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    "headline": "Bank of Korea Governor Warns Population Crisis Could Shape Global Future",
    "dek": "Bank of Korea Governor Shin Hyun-sung warns that Korea's aging and low birth rate crisis offers lessons for the world.",
    "prose": "Shin Hyun-sung, Governor of the Bank of Korea, stated at a press conference in Seoul that changes in population structure are one of the most important long-term challenges central banks face. [^1]\n\nResearchers from Sejong University, the Bank of Korea, and the CEPR presented a study at a joint conference with the OECD regarding population aging and longevity. [^2]\n\nThe researchers estimated that if the top 15% of households reduced private tutoring spending by 10%, the average number of children for women born between 1970 and 1975 would rise from 1.92 to 2.45. [^3]\n\nShin Hyun-sung explained that the Bank of Korea must focus its capacity on researching structural issues like population changes. [^4]\n\nShin Hyun-sung remarked that what is happening in Korea today is a preview of what other countries will face soon. [^5]\n\nHouseholds in the bottom 20% of income spent 8.4% of their income on private tutoring, compared to 5.1% for households in the top 20%. [^6]\n\nThe researchers proposed a policy alternative of taxing private tutoring spending by high-income households to fund birth incentives without requiring large fiscal outlays. [^7]\n\nThe joint conference was hosted by the Bank of Korea, the European Centre for Economic Policy Research (CEPR), and the OECD with the theme 'Economics of Aging and Longevity'. [^8]",
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