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    Economic Policy Uncertainty and Its Implications on Economic Recovery: A Case Study of Korea

    Kim, Wongi | January 2016
    Abstract
    Why does economic growth remain so sluggish across so many countries after the onset of the financial crisis? What causes economic recovery to lag behind in countries including Korea? There could be many factors such as debt overhang and slow growth of total factor productivity that serve as an explanation, but several economists focus on the role of ‘economic policy uncertainty’. Economic policy uncertainty is a concept of economic risks where the 'future path' of government policy such as fiscal, regulatory, and monetary policy is uncertain. For example, if next year's tax rate is unclear - which means it can move in either direction - the ensuing conflict between economic growth and fiscal sustainability heightens economic policy uncertainty. Why is economic policy uncertainty so important? The future path of government policy is an important factor for privates to determine how much they consume, save, and invest today. People tend to postpone their decisions to until after policy uncertainty is resolved. For example, potential entrant firms try to delay their entrant decisions until uncertainty on tax policy is settled, because they care about after-tax profits. This could reduce overall private investment and hamper economic recovery.
    Citation
    Kim, Wongi. 2016. Economic Policy Uncertainty and Its Implications on Economic Recovery: A Case Study of Korea. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/10534.
    Keywords
    Economic Crisis
    Economic Efficiency
    Economic Policies
    Regional Economic Development
    Job Evaluation
    Evaluation
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Economic Welfare
    Economic Incentives
    Economic Efficiency
    Economies in transition
    Economic agreements
    Social condition
    Economic dependence
    Economic assistance
    Crisis
    Unemployment
    Economic cooperation
    Gross domestic product
    Employment
    Economic forecast
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial crisis
    Labor economics
    Regional economics
    Turnover
    Economic survey
    Job analysis
    Labor turnover
    International relief
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Wages and labor productivity
    Labor economics
    Regional economics
    Turnover
    Economic survey
    Efficiency wage theory
    Income Distribution
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/10534
    Metadata
    Show full item record
    Thumbnail
    KIEPopinions_no75.pdf (634.6Kb)
    Author
    Kim, Wongi
    Theme
    Economics
    Development

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