LEADER 04211oam 22009494 450 001 9910162943403321 005 20230810001946.0 010 $a1-4755-6889-4 010 $a1-4755-6893-2 035 $a(CKB)3710000001045040 035 $a(MiAaPQ)EBC4800290 035 $a(IMF)WPIEA2017002 035 $a(EXLCZ)993710000001045040 100 $a20020129d2017 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aKorea?s Challenges Ahead?Lessons from Japan?s Experience /$fEdda Zoli 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2017. 215 $a1 online resource (19 pages) $cillustrations (some color), graphs, tables 225 1 $aIMF Working Papers 311 $a1-4755-6888-6 320 $aIncludes bibliographical references. 330 3 $aThis paper draws out the parallels between Korea and Japan in terms of demographics, potential growth, balance sheets, asset prices and inflation. Korea?s demographic trends seem to track Japan?s with a lag of about 20 years. Low productivity in the service sector and labor market duality are common to both countries and need to be addressed with structural reforms. While Korea?s corporate balance sheets are stronger than Japan?s in the early 1990s, Korea needs to progress with the restructuring of nonviable firms to avoid the adverse consequences of delayed balance-sheet repair that Japan experienced. Given its strong fiscal balance sheet position, Korea can afford using fiscal policy actively to incentivize corporate restructuring and structural reforms and cushion their possible short-term adverse impact. Korea can prevent bubbles in asset prices that were at the origin of Japan?s initial crisis with the continued use of macroprudential policies. Although Korea does not appear to be headed toward deflation, new econometric analysis presented in the paper suggests that aging will exert a downward drag on its inflation going forward. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2017/002 606 $aAging$zKorea$xHistory 606 $aAccounting$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aDemography$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aEconomics of the Elderly$2imf 606 $aEconomics of the Handicapped$2imf 606 $aNon-labor Market Discrimination$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aPopulation & demography$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aAging$2imf 606 $aOil prices$2imf 606 $aFinancial statements$2imf 606 $aPopulation and demographics$2imf 606 $aPublic financial management (PFM)$2imf 606 $aPopulation aging$2imf 606 $aFinance, Public$2imf 607 $aKorea$xEconomic conditions 607 $aKorea, Republic of$2imf 615 0$aAging$xHistory. 615 7$aAccounting 615 7$aInflation 615 7$aMacroeconomics 615 7$aDemography 615 7$aPrice Level 615 7$aDeflation 615 7$aEconomics of the Elderly 615 7$aEconomics of the Handicapped 615 7$aNon-labor Market Discrimination 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aPopulation & demography 615 7$aFinancial reporting, financial statements 615 7$aAging 615 7$aOil prices 615 7$aFinancial statements 615 7$aPopulation and demographics 615 7$aPublic financial management (PFM) 615 7$aPopulation aging 615 7$aFinance, Public 676 $a305.26095195 700 $aZoli$b Edda$01111469 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162943403321 996 $aKorea?s Challenges Ahead?Lessons from Japan?s Experience$93651076 997 $aUNINA