value of teamwork. We needed to work in a group while we were preparing for the contest. In this process, we had several discussions on which parts each team member should study to make sure that everyone had a good understanding of all the ideas. Also, we shared some feedback with each other to figure out what we were lacking, and how to better support our statements. Thanks to our bonding, we were able to be successful in such a short time.
Q: If you could give some advice to students who are going to participate in the next contest, what would it be?
As I mentioned before, I believe that what led us to this great result is our teamwork. We were fully ready for unexpected situations which could come up in the contest because we kept asking each other questions and giving each other feedback. By doing this, we got second opinions on all of our ideas and suggestions, and we made our arguments stronger and more logical.
Q: I heard that you will be a leader of Pacemaker starting next year. Could you give some information about the club and its purpose?
Pacemaker is an economics club that has had a lot of talent. We analyze economic issues, share newspaper clippings about the economy, and so on. We welcome anyone who is interested in economics regardless of major or grades. The word ‘pace-maker’ means a person who runs in a marathon to help runners establish their speed. In the spirit of the word ‘pacemaker’, I will try to make sure that each member of the club takes a step forward.
By Nam Da-hyeon, cub-reporter firstname.lastname@example.org
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