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Working Papers
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Cultural Differences in the Crusade Against International Bribery
This article examines why the current efforts need to be expanded and why a forceful international proclamation against bribery should be eventually adopted. It will offer suggestions as to how this might be achieved, particularly..
Jong Bum Kim et al. Date 1996.12.01
Economic reformDownloadContentⅠ. Introduction
Ⅱ. International Movements to Fight Corruption
A. Recent Undertakings by the OAS, OECD and EU
B. The Need for Greater International Anti-Bribery Efforts
Ⅲ. Cultural Differences and the Example of Rice-cake Expenses in Korea
A. Origins of "Ttokkap" (Rice-cake expenses)
B. Bribery under Korean Law
C. The Social Courtesy Exception
D. Ttokkap and Current Legal Trends
Ⅳ. The Foreign Corrupt Prctices Act.
A. History of FCPA
B. Anti-Bribery Provisions
C. Affirmative Defenses and Permissible Payments
Ⅴ. Conclusion: Incorporating Cultural Differences into an International Anti-Bribery Agreement
SummaryThis article examines why the current efforts need to be expanded and why a forceful international proclamation against bribery should be eventually adopted. It will offer suggestions as to how this might be achieved, particularly in view of the concerns toward respecting cultural differences. Considered by some a model to follow, the FCPA still raises many concerns. This article suggests, however, that certain aspects of the FCPA, if incorporated, may allay concerns expressed by certain countries, thereby facilitating the eventual establishment of a multilateral consensus. -
The Policies of China, Russia, United States and Japan Towards North Korea
The Korean peninsula is surrounded by four powerful countries that have distinctive features. First, China, with a population of 120 million, is moving toward becoming a great economic power by introducing a market economy system ..
Chang Jae Lee Date 1996.11.29
North Korean economyDownloadContentSummaryThe Korean peninsula is surrounded by four powerful countries that have distinctive features. First, China, with a population of 120 million, is moving toward becoming a great economic power by introducing a market economy system without giving up its socialism. Second is Russia, a state that had a suzerain style of communism but is attempting to convert to democracy and a market economy. Third is Japan, which is rising to become a world power, based on its competitiveness and having the world's strongest capital and technology. Forth is the United States, which became a hegemony superpower after the breakdown of the Soviet Union.
This paper pursues the idea that it is natural for the four countries to pursue differing policy toward North Korea and the Korean peninsula. However, at the same time, Korea can find considerable common points in the policies of China, Russia, United States and Japan towards North Korea. -
Economic Effects of APEC Trade Liberalization
APEC, the largest international economic cooperation body in the world, has taken measures to found economy cooperation within area since a cabinet meeting was held in 1989 and a summit followed in 1993.Among the three summits hel..
Inkyo Cheong Date 1996.11.13
Free tradeDownloadContentSummaryAPEC, the largest international economic cooperation body in the world, has taken measures to found economy cooperation within area since a cabinet meeting was held in 1989 and a summit followed in 1993.
Among the three summits held so far, the Bogor summit, which declared that trade liberalization would be realized in the APEC region from 2010 to 2020, and the Osaka summit, which adopted open-door regionalism as a fundamental rule, have played leading roles in forming the direction for APEC's implementation mechanism.
The APEC 4th summit held in the Philippines will review and settle the Individual Action Plans and Collective Action Plans that will build upon the Osaka declaration. -
Sectoral Evaluation and Expectations for Korea's Entry to the OECD
This paper overviews the content and evaluation of Organization for Economic Cooperation and Development, with an emphasis on sectoral approach and identifies some points to be considered for further trade liberalization activitie..
Co-authors Date 1996.11.07
Economic reformDownloadContentSummaryThis paper overviews the content and evaluation of Organization for Economic Cooperation and Development, with an emphasis on sectoral approach and identifies some points to be considered for further trade liberalization activities in OECD. In addition, this report broadens the Korean understanding of overall trends in international economic governance, of which the OECD has been at the forefront.
This paper covers a wide range of issues: marine transportation, assurance, finance, capital movement and current invisible operations, investment and multinational company, environment, financial affairs, trade, labor and agriculture. -
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The Stabilization of the WTO System and New Trade Issues
This report anticipates that the World Trade Organization (WTO) is to clear the way for a new international economic order, one of freer and fairer trade in the global economy.In addition, it discusses the so-called new trade issu..
Chan-Hyun Sohn et al. Date 1996.10.23
Trade policyDownloadContentSummaryThis report anticipates that the World Trade Organization (WTO) is to clear the way for a new international economic order, one of freer and fairer trade in the global economy.
In addition, it discusses the so-called new trade issues such as the environment, investment, competition policy, labor standards, and bribery and corruption.
The WTO was founded by an agreement made at the eighth multilateral GATT negotiations. Established in 1947, GATT played a leading role in the international economy, contributing to trade liberalization through several multilateral negotiations on tariff reductions and the removal of non-tariff barriers in response to changes in the world trade environment.
GATT, however, had few binding forces and was a restricted trade agreement as actual agreement were settled in a multilateral format that was only inclusive of a few GATT member nations. In addition, GATT did not address the ever-increasing role of service and intellectual property in international trade.
As with GATT, Having legal binding force to some extent, the WTO will focus on maintaining the momentum of trade liberalization among countries and on keeping up to date with the ever-changing integration processes of the world economy. -
The Effect of International Capital Flows on Domestic Capital Formation and the Current Account
Joo-Sung Cheon Date 1996.10.16
Capital market -
An Economic Assessment of Anti-Dumping Rules: From the Perspective of Competition Laws and Policy
This paper is organized as follows : Section Ⅱ discusses the definition of dumping in economic and legal terms, and reviews certain types of dumping and their impacts. Section Ⅲ first examines some characteristics of existing an..
Wook Chae Date 1996.10.01
Anti-dumping systemDownloadContentⅠ. Introduction
Ⅱ. Dumping: Definition and Types
Ⅲ. Anti-Dumping Rules: Characteristics and History
Ⅳ. Economic Rationales for Anti-Dumping Rules
Ⅴ. Anti-Competitive Effects of Anti-Dumping Rules
Ⅵ. Reform of Anti-Dumping Rules
Ⅶ. Conclusion
Reference
SummaryThis paper is organized as follows : Section Ⅱ discusses the definition of dumping in economic and legal terms, and reviews certain types of dumping and their impacts. Section Ⅲ first examines some characteristics of existing anti-dumping rules in comparison with other trade measures such as general tariffs and safeguards, and then reviews the legislative background of GATT/WTO anti-dumping laws. In section Ⅳ, the rationales of current anti-dumping rules are evaluated from the perspectives of price discrimination, sales below cost and predation. Section Ⅴ analyzes some major anti-competitive factors in current anti-dumping rules. Section Ⅵ then suggests some guidelines for reform of current rules in the context of competition policy. Finally, section Ⅶ concludes the paper.
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The Promotion Plans for Derivative Markets and Risk Management
Around the globe, the derivative market has grown rapidly owing to the increase in price fluctuations in the financial market and the diversification of its function.As the liberalization of interest rates and the opening of the f..
In-Bae Kim Date 1996.09.20
Financial policyDownloadContentSummaryAround the globe, the derivative market has grown rapidly owing to the increase in price fluctuations in the financial market and the diversification of its function.
As the liberalization of interest rates and the opening of the financial market have progressed, Korea also needs to introduce hedge funds. At the same time, derivative products at foreign financial institutions have increased substantially.
This paper states that if financial institutions dealing in derivative products go into bankruptcy proceedings, the ensuing ripple effects would be immense.
The effects would be greater than those produced by the failure of traditional finance markets because there is a high connection between foreign and domestic finance markets due to developments in information and communication technology and the large scale of their transactions.
This paper suggests that the Korea government should encourage the derivative market to revitalize the economy market through legal and institutional devices rather than imposing restrictions. -
The Cost of Trade Protection
The study examines the effect of Korean trade barriers on highly protective products in 1992. Although trade protection was high in 1992, the ratio of trade protection from 1970 to 1992 was markedly low owing to continuous reducti..
Nam-Doo Kim Date 1996.08.31
Free tradeDownloadContentSummaryThe study examines the effect of Korean trade barriers on highly protective products in 1992. Although trade protection was high in 1992, the ratio of trade protection from 1970 to 1992 was markedly low owing to continuous reductions of tariff rates and the deregulation of quantity restrictions.
According to estimates, consumer satisfaction and economical efficiency appear to be low and the consumer profit of 1992 was in a deficit of $9.2-10.4 billion, some 3.8 percent-4.3 percent of gross national product for the same year. On average, $210,000-$239,000 of additional charges were paid per head.
These analyses reveal that while the Korean government protected domestic products from foreign competitors, domestic consumers purchased low-priced products at a high price and consumer profit was transferred to domestic manufacturers and the government. The trade protection measures therefore cause the Korean economy to show a deficit.
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