PUBLISH
Policy Analyses
-
Changes in the EU Regional Policy and their Policy Implications
The purpose of this study is to analyze the history of EU regional policy, to suggest some problems of cohesion policy and to learn lessons for Korean regional policy and Northeast Asian Economic Integration. This study too examin..
Eun Kyung Kim Date 2008.12.30
Economic integration, Political economyDownloadContentSummaryThe purpose of this study is to analyze the history of EU regional policy, to suggest some problems of cohesion policy and to learn lessons for Korean regional policy and Northeast Asian Economic Integration. This study too examines the changes of regional policy in the United Kingdom, France and Germany relative to that in the EU. EU regional policy as cohesion policy aims at reducing economic and social disparities between the Member States, because EU enlargement process, that might increase the regional disparities, could undermine cohesion of the Member States and enlargement of the EU. Experiences in the United Kingdom, France and Germany revealed that the strength of EU regional policy has weakened the political power of the Member States over their regions. EU regional policy exploits various instruments based on the regional characteristics and harmonize with decentralisation. Therefore, Korean government should improve the centralized and uniform regional balanced development policy in Korea. Concerning the Northeast Asian Economic Integration, it is necessary to discuss regional cohesion policy on the strength of the EU experiences. -
Ten Years after the Korean Crisis: Crisis, Adjustment and Long-run Economic Growth
Most observers would consider the 1997 Asian crisis as the biggest challenge in the impressive economic development of Korea. The Korean economy went through a significant transformation to overcome the unprecedented shocks of the..
Edited by Meral Karasulu et al. Date 2008.12.30
Economic reform, Financial crisisDownloadContentPreface
sessionxx I. THE KOREAN CRISIS AND ECONOMIC CHANGES
1. Korea Ten Years after the Crisis: Collateral and Reserve Accumulation / Michael P. Dooley, Peter Garber, and David Folkerts-Landau
Comments on “Korea Ten Years after the Crisis: Collateral and Reserve Accumulation”: Two Crises of International Economics / Naoyuki Yoshino
2. Inflation Targeting in Korea: Success, Good Luck or Bad Luck? / Yung Chul Park and Charles Wyplosz
Comments on “Inflation Targeting in Korea: Success, Good Luck or Bad Luck?” / Hans Genberg
3. Ten Years after the Crisis: Financial System Transition in Korea / Joon Ho Hahm
Comments on “Ten Years after the Crisis: Financial System Transition in Korea” / Shinji Takagi
4. Corporate Sector Restructuring in Korea: Status and Challenges / Stijn Claessens and Dongsoo Kang
Comments on “Corporate Sector Restructuring in Korea: Status and Challenges” / Youngjae Lim
sessionxx II. CHANGES LOOKING FORWARD: TOWARDS LONG-TERM STABLE ECONOMIC GROWTH
1. Achieving Long-Term Fiscal Sustainability in Korea / Tarhan Feyzioğlu, Michael Skaarup, and Murtaza Syed
Comments on “Achieving Long-Term Fiscal Sustainability in Korea”: Should We Be Concerned by Korea's Exposure to the International Interbank Market? / Robert N. McCauley
2. Household Debt in Korea and Macroeconomic Implications / Meral Karasulu and Jerald A. Schiff
Comments on “Household Debt in Korea and Macroeconomic Implications” / Chang Seok Oh
3. Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis / Hak K. Pyo
Comments on “Productivity Growth and Structural Changes in Korean Economy before and after the Financial Crisis” / Chin Hee Hahn
sessionxx III. WHAT IS THE AGENDA FOR THE NEXT 10 YEARS?
1. Changes in Labor Quality among New College Graduates in Korea / Dae Il Kim
Comments on “Changes in Labor Quality among New College Graduates in Korea” / Yeongkwan Song
2. Trade Structure, FTAs, and Economic Growth: Implications for East Asia / Chan-Hyun Sohn and Hongshik Lee
Comments on “Trade Structure, FTAs, and Economic Growth: Implications for East Asia” / Hyun-Hoon Lee
3. Crisis, Adjustment, and Long-run Economic Growth in Korea / Noh Sun Kwark, Changyong Rhee and Doo Yong Yang
Comments on “Crisis, Adjustment, and Long-run Economic Growth in Korea” / Kwanho Shin
Seminar Program
List of Participants
List of KIEP PublicationsSummaryMost observers would consider the 1997 Asian crisis as the biggest challenge in the impressive economic development of Korea. The Korean economy went through a significant transformation to overcome the unprecedented shocks of the crisis. The resolution of the crisis acted as a catalyst to bring much needed structural change in the financial and corporate sectors. In the process Korea has adopted wide-ranging economic reforms, experienced substantial institutional change and significant improvements in its legal framework.(The rest is omitted) -
China and Korea in the World Economy: Common Opportunities and Challenges, Ten Years after the Asian Financial Crises
In Chapter I, Professor David Daokui Li at the Tsinghua University reviews the way in which China has coped with the Asian Financial Crisis in late 1990s and subsequently he evaluates that the current trend of globalization has st..
David Daokui Li et al. Date 2008.12.30
Economic relations, Economic cooperationDownloadContentForeword
Executive Summary
1. China in the Realm of the World Economy / David Daokui Li
2. Interpretation of China's Economic Comeback / Youngrok Cheong
3. Reflections on 10 Years of Financial Reform in China / Ping Xie
4. Higher Education Reform in China: Market Orientation and Institutional Response / Jun Zhang
5. The Structure of Trade between China and Korea / Yoocheul Song
6. China's Energy: Challenges and Strategies / Weidou Ni
7. FDI in China and Policy Consideration / Taotao Chen
8. The Korea-US Free Trade Agreement: Economy-wide Effects and Conclusions / Junkyu Lee
9. Why So Little Regional Financial Integration in Asia?: The Role of Liquidity / Doo-Yong Yang
10. Financial Integration in the Context of Northeast Asia / Hong-Rae Cho
List of ParticipantsSummaryIn Chapter I, Professor David Daokui Li at the Tsinghua University reviews the way in which China has coped with the Asian Financial Crisis in late 1990s and subsequently he evaluates that the current trend of globalization has still created generally unfavorable circumstances for developing countries. He concludes that both developed nations and developing countries collectively have to cooperate in improving the current international financial order and he finally emphasizes China's more positive role, as a swiftly emerging developing country, to build a new, more rational international economic order.
One of the most frequently asked questions about China is whether it can continue its high economic growth and will substitute the US in around 2020 as some international economic institutions predict. In Chapter II, to answer this question, Professor Youngrok Cheong at the Seoul National University identifies two most important China-specific factors, which most other countries do not have: the country's life cycle in the long history of China and its huge country size. Based on the innovative analysis of these two factors, his prediction is that China will sustain its speedy economic growth longer than what is generally expected. (The rest is omitted.) -
Analysis of Main Texts and Commitment Schedules of China's Previous FTA Service Agreement
In considering the volume of trade and size of bilateral foreign direct investment (FDI), obviously, China will be one of the most important free trade agreement (FTA) partners, which Korea will negotiate with some time in the fut..
Chang Kyu Lee et al. Date 2008.12.30
Trade policy, Free tradeDownloadContentSummaryIn considering the volume of trade and size of bilateral foreign direct investment (FDI), obviously, China will be one of the most important free trade agreement (FTA) partners, which Korea will negotiate with some time in the future. The Korea-China FTA has, therefore, been one of the key issues for both the policy-makers and researchers in Korea and a significant number of previous researches in this area have been accumulated. (The rest is omitted.) -
An Analysis on the Characteristics of Japan's EPAs and Policy Implications on Korea-Japan FTA
During the last decade, we have built a consensus on regional integration in East Asia arising from the harsh experience of financial crisis in the region and worldwide proliferation of regionalism on the contrary to stagnating mu..
Yang Hee Kim et al. Date 2008.12.30
Economic integration, Free tradeDownloadContentSummaryDuring the last decade, we have built a consensus on regional integration in East Asia arising from the harsh experience of financial crisis in the region and worldwide proliferation of regionalism on the contrary to stagnating multilateral negotiations under the WTO. Under the circumstance Korea and Japan launched a bilateral FTA negotiation December in 2003 emphasizing they would create a bridgehead towards East Asian regional integration. The negotiation, however, stopped after 6th meeting November 2004, and has not been resumed until the end of 2008 while the two economies have competed bilateral FTAs with other partners respectively since then. (The rest is omitted.) -
Prospects for European Foreign Policy
The crisis that resulted from the two failed referenda in France and the Netherlands in 2005, and Ireland in 2008, was a major shock to the European Union (EU). The prospects of the Lisbon Treaty being ratified during 2008 are hig..
Fraser Cameron Date 2008.12.30
Economic integration, Political economyDownloadContentExecutive Summary
I. The World Facing Europe in 2025
II. The Development of CFSP
The EU's Foreign Policy Record
ESDP - the Defence Dimension
III. The Internal/External Interplay
IV. The Making of EU Foreign Policy
V. The New High Representative/Vice President (Foreign Minister)
The External Service
Other Changes
Energy
VI. The Trade Paradigm
Effective Multilateralism
Future Prospects
ReferencesSummaryThe crisis that resulted from the two failed referenda in France and the Netherlands in 2005, and Ireland in 2008, was a major shock to the European Union (EU). The prospects of the Lisbon Treaty being ratified during 2008 are highly unlikely as the Irish may not hold a second referendum until the spring of 2009. Meanwhile all other EU Member States are committed to continuing the ratification process. Whatever the motives of those voting no, few dispute the thesis that in light of probable increasing threats to Europe during the coming decades there is an urgent need for a more coherent and effective EU as an actor on the international stage. Even if one considers the current global challenges, whether unrest in much of Africa and the wider Middle East, the re-emergence of Russia, the rise of China, dealing with terrorism, nuclear proliferation, energy security or climate change, it is clear that a united European voice will count far more than 27 disparate voices. (The rest is omitted.) -
The Impact of the EU Cultural Policy on European Integration and Its Implications for East Asia
This report was motivated by a number of recent events that have decelerated the European integration, including the failure of ratification of the European Constitution, and the fact that the European Union has started paying mor..
Date 2008.12.30
Economic integration, Industrial policyDownloadContentSummaryThis report was motivated by a number of recent events that have decelerated the European integration, including the failure of ratification of the European Constitution, and the fact that the European Union has started paying more attention to 'Culture'. At the background of this shift in policy focus is the recognition that recent failures have been partly induced by the feeling of 'democratic deficit', which has prevailed in the mindset of European peoples. In fact, citizens of Europe have felt an 'increasing distance' from 'Brussels', implying that decision made by the European Union not necessarily reflected their needs of daily life. Making the European people acquire European identity by making the EU visible and tangible has become one of policy tasks of the EU officials. These new developments in policy environment have motivated the EU policy circle to pay more attention to cultural programs, which are viewed as instruments to enhance the 'Unity in Diversity', by supporting the 'Diversity in Unity'. (The rest is omitted.) -
The Linkage of Climate Measures and Trade Rules and Its Implication on Korea
The past half century has been marked by an unprecedented expansion of international trade. Since 1950, world trade has grown more than 6% per year on average. The increased output or economic activity resulting from this trade ex..
Chang-In Yoon Date 2008.12.30
Environmental policyDownloadContentSummaryThe past half century has been marked by an unprecedented expansion of international trade. Since 1950, world trade has grown more than 6% per year on average. The increased output or economic activity resulting from this trade expansion have also impacted on greenhouse gas emissions. In addition, international trade expansion is likely to lead to increased use of transportation services, which has a strong link to greenhouse gas emissions. (The rest is omitted.) -
Trade Liberalization, Global Outsourcing and Employment
The consequences of trade-related job loss for the domestic labor market are very likely the key political economy issue for the future of Korean international economic policy. Recent opinion surveys reveal that sizable majorities..
Jin Kyo Suh et al. Date 2008.12.30
Economic opening, Labor marketDownloadContentSummaryThe consequences of trade-related job loss for the domestic labor market are very likely the key political economy issue for the future of Korean international economic policy. Recent opinion surveys reveal that sizable majorities of Korean understand that the benefits of free trade are accompanied by costs, borne largely by workers who lose jobs. Considerable public opinion supports future trade agreements that addressed labor issues. (The rest is omitted.) -
Trade liberalization and productivity growth in Korea
There is a lively debate about the effects of trade liberalization on productivity. although many empirical studies find a positive linkage between trade liberalization and productivity. One of the important reason for the disagre..
Jin Kyo Suh et al. Date 2008.12.30
Economic opening, productivityDownloadContentSummaryThere is a lively debate about the effects of trade liberalization on productivity. although many empirical studies find a positive linkage between trade liberalization and productivity. One of the important reason for the disagreement is that the specific mechanism through which trade liberalization may affect productivity is not yet analyzed. This report investigates the mechanism through which trade liberalization increases productivity. (The rest is omitted.)