SEOUL – South Korea should avoid following Japan’s lead of using fiscal and monetary stimulus to combat the challenges of an ageing economy, central bank Governor Rhee Chang-yong said, urging reforms instead to boost fertility.
“It’s easier to say, ‘Let’s use the fiscal policy to stimulate the economy if growth is going down. Let’s use the loose monetary policy to increase the inflation rate’,” Mr Rhee said in an interview. “It all failed.” “Many economists tried to solve these ageing problems of Japan using macro policy,” he said. “Macro policy is not designed to address this structural issue. So for Korea, I’d rather advise to my government that macro policy – fiscal and monetary – can be a sideshow.”
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