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Korea’s rapid growth has slowed in recent years, suggesting lower potential growth. This paper uses an array of techniques, including statistical filters, a multivariate model and the production function, to estimate Korea’s potential growth. The main finding is that trend growth has fallen from around 4¾ percent during 2000-07 to around 3¼ -3½ percent by 2011-12. Absent reforms, it is projected to fall further to around 2 percent by 2025, primarily due to declining working-age population. However, Korea’s potential growth can be maintained at a higher level by putting in place a comprehensive structural reform agenda, including increased female and youth labor force participation, liberalization of product and labor market regulation. Staff simulations suggest that such reforms could lift potential growth by around 1¼ percentage point over the next decade, maintaining potential growth at around 3¼ percent, counteracting the effect of population aging, and enabling Korea to continue to converge to income levels of the United States.

Income distribution --- International economic relations --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Distribution of income --- Income inequality --- Inequality of income --- Distribution (Economic theory) --- Disposable income --- Econometric models. --- Labor --- Macroeconomics --- Production and Operations Management --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Macroeconomics: Production --- Labor Contracts --- Labor Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Labour --- income economics --- Potential output --- Employment protection --- Total factor productivity --- Productivity --- Industrial productivity --- Economic theory --- Manpower policy --- Labor economics --- Korea, Republic of

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Inequality in China - Trends, Drivers and Policy Remedies.

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During the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in European bank foreign claims was associated with a substantial reduction in domestic credit supply in a broad sample of countries. However, the credit supply response in Asia was only about half the size of the response in non-Asian countries, possibly due to a more robust policy response and healthier local bank balance sheets at the outset of the crisis.

Banks and banking, International --- Banks and banking --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- International banking --- Offshore banking (Finance) --- Transnational banking --- Finance --- Financial institutions --- Money --- Financial institutions, International --- International finance --- Banks and banking, European --- Bank loans --- Bank liquidity --- Global Financial Crisis, 2008-2009 --- E-books --- European banks and banking --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Liquidity (Economics) --- Bank credit --- Loans --- Banks and Banking --- Money and Monetary Policy --- Financial Crises --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Foreign currency exposure --- Foreign banks --- Domestic credit --- Credit --- Foreign exchange market --- Banks and banking, Foreign --- United States

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Worldwide protests against the perceived lack of economic opportunity and failure of governance have refocused attention on the need for inclusive growth and strong institutions. In developing countries, large informal economies limit state capacity to deliver governance and strong institutions, which in turn discourages participation in and expansion of the formal economy. This paper analyzes the determinants of the underground economy, with particular emphasis on the role of institutions and the rule of law. We find that when businesses are faced with onerous regulation, inconsistent enforcement and corruption, they have an incentive to hide their activities in the underground economy. Empirical analysis suggests that institutions are a more important determinant of the size of the underground economy than tax rates.

Informal sector (Economics) --- Hidden economy --- Parallel economy --- Second economy --- Shadow economy --- Subterranean economy --- Underground economy --- Artisans --- Economics --- Small business --- Econometric models. --- Macroeconomics --- Economics: General --- International Economics --- Institutions and Growth --- Tax Evasion and Avoidance --- Informal Economy --- Underground Econom --- Economics of specific sectors --- Informal economy --- Economic sectors --- Informal sector --- Montenegro

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En este Documento de Análisis del Personal Técnico se estudia el efecto de las restricciones legales basadas en el género y de las políticas públicas y las características demográficas en la participación femenina en la fuerza laboral. A partir de un conjunto nuevo y abundante de datos de panel relativos a las restricciones legales vinculadas al género, en el estudio se observa que las restricciones a los derechos hereditarios y patrimoniales de las mujeres, así como los impedimentos jurídicos para realizar actividades económicas tales como abrir una cuenta bancaria o dedicarse libremente a una profesión, se asocian fuertemente con la existencia de brechas de género más amplias en materia de participación en la fuerza laboral. Esos factores tienen un significativo impacto adicional en la participación femenina en la fuerza laboral más allá de los efectos de las características demográficas y las políticas. En muchos casos, las brechas de género provocadas por esas restricciones también ejercen efectos de importancia macroeconómica crucial en términos de su impacto en el PIB. Los resultados del presente estudio indican que sería beneficioso instaurar un marco de reglas equitativas eliminando obstáculos que impidan a las mujeres pasar a ser económicamente activas si así lo desean. Al recomendar la igualdad de oportunidades, sin embargo, no es intención de este estudio emitir juicio alguno acerca de las normas culturales y religiosas ampliamente aceptadas vigentes en un país.

Labor --- Public Finance --- Women''s Studies' --- Gender Studies --- Labor Force and Employment, Size, and Structure --- Economics of Gender --- Non-labor Discrimination --- Economic Development, Innovation, Technological Change, and Growth --- Labor Standards: Labor Force Composition --- Taxation, Subsidies, and Revenue: General --- Gender studies, gender groups --- Gender studies --- women & girls --- Labour --- income economics --- Public finance & taxation --- Social discrimination & equal treatment --- Gender diversity --- Women --- Labor force participation --- Legal support in revenue administration --- Gender inequality --- Sex role --- Labor market --- Revenue --- Sex discrimination --- Kenya