On Korea: Academic Paper Series
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On Korea: Academic Paper Series 2013About On Korea: Academic Paper Series
In December 2006, KEI initiated our Academic Paper Series in which we commission up to 10 papers per year with diverse perspectives on original subjects of current interest to Korea watchers. This year-long program provides both leading Korea scholars and new voices from around the world to speak and write on trends and events affecting the Korean peninsula.
The topic of household debt has not only economic implications for consumers and the country as a whole, but it is also a significant factor affecting the social stability of its citizens. This problem also parallels the recent financial crises in the U.S., the aftermath of which still plagues its economy. Against this backdrop, this paper aims to review and investigate the trends and determinants of the rising household debt and declining savings in Korea so policies can be implemented to deter and effectively counter the problems that low savings and countervailing high debt will pose on the Korean economy.