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Policy Analyses

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  • 중국의 비즈니스환경 변화와 외자기업의 대응전략
    Changes in China's Business Environment and the Strategies of Foreign-Invested Enterprises

    This paper attempts to analyze the strategies that foreign-invested enterprises have used to adapt to the rapidly changing business environment in China since 2000, and especially after China's entry to the WTO. There have been tw..

    Wolla Park et al. Date 2006.12.29

    Economic cooperation, Overseas direct investment
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    Summary
    This paper attempts to analyze the strategies that foreign-invested enterprises have used to adapt to the rapidly changing business environment in China since 2000, and especially after China's entry to the WTO. There have been two main factors that have brought about qualitative changes in China's business environment in the last five years. First, improvements have been made in China's infrastructure, specifically in transportation, logistics, and communications, as well as the easing of institutional regulations toward foreign investment. Second, greater developments in China's industrial structure have been made through the rapid growth of the high-technology industry and the service sector. (The rest is omitted.)
  • 직접투자의 탈산업화에 대한 영향분석
    Foreign Direct Investment and Deindustrialization

    Global FDI (foreign direct investment) inflows and MNEs (multinational enterprises) have increased significantly since the 1980s. Recent Korean FDI also increased significantly after the financial crisis in 1997 even though its ra..

    Hongshik Lee et al. Date 2006.12.29

    Foreign direct investment, Overseas direct investment
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    Summary
    Global FDI (foreign direct investment) inflows and MNEs (multinational enterprises) have increased significantly since the 1980s. Recent Korean FDI also increased significantly after the financial crisis in 1997 even though its ratio to GDP is still smaller than those of any other countries. The impact of FDI inflows and outflows on the industrial and employment structure is thus of great interest. (The rest is omitted.)
  • 서비스분야 외국인직접투자 특성별 성과분석과 정책과제
    Performance Analysis of FDI in Service Sectors in Korea

    This study analyses foreign invested companies with foreign investment amount of more than 5 million US$ in services sectors. The study classified the investing companies into their investment types based on the profile of each co..

    Seong-Bong Lee et al. Date 2006.12.29

    Foreign direct investment
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    Summary
    This study analyses foreign invested companies with foreign investment amount of more than 5 million US$ in services sectors. The study classified the investing companies into their investment types based on the profile of each company. The following three criteria were applied to the investment-type classification - mode of entry, real investing country, and management control by foreign investors. This is the firt time such a classification has been carried out at the firm level for the Korean data. (The rest is omitted.)
  • 헤지펀드에 대한 주요국 규제동향과 정책적 시사점
    Hedge fund regulations in major countries and its implications on hedge fund industries

    The scale and influence of hedge funds in the global financial marketplace has grown over the past decade. The number of hedge funds in the world was over 8,800 with total assets exceeding $1.2 trillion in 2006. This growth led to..

    Ho Jin Lee et al. Date 2006.12.29

    Financial policy, Financial system
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    Summary
    The scale and influence of hedge funds in the global financial marketplace has grown over the past decade. The number of hedge funds in the world was over 8,800 with total assets exceeding $1.2 trillion in 2006. This growth led to an in–depth review of hedge fund activities by the SEC that resulted in 2004 in the first significant regulatory filing requirement for hedge funds by the SEC. The ADV forms filed by hedge funds in February, 2006 have provided considerable information about major U.S. based hedge funds, particularly with respect to operational risks that include potential conflicts of interest, ownership and capital structure and past legal and regulatory actions involving the management firm or related advisors.
    (The rest is omitted.)
  • 선진통상국가 실현을 위한 중장기 통상전략 연구
    Korea's Mid & Long-term Strategies toward an Advanced Trading Nation

    Changes in lifestyles, the international economic environment, governance, market structures have all caused a rapid paradigm shift in the Korean economy, requiring the establishment of new institutional practices and policy respo..

    Wook Chae et al. Date 2006.12.29

    Economic development, Trade policy
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    Summary
    Changes in lifestyles, the international economic environment, governance, market structures have all caused a rapid paradigm shift in the Korean economy, requiring the establishment of new institutional practices and policy responses. The unsatisfactory outcome of the Korean economy in recent years may reflect the fact that the main economic entities are not responding effectively to this paradigm shift. (The rest is omitted.)
  • Global Imbalance and its Implications on East Asian Economies
    Global Imbalance and its Implications on East Asian Economies

    The first paper, written by Professor Yung Chul Park and Barry Eichengreen, focuses on the impact on emerging markets of a disorderly adjustment in global imbalance. In the conclusion, they argue that commencing this adjustment pr..

    Doo Yong Yang ed. Date 2006.12.29

    Economic cooperation, Exchange rate
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    Content
    Preface

    Executive Summary

    I. Introduction

    II. Global Imbalance and the Asian Economies
    1. The Hard-Landing Scenario
    2. Implications
    3. What Countries Can Do
    4. Is There Scope for Coordinated Policy Adjustments?
    5. Conclusion

    III. Domestic Investment and External Imbalance in East Asia
    1. Introduction
    2. Economic Performance in the East Asian Economies after the Financial Crisis
    3. Global Current Account Imbalances
    4. How to Adjust to the Imbalance
    5. Concluding Remarks

    IV. Exchange Rate Regimes, Misalignments, and Interdependency in East Asia
    1. Introduction
    2. Theoretical and Methodological Background
    3. Exchange Rates Misalignments of East Asian Currencies
    4. World Imbalances, Monetary Adjustments, and East AsianInterdependency
    5. Conclusion

    V. The Future of Exchange Rate Adjustment in East Asia: Is Plaza II Possible?: From the Japanese Experiences in the Plaza Accord
    1. Introduction
    2. How Much Depreciation of the US Dollar is Needed to Decrease the Current Account Deficit?
    3. Japanese Experience with the Plaza Accord
    4. Monetary Policy of the Bank of Japan after the Plaza Accord
    5. Conclusion

    VI. Global Imbalance and Exchange Rate Adjustments: Korea
    1. Introduction
    2. Behavioral Equilibrium Exchange Rate Approach
    3. General Equilibrium Approach
    4. Conclusion

    VII. Global Imbalance and the Coordination of Exchange Rates:Korea
    1. Introduction
    2. Intervention and Sterilization in Korea
    3. Intervention and Intra-regional Exchange Rate Stability
    4. Implications for Monetary Cooperation in East Asia
    5. Conclusion

    VIII. Global Current Account Imbalances and Policy Implications for East Asia
    1. Introduction
    2. Monetary Policy
    3. Fiscal Policy
    4. Exchange Rate Policy
    5. Structural Reform
    6. Policy Issues for Korea
    Summary
    The first paper, written by Professor Yung Chul Park and Barry Eichengreen, focuses on the impact on emerging markets of a disorderly adjustment in global imbalance. In the conclusion, they argue that commencing this adjustment process while global economic and financial conditions are still favorable will ease the adjustment process. They also state that the adjustment process will be eased if there is cooperation on exchange rate and other policies, and that it would be nice if the United States participated in this process of cooperative policy adjustment by addressing the domestic roots of its twin deficits. The second paper, co-authored by Professor Jong-Wha Lee and Warwick J. McKibbin, analyzes global imbalance, focusing on the investments and savings of East Asia and the United States. This paper demonstrates that since the 1997－98 crisis, many East Asian economies have been experiencing permanent declines of domestic investment and output growth, mainly resulting from increases in financial risk and decreases in the return on investment. According to the paper, the investment decline in East Asia, outside of China, combined with the fall in public and private savings in the United States, has contributed to the recent level of global current account imbalance. The third paper, written by Jacques Mazier, Yong Hyup Oh, and Sophie Saglio, focuses on analyzing the consequences of world imbalance on East Asian countries in the context of growing regional interdependency, and proceeds in two steps using in both cases simple multinational macroeconomic models. In the proceedings, exchange rates misalignments at the world level and for East Asian currencies are first estimated using a FEER approach, which combines a multinational model for the main currencies (dollar, yen, yuan, euro, and won), and a national model for the other East Asian currencies. This approach gives estimations in both real effective and bilateral exchange rates. Professor Eiji Ogawa points out in the fourth paper that global imbalance has occurred in relation to the huge current account deficits of the United States in recent years. These current account deficits have been caused by the fiscal deficit of the U.S. government since 2000. This is referred to as 'twin deficits,' which the United States experienced once before in the 1980s. When we look back at the latter half of the 80s, there was a large depreciation of the U.S. dollar, and given that the fiscal deficits have recently been kept at a higher level, we can assume that it may lead to a smilar result: the large depreciation of the U.S. dollar. The fifth paper, written by Yong Seoung Jung, Changyong Rhee, and Doo Yong Yang, is on the topic of 'Global Imbalance and Exchange Rate Adjustments: Korea.' Most agree that global imbalance should be rebalanced to a sustainable level. The main findings of this paper can be summarized as follows. First, the Korean won/U.S. dollar reached equilibrium in 2006 in response to the external imbalance of the Korean economy. Both econometric and model simulations show that the won/dollar rates in 2006 appreciated enough to reduce the previous current account surplus in Korea. (The rest is omitted.)
  • From East Asian FTAs to an EAFTA: Typology of East Asian FTAs and Implications f..
    From East Asian FTAs to an EAFTA: Typology of East Asian FTAs and Implications for an EAFTA

    As the number of Free Trade Agreements (FTAs) between East Asian countries continues to increase, the need for a region-wide FTA is emerging in East Asia. The main objective of this study is to develop the current study on the Eas..

    Chang Jae Lee et al. Date 2006.12.29

    Economic integration, Economic cooperation
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    Content
    Preface

    Executive Summary

    I. Introduction

    II. Market Access for Goods in East Asian FTAs
    1. ASEAN Free Trade Area (AFTA)
    2. ASEAN-China FTA
    3. Korea-ASEAN FTA
    4. Korea-Singapore FTA
    5. Japan-Singapore EPA
    6. Japan-Malaysia EPA
    7. Overall Assessment and Limitations

    III. Rules of Origin in East Asian FTAs
    1. Overview of Rules of Origin
    2. Preferential Rules of Origin for Intra-regional FTAs in East Asia
    3. Improving Rules of Origin in East Asia

    IV. Services, Investment and Other Issues in East Asian FTAs
    1. Liberalization in Services and Investment
    2. Trade and Investment Facilitation
    3. Development Cooperation
    4. Overall Evaluation

    V. Prospects, Options and Future Tasks for the East Asia FTA (EAFTA)
    1. Prospects for the EAFTA
    2. Options for the EAFTA
    3. Future Tasks for the EAFTA.

    References

    Appendix
    Summary
    As the number of Free Trade Agreements (FTAs) between East Asian countries continues to increase, the need for a region-wide FTA is emerging in East Asia. The main objective of this study is to develop the current study on the East Asia FTA (EAFTA) by suggesting likely options of an EAFTA that will both be feasible and desirable. (The rest is omitted.)
  • 고유가시대의 중동경제와 대중동 경제협력 확대방안
    Policy Proposal for the Economic Cooperation between Korea and the Middle East in the Era of Oil Boom

    Since the period of high oil prices beginning in 2000, huge amounts of oil dollars have flowed into the Middle East. With the revival of the Middle East's economy based on increasing monetary flows, the region has aroused the worl..

    Bokyeong Park et al. Date 2006.12.29

    Economic cooperation, Energy industry
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    Summary
    Since the period of high oil prices beginning in 2000, huge amounts of oil dollars have flowed into the Middle East. With the revival of the Middle East's economy based on increasing monetary flows, the region has aroused the world's interest. This study begins with a comprehensive analysis on the economic trends of the gulf region where oil producing countries are clustered and suggests ways for Korea to strengthen cooperation and relationships with countries in this region. This study specifically addresses the amount and flow of oil dollars in the gulf region, recent economic policies of gulf countries, strategies the world's major countries have adopted toward the Middle East, and our suggestions toward cooperation policies regarding the Middle East. (The rest is omitted.)
  • 러시아의 동부지역 개발전략과 한국의 참여 확대방안: 에너지 부문을 중심으로
    Strategies for Eastern Russia's Development and the Implications on the Case of Korea's Involvement: Focusing on Energy Sector

    The Russian government has tried to promote the economies of Eastern Russia. Major superpowers surrounding Eastern Russia have recognized economic and diplomatic importance of the region and have advanced into it. This study analy..

    Jae-Young Lee et al. Date 2006.12.29

    Economic cooperation, Energy industry
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    Summary
    The Russian government has tried to promote the economies of Eastern Russia. Major superpowers surrounding Eastern Russia have recognized economic and diplomatic importance of the region and have advanced into it. This study analyzes the development strategy of Eastern Russia and the advancement strategies of major superpowers into the region. As such, the current status of Korea's advancement into the region will also be evaluated and suggest some national strategies and action plans for Korea's advancement into East Russia. (The rest is omitted.)
  • 중국의 FTA 추진전략과 정책적 시사점
    China's FTA Strategy and its Policy Implications

    This report mainly deals with the objectives and motives of China's FTA (Free Trade Agreement) and analyzes China's FTA strategies both quantitatively and qualitatively in order to draw up more viable suggestions for future Korea-..

    Chang-Kyu Lee et al. Date 2006.12.29

    Trade policy, Free trade
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    Summary
    This report mainly deals with the objectives and motives of China's FTA (Free Trade Agreement) and analyzes China's FTA strategies both quantitatively and qualitatively in order to draw up more viable suggestions for future Korea-China FTA negotiations. (The rest is omitted.)
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