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Financial policy tasks for Korea amid an aging society

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Frame of Image ocial Sectors Ⅳ. Policy Tasks 1. Financial Sector Tasks 2. Pension System Reform 3. Tasks for the Broader Economy & Social System 4. Securing Fiscal Soundness
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Financial Policy Tasks for Korea amid an Aging Society
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Alongside a globally aging population, the welfare effects from economic growth have produced a rapidly aging demographic in Korea, and thi s has emerged as a critical socioeconomic issue.
	 ○ This paper will examine Korea’s aging phenomenon and how it is affecting individuals and households, the macroeconomy and fiscal situation, and the financial sector. It shall then offer potential measures for an efficient response.
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Korea’s population has been rapidly aging amid a falling birthrate and growing average lifespans, with the share of the aged population (65 and over) expected to be the highest in the world, at 38.2%, by 2050.
	 ○ Comparing the 26 years it will take Korea to move from an aging to an aged society with that of advanced countries, the figure is 154 years for France, 94 years for the US, 77 years for Germany, and 36 years for Japan. 	 ○ The aging index (aged population/14-and-under population) and dependency ratio (aged population/20-64 population) have been soaring, and are expected to eclipse that of the major advanced economies.
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The financial sector will have to develop various products and markets in response to the aging population.
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Summary
	 ○ The advent of an aging society is expected to be intimately tied to the financ


Full Text
Title Financial policy tasks for Korea amid an aging society
Similar Titles
Material Type Reports
Author(English)

Kim, Byung-Duck; Lee, Sukho

Publisher

Seoul:Korea Institute of Finance

Date 2011-05
Series Title; No Finance VIP Series:vision,insight and policy
Pages 39
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Social Development < Population
Holding KIF; KDI School