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Extra resources for Aichi D3A (Val), Yokosuka D4Y (Judy)
Moreover, the exchange rate and the persistent increases in real estate prices also influence the setting of monetary policy. Spending pressures arising from population ageing and economic co-operation with the North Korea has an exceptionally sound fiscal position. Gross public debt – at around 35 per cent of GDP, including guaranteed debt – is well below the OECD average and Korea is one of only three member countries in which the government is a net creditor. 8), reflecting the immaturity of the social welfare system and the relatively low level of public services.
3. 4). 4. This does not include outlays on private educational institutes, known as hakwon, which account for 5 per cent of total household spending. 5. Business R&D in this sector amounts to nearly 1 per cent of GDP, a level second only to Finland. 6. As in other OECD countries, the rate would be higher if discouraged workers were included. Such workers may be relatively high in Korea, as reflected in fluctuations in the labour force participation rate. This may be one reason for the relatively low participation rate as noted below.
5), the second highest level in the OECD area. Consequently, reserves are now almost three times higher than short-term foreign debt, in contrast to 1997, when they were substantially less. While holding higher reserves tends to reduce vulnerability to crisis, there is little rationale from that perspective for further accumulation. 5. Foreign exchange reserves and short-term foreign debt US$ billions US$ billions 150 150 125 125 100 100 Short-term foreign debt 75 75 50 50 Foreign exchange reserves1 25 0 25 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 0 1.
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