Policy Analyses
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Policy Analyses
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The US Energy Crisis: Causes and Outlook
The US Energy Crisis: Causes and OutlookEntering 2000, the US have experienced severe energy problems such as supply- demand squeeze and price spikes and volatility. For example, crude oil prices reached $30/bbl, natural gas pric..
Kiho Jeong et al. Date 2001.12.30
Energy industryDownloadContentSummaryThe US Energy Crisis: Causes and Outlook
Entering 2000, the US have experienced severe energy problems such as supply- demand squeeze and price spikes and volatility. For example, crude oil prices reached $30/bbl, natural gas prices outran the $10 mark, and in California the electricity supply and demand situation became very tight and the two major power companies faced crisis of bankruptcy. This energy crisis threatens the economic well-being of the US people. This study investigates the causes of the US energy crisis and analyzes the Bush administration's policy response.The energy crisis is found to be attributed to the following factors: (The rest is omitted.) -
A Study on US Strategies of Developing Information Industry and E-Commerce
A Study on US Strategies of Developing Information Industry and E-CommerceChoong Lyul LeeUS economy accomplished a remarkable achievement, so-called a New Economy, during 1990s. For almost ten years, the productivity growth rate r..
Choong Lyul Lee Date 2001.12.30
Industrial policyDownloadContentSummaryA Study on US Strategies of Developing Information Industry and E-Commerce
Choong Lyul Lee
US economy accomplished a remarkable achievement, so-called a New Economy, during 1990s. For almost ten years, the productivity growth rate remained high while the inflation rates and unemployment rate were kept low. The rapid expansion of information technology industry was counted as one of the important reasons for it. This unprecedentedly fast growth of the information technology industry was initiated by the private sector, but it would not have been possible without appropriate policies of the US government. (The rest is omitted.) -
Economic Policy under the Bush Administration and US Economic Performance in 2001
After 8 years of the Democratic Administration, Republicans have taken an office at Washington, D.C. in January 2001. Unfortunately, after taking an office the Bush Administration has been facing at challenges, including economic ..
Moonsung Kang et al. Date 2001.12.30
DownloadContentSummaryAfter 8 years of the Democratic Administration, Republicans have taken an office at Washington, D.C. in January 2001. Unfortunately, after taking an office the Bush Administration has been facing at challenges, including economic downturn, the tragic event of September 11th, etc. In this book we discuss economic policy under the Bush Administration to boost the US economy which has been getting worse since the second half of 2000. After a 10-year economic boom in 1990s, the US economy has been in a recession since this March, which stems importantly from the post-bubble aftershocks. There were other forces at work in setting the stage for this downturn, especially the impacts of sharply rising energy prices during late 1990 and 2000. However most of the other proximate causes of this recession are all traceable to the bubble-induced excesses of the US economy. In addition, the tragic event of September 11th at New York and Washington, D.C. has deepened the economic downturn of the Unites States. (The rest is omitted.) -
Trade Facilitataion in WTO and e-Trade
The purpose of this study is to review and analyze major issues of WTO's trade facilitation and to suggest appropriate negotiation strategy for Korea in case of its adoption as one of WTO's new trade agenda. Furthermore, among var..
Chan-Hyun Sohn et al. Date 2001.12.30
DownloadContentSummaryThe purpose of this study is to review and analyze major issues of WTO's trade facilitation and to suggest appropriate negotiation strategy for Korea in case of its adoption as one of WTO's new trade agenda. Furthermore, among various areas of trade facilitation, this study puts particular emphasis on e-Trade area and gives policy implications to modernize and globalize related institution and infrastructure. (The rest is omitted.) -
Information and Telecommunication Cooperation in Preparation for the Reunified Korea
It is hoped that the South and the North Korea be reunified thanks to new detente and remarkable progress in South-North exchanges. Hence, it is imperative to prepare for the integration of individual sectors between the South and..
Youngse Kim Date 2001.12.30
Technical cooperationDownloadContentSummaryIt is hoped that the South and the North Korea be reunified thanks to new detente and remarkable progress in South-North exchanges. Hence, it is imperative to prepare for the integration of individual sectors between the South and the North. In particular, the information and telecommunications sector is one of the major determinants of magnitude and speed of mutual exchanges and economic cooperations. The purpose of this research is to propose cooperations and action plans for the information and telecommunications sector in terms of establishment of backbone networks, construction of telecommunications infrastructure and realization of information society.The results of this research can be summarized as follows. First, cooperative efforts should be made in multi-dimensional directions. Concrete actions should include the support of KEDO telecommunications, construction and operation of South-North official telecommunication lines, cooperations between Ministry of Information and Communications and Ministry of Postal Services, cooperations of telecommunications for Mt.Kum-Kang tour. (The rest is omitted.) -
Economic Effects of Korea-Japan FTA and Policy Implications on Korea
After the Asian financial crisis, Korea and Japan have recognized the merits of the free trade agreements that have proliferated through the world during last decades, and decided to pursue regionalism that promotes bilateral trad..
Inkyo Cheong Date 2001.12.30
Free tradeDownloadContentSummaryAfter the Asian financial crisis, Korea and Japan have recognized the merits of the free trade agreements that have proliferated through the world during last decades, and decided to pursue regionalism that promotes bilateral trade among member countries. Currently, Korea and Japan are in the process of negotiating free trade agreements with Chile and Singapore, respectively. (The rest is omitted.) -
Toward Intraregional Exchange Rate Stability of Emerging East Asian Economies
Toward Intraregional Exchange Rate Stability of Emerging East Asian EconomiesJonghwa Cho and Woo Jin KimSince the outbreak of the East Asian Crisis in 1997, many of the emerging East Asian market economies have changed their excha..
Jonghwa Cho et al. Date 2001.12.20
Financial cooperation, Monetary policyDownloadContentSummaryToward Intraregional Exchange Rate Stability of Emerging East Asian Economies
Jonghwa Cho and Woo Jin Kim
Since the outbreak of the East Asian Crisis in 1997, many of the emerging East Asian market economies have changed their exchange rate systems in order to overcome depreciation pressures on their currencies. Korea, Thailand, Indonesia and the Philippines adopted a floating exchange rate system, while Malaysia turned to a fixed exchange rate system. Therefore the exchange rate system of most of the East Asian countries have been changed to one of the so-called two corner solutions. (The rest is omitted.) -
Singapore's Strategy towards Knowledge-Based Economy and Its Implications
Singapore's Strategy towards Knowledge-Based Economy and Its ImplicationsJae-Wan CheongRecently, the world economy has rapidly changed into globalization of competition, development of ICT, acceleration of science and technology i..
Jae-Wan Cheong Date 2001.12.20
DownloadContentSummarySingapore's Strategy towards Knowledge-Based Economy and Its ImplicationsJae-Wan Cheong
Recently, the world economy has rapidly changed into globalization of competition, development of ICT, acceleration of science and technology improvement, high-class orientation and diversification of economic demand. As these economic conditions cause synergy among them, economic paradigm is rapidly converting into Knowledge-Based Economy (KBE); corporate or national competitiveness depends on technology and knowledge. The appearance of KBE greatly influences fundamental value and culture of a society as well as economic structure and corporate business pattern. According to these, major advanced nations including OECD nations of U.S., U.K., Netherlands, Canada have entered KBE or forwarded the movement since the middle of 1990s. Specially, Singapore, one of our rival countries, has also moved into KBE to survive in this new economic environment directly after the East Asian Financial Crisis.On the basis of this background, this study is to perform analysis and assessment on the strategy of Singapore that is moving towards KBE earlier than us, to compare them with those of Korea, and to draw the implications and tasks to build KBE in Korea. But, the limitations of this study are that it just focuses on data and references announced by the Singapore government, deals with limited interview with experts, and narrowly interprets the strategy toward KBE of the subject for analysis and assessment. (The rest is omitted.) -
The Liberalization of Banking Sector and the Effect of Foreign entry in Korea
Since the 1990s, the international financial environment has fast changed in terms of globalization, diversification, deregulation and innovation. The development of information and telecommunications technology has led banking in..
Sang In Hwang et al. Date 2001.12.20
Economic opening, Financial liberalizationDownloadContentSummarySince the 1990s, the international financial environment has fast changed in terms of globalization, diversification, deregulation and innovation. The development of information and telecommunications technology has led banking institutions to shift from the traditional lending and borrowing activities to multi-financial projects and development of new financial products. Financial engineering has generated various derivatives and international financial transactions have, thereby, been diversified, with the loosening various restrictions on the financial industry.
The banking system plays a key role in the functioning of a market economy. How well developed an economys banking system is seems to have an important bearing on resource allocation and growth. The Asian crisis in the late 1990s was a financial crisis as well as a currency crisis. Financial development is thus a very important and urgent task for Korea and other crisis-stricken Asian countries. Banking services, while an interesting subject in its own right, deserves close attention from this point of view.
This paper discusses the liberalization of banking service and its impact on the Korean economy. Its focus is on banking services, as banks occupy the central position in the financial sector. Our goal is to provide the useful implication on three main questions in Korea. First, when foreign bank participates in domestic market, is there gain from better monitoring? And second, we are to ask whether lending behaviors of foreign banks in Korea were different from Korean banks over business cycles. Also, third, is the presence of foreign bank increase profit of domestic banks?
From the regression analysis, first, we tentatively argue that foreign banks in Korea were not providing the monitoring role to Korean banks. Second, it is interesting to note that for foreign banks, foreign currency loans did not show any cyclical properties while for Korean banks, it was domestic currency loans. It suggests that foreign banks provided a stabilizing role as far as foreign currency loan is concerned. In addition, we also tested how the foreign banks' penetration into the domestic banking industry affect domestic banks' profitability. As a measure of foreign penetration we used the asset share and deposit share as well as number share. In all cases, the foreign penetration reduced the domestic bank's profitability. We think that foreign bank entry made the domestic banking industry more competitive and less profitable.
However, it would be too hasty to conclude that the liberalization does not provide benefits. Unless they become fair and transparent so that information gathering, credit assessment, risk management, and so on may be the essential part of financial intermediation, it seems that the liberalization cannot deliver the potential benefits. -
A Guide to Investment Treaties
This book seeks to enhance the general public's perception of investment treaties and promote awareness in the general public of the benefits of investment treaties. Furthermore, by explaining issues in disputes related to investm..
Kwan-Ho Kim et al. Date 2001.12.18
Multilateral negotiationsDownloadContentSummaryThis book seeks to enhance the general public's perception of investment treaties and promote awareness in the general public of the benefits of investment treaties. Furthermore, by explaining issues in disputes related to investment treaties, this book attempts to enhance public interest and understanding on investment treaty.
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