Republic of Korea: Selected Issues
Volume/Issue:
Volume 2003
Issue 080
Publication date: March 2003
ISBN: 9781451822137
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Business and Economics , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , GDP , GDP growth , replacement ratio , loan , total factor productivity , equilibrium ratio , TFP growth , budget authorities , pension system assets , equity allocation , investment strategy , labor share , Pension spending , Credit , Consumer credit , Loans , Budget planning and preparation , Australia and New Zealand , Global
Summary
This Selected Issues paper highlights that the authorities in the Republic of Korea recognize the pension policy challenges ahead, and a first wave of reforms has already been launched. Despite the reforms to date, much remains to be done. Without further reforms, the public pension systems in Korea are not financially sustainable. This paper considers options for moving to a funded first-pillar pension system. The main results show that a sustainable, funded pension system can be achieved in Korea with reasonably modest changes to key parameters and extra financing.
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