Policy Analyses
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Policy Analyses
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New International Financial Architecture and Korean Perspectives
Tae-jun Kim et al. Date 2001.05.25
Financial policy, Capital marketDownloadContentPreface
Editorial Notes
Contents
Reforming the International Financial System / Lee, Hyun-Hoon(Kangwon National University) ; Yang, Doo Yong(The Korea Institute for International Economic Policy)
Managing International Capital Flows : The Case of Korea / Kim, Kyung-Soo(Sungkyunkwan University)
Managing International Capital Flows : Microeconomic Issues of Capital Flows / Yun, Chang-Hyun(Department of Trade, Myongji University)
The Choice of Exchange Rate Regime and Capital Mobility : An Emerging Market Economies Perspective / Ryou, Jai-Won(Konkuk University) ; Kim, Tae-Joon(Dongduk Women's University)
The Effects of Implementing International Standards on Emerging Financial Markets / Lee, Keun Yeong(Sungkyunkwan University)
The Korean Currency Crisis and Reform of International Financial Institution / Choi, Changkyu(Department of Economics, Catholic University)
Private Sector Involvement : A Korean Perspective / Park, Won-Am(Hongik University)
Summary -
European economic environment after the introduction of the Euro: Recent developments and prospects
Two years have passed since the birth of the single European currency. Before its birth, many analyses and predictions were published about the possibility and the future impact of the Euro on the EU and the world economy. Therefo..
Cheol-Won Lee et al. Date 2001.05.20
Economic integrationDownloadContentSummaryTwo years have passed since the birth of the single European currency. Before its birth, many analyses and predictions were published about the possibility and the future impact of the Euro on the EU and the world economy. Therefore, a thorough analysis is needed to compare the current developments after the launch of the Euro and the forecasts made before its launch. Before the launch of the Euro, predictions about it can be broadly summarized into four types.
First, the Euro will become a strong currency. Second, it will become an international currency challenging the role of the US dollar. Third, the integration of European financial markets will accelerate. Fourth, the actual European economy will become more effective. Now, the objective of this report is to review and evaluate these predictions by analysing the achievements of the Euro during the past two years. (The rest is omitted.) -
A Korea-Japan FTA: Economic Effects and Policy Implications
Chan-Hyun Sohn Date 2001.03.30
Free trade -
Impact of China's Accession to the WTO and Policy Implications for Asia-Pacific Developing Economies
This paper analyzes the economic impact of China's entry into the WTO on developing economies in the Asia-Pacific region (AP developing economies), and provides guidance for their national policies. (The rest is omitted.)
Wook Chae et al. Date 2001.03.30
Economic opening, Multilateral negotiationsDownloadContentSummaryThis paper analyzes the economic impact of China's entry into the WTO on developing economies in the Asia-Pacific region (AP developing economies), and provides guidance for their national policies. (The rest is omitted.) -
Does the Gravity Model Fit Korea's Trade Patterns? Implications for Korea's FTA Policy and North-South Korean Trade
The purpose of this paper is to empirically analyze Korea's trade patterns based on the gravity model and to suggest possible ways to expand trade by identifying important factors determining Korea's bilateral trade flows. The gra..
Chan-Hyun Shon et al. Date 2001.03.30
Trade structure, Trade policyDownloadContentSummaryThe purpose of this paper is to empirically analyze Korea's trade patterns based on the gravity model and to suggest possible ways to expand trade by identifying important factors determining Korea's bilateral trade flows. The gravity model assumes that trade flows between two countries are positively related to their economic size and negatively related to the distance between them. By taking into account geographical factors, such as distance, population and adjacency, which had long been disregarded by international trade theorists, the gravity model is now recognized as one of the best models for explaining international trade volumes. (The rest is omitted.) -
Analysis of the Economic Effects of Korea's FTAs with Japan, China and the U.S.
While the world economy is becoming more integrated on the basis of the multilateral system of the WTO, there is also the additional strengthening tendency of regionalism due to the widening and deepening of regional economic agre..
Chan-Hyun Sohn Date 2001.03.28
Free tradeDownloadContentSummaryWhile the world economy is becoming more integrated on the basis of the multilateral system of the WTO, there is also the additional strengthening tendency of regionalism due to the widening and deepening of regional economic agreements.
Amid the rapid rise of regional trading agreements in the world economy, Korea also feels a strong need to initiate an active FTA policy. Through an FTA, Korea could actively respond to the spread of regionalism, modernize its economic structures, secure stable export markets, stimulate FDI, enhance its productivity and international competitiveness, thus maximizing the gains of trade and stimulating economic growth. (The rest is omitted.) -
Analysis of Sectoral Effects of a Korea-Japan FTA
This study estimates the economic effects of a Korea-Japan FTA on Korea's major sectors based on partial equilibrium analysis. For wectoral analyis, we broke down Korea's industry into 16 major sectors, which are two primary secto..
Chan-Hyun Sohn Date 2001.03.28
Free tradeDownloadContentSummaryThis study estimates the economic effects of a Korea-Japan FTA on Korea's major sectors based on partial equilibrium analysis. For wectoral analyis, we broke down Korea's industry into 16 major sectors, which are two primary sectors(agriculture and fishery), nine manufacturing sectors(machinery, electric and electronics, chemical products, semi-conductors, textiles, automobiles, hipbuilding, steel, IT equipment) and five service sectors(distribution, financial services, shipping, telecommunication and construction). (The rest is omitted.) -
Fighting Money Laundering: Survey of FIUs
Hyungdo Ahn et al. Date 2000.12.30
Financial policy, Financial systemDownloadContentEfforts to combat money laundering need to be improved and strengthened to accommodate recent developments in the domestic and international financial environment and anti-money laundering efforts. More than 50 countries in the world have enacted money laundering control laws and maintain FIUs(Financial Intelligence Units) with complete oversight over activities to combat money laundering. Korea, which has been recently in the process of adopting anti-money laundering legislation that also stipulates the establishment of an FIU, should closely consult with countries that already have FIUs.
In this context, a study of experiences and practices of foreign FIUs was conducted to further improve our understanding of FIUs. According to the study, FIUs are on the whole responsible for collecting, processing and disseminating information on illegal financial operations. However, with regards to more specific areas, FIUs vary from country to country according to individual needs and circumstances. For example, countries such as the United States, Canada and Australia even regulate cash transactions above certain amounts. Countries such as Japan, the Netherlands, Australia, the United Kingdom, France and others provide detailed guidelines and education to financial institutions on reporting procedures. Furthermore, in most countries, financial institutions are exempt from criminal, civil and professional liability provided they comply with the obligation of vigilance stipulated by law and report their suspicions in good faith to their FIUs.
It can be said that FIUs facilitate criminal prosecution and international cooperation as well as play an important preventive role, by making it more difficult for 'dirty money' to enter the financial system. Korea, therefore, needs to establish an effective FIU based on the said study on FIUs and by duly considering its own individual needs and circumstances.Summary -
APEC Trade Liberalization After EVSL
This paper overviews recent efforts for and experiences from trade liberalization in the World Trade Organization (WTO) and Asia-Pacific Economic Cooperation (APEC), with an emphasis on sectoral approach of APEC's Early Voluntary ..
Sang-yirl Nam Date 2000.12.30
Economic cooperation, Free tradeDownloadContentSummaryThis paper overviews recent efforts for and experiences from trade liberalization in the World Trade Organization (WTO) and Asia-Pacific Economic Cooperation (APEC), with an emphasis on sectoral approach of APEC's Early Voluntary Sectoral Liberalization (EVSL). Based on the analysis of international trade and potential welfare growth, we can draw some points to be considered for further trade liberalization activities in APEC.
With the premise of open regionalism, APEC has contributed to the integration of global economy as well as its Asia-Pacific member economies. The trial of EVSL in 1997 was a breakthrough for trade liberalization. However, EVSL failed to reach an agreement on the implementation of 9 priority sectors among the 15 sectors agreed to in 1997. The failure has been regarded as a credibility crisis for APEC. Currently, EVSL follows a three-track approach to liberalization: market opening measures, trade facilitation activities, and economic and technical cooperation initiatives. APEC members decided to transfer the tariff element of EVSL to the WTO in the name of Accelerated Tariff Liberalization (ATL) and to focus on non-tariff measures, facilitation, and economic and technical cooperation components of the sectoral initiatives.
The sectoral approach is an efficient way to further trade liberalization after achieving overall reduction of tariff barriers under GATT and WTO multilateral trade negotiations. For further trade liberalization in APEC, we should consider the environment and experiences of APEC trade liberalization and also consider the relationship between the WTO and APEC as well as trade liberalization efforts in these bodies. Some examples are as follows.
First, the APEC goals of trade liberalization mentioned in the Bogor Declaration are to be reexamined and redefined in detail. Second, as far as trade liberalization aspects of APEC are concerned, its relationship with the WTO as the multilateral trade negotiation process should be clearly defined. Third, if the Bogor goals of APEC trade liberalization are not totally changed, voluntary IAPs will not be enough to achieve the goals in consideration of the concessions in previous IAPs. Fourth, subgroupings within APEC should not undermine the multilateral efforts for trade liberalization but contribute to creating a liberalizing climate by fostering trade. Fifth, mutual cooperative complementary roles among the three pillars of the APEC process such as trade liberalization, facilitation and ECOTECH are to be strengthened. Sixth, trade liberalization and facilitation should concentrate on a few common interested sectors in the beginning to create momentum and to enhance the credibility of the APEC trade liberalization process. Besides, APEC should place priority on reducing the gap between members since it consists of diverse members in terms of economic development. In practice, the best ECOTECH policy that DC member economies can offer LDC member economies is to allow more market access for goods in which both DCs and LDCs have relatively large intraindustry trade in practice and potentially. The most appropriate commodities are especially from traditional manufacturing sectors such as processed food, textiles and apparel, parts and intermediate goods for industrial sectors, consumer electronics and others. Other sectors having relatively large differences in trade barriers among member economies should be considered and concentrated on ECOTECH prior to trade liberalization. -
Measures for Promoting Knowledge-based Economies in the APEC Region
For the promotion of KBEs in the APEC region, several new ideas and projects have been proposed: ① information sharing on best practices, ② reorganizing WGs in line with KBE promotion and strengthening ECOTECH, ③ joint business..
Yoo Soo Hong Date 2000.12.30
DownloadContentSummaryFor the promotion of KBEs in the APEC region, several new ideas and projects have been proposed: ① information sharing on best practices, ② reorganizing WGs in line with KBE promotion and strengthening ECOTECH, ③ joint business development in KBIs, ④ infrastructure development for KBEs, and ⑤ HRD for knowledge workers.
APEC's role is to assist all member economies to actively move toward KBEs. In this direction, APEC may consider several actions: ① Disseminating case study results and best practices for KBE promotion; ② Establishing a policy consultation group for KBE promotion for member economies; and ③ Inducing some existing or new ECOTECH programs towards KBE promotion for member economies. Sometimes the distinction between the specific programs for individual economies by APEC and joint programs at APEC level is blurred.
Although all APEC activities are directly or indirectly related to the promotion of KBEs, ECOTECH is more so. Considering the increasing criticism of developed economies, which more emphasized trade and investment liberalization and less contributed to ECOTECH, greater efforts by developed economies for the joint promotion of KBEs in APEC are encouraged.
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