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Working Papers
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CGE Analysis of WTO Trade Liberalization
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..
Inkyo Cheong et al. Date 1996.08.31
Free tradeDownloadContentSummaryThe 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 agreements were settled in a multilateral format that was only inclusive of a few GATT member nations.
Since the 1980s, advanced countries abused means of protecting trade such as antidumping measures and voluntary export restrictions in the name of protecting international balance of payments. In addition, GATT did not address the ever-increasing role of service and intellectual property in international trade.
Consequently, many experts think that the GATT system was not able to regulate the international economy effectively.
As with GATT, WTO is expected to convert the international trade system into a free competition system based on comparative advantages. Having legal binding force to some extent, this organization will require member nations to change their policy structurally. -
The Financial Crisis Cases and the Political Implications of Finance Liberalization
This paper gives two analyses of what policy objectives the Korean government should hold to liberalize the financial sector successfully.First, finance liberalization would increase the effectiveness of the economy and promote lo..
Sang-Young Joo Date 1996.08.14
Financial crisis, Financial liberalizationDownloadContentSummaryThis paper gives two analyses of what policy objectives the Korean government should hold to liberalize the financial sector successfully.
First, finance liberalization would increase the effectiveness of the economy and promote long-term growth. However, without appropriate policy objectives, finance reform could go wrong, and in the worst case, Korea could see a financial crisis.
Second, at the beginning of finance liberalization, in particular in the period of centralizing the inflow of capital, it is difficult to control all of the main macroeconomic variables such as growth, prices, balance of current accounts and exchange rates.
Accordingly, this paper maintains that the Korean government should identify possible side effects of financial reform and prioritize its policy responses. -
The 1996 OECD Report on the Korean Economy
This report is the OECD's periodic survey of the Korean economy. Chapter I examines recent economic trends and prospects. Chapter II looks at the issue of financial opening and its policy implications. Chapter III reviews Korea's ..
Co-authors Date 1996.08.14
Economic reformDownloadContentSummaryThis report is the OECD's periodic survey of the Korean economy. Chapter I examines recent economic trends and prospects. Chapter II looks at the issue of financial opening and its policy implications. Chapter III reviews Korea's public finances. Structural reform is the subject of Chapter IV, which specifically looks at labor market policy, industrial policy, competition policy and trade policy. Conclusions are presented in Chapter V. -
The Emerging WTO and New Trade Issues : Korea's Role and Priorities
The aim of 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 this sense, it is hoped that the WTO will lead us out of the protect..
Chan Hyun Sohn Date 1996.08.01
Trade policy, Free tradeDownloadContentⅠ. Introduction
Ⅱ. The Nature of the WTO System
Market Openings and the Strengthening of the Multilateral System
Toward Freer and Fairer Trade
Korea's Role in the WTO
Ⅲ. The Performance and Future Direction of the WTO
Assessment of the WTO's First 20 Months Performance
Singapore Ministerial and the Future Direction of the WTO
Korea's Priorities in Future Agenda of the WTO
Ⅳ. New Trade Issues
Trade and Environment
Trade and Investment
Trade and Competition Policy
Trade and Labor Standards
Trade and Corruption
Regionalism
Korea's Position on the New Trade Issues
Ⅴ. Conclusion
ReferencesSummaryThe aim of 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 this sense, it is hoped that the WTO will lead us out of the protectionism and managed trade of 1980s and into a free trade regime of the 1960s and 1970s. Since its inception less than two years ago, the WTO has already made considerable accomplishments and has shown its potential in playing a central role in the multilateral trading system.
Although WTO efforts have thus far concentrated on the full and efficient implementation of UR commitments, the WTO will soon be looking ahead in other directions. Namely, it 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. In fact, the first WTO Ministerial Conference will be held in Singapore on December 9th-13th to review the work and progress of the WTO's UR implementation efforts over the last two years and analyze the outstanding service negotiation results. Furthermore, the so-called new trade issues such as the environment, investment, competition policy, labor standards, and bribery and corruption will also be examined. Lastly, the topic of regionalism as a threat to the WTO system will be under heavy discussion at the Conference.
This paper examines the role and priorities of Korea in the WTO system. To this end, in Section Ⅱ, we start by elaborating on the characteristics of the WTO system and then discussing Korea's role within that system. Based upon these observations, Section Ⅲ assesses the WTO's first twenty months of activity and the WTO's future direction, and consequently, looks at how Korea's priorities fit in line with these directions. Section Ⅳ explores new trade issues facing the WTO and Korea, and the last section offers a brief conclusion and some comments.
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Korean Oversea's Direct Investment: Trends and Implications
Si-Joong Kim Date 1996.06.29
Overseas direct investment -
Prospects for the Yellow Sea Rim Region's Economic Cooperation
The Korea Institute for International Economic Policy co-hosted an international seminar with the Korea Academy of Social Science and Liaoning academy of social science on 'Prospects for the Yellow Sea Rim Region's Economic Cooper..
Young-Rok Cheong ed. Date 1996.06.29
Economic cooperationDownloadContentProspects for the Yellow Sea Rim Region's Economic CooperationSummaryThe Korea Institute for International Economic Policy co-hosted an international seminar with the Korea Academy of Social Science and Liaoning academy of social science on 'Prospects for the Yellow Sea Rim Region's Economic Cooperation.'
The purpose of this forum was to help build a consensus on the necessity and means to advance intra-regional economic cooperation by clarifying ongoing debates and suggesting perspectives for those debates. These proceedings are a collection of the lectures, papers and formal comments made by the speakers and discussants. -
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The Latest Global Economic Trends and Major International Issues
Co-authors Date 1996.06.22
Economic outlook -
One Year after the Establishment on the WTO: Achievements and Prospects
The Korea Institute for International Economic Policy co-hosted this international seminar with the Institute of Foreign Affairs & National Security and the Korea Institute for Industrial Economics and Trade on 'One Year after..
Co-authors Date 1996.06.20
Trade policy, Free tradeDownloadContentSummaryThe Korea Institute for International Economic Policy co-hosted this international seminar with the Institute of Foreign Affairs & National Security and the Korea Institute for Industrial Economics and Trade on 'One Year after the Establishment on the WTO: Achievements and Prospects.'
The aims of this seminar were not only to assess the WTO one year after its establishment, but also to examine the issues in dispute in WTO negotiations. In addition, the seminar led discussion on Korea's desirable trade policy under the WTO system.
These proceedings are a collection of the lectures, papers and formal comments made by the speakers and discussants.
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