IMF Staff Country Reports

Republic of Korea: Selected Issues

March 19, 2003

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Republic of Korea: Selected Issues, (USA: International Monetary Fund, 2003) accessed November 12, 2024

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.

Subject: Budget planning and preparation, Consumer credit, Credit, Expenditure, Financial institutions, Loans, Money, Pension spending, Pensions, Public financial management (PFM)

Keywords: Australia and New Zealand, Budget authorities, Budget planning and preparation, Consumer credit, CR, Credit, Equilibrium ratio, Equity allocation, GDP, GDP growth, Global, Investment strategy, ISCR, Labor share, Loan, Loans, Pension spending, Pension system assets, Replacement ratio, TFP growth, Total factor productivity

Publication Details

  • Pages:

    68

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2003/080

  • Stock No:

    1KOREA0022003

  • ISBN:

    9781451822137

  • ISSN:

    1934-7685