Policy Analyses
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Policy Analyses
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Road to Prosperity and Cooperation : Financial Hub in Northeast Asia
Road to Prosperity and Cooperation : Financial Hub in Northeast Asia
KIEP et al. Date 2006.03.20
Financial policy, Financial integrationDownloadContentContents
Opening sessionxx
Welcoming Remarks / Han, Duck Soo
Welcoming Remarks / Yoon, Jeung Hyun
Keynote Speech
The Role of Financial Development in a Maturing Economy / John Williamson
sessionxx 1 : Development Financing in East Asia
Opening Remarks / Kim, Chang Lok
Subject 1 : Strategic Approach for Development Financing and Rile of Private Capital
Presentation 1
Development Financing in Northeast Asia : Strategic Approach for Private Capital / Thankom Gopinath Arun
Presentation 2
Strategic Approach for Development Financing and Role of Private Capital / Kim, Sang-Loh
Discussion / John Walker ; Jianping Zhao ; Akira Kawamura ; Hyun, Oh Seok
Question & Answer sessionxx / Hanjin Sunhang ; Kim, Sang Loh ; Thankom Gopinath Arun ; Chair
Subject 2 (Korea EXIM Bank) : Application of Public Capital to Development Financing in Northeast Asia
Opening Remarks / Shin, Dong Kyu
Presentation 1
Public Capital to Development Financing in North East Asian Region (NEAR) / Cheong, Young Rok
Presentation 2
The Establishment of the North-East Asia Development Bank and Korea role on it : Tentative plan / Yasuhiro Chiba
Discussion / Junlu Ma ; Konstantin Roslyakov ; Tsogtsaikhan Gombo ; Lee-Jay Cho
sessionxx 2 (KAMCO) : Prospects for Asian Corporate Restructuring Market and Role of KAMCO
Opening Remarks / Kim, Woo Suk
Presentation 1
Prospects for the Asia Corporate Restructuring Market / Robert E. Young Jr.
Presentation 2
KAMCO & NPL Markets is Asia / Rhee, Changyong
Discussion / David Chon ; Helei Qu ; Thomas W. Albrecht
sessionxx 3 (KIC) : Global Trend of and Prospects for Government Investment Management Companies
Opening Remarks / Lee, Kang Won
Presentation 1
Improving the Chances for Success at Government Investment Funds / Bruce Pflaum
Presentation 2
Reserve Management in Singapore: The GIC Experience / Sung, Cheng Chih
Presentation 3
KIC : Present and Future / Lee, Kang Won
Discussion / Mark P. Speciale ; Brian P. Baker ; Evan Hale
Question and Answer sessionxx
Panel Discussion : Competitiveness of Financial Hub in Korea
Questions From The Floor
SummaryRoad to Prosperity and Cooperation : Financial Hub in Northeast Asia -
An Introduction to Domestic Regulation in GATS
Domestic regulations have a profound effect on services trade. A major challenge for the GATS is how to design rules that prevent the protectionist use of domestic regulations but do not deprive regulators of the freedom they need..
Yeongkwan Song Date 2005.12.31
Regulatory reform, Multilateral negotiationsDownloadContentSummaryDomestic regulations have a profound effect on services trade. A major challenge for the GATS is how to design rules that prevent the protectionist use of domestic regulations but do not deprive regulators of the freedom they need to pursue legitimate objectives. Members of the World Trade Organization (WTO) have agreed that a central task in the ongoing set of services negotiations will be to further develop rules to ensure that domestic regulations support rather than impede the opening of services markets to trade and investment. Since these rules are bound to have a significant effect on the evolution of domestic services policy, it is important that they will be conducive to economically rational policymaking while preserving the regulatory autonomy required to pursue and achieve domestic policy objectives. This paper provides an introduction to the discussions of domestic regulation in the WTO and aims to develop effective strategies, from the Korean point of view, for ongoing discussions. -
Exchange Rate System in India: Recent Reforms, Central Bank Policies and Fundamental Determinants of the Rupee-Dollar Rates
We provide an in-depth analysis of the exchange rate reform program undertaken by India in recent years. The actions of India's central bank, the Reserve Bank of India (RBI), during this key reform period are evaluated in this stu..
Vivekanand Jayakumar et al. Date 2005.12.30
Monetary policy, Exchange rateDownloadContentExecutive Summary
I. Introduction
II. Recent Changes in India's Exchange Rate System and RBI Policies
1. The 1991 Balance of Payment Crisis
2. Changes in the Rupee Exchange Rate Regime
3. Central Bank Actions in the Forex Market
III. Capital Flows, Impossible Trinity, and Foreign Exchange Reserve
Management
1. Capital Account Liberalization in India
2. The Impossible Trinity
3. Foreign Exchange Reserve Management
IV. Fundamental Determinants of India's Real Exchange Rates
1. Introduction
2. Exchange Rate Movements in India
3. Model and Methodology
4. Long Run Movements of Real Exchange Rates
5. Innovation Accounting
6. Implication of the Empirical Test
V. Future Directions for the Rupee and the Reserve Bank of India
1. A Fear of Floating
2. Inflation Targeting
VI. Conclusion
ReferencesSummaryWe provide an in-depth analysis of the exchange rate reform program undertaken by India in recent years. The actions of India's central bank, the Reserve Bank of India (RBI), during this key reform period are evaluated in this study as well. In addition, this paper, using a sector price differential model, analyzes the fundamental determinants of the Indian rupee-U.S. dollar exchange rates. Lately, Indian policymakers and Reserve Bank officials appear to have taken steps designed to increase the overall credibility of the exchange rate regime. Our analysis suggests that the reform policies have generally been quite effective. We also feel that the RBI should adopt further liberalization program, being mindful, however, of the potential for severe exchange rate volatility and monetary instability in the face of increasing capital mobility and international integration. -
A Roadmap for the Asian Exchange Rate Mechanism
Given the increasing importance of capital market development for financial stability and multilateral cooperation for sustained growth, a country's choice of exchange rate regime is hardly trivial. Instead of relying on a series ..
Gongpil Choi et al. Date 2005.12.30
Monetary policy, Exchange rateDownloadContentExecutive Summary
I. Introduction
II. Requirements for Regional Financial Stability
III. Creation of ACU: Parallel Currency or Basket Numeraire
IV. AERM: Multilateral Exchange Rate Arrangement with the ACU
V. Other Considerations
VI. Summary and Conclusion
References
AnnexSummaryGiven the increasing importance of capital market development for financial stability and multilateral cooperation for sustained growth, a country's choice of exchange rate regime is hardly trivial. Instead of relying on a series of individually managed floats, it would be better for each country to target its currency against a basket of other currencies. A still much better alternative would be to form a regional block, which would tie Asian currencies together and create a regional currency while allowing them to float against major currencies. (The rest is omitted.) -
Exchange Rates, Shocks and Inter-Dependency in East Asia: Lessons from a Multinational Model
This paper presents a simple macroeconomic model of international interdependency describing Korea, Japan, China, and the rest of East Asia in their relations with the United States and the rest of the world. (The rest is omitted...
Sophie Saglio et al. Date 2005.12.30
Financial crisis, Capital marketDownloadContentExecutive Summary
I. Introduction
II. Trade Openness and Real Effective Exchange Rates in East Asia
III. A Macroeconomic Model for East Asian Economic Integration
1. Foreign trade
2. The model of internal demand
3. Adjustment representative parameters
IV. Symmetric and Asymmetric Shocks and Interdependency in East Asia
1. External symmetric shocks
2. Asymmetric shocks
3. A contribution to the analysis of East Asian exchange rate regimes
V. Conclusion
References
Annex 1. The Share of Intra and Extra Trade
Annex 2. The Calculations of Indicators
Annex 3. Main Econometric Results
Annex 4. Diffusion EffectsSummaryThis paper presents a simple macroeconomic model of international interdependency describing Korea, Japan, China, and the rest of East Asia in their relations with the United States and the rest of the world. (The rest is omitted.) -
Present Status and Prospects for the DDA Negotiations: Preparing for the Hong Kong Ministerial Conference
The DDA (Doha Development Agenda) negotiations, the 9th Multilateral trade round, has focused on nine sectors including agriculture, non-agricultural market access, and services. The DDA, which has been deadlocked since failure in..
Moonsung Kang et al. Date 2005.12.30
Economic opening, Multilateral negotiationsDownloadContentSummaryThe DDA (Doha Development Agenda) negotiations, the 9th Multilateral trade round, has focused on nine sectors including agriculture, non-agricultural market access, and services. The DDA, which has been deadlocked since failure in Cancun, recovered its momentum when the July Package was adopted in August 2004. Since then, member countries have intensified negotiations in order to reduce gaps between countries' perspective. Although most attention has been focused on farm trade, non-agricultural market access, and services, the negotiators have been at loggerheads over how to free agricultural trade, and have made little progress on the liberalization of services and industrial goods.On December 13, the world's trade ministers gathered in Hong Kong to advance the DDA negotiations. Although progress in Hong Kong will not be easy, Korea, heavily dependent upon foreign trade, must closely observe the ministerial conference in Hong Kong and prepare for the future developments of the Doha round. (The rest is omitted.) -
Building a Strategic Partnership between Korea and Mexico for the 21st Century: Vision and Agenda for Cooperation
1. We strongly believe that our two countries should strive for a long-term strategic partnership of a comprehensive nature. In spite of many obvious differences, there are strong similarities between the two, economically and pol..
The Korea-Mexico 21st Century Commission Date 2005.12.30
Economic cooperation, Free tradeDownloadContentINTRODUCTION
RECOMMENDATIONS
Vision and Agenda for Cooperation
I. Towards a Comprehensive Strategic Partnership
II. Common Challenges of the New Century
III. Vision of a Strategic Partnership
IV. Current Status of Korea-Mexico Relations
V. Agenda for Cooperation: Strategic Partnership Initiatives
APPENDIX. BACKGROUND STUDIES
Korea-Mexico Relations: Current Status and Opportunities for Cooperation
I. National Aspirations and Institutional Cooperation
1. Exploring Common Objectives of Political Cooperation
2. Challenges for Korea and Mexico
3. Visions for Korea-Mexico Cooperation
4. Disarmament and Non-Proliferation: North Korea
5. Strengthening the Institutional Framework for Bilateral Cooperation
II. Economic Relations: Trade and Investment
1. Introduction
2. Trade
3. Investment
4. Towards a Mexican-Korean Strategic Partnership
III. Opportunities for Industrial Cooperation
1. The Need of an Advanced Industrial Structure
2. The Opportunities in Complementarities
3. New Areas for Cooperation
4. A New Institutional Framework
IV. Cultural Exchange as a Foundation for Partnership
1. New Ways for Cultural Cooperation
2. Historical Overview of the Bilateral Cultural Exchange Program
3. Cultural Cooperation Program 2000-2002
4. Cultural and Educational Cooperation Program for 2003-2006Summary1. We strongly believe that our two countries should strive for a long-term strategic partnership of a comprehensive nature. In spite of many obvious differences, there are strong similarities between the two, economically and politically, that offer a strong foundation for mutually beneficial multidimensional partnership between the two. Our two countries are similar to each other in terms of the size of the economy as well the weight in international trade. Both are emergent middle powers internationally, located in the most dynamic region of the world, the Asia-Pacific region. Both aspire to continue to pursue trade-led economic development. Both face several common challenges. And now in broadly comparable stages of development, both economically and politically, the two share the same ultimate goal of achieving national advancement as fully developed democratic countries. The two share a common vision of the world that would bring peace, security and development to all peoples through strong multilateral cooperation. When combined, these similarities create synergies and room for learning from each other. They form the basis for doubling the effectiveness of individual actions toward common goals when the two countries join forces in these actions. They also make room for strong self-interest on the part of each in forming partnership with the other. But the benefit from cooperation can be reaped to its full potential only when the two countries enter into a long-term and comprehensive strategic partnership with each other. (The rest is omitted.) -
An Introduction of Korea-EFTA FTA
This book introduces major contents of the Korea-EFTA FTA, signed by the representatives of both governments in 15 December 2005. The FTA is expected to be one of the FTAs which can maximize the positive impacts of FTA with the de..
Date 2005.12.30
Economic integrationDownloadContentSummaryThis book introduces major contents of the Korea-EFTA FTA, signed by the representatives of both governments in 15 December 2005. The FTA is expected to be one of the FTAs which can maximize the positive impacts of FTA with the developed countries. It is also anticipated to increase mutual benefits from complementary industrial structures of the partners. Korea would have more chances to provide its products to the markets of EFTA and Korea's industries will get balanced development through increased competitiveness in agriculture, services and so on.
This book gives precise and easy explanations on the Agreements on Korea-EFTA FTA including major contents of concession, introduction of the EFTA countries and economic relations between Korea and the EFTA countries. -
Development of China's Firms and Industries -The Impacts on Korea
As the bilateral economic relations between Korea and China are deepening, China becomes one of the most important factors, which has major influences on the future of Korean economy. Those influences are divided by three categori..
Mansoo Jee et al. Date 2005.12.30
Economic development, Industrial policyDownloadContentSummaryAs the bilateral economic relations between Korea and China are deepening, China becomes one of the most important factors, which has major influences on the future of Korean economy. Those influences are divided by three categories, the opportunities, the threats, and the risks. (The rest is omitted.) -
New Aspects of Globalization and Its Challenge to the World Economy
Date 2005.12.30
Financial liberalization
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