韩国央行：开放经济中的人口结构变化与实际利率：以韩国为例（英文版）

This study investigates the impact of demographic changes on real interest ratedynamics in Korea. We develop an open-economy life-cycle model that incorporatesKorea's high degree ofextemal openness to analyze historical trends and producelong-term projections ofthe real interest rate. The model successfully explains Ko.rea's higher real interest ratesrelative to advanced economies since the 1990s, as wellas the downward trend observed over time. Our findings highlight two key demo.gra