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Bank of Korea Governor Rhee Chang Yong proposed that the International Monetary Fund consider targeted lending and conditional forward guidance as part of its policy framework for economies when low interest rates are proving less effective.
Structural factors like population aging and low birth rates mean that lowering borrowing costs alone may no longer deliver sufficient stimulus as economies get closer to the effective lower bound of interest rates, according to prepared remarks for Rhee’s speech at the IMF in Washington on Thursday.