Chapter 3 traces the historical evolution of Korea’s monetary, financial, and fiscal systems, situating them within a comparative international framework. The analysis begins with Korea’s monetary system, examining its transition from a coin-based economy under the late Chosŏn Dynasty to a yen-tied currency during the colonial period, and eventually to a managed currency system after liberation. Long-term trends in money supply, prices, and exchange rates are analyzed to assess the impact of economic policies and structural transformations. The chapter also explores the evolution of Korea’s financial markets, focusing on the size and composition of financial assets and liabilities, along with trends in interest rates. Finally, it reviews Korea’s fiscal position by analyzing government revenues and expenditures over time. These trends are placed in an international context to provide comparative insights into the country’s financial and economic shifts.