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Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.

Labor --- Macroeconomics --- National Government Expenditures and Welfare Programs --- Debt --- Debt Management --- Sovereign Debt --- Development Planning and Policy: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Labor Economics: General --- Institutions and the Macroeconomy --- Aggregate Factor Income Distribution --- Education: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Education --- Structural reforms --- Income --- Labor markets --- Macrostructural analysis --- National accounts --- Income inequality --- Labor economics --- Labor market --- Income distribution --- Korea, Republic of

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We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Japan --- al-Yābān --- Giappone --- Government of Japan --- Iapōnia --- I︠A︡ponii︠a︡ --- Japam --- Japani --- Japão --- Japon --- Japonia --- Japonsko --- Japonya --- Jih-pen --- Mư̄ang Yīpun --- Nihon --- Nihon-koku --- Nihonkoku --- Nippon --- Nippon-koku --- Nipponkoku --- Prathēt Yīpun --- Riben --- State of Japan --- Yābān --- Yapan --- Yīpun --- Zhāpān --- Япония --- اليابان --- يابان --- 日本 --- 日本国 --- Economic conditions --- Econometric models. --- Jepun --- Yapon --- Yapon Ulus --- I︠A︡pon --- Япон --- I︠A︡pon Uls --- Япон Улс --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Public Finance --- Macroeconomics --- Information, Knowledge, and Uncertainty: General --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Monetary Policy --- Fiscal Policy --- Trade Policy --- International Trade Organizations --- Financial Crises --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Debt --- Debt Management --- Sovereign Debt --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- International economics --- Public finance & taxation --- Financial crises --- Fiscal policy --- Exchange rate policy --- Trade policy --- Public debt --- Global financial crisis of 2008-2009 --- Commercial policy --- Debts, Public --- Global Financial Crisis, 2008-2009