KDI sample by Kubus studio

Republic of Korea

ECONOMIC BULLETIN Vol.34

July 2012

03 The Green Book 42 Policy Issues Government’s Efforts to Root Out Predatory Lending

44 Economic News Briefing Korea Grows 0.9% in Q1 National Financial Settlement Report for 2011 Korea Ranked 22nd in the IMD’s World Competitiveness Report Overseas Direct Investment Rises 18.7% in Q1

49 Statistical Appendices

June 2012

Ministry of Strategy and Finance, Economic Information And Education Center | KDI

Republic of Korea

Economic Bulletin July 2012

Vol.34

Ministry of Strategy and Finance Economic Information And Education Center | KDI

2 | Contents

Republic of Korea

Vol.34 No.6

Economic Bulletin

Contents

The Green Book : Current Economic Trends 03 04 08 12 14 16 18 20 22 26

30 32 36 40

Governmentâ&#x20AC;&#x2122;s Efforts to Root Out Predatory Lending 1. External economic situation 2. Private consumption 3. Facility investment 4. Construction investment 5. Exports and imports 6. Mining and manufacturing production 7. Service sector activity 8. Employment 9. Financial markets 9.1 Stock market 9.2 Exchange rate 9.3 Bond market 9.4 Money supply & money market 10. Balance of payments 11. Prices and international commodity prices 11.1 Prices 11.2 International oil and commodity prices 12. Real estate market 12.1 Housing market 12.2 Land market 13. Industrial output and composite indices of business cycleindicators

Policy Issues Governmentâ&#x20AC;&#x2122;s Efforts to Root Out Predatory Lending

Economic News Briefing

Statistical Appendices Contents | 3

June 2012

Current Economic Trends

The Green Book Overview

The Korean economy has seen employment steadily increase, inflation slightly slow down, and real economic indicators improve, but volatility has increased in financial markets due to external destabilizing factors. Employment stayed in good shape in April, increasing by more than 400,000 mainly in the service sector helped by full-time job increases. The unemployment rate fell to 3.5 percent from 3.7 percent in the previous month. Consumer prices in May increased 2.5 percent, staying within a 2 percent range for three successive months with a 2.5 percent increase in April and 2.6 percent in March, backed by core inflation which slowed down to 1.6 percent from 1.8 percent in the previous month and a decrease in the prices of agricultural, livestock & fishery products and oil. Mining and manufacturing production rose 0.9 percent month-on-month in April due to an increase in pharmaceutical and machinery equipment production while service output was 0.2 percent up compared to the previous month, helped by an increase in hotels & restaurants and wholesale & retail sales. In April, retail sales climbed 1.0 percent month-on-month despite a slip in semi-durable and non-durable goods sales, since durable goods sales rose led by strong automobile sales. Facility investment in April rose 4.5 percent from a month before due to an increase in machinery investment while construction investment dropped 5.2 percent compared to the previous month due to a decrease in building construction and civil engineering works. May exports fell 0.4 percent year-on-year due to a base effect, but the current account balance continues to post a surplus of more than US$ 2.0 billion with US$ 2.40 billion in May and US$ 2.12 billion a month earlier. The cyclical indicator of the coincident composite index in April fell 0.2 points from a month ago as the value of construction completion decreased. The leading composite index remained unchanged from the previous month. In May, Koreaâ&#x20AC;&#x2122;s stock prices and other financial indexes fluctuated, as anxieties surrounding the eurozone crisis, especially in Greece and Spain, have spread into the global financial market. In May, housing prices remained flat compared to the previous month, while rent prices increased 0.2 percent, decelerating from the previous monthâ&#x20AC;&#x2122;s 0.5 percent. External uncertainties are mounting due to the possibility that the eurozone crisis may deteriorate and that the US and other advanced economies may likely suffer an economic slowdown. The Korean government will closely monitor any changes in domestic and global economic situations and their subsequent outcomes, while reinforcing policy actions to improve the economy and keep prices stable. At the same time, the government will accelerate efforts to secure the livelihoods of citizens through job creation and stabilization of necessity prices, and to promote economic restructuring.

4 | The Green Book

Republic of Korea

Vol.34 No.6

Economic Bulletin

1 External economic situation

The US economy is steadily improving while the eurozone continues to struggle and emerging economies’ growth is slowing down. Uncertainties in the eurozone are increasing over the possibility of a Greek exit from the eurozone, the poor condition of Spanish banks, and political uncertainties before scheduled elections in major countries. After Greece failed to form a coalition government on May 6, a general election was rescheduled for June 17. Spanish bond yields neared dangerous levels at almost 7 percent, due to the bailout of Bankia, Spain’s fourth-biggest bank, and worries over Spain’s ability to reach its fiscal target.

The US economy grew 1.9 percent (revised) in the first quarter of 2012, which is lower than the advanced estimates of 2.2%, showing that the US is on a modest recovery track.

The ISM Manufacturing Index, which shows business sentiment, decreased but continued to be in good shape, staying above the base level of 50. ISM manufacturing index (base=50) 52.7 (Nov 2011) [ 53.9 (Dec) [ 54.1 (Jan 2012) [ 52.4 (Feb) [ 53.4 (Mar) [ 54.8 (Apr) [ 53.5 (May) Private consumption is on the strong rise and the recent decline in oil prices helped improve consumer confidence. University of Michigan Consumer Sentiment Index (1964 = base 100, original) 64.1 (Nov 2011) [ 69.9 (Dec) [ 75.0 (Jan 2012) [ 75.3 (Feb) [ 76.2 (Mar) [ 76.4 (Apr) [ 79.3 (May) US gasoline prices (average state price, US$ per gallon) 3.39 (Jan 2012) [ 3.64 (Feb) [ 3.84 (Mar) [ 3.76 (Apr) [ 3.56 (May) There are expectations for housing market recovery as existing home sales and other indicators increased, and housing prices rose for two months in a row. Case-Shiller home price index (seasonally adjusted) 150.8 (Dec 2003) [ 203.4 (Dec 2006) [ 136.6 (Jan 2012) [ 136.8 (Feb) [ 136.9 (Mar) However, with nonfarm payroll increases decelerating and the unemployment rate rising to 8.2 percent in May, concerns over the economic recovery are rising. Non farm payroll employment increase (m-o-m, thousand) 223 (Dec 2011) [ 275 (Jan 2012) [ 259 (Feb) [ 143 (Mar) [ 77 (Apr) [ 69 (May)

(Percentage change from previous period)

2010

20111

20121

Annual

Fab

Mar

Apr

Real GDP

3.0

2.3

1.7

0.4

1.3

1.8

3.0

1.9

- Personal consumption expenditure

2.0

3.6

2.2

2.1

0.7

1.7

2.1

2.7

- Corporate fixed investment

4.4

8.7

8.6

2.1

10.3

15.7

5.2

1.9

- Housing construction investment

-4.3

2.5

-1.4

-2.4

4.2

1.3

11.6

19.4

Industrial production

5.3

0.8

4.1

1.2

0.2

1.7

0.9

1.3

0.4

-0.6

1.1

Personal consumption expenditure

3.8

1.4

4.7

1.5

1.0

0.8

1.3

0.9

0.2

0.3

Existing home sales

-3.4

13.5

2.5

9.0

-5.2

-0.2

3.1

4.6

-0.7

-2.8

3.4

Unemployment rate3

9.6

9.0

8.9

9.1

8.7

8.3

8.2

8.1

Consumer prices

1.6

0.7

3.1

1.3

1.0

0.8

0.2

0.3

0.4

0.3

0.0

1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted Source: US Department of Commerce

The Green Book | 5 June 2012

1-1

US GDP Sourse : US Department of Commerce

8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 Q1

2001

1-2 US nonfarm payroll employment (m-o-m change) Sourse : US Department of Commerce

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

600 400 200 0 -200 -40 -600 -800

Jan

Jul

Jan

Jul

2001

Jan

Jul

Jan

Jul

2002

Jan

Jul

Jan

Jul

2003

Jan

Jul

Jan

Jul

2004

Jan

Jul

Jan

Jul

2005

Jan

Jul

Jan

Jul

2006

Jan

Jul

Jan

Jul

2007

Jan

Jul

Jan

Jul

2008

Jan

Jul

Jan

Jul

2009

Jan

Jul

Jan

Jul

2010

Jan

Jul

Jan

Jul

2011

Jan

2012

1-3 US federal funds rate and consumer prices

6.00 5.00

Source: US Federal Reserve Board & Department of Labor

4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

6 | The Green Book

2011

Republic of Korea

Vol.34 No.6

Jan

2012

Economic Bulletin

China

The Chinese economy slowed, as the global economic downturn hit Chinese exports while industrial output and retail sales increases also decelerated. However, the high consumer prices last year have recently stabilized. (Percentage change from previous period)

2010

2011

Annual

20121

Mar

Apr

Real GDP

10.3

9.2

9.7

9.5

9.1

8.9

8.1

Industrial production2

15.7

13.9

14.9

13.9

13.8

12.8

11.6

11.9

9.3

Fixed asset investment (accumulated)

24.5

25.1

32.5

27.0

28.0

21.3

20.5

Retail sales

18.4

17.1

18.2

17.3

17.5

14.9

15.2

14.1

31.3

20.3

26.4

22.0

20.5

14.3

7.6

8.9

4.9

Consumer prices

3.3

5.4

5.1

5.7

6.3

4.6

3.8

3.6

3.4

Producer prices2

5.5

6.0

7.0

6.9

7.1

3.1

0.1

-0.3

-0.7

Exports 2

1. Preliminary 2. Annualized rate (%) 3. Seasonally adjusted Source: US Department of Commerce

1-4

China’s GDP growth and fixed asset investment Sourse : US Department of Commerce

(%)

14.0

70.0

12.0

60.0

10.0

8.0

50.0

6.0

40.0

4.0

30.0

2.0

20.0

0.0

10.0 Q1

2000

Japan

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Japan’s GDP in the first quarter grew 1.0 percent quarter-on-quarter, which is a 4.1 percent increase when annualized, but April industrial production and retail sales slighty decelerated. The current account deficit expanded compared to the previous month, and Fitch downgraded Japan’s sovereign debt rating by two notches over the concerns of Japan’s high level of public debt on May 22.

(Percentage change from previous period)

2010 Annual

Real GDP

2011 Annual

20121 Q3

Mar

Apr

4.4

-0.7

-2.0

-0.3

1.9

0.0

1.0

16.4

-2.3

-1.5

-4.2

5.4

0.4

1.2

1.3

0.2

Retail sales (y-o-y)

2.5

-1.2

-3.0

-1.7

-1.0

0.8

5.2

10.3

5.8

Consumer prices (y-o-y)

-0.7

-0.3

-0.5

-0.4

0.1

-0.3

0.3

0.5

0.4

6,635

-2,527

326

-1,258

-418

-1,178

-1,543

-87

-522

Industrial production

Current account (billion yen)

1. Preliminary Sources: Japan’s Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan

The Green Book | 7 June 2012

1-5

Japanâ&#x20AC;&#x2122;s GDP growth and industrial production Source: Cabinet Office & Ministry of Economy, Trade and Industry, Japan

(%)

6.0

25.0 20.0

4.0

15.0 10.0

2.0

5.0 0.0

0.0

-5.0

-2.0

-10.0 -15.0

-4.0

-20.0 -25.0

-6.0 Q1

2000

Eurozone

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

The eurozone economy remains stagnant, with zero growth in the first quarter of 2012. In March, industrial output decreased and the unemployment rate from March to April recorded the highest since 1995. Manufacturing PMI (base = 50) 46.4 (Nov 2011) [ 46.9 (Dec) [ 48.8 (Jan 2012) [ 49.0 (Feb) [ 47.7 (Mar) [ 45.9 (Apr) [ 45.1 (May) Unemployment rate (%) 10.5 (Oct 2011) [ 10.6 (Nov) [ 10.7 (Dec) [ 10.8 (Jan 2012) [ 10.9 (Feb) [ 11.0 (Mar) [ 11.0 (Apr) (Percentage change from previous period)

2010 Annual

20111

Annual

20121

Fab

Mar

Apr

Real GDP

1.8

0.4

0.3

1.5

0.7

0.1

-0.3

0.0

Industrial production

7.4

1.0

1.8

3.5

0.9

0.2

0.8

-1.9

-0.4

0.7

-0.3

Retail sales Exports (y-o-y) Consumer prices (y-o-y)

0.9

0.2

0.3

-0.6

-0.2

-0.4

0.3

-1.1

0.1

-0.2

0.3

20.1

22.8

21.8

12.7

21.5

13.0

9.4

8.3

8.5

11.0

4.4

1.6

1.7

2.0

2.7

2.5

2.8

2.7

2.9

2.7

2.6

1. Preliminary Source : Eurostat

1-6

Eurozone GDP growth and industrial production Source: Eurostat

(%)

1.5

4.0

1.0 0.5

2.0

0.0

-0.5

-2.0

-1.0

-4.0

-1.5

-6.0

-2.0

-8.0

-2.5 -3.0 Q1

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

8 | The Green Book

2010

2011

Republic of Korea

Vol.34 No.6

2012

Economic Bulletin

-10.0

Private consumption

Private consumption (advanced estimates of GDP) climbed 1.0 percent quarter-on-quarter and 1.6 percent year-on-year in the first quarter of 2012.

2010 Private consumption2 y-o-y

20111

2012

Annual

Q11

4.4

0.7

1.2

0.4

2.3

0.6

0.8

0.2

1.0

6.9

3.9

3.0

2.9

3.0

2.1

1.6

1. Preliminary 2. National accounts Source: The Bank of Korea

Retail sales in April rose 1.0 percent month-on-month and 0.4 percent year-on-year backed by durable goods sales, despite a decrease in semi-durable and non-durable goods sales. In particular, automobile sales rose month-on-month for two months in a row.

2010

20111

Annual

6.7

4.3

1.5

5.4

- Durable goods2

14.8

10.8

4.3

路 Automobiles

11.1

5.9

- Semi-durable goods3

6.8

- Non-durable goods4

2.2

Consumer goods sales y-o-y

20121 Q3

0.1

1.6

-1.3

5.7

4.7

1.9

-0.5

1.8

-2.4

5.9

-4.9

3.6

4.2

0.8

0.7

1.1

0.2

0.0

Fab

Mar

Apr

1.0

2.5

-2.6

1.0

2.0

5.4

0.1

0.4

3.0

-6.2

0.1

4.3

-11.3

2.8

-5.0

2.9

5.8

1.2

-0.3

4.3

-2.9

-1.8

2.1

-0.5

0.7

7.2

-4.6

-0.8

1. Preliminary 2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc. 3. Semi-durable goods: Clothing, footwear, etc. 4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco, etc. Source: Statistics Korea

Department store and large discount store sales declined, while specialized retailer and nonstore retailer sales increased.

2010 - Department stores - Large discounters - Specialized retailers - Nonstore retailers

2011

20121

Annual

Annual1

Fab

Mar1

Apr1

8.8

8.1

2.2

0.5

1.2

-0.6

-0.8

5.2

-1.9

-1.7

4.5

3.9

1.2

1.0

0.2

0.3

-1.2

7.7

-0.4

-4.5

5.7

3.3

1.3

-0.5

2.1

-3.1

1.5

1.8

-4.1

1.5

15.6

8.6

1.4

1.2

2.8

0.6

2.7

3.7

-4.8

2.5

1. Preliminary 2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items. Source: Statistics Korea

The Green Book | 9 June 2012

Governmentâ&#x20AC;&#x2122;s Efforts to Root Out Predatory Lending

Policy Issues

Background

With financial institutions more carefully managing risks related to household loans, financially vulnerable groups with bad credit history have found it more difficult to borrow from banks and other mainstream financial institutions. Furthermore, savings banks, which have been the main lenders for low and middle income classes, have become increasingly reluctant to provide loans to those without appropriate collateral.

Those who do not have the means to borrow from financial institutions are forced to depend on private lenders despite their high interest rates: 2,470,000 people borrowed about 8.6 trillion won from licensed private lenders alone. It is estimated that there are a large number of financially vulnerable citizens turning to illegal lenders. The borrowing cost of illegal loans is extremely expensive, with interest payment often deducted from the loan in the beginning. The users of such predatory lenders are gradually put under the enormous pressure of paying augmented interest in addition to repaying principles, and when they fail to make payments in time, they usually suffer from harrying behavior of illegal financial predators.

However, despite continual harassment by predatory lenders in the case of payment delinquency, the users of the lenders are reluctant to report to the authorities not only for fear of retaliation but also because the private lenders are the only sources they can access when in need of cash, as it is hard to borrow from financial institutions. Even those around the victims of these predatory lenders advise them not to report, over the concern that they may lose an easy access to cash. This has made it extremely difficult for the government to impose adequate control on illegal lending.

10 | Policy Issues

Republic of Korea

Vol.34 No.6

Economic Bulletin

Crackdown on predatory lending

Although the Financial Supervisory Service has operated a reporting center for predatory lending, efforts to curb illegal practices related to predatory lending has not been satisfactory and the victims have not been supported properly due to the lack of expertise and manpower. To prepare for full-scale crackdown by government authority on illegal lending, the government has lowered the ceiling of legal interest rates for private lending, while encouraging private lenders that have not already acquired a license to get one. In addition, the government has prepared financial support for the users of illegal lending. As the two measures, which are prerequisites to extensive crackdown, have been implemented as planned, the government has declared full-scale control on illegal lending practices.

Governmentâ&#x20AC;&#x2122;s efforts to save the financially vulnerable

The government has secured 3 trillion won as micro-credit financing to protect borrowers from illegal lending. The governmentâ&#x20AC;&#x2122;s financial support for the financially vulnerable includes loantransferring from high interest rate loans to low interest rate ones, lending living expenses to those with a credit score lower than level 6, loaning capital to small self-employed businesses and operating a committee to prevent heavy debtors from becoming credit defaulters. Those who report illegal lending practices will be eligible for those government programs, and may receive consultation to choose which program is best for them. Legal assistance will also be available on request from the victims of illegal lending. As the amount of interest exceeding the maximum interest rate stipulated by law, which is 39 percent per annum and 30 percent for unlicensed lenders, is legally invalid, the victims of illegal lending practices are not obliged to pay the excessive amount. If they have already paid, it can be offset against principles or future interest, or requested to be paid back if there is nothing left to be balanced. Help will be available regarding the legal processes for recollecting the exceed, with 181 experts including 86 lawyers assigned to the special legal consulting program. The government will more strictly deal with illegal lending practices as it will collect excessive profits, impose a three year ban on illegal debt collection agencies, and increase crackdown on illegal lenders by reinforcing police and judicial power related to investigating the cases.

* This article was originally written by Young Jick Lee, Director of Financial Policy Divison at the Prime Ministerâ&#x20AC;&#x2122;s Office, and translated into English by Ministry of Strategy and Finance.

Policy Issues | 11 June 2012

Economic News Briefing

Korea grows 0.9% in Q1 (Preliminary)

Koreaâ&#x20AC;&#x2122;s real gross domestic product (GDP) expanded by 0.9 percent in the first quarter of 2012 compared to the previous quarter. It grew 2.8 percent from a year earlier. On the production side, the manufacturing sector expanded by 2.0 percent while construction fell 1.7 percent due to sluggish residential building construction and civil engineering. Services grew by 1.1 percent, helped by information & communication, education services, and health & social works. On the expenditure side, private consumption grew by 1.0 percent led by increased expenditures on durable goods. Facility investment rose by 10.3 percent while construction investment fell by 1.2 percent. Exports of goods rose by 4.0 percent while imports of goods grew by 4.0 percent. Real gross national income (GNI) expanded by 0.2 percent, decelerating from the previous quarter, as losses from trade in real terms expanded and offset the increase in real net factor income from abroad.

12 | Economic News Briefing

Republic of Korea

Vol.34 No.6

Economic Bulletin

<GDP by production and expenditure*> (Percentage change from previous period)

2012 GDP

2012

Q11

2.2(8.7)2

1.4(7.6)

0.7(4.5)

0.6(4.9)

1.3(4.2)

0.8(3.5)

0.8(3.6)

0.3(3.3)

0.9(2.8)

Agriculture, forestry and fishery

-2.1

-2.9

0.5

-3.0

4.5

-5.2

8.2

-5.6

Manufacturing

4.2

3.7

2.1

0.5

3.3

1.2

1.1

-0.3

2.0

Construction

0.5

-0.7

-1.8

-2.6

-4.3

1.8

2.8

-0.2

-1.7

Services

1.7

0.3

0.4

1.0

0.3

0.4

0.7

1.1

Private consumption

0.7

1.2

0.4

0.6

0.8

0.2

-0.4

1.0

Government consumption

3.0

0.3

-0.2

0.5

0.7

0.8

1.2

-0.8

3.4

Facility investment

4.4

7.3

4.6

-0.2

-1.6

4.7

-1.8

-4.3

10.3

Construction investment

1.0

-4.0

-0.9

-1.9

-4.4

3.5

-0.5

0.1

-1.2

Exports of goods

3.2

7.3

2.6

3.2

4.1

0.4

2.1

-2.7

4.2

Imports of goods

5.3

6.2

3.4

0.4

3.2

2.7

1.4

-3.6

4.0

Real gross national income (GNI)

1.6

1.4

0.1

0.0

0.7

0.6

1.0

0.2

*Based on 2005 chained prices in seasonally adjusted terms 1. Preliminary 2. The number in the parenthesis represents percentage change from the same period of the previous year.

National financial settlement report for 2011

The Korean government has submitted the FY 2011 national financial settlement report to the National Assembly on May 31, 2012. For the first time, the accrual-basis financial statements were added to the latest national settlement report, enabling the management of national assets and liabilities more comprehensively and systemically. Total revenues were 270.5 trillion won, which were 9.3 trillion won more than the previous year and 6.4 trillion more than the planned amount. Total expenditures amounted to 258.9 trillion won, up 10.3 trillion won year-on-year. The consolidated fiscal account excluding social security funds was a deficit of 13.5 trillion won, 1.1 percent of GDP while the consolidated fiscal account including social security funds was a surplus of 18.6 trillion won, 1.5 percent of GDP. Meanwhile, the central governmentâ&#x20AC;&#x2122;s debt hit 402.8 trillion won, 32.6 percent of GDP while the debt including that of local governments reached 420.7 trillion won.

Economic News Briefing | 13 June 2012

Statistical Appendices

Tables & Figures

1. National accounts 2. Production, shipment and inventory 3. Production capacity and operation ratio 4. Consumer goods sales index 5. Consumer goods shipment index and consumer sentiment index 6. Machinery orders received, domestic machinery shipment, and estimated facility investment index 7. Value of construction completion and domestic construction orders received 8. Composite indices of business cycle indicators and BSI 9. Balance of payments (I) 10. Balance of payments (II) 11. Prices 12. Employment 13. Financial indicators 14. Monetary indicators 15. Exchange rates

14 | Statistical Appendices

Republic of Korea

Vol.34 No.6

Economic Bulletin

National accounts Real GDP Period 4.6 4.0 5.2 5.1 2.3 0.3 6.3 3.6

Agri., fores. & fisheries 4.6 4.0 5.2 5.1 2.3 0.3 6.3 3.6

2004 1 2 3 4

5.2 5.9 4.8 2.7

2005 1 2

2004 2005 2006 2007 2008 2009 2010 2011P

Manufacturing

Final consumption expenditure

Gross fixed capital formation Construction

Facilities

4.6 4.0 5.2 5.1 2.3 0.3 6.3 3.6

5.2 5.9 4.8 2.7

2.7 3.4

4.5

5.1

2006 1 2 3 4

6.1 5.1 5.0 4.6

2007 1 2 3 4

4.5 5.3 4.9 5.7

2008 1 2 3 4

5.5 4.4 3.3 -3.3

2009 1 2 3 4

-4.2 -2.1 1.0 6.3

2010 1 2 3 4

8.7 7.6 4.5 4.9

2011 1 2 3 4

4.2 3.5 3.6 3.3

2012 1

2.8

P: Preliminary Source: The Bank of Korea

Statistical Appendices | 15 June 2012

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