KDI Korea Development Institute

Summary

Policy Study KOR A Study on Structural Changes in the Unemployment Rate

This study examines the recent divergence between unemployment rates and labor market conditions in South Korea from the perspective of changes in matching efficiency.

Prior to the COVID-19 pandemic, the unemployment rate in South Korea remained in the mid-to-high 3 percent range, before rising above 4 percent during the pandemic. It then declined sharply and, as of 2025, has stayed in the mid-to-high 2 percent range, a level significantly lower than its pre-pandemic level. These movements in the unemployment rate cannot be explained simply by changes in labor demand. The unemployment rate continued to decline even during periods when growth in labor demand stagnated, and it remained low even after labor demand began to decline.

These movements in labor market indicators suggest an improvement in matching efficiency. This study examines this possibility using actual data and analyzes the determinants of changes in matching efficiency.

This study first estimates a labor market matching function that incorporates heterogeneity in industries and job seekers’ characteristics. Incorporating multiple dimensions of heterogeneity allows us to examine how changes in the composition of the job seeker pool and cross-industry differences in labor market tightness affect changes in matching efficiency. Based on the estimated matching function, the matching efficiency of the South Korean labor market is found to have increased by approximately 14 percent over the analysis period (2015-2025). A substantial portion of this improvement is trend growth driven by advances in matching technology and the expansion of job intermediation services. However, even after accounting for this trend growth, matching efficiency is estimated to have increased by about 5 percent over the same period, largely due to the effects of demographic changes.

To examine this more closely, this study decomposes changes in matching efficiency - after accounting for trend improvements driven by factors such as technological progress - into job seeker characteristic composition effects, job seeker distribution composition effects, and a variance effect. The results indicate that improvements in matching efficiency during the 2015-2020 period were driven primarily by the job seeker distribution composition effect. As population aging increased the share of older job seekers and reduced the share of younger job seekers, job-search activity became increasingly concentrated in relatively efficient industries such as construction, while declining in less efficient sectors such as retail, accommodation, and food services. This reallocation of job-search activity contributed to an improvement in aggregate matching efficiency in the labor market.

After 2020, a reduction in cross-industry disparities in labor market tightness contributed to improvements in aggregate matching efficiency(variance effect). As the number of younger job seekers declined, relatively slack sectors such as retail, accommodation, and food services became tighter. In contrast, relatively tight sectors such as health and social services became slacker as the number of older female job seekers increased.

Improvements in matching efficiency are estimated to have reduced the structural unemployment rate in South Korea by approximately 0.5 percentage points, and to account for about 60 percent of the decline in the unemployment rate since 2015. These findings suggest that recent low unemployment rate is more likely to reflect structural changes rather than a temporary cyclical phenomenon. Accordingly, unemployment is likely to remain at levels substantially below its historical average going forward. Therefore, when assessing labor market conditions based on unemployment indicators, it is important to distinguish between structural and cyclical factors.

Summary

Other Research KOR Evaluating the Effectiveness of Korea’s Materials, Parts, and Equipment (MPE) Policy

This study evaluates the effectiveness of Korea’s first Materials, Parts, and Equipment (MPE) Competitiveness Enhancement Plan (2021-2025) and draws policy implications for supply chain diversification and resilience. Following export restrictions imposed by Japan in 2019 and the growing fragmentation of global supply chains, Korea elevated MPE policy from a conventional industrial competitiveness strategy to a key pillar of economic security. Against this backdrop, the study examines both structural changes in the MPE sector and the performance effects of major policy instruments.

Using industry-level and firm-level data, the study analyzes changes in domestic production, value-added, trade structure, and corporate performance before and after policy implementation. At the industry level, self-sufficiency ratios, import penetration ratios, and trade diversification indicators are employed to assess structural changes in production and trade. At the firm level, the impacts of three major policy measures―R&D support, designation as a National Champion Firm, and participation in specialized industrial complexes―are evaluated using propensity score matching (PSM) and difference-in-differences (DID) methods.

The empirical findings reveal notable shifts in Korea's MPE trade structure: import dependence on Japan declined, while import dependence on China increased and exports to China contracted. In particular, the analysis demonstrates that deepening import dependence on China exerts a negative effect on domestic production, whereas exports to China contribute positively to domestic output―underscoring China's dual role as both a critical upstream supplier and a key downstream export market within Korea's MPE value chain.

Firm-level analysis indicates that R&D support is the most effective policy instrument, generating positive effects on profitability, innovation, and productivity. National Champion Firm designation strengthens innovation capacity, while participation in specialized industrial complexes contributes to financial stability in the early stages. Moreover, policy packages combining R&D support with National Champion Firm designation produce considerably stronger outcomes than either instrument alone, pointing to significant complementarities across policy instruments. In contrast, policy combinations without R&D support exhibit weaker innovation and profitability outcomes.

Based on these findings, the study argues that Korea’s MPE policy should evolve from fragmented project-based support toward an integrated, R&D-centered policy package spanning the entire innovation cycle. It also highlights the need to strengthen long-term technological capabilities, develop ecosystem-based industrial clusters, and shift policy objectives from import substitution toward strategic indispensability and supply chain resilience within global value chains.

These findings should be interpreted with caution. The firm-level analysis compares treated and untreated firms and cannot fully rule out the influence of unobserved firm characteristics; moreover, a uniform treatment-timing assumption (2019 for R&D, and 2020 for National Champion Firm designation and specialized industrial complexes) may not fully capture firm-specific variation in the timing of policy benefits. The results should therefore not be interpreted as a definitive assessment of the overall success or failure of Korea's MPE policy. Further research―incorporating firm-specific treatment timing, longer time series, and complementary qualitative evidence―is needed to validate and refine these findings.

Summary

Other Research KOR Aid for Trade: Global Trends, Cases, and Implementation Framework

This study analyzes global trends and shifting policy agendas in Aid for Trade (AfT) and compares the AfT implementation systems of major donor countries, including the Republic of Korea, to draw policy implications for improving Korea's AfT policy.

AfT currently faces a challenging funding environment. Total Official Development Assistance (ODA) from members of the Organisation for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) fell by 23.1 percent year-on-year in 2025 to USD 174.3 billion, marking the sharpest decline on record. This decrease was driven by simultaneous cuts from the five largest donors, namely the United States, Germany, France, the United Kingdom, and Japan, with the United States alone recording a 56.9 percent reduction. This decline in development finance is also expected to have a significant impact on Aid for Trade (AfT), although responses vary across donor countries. While European donors have reduced both the share of AfT within ODA and its absolute volume, Japan has instead expanded both its AfT share and overall commitments, maintaining its position as the largest AfT donor since 2022.

Globally, AfT continues to center on economic infrastructure and productive capacity building―accounting for 56.7 percent and 40.6 percent of total AfT in 2024, respectively―while its policy agenda has steadily broadened from global value chain participation and regional trade integration (2011-2015) to the
Sustainable Development Goals (SDGs) and climate action (2016-) and supply chain resilience and digital trade (2021-). Korea's AfT expenditure nearly doubled from USD 0.58 billion in 2015 to USD 1.12 billion in 2024, ranking among the top seven donors, with an AfT share of ODA (about 31 percent) exceeding the global share of 18.1 percent. However, Korea's portfolio remains disproportionately concentrated in economic infrastructure (68.9 percent, above the global share of 56.7 percent), while trade policy and regulation support accounts for only 0.9 percent. Meanwhile, its digital economy and innovation share has grown rapidly, from 8.2 percent in 2015 to 23.4 percent in 2024, the highest share among major comparator donors.

A comparative analysis of Japan, the United Kingdom, the Netherlands, and Australia identifies common features across policy, governance, financing, and performance management: these donors explicitly reference AfT (or trade-development linkages) in top-level policy documents, institutionalize consultation channels between development and trade authorities, and separately manage, brand, and communicate AfT outcomes through international platforms such as the AfT Global Review. Japan, in particular, coordinates across different ministries through Japan International Cooperation Agency (JICA), an integrated grant-and-loan implementing agency, and a cabinet-level coordination council, explicitly linking economic security and supply chain connectivity to its development cooperation charter.

Benchmarked against these cases, Korea's AfT implementation system reveals clear gaps in policy strategy, governance, and performance management. No single authority is responsible for AfT planning and inter-ministerial coordination―a structural consequence of the bifurcation between grant aid (Ministry of Foreign Affairs) and concessional loans (Ministry of Economy and Finance), as well as the presence of a separate trade ministry (Ministry of Trade, Industry and Resources). As a result, Korea's AfT achievements remain scattered across individual ministry reports and are undervalued both domestically and internationally, while its participation in the AfT Global Review has been limited to survey-level monitoring and evaluation reporting.

This study argues that Korea's AfT challenge lies not in a lack of resources or performance, but in how AfT is recognized and institutionally designed: Korea already possesses proven achievements―such as the export of the UNI-PASS customs system to seven African countries and Korea International Cooperation Agency (KOICA)'s smart farm projects―that have yet to be integrated into a coherent AfT policy framework. This governance gap also entails a strategic opportunity cost, as emerging AfT agendas in which Korea holds comparative advantages―supply chain security and critical minerals, digital trade rules, and climate-trade linkages―are being shaped by other donors while Korea remains largely absent from the discussion.

The study proposes five institutional tasks for building a Korean AfT implementation system: (1) establishing a cross-cutting integrated policy framework by reclassifying AfT-relevant content scattered across regional and sectoral strategies; (2) formalizing governance through official consultation channels among the Ministry of Foreign Affairs, the Ministry of Economy and Finance, the Ministry of Trade, Industry and Resources, KOICA, and the Economic Development Cooperation Fund (EDCF); (3) developing verified achievements such as UNI-PASS and smart farm projects into impact stories and elevating Korea's engagement in the AfT Global Review to the level of session hosting; (4) building an integrated performance management system to consolidate and report AfT outcomes across ministries; and (5) proactively engaging in the formation of emerging trade-development agendas through the WTO Committee on Trade and Development and the AfT Global Review. The 10th AfT Global Review, to be held in Geneva in October 2026 to mark the 20th anniversary of the AfT Initiative, represents the nearest opportunity for Korea to demonstrate progress on these tasks.

Ultimately, building an AfT implementation system is not merely a matter of improving aid efficiency and effectiveness. It is about positioning AfT as a policy instrument linked to Korea's trade and economic diplomacy strategy, and laying the groundwork for Korea to serve as a norm-setter amid the ongoing reshaping of the global geoeconomic order.

Summary

Policy Study KOR Income and Wealth Inequality in Korea

This study examines the evolution and drivers of income and wealth inequality in Korea. Using standard distributional measures, such as the Gini coefficient, income shares, and quintile ratios, alongside a novel functional time series analysis of Lorenz curves, the study reveals diverging trends between income and wealth. Income inequality has modestly declined, driven by rising income shares among the bottom 75%. In contrast, wealth inequality has steadily worsened, driven by expanding asset shares of the top 25%. This widening wealth gap stems largely from real estate assets, and the disparity between households owning property in the Seoul metropolitan area and those without is more consequential than homeownership status alone, reflecting a strong metropolitan premium. Empirical analysis further shows that when the price-to-income ratio (PIR) is high, housing demand shocks trigger amplified and persistent rises in both housing prices and household debt―a dynamic that entrenches asset-based stratification and risks slowing intergenerational mobility. To address these challenges, the study argues for rebalancing property taxation by raising property holding tax while reducing the burden of transaction and capital gains taxes. It also calls for region-specific approaches that reflect local housing market conditions and for balanced national development to mitigate excessive metropolitan concentration, ensuring that economic outcomes are more closely tied to productive activity rather than asset ownership.

Summary

Research Monograph KOR Structural Changes in Korea’s Retail Markets and Their Economic Impacts

This report examines structural changes in Korea’s retail markets and their economic impacts, focusing on the interactions among market structure, regulatory policy, and demand-side transformation. Rapid growth in online retail channels, adjustments to offline retail regulations, and long-term demographic shifts have jointly reshaped retail market outcomes in ways that differ across regions and retail formats. The study aims to provide an integrated empirical assessment of these changes and to clarify the mechanisms through which they affect retail performance.

The analysis draws on large-scale administrative and transaction-level data, including nationwide credit card transaction panels at the sub-district level, online platform payment information, detailed records on local regulatory changes, and official population statistics. A combination of panel regression models and quasi-experimental designs is employed to identify the effects of online retail expansion, regulatory adjustment, and demographic change on offline retail sales, store counts, and market structure, while accounting for regional and format-specific heterogeneity.

The first set of results shows that increases in online retail spending are, on average, associated with declines in offline retail sales. The magnitude and direction of the effects, however, vary considerably across retail formats. Large discount stores exhibit the strongest substitution effects; meanwhile, super supermarkets (SSMs) and other mid-sized offline retailers also experience adjustment pressures in the form of declining sales and store counts. In contrast, convenience stores and certain proximity-based specialty retailers display weaker substitution effects, with some evidence of complementary outcomes at the local level. The expansion of rapid delivery services, such as same-day or next-day shipping, exerts an additional negative effect on offline sales, particularly in food and daily necessities segments, indicating that logistics innovation constitutes an independent channel of competitive pressure.

The second set of results evaluates the economic effects of policy changes that allowed large retail stores and SSMs to shift mandatory closure days from weekends to weekdays. Exploiting variation in policy timing across local governments, the analysis finds that weekday conversion is associated with a statistically significant increase in sales for large discount stores―a pattern that is robust across alternative specifications and that persists after controlling for COVID-19-related disruptions. The effects on SSMs and convenience stores are more heterogeneous and appear to depend on local market structure and consumption patterns. Notably, no systematic decline in traditional market sales is detected on average, suggesting that the regulatory adjustment does not uniformly disadvantage such formats.

The final set of results highlights the role of demographic structure in shaping long-term retail market outcomes. While population decline generally leads to market contraction, the adjustment mechanisms differ significantly across retail formats. While small-scale, proximity-based retailers (e.g., convenience stores) have shown consistent growth, they primarily respond to demand shocks through store exits, suggesting structural fragility often associated with excess entry. In contrast, corporate-type retailers, such as SSMs and supermarkets, tend to buffer the shock through adjustments in sales per store, potentially benefiting from product differentiation capabilities. Furthermore, population aging―specifically the rising share of the elderly and the shrinking baby boomer generation―is found to structurally dampen overall retail vitality. These findings suggest that policy frameworks need to move beyond uniform protection to support fundamental competitiveness, accounting for format-specific adjustment paths and the qualitative shift in demand.

Overall, these findings indicate that structural changes in Korea’s retail markets arise from the combined influence of market-driven forces, regulatory design, and demographic trends, generating heterogeneous adjustment paths across regions and retail formats. The results imply that uniform, format-based retail regulation may be increasingly misaligned with evolving market conditions, and that policy frameworks incorporating regional characteristics, retail heterogeneity, and long-term demand shifts are more likely to prove effective.

Summary

Research Monograph KOR Renewable Energy Deployment in Korea: Economic Drivers, Barriers, and Policy Implications

Despite the rapid global decline in the levelized cost of electricity (LCOE) for solar and wind power, Korea's renewable energy generation share remains markedly low. This study examines the economic drivers and impacts of renewable energy deployment in Korea through four complementary analyses: firm-level decomposition of industrial greenhouse gas emissions, cross-country panel estimation of deployment correlates, country-level learning-by-doing (LBD) estimation, and a public expenditure efficiency assessment using the Marginal Value of Public Funds (MVPF) framework.

The firm-level analysis finds that emission reductions in Korea have been driven primarily by energy efficiency improvements, while fuel switching and process-level reductions remain limited; technological lock-in among large firms suggests a heavier potential burden from carbon pricing. The cross-country analysis finds that LCOE is not significantly associated with deployment shares on average, but a negative correlation emerges among low-deployment countries; non-cost factors ― including grid quality, financial access, and revenue certainty ― are each significant on average. LBD estimates reveal that cumulative capacity and cost reductions co-move on average, but global technology spillovers account for much of this pattern; onshore wind, however, exhibits a statistically robust inverted-U-shaped learning path that persists after controlling for common trends, with learning pathways that vary across countries and are amplified by revenue certainty and technological proximity. Applying the MVPF framework to Korea's Renewable Energy Certificate (REC) scheme yields estimates of 1.33 for solar and 1.18 for wind, with learning effects accounting for 21-50% of total benefits. Taken together, the evidence points to a policy agenda extending beyond price signals: accelerating renewable deployment requires targeted interventions in grid infrastructure, financing conditions, and institutional design ― investments that the MVPF estimates confirm to be economically justified.

Summary

Research Monograph KOR Macroeconomic Impact of AI Diffusion

This report examines how artificial intelligence (AI), particularly modern, data-driven, and increasingly generative systems, is likely to affect Korea’s productivity, growth, employment, and wages over the next decade or two. Three layers of evidence are integrated within a unified task-based framework: (i) micro-level measures of AI exposure and economic viability at the task and occupation levels, (ii) firm-level panel evidence on AI adoption and productivity, and (iii) a macroeconomic general-equilibrium model that aggregates task-level shocks into total factor productivity (TFP) and long-run labor market outcomes. The study defines AI as software systems that replicate human capabilities in learning, prediction, pattern recognition, perception, and natural language processing―a definition consistent with that used in the underlying firm survey and broad enough to encompass both earlier, narrow algorithms and more recent foundation models and AI agents.

Chapter 2 offers an accessible overview of the technological evolution of AI from traditional machine learning to transformer-based large language models and emerging agent-like systems. It emphasizes two features of particular macroeconomic relevance. First, advances in general-purpose and multimodal models have greatly expanded the range of tasks technically exposed to AI. Second, effective deployment requires complementary investments in data, organizational capacity, and human capital, suggesting that technical feasibility alone is a poor predictor of short-run economic impact.

Chapter 3 develops a task-based measure of AI automation potential tailored to the Korean labor market. Using detailed work descriptions from the Korean Employment Classification of Occupations (KECO) and Workpedia, the study decomposes 537 occupations into 6,824 unit tasks and scores each task along five dimensions: measurability of outcomes, data availability and quality, context dependence, required human judgment necessity, and agentability (the ease with which an AI agent can execute a given task). These components are combined into a task-level AI score that captures effective automation potential rather than mere technical exposure. A cost-benefit framework inspired by recent work on computer vision and AI costs is then applied to identify tasks and task·firm combinations for which automation is economically viable, given realistic assumptions about data, development, inference, integration, and maintenance costs relative to labor savings. The findings are conservative by design. Under a naive exposure-only criterion, AI could potentially affect roughly 8-12% of current employment and 10-11% of current sales, concentrated in finance, insurance, R&D, ICT, and certain transport and business services. Narrowing the focus to tasks that are both technically automatable and economically viable reduces these shares to about 1-3% of employment and 1-2% of sales. This suggests that, in the near term, AI will likely induce selective and partial automation in specific occupations and industries, rather than a broad-based, immediate displacement of labor.

Chapter 4 analyzes firm-level evidence using the nationally representative Korean Survey of Business Activities for 2017-2023, which asks firms whether they use AI―defined in the questionnaire as software that replicates human learning, reasoning, perception, and natural language understanding―and other fourth industrial revolution (IR4) technologies. To address the endogenous timing of AI adoption, the analysis employs panel IV (2SLS) models with firm and year fixed effects, instrumenting AI adoption with industry-level economic viability measures from Chapter 3. In the preferred specifications, firms that adopt AI and related IR4 technologies exhibit statistically significant increases in log sales per employee on the order of 5-20%, driven primarily by higher sales rather than systematic employment cuts. Pure “AI only” effects, net of broader digitalization, are estimated with less precision, consistent with AI operating as a general-purpose technology that must be embedded in a broader digital and organizational transformation. As a robustness check, propensity-score matching and difference-in-differences estimates for AI first movers suggest modest but positive short-run effects on labor productivity, with limited evidence of strong dynamic effects within the short observation window.

Chapter 5 incorporates these micro-level estimates into a task-based general-equilibrium model following the approach of Acemoglu and Restrepo to simulate AI-induced TFP paths over the next 10-15 years. Hulten’s theorem implies that, under certain assumptions, aggregate TFP change can be approximated by a Domar-weighted sum of task-level cost savings. The model therefore combines (i) the economically viable task shares by industry, (ii) firm-level productivity effects of AI, and (iii) alternative adoption scenarios―baseline, optimistic, and pessimistic―to trace out possible TFP trajectories. Under baseline assumptions, AI contributes a cumulative TFP gain of about 2.3% over a decade, nontrivial but below some of the more optimistic global projections. These simulations focus on the task automation channel and treat parameters as exogenous. They abstract from structural transformation, intangible capital accumulation, idea-generation effects, and potential discontinuities in AI capabilities. Then the analysis turns to long-run employment and wage effects across occupations. Using a cross-section of Korean 2-digit occupational categories over 2014-2024, the analysis estimates reduced-form relationships between changes in employment and real hourly wages and measures of routine and structured task content, while instrumenting for endogenous employment changes with leave-one-out labor-demand shocks. Occupations with higher routine task shares experience lower employment growth and somewhat lower wage growth over the decade, consistent with international evidence that automation pressure exerts downward pressure on labor demand and wage growth in exposed jobs. Combined with the AI exposure metrics presented earlier, these estimates imply that, under realistic adoption scenarios, the annual displacement and wage-drag effects attributable to AI are likely modest relative to existing demographic and structural trends, but non-negligible for specific groups.

Chapter 6 synthesizes these findings and discusses their implications for policy and business. For policymakers, the central message is that AI is unlikely to trigger an immediate, economy-wide employment collapse, but will require active management of selective automation, task restructuring, and skill upgrading in exposed sectors. The study argues for a market-friendly policy mix: clarifying AI-related regulation and liability, investing in data and compute infrastructure, strengthening education, training, and retraining systems, and fostering complementary innovations and organizational change. For firms, the key insight is that productivity gains derive less from AI in isolation and more from integrating AI into workflows, data pipelines, and human capital strategies.

Summary

Policy Study KOR Government Forms and Economic Security

This report explores the relationship between government forms and economic security, analyzing how political systems in democratic countries influence economic development. Unlike previous studies that focus on dichotomous comparisons between democracy and authoritarianism, this research empirically identifies the conditional effects of micro-institutional combinations in OECD high-income democracies―such as government type, electoral rules, and power structures―on long-term economic levels through government capacity. It emphasizes that beyond the polar extremes of the Washington Consensus and the Beijing Consensus, the economic conversion efficiency of government capacity within democratic institutions is the key determinant.

The literature review examines contrasting views on the impact of democracy on economic growth. Some studies argue that democracy promotes growth by strengthening property rights and investment incentives, while others point out that it can hinder growth due to policy delays and populism. Presidential systems are praised for long-term stability and executive power, whereas parliamentary systems are noted for flexibility and consensus, though empirical results are mixed. Recent analyses, like Acemoglu et al. (2019), confirm positive effects of democracy when using income levels rather than growth rates as the dependent variable, as this captures long-term cumulative effects while controlling for short-term volatility.

For the analytical method, panel data from 38 OECD countries (1995-2023) is utilized with the Arellano-Bover/Blundell-Bond System GMM. The dependent variable is ln(GDP per capita) to measure economic development levels, with political system dummies (presidential, semi-presidential, parliamentary; single-member district, multi-member district; separation of powers, fusion of powers) and their interactions with government capacity indicators (government effectiveness, control of corruption, political stability, regulatory quality, rule of law) as key explanatory variables. Control variables include historical legacies (Spanish colony, former USSR, Scandinavian legal origin), economic structures (trade dependence, inflation, FDI, oil rents), and demographic factors (aging) to mitigate endogeneity.

Empirical results show that the combination of presidential system + single-member district + separation of powers yields the greatest increase in income levels from improvements in government capacity. A 1-unit improvement in government effectiveness leads to a 47.1% rise (real 60.2%) in presidential systems (ps), but is nearly insignificant in parliamentary systems (cm). Similar patterns hold for control of corruption and rule of law, with regulatory quality showing 4-7% uplift effects. Political stability is positive in presidential systems but has reverse effects in parliamentary ones. This is interpreted as the fixed terms and separate survival in presidential systems enhancing incentives for long-term reforms, while bottom-up nominations in single-member districts ensure political stability.

Policy implications suggest that for countries like Korea, with vulnerabilities in single-term presidencies and top-down nominations, reforms are needed. Introducing a four-year re-election system to secure long-term vision, midterm elections to turn divided governments into negotiation opportunities, and bottom-up nominations to strengthen legislative independence are recommended. Constitutional amendments should exclude incumbent politicians and emphasize citizen participation to block agency problems. This forms an "institutional trinity" to complete economic security within democracy, providing a roadmap for the post-Washington-Beijing world.

Research limitations include its restriction to OECD high-income democracies, making generalization to developing countries or authoritarian regimes difficult. The low institutional heterogeneity limits identification of regime effects themselves, and it fails to capture advantages of authoritarian models. However, it provides empirical evidence for optimizing efficiency through fine-tuning in high-institutional environments.

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