Policy Analyses
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Policy Analyses
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International Capital Market Imperfections: Evidence from Geographical Features of International Consumption Risk Sharing
This paper tests the validity of gravity variables to explain the degree of international consumption risk sharing. Our data show that consumption and output cycles for selected economies in the EU, NAFTA, East Asia and English-sp..
Yonghyup Oh Date 2004.11.15
Capital marketDownloadContentI. Introduction
II. Consumption risk sharing: specification
III. Consumption correlation and output correlation for the world
IV. Consumption risk sharing for 27 countries in the world
V. Regional features
VI. Concluding remarks
Appendix: Data
ReferencesSummaryThis paper tests the validity of gravity variables to explain the degree of international consumption risk sharing. Our data show that consumption and output cycles for selected economies in the EU, NAFTA, East Asia and English-speaking countries have synchronized during the four decades since 1950s, but the lack of consumption risk sharing is evident. For the panel of 27 countries our results first show that the gravity variables such as distance, economic size, richness, sharing the same border and sharing the same language are valid in explaining consumption correlations, but among these variables sharing the same border is not significant in explaining output correlation. (The rest is omitted.) -
Evaluation of Korean-Latin American Economic Relations and Policy Directions for Strategic Partnership
The contemporary environments for Korea's economic and trade policy toward Latin America are quite different from those of the 1990s. Today Korea has a free trade agreement (FTA) with Chile, is joining soon the Inter-American Deve..
Won-Ho Kim et al. Date 2004.11.10
Economic cooperationDownloadContentSummaryThe contemporary environments for Korea's economic and trade policy toward Latin America are quite different from those of the 1990s. Today Korea has a free trade agreement (FTA) with Chile, is joining soon the Inter-American Development Bank (IDB), is suffering from the hike of international prices of commodities in which the Latin American region is abundant, and has assumed the role of regional coordinator for the East Asia-Latin America Cooperation Forum (FEALAC). The shape of the region's political and economic realities in its turn is also different from that of the 1990s, when democratization, economic stability, market opening and reform, and regional integration featured. With the general exception of Mexico and Chile, Latin American countries have suffered in recent years from the vicious cycle of boom and bust, suspected the working of market-friendly reforms, and undergone the social instability. They have not been so much enthusiastic recently with the intra-regional integration as before, but more interested in further integration with extra-regional trade partners such as the United States, European Union, and major East Asian economies. (The rest is omitted.) -
Impacts of Exchange Rates on Employment in Three Asian Countries: Korea, Malaysia, and the Philippines
Exchange rate fluctuations provide a source of movements in employment both within and across industries. Previous studies focus on only developed countries, such as OECD countries. But country and industry characteristics in deve..
Wanjoong Kim et al. Date 2004.11.05
Exchange rateDownloadContentSummaryExchange rate fluctuations provide a source of movements in employment both within and across industries. Previous studies focus on only developed countries, such as OECD countries. But country and industry characteristics in developing countries are different from those of developed countries, so that the effects of fluctuations in real exchange rates on employment in developing countries may be different from those in developed countries. This paper examines the relationship between exchange rates and employment using a panel of 28 industries in three developing countries (Korea, Malaysia, and the Philippines) from 1970 to the 1990s using a panel VAR model. The impulse response functions show that Korean and Malaysian employment responds positively to exchange rate shocks. However, Philippine employment responds positively only after 1985. Compared to the developed countries over the same period, the developing countries show a larger response to exchange rate shocks. -
Policy Directions for Strengthened Economic Relations between Korea and Mexico
Since the beginning of the 1990s, bilateral trade has steadily increased. Mexico's imports from Korea have sharply grown due to the recent trade liberalization in Mexico, Korea's direct investments in Mexico, and Mexico's industri..
Won-Ho Kim Date 2004.10.15
Economic cooperationDownloadContentSummarySince the beginning of the 1990s, bilateral trade has steadily increased. Mexico's imports from Korea have sharply grown due to the recent trade liberalization in Mexico, Korea's direct investments in Mexico, and Mexico's industrialization process that demands components and intermediate goods to reexport to neighboring markets. Intra-industrial and intra-firm trade currently help expand trade, and ultimately meet trade balance. (The rest is omitted.) -
Economic Reform in the Middle East since the 1990s
Most of Middle Eastern countries faced an economic stagnation and macro-economic instability in the 1980s, whereas they had recorded a very rapid economic growth owing to the oil dollar in the 1970s. This dramatic economic change ..
Bokyeong Park Date 2004.10.10
DownloadContentSummaryMost of Middle Eastern countries faced an economic stagnation and macro-economic instability in the 1980s, whereas they had recorded a very rapid economic growth owing to the oil dollar in the 1970s. This dramatic economic change in the Middle East was found also in the non-oil exporting countries as well as the oil exporting countries. The bitter economic experiences in the 1980s was the momentum that prompted the Middle Eastern countries to start economic reform in the early 1990s. The new international economic environments such as globalization and regional integration were also a part of the background of the economic reform. (The rest is omitted.) -
Lifting Economic Sanctions on Libya and Its implication to Korean Construction Firms.
Libya had long been placed under economic sanctions by international society. Libya's support of international terrorism and violations of international peace were the basic reasons behind the sanctions. The economy of Libya had ..
Young Ho Park Date 2004.10.10
Economic developmentDownloadContentSummaryLibya had long been placed under economic sanctions by international society. Libya's support of international terrorism and violations of international peace were the basic reasons behind the sanctions. The economy of Libya had been suffering from serious depression mainly due to the UN and US sanctions especially leaving the oil sector damaged. Libya's nominal GDP per head shrank from around 7,430 US dollar in 1992; the year UN sanctions were imposed, to an estimated 5,929 US dollar in 1999. (The rest is omitted.) -
A Critical Assessment of India's Banking Sector Reform
Development in the financial sector, in particular, the banking sector, plays a key role in stimulating and stabilizing economic growth. Since the foreign exchange crisis in 1991, India has undertaken banking sector reforms. (The ..
Tae Hwan Yoo Date 2004.10.04
Financial systemDownloadContentSummaryDevelopment in the financial sector, in particular, the banking sector, plays a key role in stimulating and stabilizing economic growth. Since the foreign exchange crisis in 1991, India has undertaken banking sector reforms. (The rest is omitted.) -
Strengthening Economic Cooperation in Northeast Asia
The end of the Cold War signaled a new era in Northeast Asian economic cooperation, leading trade and investment to increase substantially in the 1990s. However, given the characteristics of Northeast Asia, such as different polit..
Edited by Yoon Hyung Kim et al. Date 2004.09.30
Economic integration, Economic cooperationDownloadContentSummaryThe end of the Cold War signaled a new era in Northeast Asian economic cooperation, leading trade and investment to increase substantially in the 1990s. However, given the characteristics of Northeast Asia, such as different political and economic systems, disparate levels of economic development and historical remnants, until recently, regional economic integration was essentially driven by market forces without any organized efforts from the central governments to enhance regional economic cooperation. Therefore, Northeast Asia still lags behind the other major regions in terms of regional economic cooperation and there is still no regional economic cooperation body let alone a regional trade agreement among the Northeast Asian economies. (The rest is omitted.) -
Revisiting the Open Regionalism of APEC
Regionalism in the Asia-Pacific shows peculiar features and distinctive patterns. Despite remarkable economic and political developments in the second half of the 20th century, the Asia-Pacific region remains slow in institutional..
Seok-young CHOI Date 2004.09.20
Economic cooperationDownloadContentSummaryRegionalism in the Asia-Pacific shows peculiar features and distinctive patterns. Despite remarkable economic and political developments in the second half of the 20th century, the Asia-Pacific region remains slow in institutionalizing regional cooperation. Political rivalry, historical animosities, ideological tensions, disparities in levels of development as well as cultural differences have been identified as potential barriers to cooperation. (The rest is omitted.) -
Understanding Economy and Politics of Today's Russia
Yeo-Cheon Jeong Date 2004.09.08
Economic development
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