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  • Korea, Democratic People's Republic of x
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Cover IMF Staff Country Reports
Republic of Korea: Financial Sector Assessment Program-Technical Note-Systemic Risk Analysis, Financial Sector Stress Testing, and an Assessment of Demographic Shift in Korea
International Monetary Fund. Monetary and Capital Markets Department
This note presents the systemic risk analysis conducted for the Republic of Korea in the course of the 2019 Korea FSAP. It comprises a forward-looking solvency analysis for banks, insurers, and pension funds, a liquidity stress test for banks, and an assessment of network and interconnectedness for a wide range of financial sector entities and their ties to the real economy. Various structural characteristics of Korea’s economy and its financial system informed the features and focus for its forward-looking risk analysis. They include Korea’s strong export orientation, limited diversification, and its key role as a node in regional and international supply chains. Korea’s financial system has grown by 40 percentage points of GDP since 2013, enhancing the importance of a deep financial sector analysis as conducted through the FSAP. Mortgage insurance schemes are widely used—which was reflected in the way the risk assessment for banks was conducted. Korea’s life and non-life insurance sector is large, highly concentrated and saturated. Fintech developments keep accelerating, in terms of its Open Banking system and e-money providers. Demographic developments in Korea are among the most adverse world-wide, implying a continuous drag on demand, downward pressure on interest rates, financial firms’ income, and hence their capitalization unless they will be altering their business models.
Keywords:
ISCR; CR; financial system; sensitivity analysis; balance sheet; banking system; central bank; credit risk; housing market; return on assets; sovereign bond; bond yield; real GDP; market structure; solvency analysis; Insurance; Loans; Stress testing; Commercial banks; Insurance companies; Global
Cover Finance & Development
60 Years of Uncertainty
Hites Ahir, Nicholas Bloom, and Davide Furceri

Finance & Development, March 2020

Keywords:
FD; F&D; country; shrinking population; tried-and-tested policy solution; interest rate; policy choices matter; dependency ratio; tala bill; finance minister; Aging; Migration; Women; Global; Africa; Europe; Sub-Saharan Africa; Western Europe; countries in the world; a number of policy question; policy uncertainty index; country shock; business intelligence company; Emerging and frontier financial markets
Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
Keywords:
ISCR; CR; TF risk; risk assessment; banking sector; commercial bank; criminal activity; tax crime; predicate offense; PBC branch; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Financial sector; Corruption; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Italy: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Italy as at the date of the onsite visit. It analyzes the level of compliance with the Financial Action Task Force recommendations and the level of effectiveness of Italy's AML/CFT system, and provides recommendations on how the system could be strengthened. Italy has a mature and sophisticated AML/CFT regime, with a correspondingly well-developed legal and institutional framework. Law enforcement agencies access, use, and develop good quality financial intelligence. Financial sector supervisors have been using a risk-based approach to varying degrees, but their supervisory tools could be improved.
Keywords:
ISCR; CR; TF risk; organized crime; predicate offense; financial system; bank account; extremist group; PIE auditor; risk management; beneficial owner; parent company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Tax evasion; Corruption; Global; Europe
Cover IMF Working Papers
Addressing Korea’s Long-Term Fiscal Challenges
Mr. Murtaza H Syed, Mr. Michael Skaarup, and Mr. Tarhan Feyzioglu
Korea is on the verge of an unprecedented demographic shift. In coming decades, rapid aging will transform it from one of the youngest populations in the OECD to among the oldest in record time. In turn, this shift will put tremendous pressure on the pension system and health and long-term care expenditures. This paper evaluates the impact of population aging on the long-term fiscal position in Korea, and assesses potential policy responses using the IMF's Global Fiscal Model. The paper finds that the key to maintaining a sound long-run fiscal position is to act early and with a range of policy tools, including pension reform, tax base broadening (and, if necessary, rate hikes), improved tax administration and some expenditure reallocation.
Keywords:
WP; rate; expenditure pressure; expenditure growth; consumption pattern
Cover IMF Survey
Organization and Finances: Running the IMF
International Monetary Fund. External Relations Dept.

Although the IMF is a specialized agency of the United Nations and participates in the Economic and Social Council of the UN, it operates independently and has its own charter, governing structure, rules, and finances.

Keywords:
SV; country; votes of Liberia; Director's name; IMF staff; IMF member; IMF loan; main focus; IMF gold sales; IMF operation; Poverty reduction and development; Interest payments; Debt relief; Concessional external borrowing; Global
Cover IMF Staff Country Reports
Republic of Korea: 2003 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Korea
International Monetary Fund
Korea has made a spectacular recovery from the Asian crisis. Executive Directors commended this developments, and stressed the need to implement monetary and fiscal polices. They commended the structural reforms, and emphasized the need to strengthen the asset management sector. They welcomed the approval of a free trade agreement with Chile, and looked forward to further trade-opening steps in the agricultural sector. They welcome the three-year roadmap for corporate reform, which eases regulations on 'chaebol' that improve governance.
Keywords:
ISCR; CR; staff appraisal; Lee Hun-Jai; Merchandise export; authority