Policy Analyses
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Policy Analyses
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China's Consumer Market
China's consumer market has been regarded as the biggest potential market in the world. Since it's reform and open-up, China has been experiencing "consumer revolution". Consumer's expenditure has expanded dramatically with rapid ..
Mansoo Jee et al. Date 2008.12.30
Economic cooperation, Overseas direct investmentDownloadContentSummaryChina's consumer market has been regarded as the biggest potential market in the world. Since it's reform and open-up, China has been experiencing "consumer revolution". Consumer's expenditure has expanded dramatically with rapid growth of the income. During last 2 decades, most of major durables such as TV sets, refrigerator, washing machine have been introduced to Chinese households as well as all the new concepts like brand, advertising, shopping. (The rest is omitted.) -
Major Issues on APEC economic cooperation and Policy Implications
Since its inception in 1989, Asia-Pacific Economic Cooperation (APEC) has achieved remarkable progress towards the vision of building the Asia-Pacific community. However, with its 20th anniversary, APEC appears to be adrift in the..
Sangkyom Kim et al. Date 2008.12.30
Economic reform, Economic integrationDownloadContentSummarySince its inception in 1989, Asia-Pacific Economic Cooperation (APEC) has achieved remarkable progress towards the vision of building the Asia-Pacific community. However, with its 20th anniversary, APEC appears to be adrift in the middle of formidable challenge. First, as sub-regional trading arrangements proliferate within the APEC region, APEC has to take into consideration a high-quality and comprehensive regional economic integration strategy and strengthen APEC Ecotech Activities. Both intra- and inter-regional trade agreements must be utilized to function as stepping stones and building blocks conducive to strengthening multilateral trading system. Second, APEC needs to be more proactive and responsive to the global economic issues stemming from financial crisis and climate changes. (The rest is omitted.) -
Crisis and Internationalization of Korean Won
The internationalization of Korean won (henceforth KRW) refers to expanding the use of KRW further into foreign markets where KRW has never been traded or used. It entails the growth of the exchanges of KRW between non-residents, ..
Yonghyup Oh et al. Date 2008.12.30
Financial policy, Monetary policyDownloadContentSummaryThe internationalization of Korean won (henceforth KRW) refers to expanding the use of KRW further into foreign markets where KRW has never been traded or used. It entails the growth of the exchanges of KRW between non-residents, issuances of financial assets - either domestic or foreign- denominated in KRW, and settlements in KRW in invoicing the imports or exports of Korean goods and services. (The rest is omitted.) -
Cross-border M&As and Implications for Korean Direct Investment Abroad
Cross-border mergers and acquisitions (M&As), now constituting 80% of foreign direct investment (FDI) between developed countries, have been reshaping the global landscape of industries. Most of the growth in international pro..
Hea-Jung Hyun et al. Date 2008.12.30
Business management, Overseas direct investmentDownloadContentSummaryCross-border mergers and acquisitions (M&As), now constituting 80% of foreign direct investment (FDI) between developed countries, have been reshaping the global landscape of industries. Most of the growth in international production takes place through cross-border M&As rather than Greenfield investment. The value of cross-border M&As dramatically rose from less than USD 100 billion in 1987 to USD 2,234 billion in 2007, albeit some declines in early 2000s. (The rest is omitted.) -
Korea's FTA Rules of Origin: Review and Future Strategy
The determination of origin would be simple and straight forward if goods had been produced or manufactured within one country. However, in the world that is frequently referred to as 'global factory,' most of the final products i..
HanSung Kim et al. Date 2008.12.30
Economic opening, Trade policyDownloadContentSummaryThe determination of origin would be simple and straight forward if goods had been produced or manufactured within one country. However, in the world that is frequently referred to as 'global factory,' most of the final products involve more than one country in their production process. In such cases, there have to be specific rules that determine the country of origin of goods and it becomes an important issue when two or more countries negotiate regional trade greements. Determining the country of origin of importing goods is necessary for importing countries to apply the custom tariff, quantitative restrictions, or commercial policies such as anti-dumping duties and safeguard measures. Rules of origin are laws and administrative practices used to identify the country of origin of internationally traded goods. (The rest is omitted.) -
Empirical Analysis of Factors Affecting Korea's Trade Structure and Current Account
The ongoing financial crisis coupled with the recent volatile movements of oil and raw material prices has stimulated concern on Korea's current account forecast. Korea has maintained current account surplus until a deficit was re..
Chul Chung et al. Date 2008.12.30
Trade structure, Trade policyDownloadContentSummaryThe ongoing financial crisis coupled with the recent volatile movements of oil and raw material prices has stimulated concern on Korea's current account forecast. Korea has maintained current account surplus until a deficit was recorded in 2008 for the first time since the Asian financial crisis. Despite increasing deficits in the balance of services particularly in the balance of travel and the balance of other business services since 2000, Korea has continually recorded an overall current account surplus thanks to rapidly increasing exports of goods in China and the emerging markets. The balance of Korea's current account has turned to a deficit in 2008, however, mainly due to rising oil and raw material prices. Korea's current account is improving marginally based on stabilized raw material prices and depreciation of its currency. Nevertheless, together with the gloomy worldwide economic outlook, there remains a great deal of uncertainty in Korea's current account forecast. (The rest is omitted.) -
Comparative Analysis of FTA Agreements by Korea, China, and Japan, and Policy Implications for a Northeast Asia FTA
The FTA agreement between Korea, China, and Japan has been widely discussed in various dimensions. The resumption of Korea-Japan FTA negotiations, which have been on hold since 2004, began to be resumed at the administrative level..
Nakgyoon Choi et al. Date 2008.12.30
Economic integration, Free tradeDownloadContentSummaryThe FTA agreement between Korea, China, and Japan has been widely discussed in various dimensions. The resumption of Korea-Japan FTA negotiations, which have been on hold since 2004, began to be resumed at the administrative level recently, while China strongly hoped to launch Korea-China FTA negotiations as soon as possible. On top of the bilateral discussions, the joint research on a Korea-China-Japan FTA has produced study results on the expected benefits from FTA negotiations. (The rest is omitted.) -
Patterns of International Fragmentation of Production in East Asia
Recent trends in global trade shows an escalating interdependency among countries participating in the manufacturing process to produce final goods. There are many studies examining the cause and characteristics of production netw..
Hokyung Bang Date 2008.12.30
Trade structure, Trade policyDownloadContentSummaryRecent trends in global trade shows an escalating interdependency among countries participating in the manufacturing process to produce final goods. There are many studies examining the cause and characteristics of production networks. Among various factors forming production network, production fragmentation of trans-national corporations is surely the main cause. (The rest is omitted.) -
Empirical Analyses of U.S. Congressional Voting on Recent FTA Bills
This paper discusses what political and economic factors affect house representatives' voting behavior on free trade agreement (FTA) implementation bills in the 108th and 109th Congresses in the U.S. us-ing a simultaneous probit-t..
Hyejoon Im et al. Date 2008.12.30
Trade policy, Free tradeDownloadContentExecutIve Summary
I. Introduction
II. Literature Review
III. FTA Bills in the 108th and 109th Congresses
IV. Model and Data
V. Results
1. Labor PAC Contribution Equations
2. Business PAC Contribution Equations
3. Voting Equations
4. Comparisons
5. Policy Implication from Marginal Effects
VI. Concluding Remarks
ReferencesSummaryThis paper discusses what political and economic factors affect house representatives' voting behavior on free trade agreement (FTA) implementation bills in the 108th and 109th Congresses in the U.S. us-ing a simultaneous probit-tobit model that consists of contribution equations and voting equations. We find that partisanship, especially when the results of roll-calls have narrow margins; a relative employ-ment size in trade-sensitive sectors; and contribution funds exert great influence on the voting behaviors of representatives. The marginal ef-fects of political and economic variables in the study could provide some policy implications for the prediction of the passage of future FTA bills in Congress. (The rest is omitted.) -
Sub-Prime Financial Crisis and US Policy Choices
This paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the fin..
Yonghyup Oh et al. Date 2008.12.30
Competition policy, Monetary policyDownloadContentExecutive Summary
I. Introduction
II. Origin of Subprime Crisis: Weakness in Real Economy
III. A Historical Perspective
IV. US Policy Choices
V. How Would the US Respond to Policy Shocks?
VI. Concluding Remarks
ReferencesSummaryThis paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the financial sector and that recessionary pressure was present in the last quarter of 2007 in the US economy. The high level of nation's debts combined with a high rate of inflation show a difficult situation US policy makers face. At an international scene, there would be trade-off between protectionist policy measures and the US's role as a global sheriff. Effects of US policy measures, either monetary or fiscal, would be short-living, while more fundamental changes to create pro-ductivity gains would be the right policy for recovery of the US econ-omy. (The rest is omitted.)
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