Jaejoon Woo's Books

Confronting South Korea's Next Crisis

Rigidities, Polarization, and Fear of Japanification

By: Jaejoon Woo

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Confronting South Korea's Next Crisis

Rigidities, Polarization, and Fear of Japanification

By: Jaejoon Woo

South Korea's economic miracle is a well-known story. However, today Korea is confronting a new set of internal and external risks, which may foreshadow the next crisis. The Korean economy has been struggling with the faltering growth momentum and the rise of unprecedented socio-economic problems over recent years well before the pandemic crisis. After abrupt downshifts to markedly slower growth in the early 2000s, economic growth has continued to decelerate. Koreans are grappling with slow income growth, all time-high household debt, high youth unemployment, inequality, and social polarization. Politics is in disarray and is incapable of directing social discourse for the common good. Rapid population aging along with the world's lowest fertility rates stokes fears of Japanification. Simultaneously, disruptive technologies and fast-changing business environment such as the rise of China clash with a range of long-standing structural problems. The contemporary challenges are radically different from those seen in the early stages of industrialization. There are multiple risks that threaten to self-perpetuate low or stagnant growth over the next decade or so, if not an outright financial crisis. Motivated by these latest developments, this book seeks to provide a timely and in-depth analysis of key current issues and foreseeable challenges of the economy, with a provocative reassessment of its future. Based on extensive new empirical works, it examines the underlying causes of the socio-economic problems. In a constructive spirit, it puts in perspective what would constitute critical elements of ideal policy solutions and the direction of the future government's role.

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647

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Oxford University Press

Published Date

ISBN 10

0198864426

ISBN 13

9780198864424

Confronting South Korea's Next Crisis

Rigidities, Polarization, and Fear of Japanification

By: Jaejoon Woo

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Confronting South Korea's Next Crisis

Rigidities, Polarization, and Fear of Japanification

By: Jaejoon Woo

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647

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Oxford University Press

Published Date

ISBN 10

0198864426

ISBN 13

9780198864424

The Political Economy of Fiscal Policy

Public Deficits, Volatility, and Growth

By: Jaejoon Woo

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The Political Economy of Fiscal Policy

Public Deficits, Volatility, and Growth

By: Jaejoon Woo

One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of countries. Despite recent major fiscal reforms around the world, many countries suffer from recurrent large fiscal imbalances that often reflect lack of fiscal discipline. Why do some countries have recurrent fiscal deficit or volatility problems, while others do not? What factors are most important in explaining cross-country variation in fiscal outcomes? How are they related to growth or inflation? This book presents new, rigorous, theoretical and empirical studies on these fiscal issues, and highlights social polarization as an essential organizing principle in a political economy approach. Also, it discusses how institutional constraints may favourably affect fiscal dynamics in the presence of social polarization.

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176

Publisher

Springer Science & Business Media

Published Date

ISBN 10

3540314172

ISBN 13

9783540314172

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

What Do the Data Say?

By: Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang

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Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

What Do the Data Say?

By: Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang

The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.

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International Monetary Fund

Published Date

ISBN 10

1475536305

ISBN 13

9781475536300

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

Financial Repression or Income Catch-Up?

By: Mr.Julio Escolano,Ms.Anna Shabunina,Jaejoon Woo

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The Puzzle of Persistently Negative Interest Rate-Growth Differentials

Financial Repression or Income Catch-Up?

By: Mr.Julio Escolano,Ms.Anna Shabunina,Jaejoon Woo

The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on government debt ratios. We show that large negative IRGDs are largely due to real interest rates well below market equilibrium - possibly stemming from financial repression and captive and distorted markets, whereas the income catch-up process plays a relatively modest role. We find econometric support for this conjecture. Therefore, the IRGD in non-advanced economies is likely to rise with financial integration and market development, well before their GDP per capita converges to advanced-economy levels.

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International Monetary Fund

Published Date

ISBN 10

1463924550

ISBN 13

9781463924553

Public Debt and Growth

By: Jaejoon Woo,Mr.Manmohan S. Kumar

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Public Debt and Growth

By: Jaejoon Woo,Mr.Manmohan S. Kumar

This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.

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International Monetary Fund

Published Date

ISBN 10

1455201855

ISBN 13

9781455201853

The Political Economy of Fiscal Policy

Public Deficits, Volatility, and Growth

By: Jaejoon Woo

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The Political Economy of Fiscal Policy

Public Deficits, Volatility, and Growth

By: Jaejoon Woo

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176

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Springer Science & Business Media

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ISBN 10

3540314172

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9783540314172

Public Expenditures on Social Programs and Household Consumption in China

By: Mr.David Coady,Giovanni Callegari,Ding Ding,Jaejoon Woo,Pietro Tommasino,Mr.Emanuele Baldacci,Mr.Manmohan S. Kumar

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Public Expenditures on Social Programs and Household Consumption in China

By: Mr.David Coady,Giovanni Callegari,Ding Ding,Jaejoon Woo,Pietro Tommasino,Mr.Emanuele Baldacci,Mr.Manmohan S. Kumar

This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.

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International Monetary Fund

Published Date

ISBN 10

1451982135

ISBN 13

9781451982138

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

Financial Repression or Income Catch-Up?

By: Mr.Julio Escolano,Ms.Anna Shabunina,Jaejoon Woo

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The Puzzle of Persistently Negative Interest Rate-Growth Differentials

Financial Repression or Income Catch-Up?

By: Mr.Julio Escolano,Ms.Anna Shabunina,Jaejoon Woo

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International Monetary Fund

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ISBN 10

1463924550

ISBN 13

9781463924553

Book's by Jaejoon Woo

Confronting South Korea's Next Crisis

Confronting South Korea's Next Crisis

Confronting South Korea's Next Crisis

Confronting South Korea's Next Crisis

The Political Economy of Fiscal Policy

The Political Economy of Fiscal Policy

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

Public Debt and Growth

Public Debt and Growth

The Political Economy of Fiscal Policy

The Political Economy of Fiscal Policy

Public Expenditures on Social Programs and Household Consumption in China

Public Expenditures on Social Programs and Household Consumption in China

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

The Puzzle of Persistently Negative Interest Rate-Growth Differentials

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