How can Korea Boost Potential Output to Ensure Continued Income Convergence?:
Korea's rapid growth has slowed in recent years, suggesting lower potential growth. This paper uses an array of techniques, including statistical filters, a multivariate model and the production function, to estimate Korea's potential growth. The main finding is that trend growth has falle...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/54 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | Korea's rapid growth has slowed in recent years, suggesting lower potential growth. This paper uses an array of techniques, including statistical filters, a multivariate model and the production function, to estimate Korea's potential growth. The main finding is that trend growth has fallen from around 43⁄4 percent during 2000-07 to around 31⁄4 -31⁄2 percent by 2011-12. Absent reforms, it is projected to fall further to around 2 percent by 2025, primarily due to declining working-age population. However, Korea's potential growth can be maintained at a higher level by putting in place a comprehensive structural reform agenda, including increased female and youth labor force participation, liberalization of product and labor market regulation. Staff simulations suggest that such reforms could lift potential growth by around 11⁄4 percentage point over the next decade, maintaining potential growth at around 31⁄4 percent, counteracting the effect of population aging, and enabling Korea to continue to converge to income levels of the United States |
| Beschreibung: | 1 Online-Ressource (15 p) |
| ISBN: | 1484350324 9781484350324 |
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| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
| institution | BVB |
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| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Jain-Chandra, Sonali Verfasser aut How can Korea Boost Potential Output to Ensure Continued Income Convergence? Jain-Chandra, Sonali Washington, D.C International Monetary Fund 2014 1 Online-Ressource (15 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/54 Korea's rapid growth has slowed in recent years, suggesting lower potential growth. This paper uses an array of techniques, including statistical filters, a multivariate model and the production function, to estimate Korea's potential growth. The main finding is that trend growth has fallen from around 43⁄4 percent during 2000-07 to around 31⁄4 -31⁄2 percent by 2011-12. Absent reforms, it is projected to fall further to around 2 percent by 2025, primarily due to declining working-age population. However, Korea's potential growth can be maintained at a higher level by putting in place a comprehensive structural reform agenda, including increased female and youth labor force participation, liberalization of product and labor market regulation. Staff simulations suggest that such reforms could lift potential growth by around 11⁄4 percentage point over the next decade, maintaining potential growth at around 31⁄4 percent, counteracting the effect of population aging, and enabling Korea to continue to converge to income levels of the United States Online-Ausg Zhang, Longmei Sonstige oth http://elibrary.imf.org/view/IMF001/21248-9781484350324/21248-9781484350324/21248-9781484350324.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Jain-Chandra, Sonali How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title | How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title_auth | How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title_exact_search | How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title_exact_search_txtP | How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title_full | How can Korea Boost Potential Output to Ensure Continued Income Convergence? Jain-Chandra, Sonali |
| title_fullStr | How can Korea Boost Potential Output to Ensure Continued Income Convergence? Jain-Chandra, Sonali |
| title_full_unstemmed | How can Korea Boost Potential Output to Ensure Continued Income Convergence? Jain-Chandra, Sonali |
| title_short | How can Korea Boost Potential Output to Ensure Continued Income Convergence? |
| title_sort | how can korea boost potential output to ensure continued income convergence |
| url | http://elibrary.imf.org/view/IMF001/21248-9781484350324/21248-9781484350324/21248-9781484350324.xml |
| work_keys_str_mv | AT jainchandrasonali howcankoreaboostpotentialoutputtoensurecontinuedincomeconvergence AT zhanglongmei howcankoreaboostpotentialoutputtoensurecontinuedincomeconvergence |