Policy Analyses
RESEARCH
Policy Analyses
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Korea's Mid- to Long-Term Economic Strategy for the World
Trade has been one of the most important strategies for economic growth in Korea. It is well known that the Korean economy developed very quickly via its export-oriented growth strategy since the early 1960s. Mainly due to the exp..
Heungchong Kim et al. Date 2007.12.30
Economic Cooperation, Trade PolicyDownloadContentSummaryTrade has been one of the most important strategies for economic growth in Korea. It is well known that the Korean economy developed very quickly via its export-oriented growth strategy since the early 1960s. Mainly due to the explosive increase of exports to the world, Korea's total GDP has increased by more than three hundred times over the last forty years. Korea's active engagement of the global trade regime was accelerated by its membership in GATT in 1967 and in the WTO in 1994. Recognizing the importance of trade with outside economies in its economic development process, Korea implemented a unilateral open-market policy in early 1980s, and made subsequent efforts to join the Organization for Economic Co-operation and Development (OECD) in 1996. (The rest is omitted.) -
A Sectoral Assessment of a Korea–US FTA and Policy Implications for the Korean Economy
The Korea–US FTA (KORUS FTA) has been one of the most contentious issues in Korean society because it is expected to have a tremendous impact on each of the economic agents. To investigate the macroeconomic effects of th..
Nakgyoon Choi et al. Date 2007.12.29
Trade Policy, Free TradeDownloadContentSummaryThe Korea–US FTA (KORUS FTA) has been one of the most contentious issues in Korean society because it is expected to have a tremendous impact on each of the economic agents. To investigate the macroeconomic effects of the KORUS FTA, two related general equilibrium approaches are used in this study. The static general equilibrium modeling focuses on efficiency gains from resource allocation. The productivity gains general equilibrium model, however, takes account of dynamic efficiency impacts from competitive effects and investment in the economies over time. The latter can be as important as or more important than the direct trade liberalization effects. (The rest is omitted.) -
IPR Related Issues in Korea-China FTA
In recent years, China has undertaken substantial efforts to increase the protection of intellectual property rights; however, there seems to be no significant reduction in IPR infringement levels. Counterfeiting and piracy in Chi..
Mee Jin Cho et al. Date 2007.12.24
Economic Integration, Trade PolicyDownloadContentSummaryIn recent years, China has undertaken substantial efforts to increase the protection of intellectual property rights; however, there seems to be no significant reduction in IPR infringement levels. Counterfeiting and piracy in China cause economic harm to Korean business in many sectors and have an overall negative effect on our consumers, businesses, and economy. In this situation, if a negotiation for an FTA between Korea and China begins, it is not difficult to see that IPR-related issues will be critical. Considering the importance of IPR in the Korea-China FTA negotiation, this study examines the IPR protection system for both countries, and reviews the expected issues. (The rest is omitted.) -
A Roadmap for East Asian Monetary Integration
The paper deals with the questions of why Asian monetary and financial cooperation has not proceeded rapidly even though the countries have discussed this issue for so long and how to overcome this problem. The authors identify th..
Kyung Tae Lee et al. Date 2007.12.20
Financial IntegrationDownloadContentExecutive Summary
I. Introduction
II. The Need: Why Are We Talking about Monetary Integration in East Asia?
III. The Feasibility of Monetary Integration in East Asia
1. Self-Sustainability
2. OCA-Criteria
3. Non-Economic Conditions
4. Regional Demand
IV. The European Experience and Implications
1. The European Experience
2. Major Components of a Roadmap
V. A Roadmap for Monetary Integration in East Asia
VI. A Common Vision as the Basis for a Roadmap
VII. Conclusion
References
AppendixSummaryThe paper deals with the questions of why Asian monetary and financial cooperation has not proceeded rapidly even though the countries have discussed this issue for so long and how to overcome this problem. The authors identify the lack of a common vision and a roadmap for monetary integration as the most significant impediments. (The rest is omitted.) -
Analysis on Vietnam Industry
Executive Summary
Date 2007.11.30
Economic Cooperation, Overseas Direct Investment -
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The Determinants of Cross-border M&As: The Role of Institutions and Financial Development in Gravity Model
This paper examines the macroeconomic determinants of cross-border M&As. Using a panel data set of bilateral M&A deal values for 101 countries and 17 years ranging from 1989 to 2005, we investigate both home and host count..
Hea-Jung Hyun et al. Date 2007.11.20
Trade Policy, Overseas Direct InvestmentDownloadContentExecutive Summary
I. Introduction
II. Theoretical Background
1. Quality of Institutions
2. Financial Market Development
3. Openness and Economic Integration
4. Geography
5. Exchange rate
III. Econometric Model
IV. Data Description
V. Results
1. Tobit Model
2. Robustness Check
3. Development stage and cross-border M&As
VI. Conclusions and Implications
References
Appendix
Appendix 1
Appendix 2SummaryThis paper examines the macroeconomic determinants of cross-border M&As. Using a panel data set of bilateral M&A deal values for 101 countries and 17 years ranging from 1989 to 2005, we investigate both home and host country factors that may play an important role in determining the size and direction of M&A flows. Overall, the empirical results suggest that legal and institutional quality and financial market development increase M&A volume across countries. The significant effect of institutions however, may disappear for transactions between countries of the similar stage of the development. (The rest is omitted.) -
Global Imbalances and Developing Countries: Remedies for a Failing International Financial System
The abrupt unwinding of global imbalances is a major risk for the world economy; it affects countries across the globe, but is particularly harmful to developing countries. This volume on global imbalances includes an unorthodox, ..
Jan Joost Teunissen et al. Date 2007.11.10
Financial PolicyDownloadContentAcknowledgements
Notes on the Contributors
Abbreviations
1. Introduction
2. Global Imbalances and the Implications for Africa
1 Why Worry About the Global Imbalances?
2 Global Adjustment Scenarios
3 Where is Africa in All These?
4 Conclusion
3. East Asia's Role in Resolving the New Global Imbalances
1 The Nature of the New Global Imbalances
2 The Sustainability of the New Global Imbalances
3 Necessary Adjustment Policies in the US
4 East Asia's Role in Resolving the Current Global Imbalances
5 Conclusion
4. An African Perspective: Comments on Yoshitomi, Liu and Thorbecke
1 The Investment-Savings Balance and Exchange Rate Policies
2 Systemic Crises and Concerted Action
3 Accumulation of Foreign Reserves
4 Concluding Remarks
5. Rebalancing Savings-Investment Gaps in East Asia
1 Should East Asian Capital Be Relocated Within the Region?
2 Barriers to Capital Market Integration in East Asia
3 Concluding Remarks
6. The Need for a Longer Policy Horizon: A Less Orthodox Approach
1 Secular Trends
2 Current Exposures: Do They Warrant a Policy Response?
3 Towards a Domestic Macrofinancial Stabilisation Framework?
4 Towards an International Macrofinancial Stabilisation Framework
5 Conclusion
7. Global Imbalances and the Role of the IMF
1 The Risk Posed by Global Macroeconomic Imbalances
2 The Fund's Potential Role in Dealing With Global Imbalances
3 A G-20 Accord and the Need for a Counter-Cyclical Facility
4 Conclusion
8. Global Imbalances and the Role of the IMF: A Comment on Ariel Buira and Martín Abeles
9. The Future of the International Monetary System
10. A More Balanced International Monetary System
1 Creating a Public International Investment Fund for Emerging Economies
2 Reforming the International Payments System
11. Reforming the International Monetary System: Comments on Jane D'Arista and John Williamson
12. A Response to the Comments of Henk BrouwerSummaryThe abrupt unwinding of global imbalances is a major risk for the world economy; it affects countries across the globe, but is particularly harmful to developing countries.
This volume on global imbalances includes an unorthodox, long-term view on global imbalances, an in-depth discussion about the role of the IMF, and a discussion about the need for reform of the international monetary and financial system. It pays special attention to Africa and East Asia. (The rest is omitted.) -
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The Analyses on Expected Issues and Effects for Medical Service in Korea-China FTA
The purpose of this paper is to derive plausible issues and influences of Korea-China FTA in medical service. This paper overviews current situations in the field of medical expenditure, medical facilites, medical labor forces. Th..
Hankyoung Sung et al. Date 2007.10.30
Trade Policy, Industrial StructureDownloadContentSummaryThe purpose of this paper is to derive plausible issues and influences of Korea-China FTA in medical service. This paper overviews current situations in the field of medical expenditure, medical facilites, medical labor forces. The medical expenditure and facilities in Korea, compared to those in OECD members, is stark, but augment in these days. China has suffered from rapid increase in medical expenditure, considerable gap in medical expenditure between urban and rural areas, expansion of profit-making hospitals. In terms of market opening, China has opened markets for medical service with some restrictions while Korea has yet. (The rest is omitted.)