Policy Analyses
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Policy Analyses
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Experimental Economic Approaches on Trade Negotiations
This paper experimentally examines the multilateral bargaining games so as to derive some policy implications for real trade negotiations. It shows the following findings: there are significant delays in games including veto playe..
Hankyoung Sung Date 2007.12.30
Multilateral negotiations, Trade policyDownloadContentExecutive Summary
I. Introduction
II. Theory
III. Experimental Procedures
IV. Experimental Results
1. Delays in negotiations
2. Role of Weak Players: Share taken and Voting Patterns
V. Concluding Remarks
References
AppendixSummaryThis paper experimentally examines the multilateral bargaining games so as to derive some policy implications for real trade negotiations. It shows the following findings: there are significant delays in games including veto players in some circumstance, but no delays in games including multiple-vote players. In addition, non-veto players as weak players, who are disadvantageous in taking share, collusive attempts against veto players, but not effective. As policy implications, this paper suggests enforceable deadline or threat toward low quality agreements to reduce the delay problems. Furthermore, as another remedy for the delays, it suggests the effort to group countries like multiple-vote players in unequal weight games. (The rest is omitted.) -
What Kinds of Countries Have More Free Trade Partner Countries? : Count Regression Analysis
According to the WTO data for regional trade agreements (RTA), the number of RTA has been exponentially growing since the middle of the 1990s. As a result, many countries these days have had more than one free trade partner countr..
Jung Hur et al. Date 2007.12.30
Economic opening, Free tradeDownloadContentExecutive Summary
I. Introduction
II. Econometric Model: Count Data Models
1. Poisson Regression Model
2. Negative Binomial Regression Model
III. Data
1. Dependent Variable
2. Geographic Variables
3. Institutional Variables
4. Grouping Variables
5. Control Variables
IV. Main Results
1. Poisson Regression Results
2. Negative Binomial Regression Results
V. Conclusion
References
AppendixSummaryAccording to the WTO data for regional trade agreements (RTA), the number of RTA has been exponentially growing since the middle of the 1990s. As a result, many countries these days have had more than one free trade partner country. In this paper, we attempt to find out statistically important characteristics of countries that may explain the frequency of a country's RTA formations and as a result its total number of free trade partner countries. We find that the following country-specific variables are important: distance from equator, government effectiveness, and the low-middle income group countries
and regional blocs that countries belong to. In contrast, the following variables are not statistically significant: geographical size of country; upper-middle or high-income group countries; languages and other institutional variables such as political aspects and the stability, law, regulation, and national corruption level. The important implication of the findings is that the current expansion of RTAs may not be linked to a global free trade system because of the peculiarity of countries having multiple RTAs. (The rest is omitted.) -
Understanding Wage Inequality: Trade, Technology, and Location
This paper investigates the trend of the wage inequality and the metropolitan wage premium in the United States during the 1980s. Two distinct sets of literature documented that the wage inequality between skilled and unskilled wo..
Chul Chung et al. Date 2007.12.30
Labor market, Free tradeDownloadContentExecutive Summary
I. Introduction
II. Literature Review
III. A Spatial Equilibrium Model
1. Labor Supply across Areas
2. Labor Demand across Areas
IV. CPS Data and Empirical Results
1. Data
2. Difference-in-Difference-in-Difference Results
V. Robustness Check
1. Census Data and Results
2. A Time Series Graph
VI. Conclusion and Discussion
References
AppendixSummaryThis paper investigates the trend of the wage inequality and the metropolitan wage premium in the United States during the 1980s. Two distinct sets of literature documented that the wage inequality between skilled and unskilled workers and the metropolitan wage premium have risen significantly during the decade. When we combine these two sets of evidence and consider the interaction between skill and location, however, the increasing trends of the skill wage gap and the metropolitan wage premium almost disappear. Most of the dynamic changes are picked up by the interaction term, an extra metropolitan wage premium for skill, which rises significantly over the decade. As a partial explanation we find an increasing trend of the skill wage inequality across industries and occupations within metropolitan areas relative to non-metropolitan areas. This finding suggests that the skill biased technology alone may not sufficiently explain the growing wage inequality and it can be interpreted as a metropolitan specific phenomenon to an extent. (The rest is omitted.) -
An Empirical Assessment of a Tradeoff Between FDI and Exports
The relation between exports and FDI could be complementary or substitutable depending on the types of FDI. Overseas investment to displace exports must have a substitution relation while FDI for vertical fragmentation between cou..
Hongshik Lee et al. Date 2007.12.30
Foreign direct investmentDownloadContentI. Introduction
II. FDI from South Korea
III. Data
IV. Empirical Specification
V. Results
VI. Conclusion
ReferencesSummaryThe relation between exports and FDI could be complementary or substitutable depending on the types of FDI. Overseas investment to displace exports must have a substitution relation while FDI for vertical fragmentation between countries would boost the home export. (The rest is omitted.) -
Korea's Trade Policy toward the United States and related Tasks after the KORUS FTA
Korea-US trade relations have experienced substantial changes due to Korea's economic development phases and international trade environments. However, it cannot be denied that the United States has been the most important trading..
Wook Chae et al. Date 2007.12.30
Free tradeDownloadContentSummaryKorea-US trade relations have experienced substantial changes due to Korea's economic development
phases and international trade environments. However, it cannot be denied that the United States has
been the most important trading partner for Korea since the inauguration of its government in 1948.
Over the years, Korea's dependency on the US economy continued to increase, hence forcing Korea to
sensitively but passively respond to the US trade policy toward Korea. In fact, the most important
issue in the trade relations between Korea and the United States might have been to what extent Korea
would accept the united States' requests on bilateral trade issues. (The rest is omitted.) -
Korea's Mid- to Long-Term Economic Strategy for the Central Asia
Recently, Central Asia has emerged as one of the world's strategic trading partners, overcoming a steep economic decline during the transition. Central Asian countries are diversifying their industries in order to expand their eco..
Jae-Young Lee et al. Date 2007.12.30
Economic relations, Economic cooperationDownloadContentSummaryRecently, Central Asia has emerged as one of the world's strategic trading partners, overcoming a steep economic decline during the transition. Central Asian countries are diversifying their industries in order to expand their economic driving forces, and are cooperating with nearby big countries based on intra-regional economic cooperation organizations. Central Asia is a newly emerging source of supply of natural energy resources because it holds huge amounts natural resources in its territory. Moreover, it is a point of international strategic importance because it is surrounded by the EU, Russia, the Middle East, and China. Therefore, this research points out three strategic roles of the newly emerging Central Asia: a trade and investment partner, an important source of supply of energy resources, and the center of a New Great Game in an international order. (The rest is omitted.) -
Korea's Mid- to Long-Term Economic Strategy for Russia
It has been 17 years since the diplomatic relations between Korea and Russia normalized. Recently, economic cooperation has steadily developed in trade- investment cooperation fields, along with energy, railroad, science-technolog..
Jae-Young Lee et al. Date 2007.12.30
Economic relations, Economic cooperationDownloadContentSummaryIt has been 17 years since the diplomatic relations between Korea and Russia normalized. Recently, economic cooperation has steadily developed in trade- investment cooperation fields, along with energy, railroad, science-technology and aerospace industries. According to 2005 data, the trade volume between the two countries reached approximately US$10 billion and Russia was the 12th largest importer of Korean goods and the 16th largest exporter to Korea. By the end of 2006, the accumulative amount of Korean investment toward Russia was $371,560,000, and Russia is marked as the 28th largest recipient of Korean foreign investment. (The rest is omitted.) -
Korea's Mid- to Long-Term Economic Strategy for the EU
This report addresses where Korea's mid- and long-term strategies must be directed in order to effectively respond to the rapid change in the EU's internal and external territories such as the expansion and deepening of the EU, as..
Bak-Soo Kim et al. Date 2007.12.30
Economic cooperation, Trade structureDownloadContentSummaryThis report addresses where Korea's mid- and long-term strategies must be directed in order to effectively respond to the rapid change in the EU's internal and external territories such as the expansion and deepening of the EU, as well as the rapid globalization, the expansion of regionalism by free trade agreements(FTA), and the change of the global economy and trade structures landscapes by the rising of China's economy. (The rest is omitted.) -
Korea's Mid- to Long-Term Economic Strategy for the Latin America
Since the 1990's, Latin America's abundant natural resources and reform policies have increased growth and development potentials in the region. As a result, Latin America is now considered as one of the most noteworthy emerging m..
Ki-Su Kwon et al. Date 2007.12.30
Economic relations, Economic cooperationDownloadContentSummarySince the 1990's, Latin America's abundant natural resources and reform policies have increased growth and development potentials in the region. As a result, Latin America is now considered as one of the most noteworthy emerging markets in the 21st century. In the last three years, Latin America's high growth rate of 5% transformed the region into a dynamic economic center and further increased its strategic value. (The rest is omitted.) -
Korea's Mid- to Long-Term Economic Strategy for the North America
Korea concluded a free trade agreement (FTA) with the United States (KORUS FTA) in June 2007 and Korea is expected to conclude an FTA with Canada in 2008. The KORUS FTA is the most comprehensive FTA among any Korea has ever conclu..
Junkyu Lee et al. Date 2007.12.30
Economic cooperation, Trade policyDownloadContentSummaryKorea concluded a free trade agreement (FTA) with the United States (KORUS FTA) in June 2007 and Korea is expected to conclude an FTA with Canada in 2008. The KORUS FTA is the most comprehensive FTA among any Korea has ever concluded. The Korea-Canada FTA is supposed to achieve a level of commitment very similar to that of the KORUS FTA. It is even discussing a chapter on Temporary Entry of Natural Persons, which could contribute to the movement of business persons, traders, and professional service suppliers. Because of these FTAs with North American economies such as the US and Canada, Korea's economic relationship with these countries will be different from what they once were. New economic, legal, strategic, and political horizons will arise from the previous one without an FTA between Korea, Canada, and the United States. (The rest is omitted.)
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