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Strategies for reforming Korea’s labor market to foster growth

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Frame of Image  Korea
Monetary Policy Committee Chairman Member Member Member Member Member Member Lee, Juyeol Ha, Sung Keun Chung, Hae-Bang Chung, Soon Won Moon, Woosik Hahm, Joon-Ho Jang, Byung Wha
*금안2014((Oct)01-목차1~13 2014.12.17 1:36 PM 페이지4 001 Adobe PDF
Financial stability refers to a condition in which the financial system works smoothly with all of its key components satisfactorily performing their roles: financial institutions carrying out their financial intermediary functions, market participants maintaining a high level of confidence in their financial market, and the financial infrastructure being well developed. Financial stability is regarded as one of the policy goals that must be achieved, together with price stability and economic growth, for the realization of sustainable economic development. Policy authorities around the world thus devote great efforts to achieving financial stability. As part of its conduct of macroprudential policies, the Bank of Korea has been publishing the Financial Stability Report on a biannual basis since 2003, analyzing and assessing the potential risks inherent in the Korean financial system and suggesting related policy challenges. Notably, under the revised Bank of Korea Act of 2011 (Article 96), the Bank of Korea is obliged to draw up a Financial Stability Report and submit and report it to the Korean National Assembly at least two times each year. The Bank of Korea is devoting its best efforts to qualitative improvement of the Financial S


Full Text
Title Strategies for reforming Korea’s labor market to foster growth
Similar Titles
Material Type Reports
Author(English)

The Bank of Korea

Publisher

[Seoul]:The Bank of Korea

Date 2014-08
Pages 141
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Social Development < Employment
Holding The Bank of Korea; KDI School

Abstract

While the Korean unemployment rates are currently among the lowest in OECD countries, the labor market duality and the underemployment in some segments of the population are important labor market challenges, and factors contributing to lower potential growth. The paper shows the benefits of comprehensive policy reforms aimed at increasing labor force participation and youth employment and reducing duality are likely to be considerable in the medium term.