This paper considers the implications of the prospective aging of the U.S. population for the social security system and concludes that the large and growing cashflow surpluses of the social security trust funds should be saved to help insulate living stands against this change. A number of...

The paper analyzes the development of government social expenditure during the economic stabilization period, with specific reference to the changing needs for such expenditure arising from the change in Israel’s demographic structure. The results reveal a real cut in direct services. The...

Since the financial crisis in 1997-98, Korea has made major progress in financial, and corporate sector reform - the supervisory and regulatory regime for the financial sector has been substantially strengthened, and recent reforms helped achieve a high degree of observance of international...

The IMF, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement with the Government of Canada (Canada), and has entered into amendments to the 2010 borrowing agreement with De Nederlandsche Bank NV (The Netherlands) and the 2011 borrowing...

This Background Paper provides a broad overview of the structure and characteristics of public finances in Korea, and discusses fiscal policy against the background of the medium-term objectives. The analysis shows that despite constraints imposed by the institutional framework, the government...

The Republic of Korea’s 2008 Article IV Consultation highlights that Korea’s business cycle is turning downward while inflation pressures have increased. Risks are mainly external and on the downside, but a volatile domestic political environment also clouds the outlook. Inflation pressures...

This Selected Issues paper analyzes corporate restructuring and corporate governance in the Republic of Korea. The paper describes the chaebols and their role in the economy. It reviews the government’s role in shaping and regulating the chaebols, explains factors that have encouraged debt...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

The recent global financial crisis has exposed the limitations of a conventional inflation targeting framework in insulating an economy from all shocks, and demonstrated that its rigid application may aggravate the effect of shocks on output and inflation. Possible refinements to the inflation...