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Harmonization of Corporate Governance: OECD Discussion and it's Implication for the Korean Economy
Globalization is having a dramatic impact on the landscape of international business and corporate structure. Business corporations have now to adapt under a fuller exposition to the twin forces of globalization: the growth opport..
Yunjong Wang et al. Date 1997.12.30
Business managementDownloadContentSummaryGlobalization is having a dramatic impact on the landscape of international business and corporate structure. Business corporations have now to adapt under a fuller exposition to the twin forces of globalization: the growth opportunities offered by the global product markets, but also the financial market return standards and additional funding opportunities brought about by global capital markets. In this sense, corporate governance structures in advanced economies have recently shown a tendency to converge and harmonize.
The issue of corporate governance, until recently confined to academic discussions, has become one of key policy agenda. Following the 1995 Ministrial Mandate to undertake work on corporate governance, Organization for Economic Cooperation and Development (OECD) has engaged in extensive internal and external consulations on the suitable content of and format for such a work. After Multilateral Agreement on Investment is successfully completed in 1998, OECD is likely to launch a more active discussion on this issue.
Korea, as a member country of OECD, will have to participate in various OECD committees and work programs related to this important issue of corporate governance. By doing so, Korea will find a lesson how to reform Korea's corporate governance structure and strengthen international competitiveness of Korean companies. -
Economic Evaluation of Three-Stage Approach to APEC's Bogor Goal of Trade Liberalization
The objective of the Asia Pacific Economic Cooperation (APEC) forum, formed in 1989, has been to achieve comprehensive trade and investment liberalization in the region. APEC covers 18 countries throughout most of the Asia-Pacific..
Inkyo Cheong Date 1997.12.25
Economic opening, Trade policyDownloadContentSummaryThe objective of the Asia Pacific Economic Cooperation (APEC) forum, formed in 1989, has been to achieve comprehensive trade and investment liberalization in the region. APEC covers 18 countries throughout most of the Asia-Pacific region. Over the last six years, APEC has grown from an informal discussion group to a formalized organization, providing a framework for discussion of a broad range of economic issues. The leaders declaration from the 1994 APEC meetings (Bogor, Indonesia) sets forth the goal of free trade and investment in the Asia-Pacific region by 2010 for industrialized economies, and by 2020 for developing economies. Even though the accord is not a legal commitment, it is an important milestone.
We perform simulations with computational general equilibrium (CGE) models, described in detail in chapter III. CGE models have been used extensively to address the issues of trade liberalization and economic integration. Even though many authors suggest that trade liberalization in the Asia-Pacific area would accelerate development, there has been little research into the effects of such liberalization. This paper will be focused on the economic effects of post-WTO tariff cuts under five types of regionalism (discussed below) in the Pacific Rim.
In chapter I, the role of APEC in the world wide economy will be reviewed and APECs regionalism will be discussed. Next, the relationship between regional integration and the MFN principle under the WTO will be discussed and related to APECs non-discrimination principle. Chapter II covers the experimental design for the analysis of APEC trade liberalization. This chapter includes the URs trade liberalization. A verbal description of a CGE model will be provided in the chapter III, followed by the description of major parameters used for this study.
This paper also contains the interpretation of the simulation results in chapter IV. The first experiment is to study the effects of APECs own preferential trade liberalization (a closed FTA). APECs reduced tariffs can be offered to non-member nations free of any conditions (unconditional open regionalism), or APEC may require non-member nations to reciprocate with tariffs (conditional open regionalism). The second part covers APECs unconditional open regionalism. The next two experiments will be to examine what happens to the APEC nations and non-member nations when APEC adopts conditional open regionalism. APEC will adopt open regionalism, under which non-APEC nations are not discriminated against with respect to tariffs, as long as non-member nations reciprocate with tariffs of their own. In this paper, the world economy is disaggregated into 17 regions (countries). Of the 17 regions, 15 regions are APEC nations, and the remaining two regions are non-member nations of the European Union (EU) and the rest of the world (ROW), excluding EU and APEC nations. The third experiment is to assume that only EU will reciprocate when APEC reduces tariffs. In the fourth experiment, only the ROW will be assumed to reciprocate. This aspect distinguishes APEC from other regional agreements, and can be important in strengthening the multilateral trading system in that APECs open regionalism may contribute towards global trade liberalization.
The last simulation will be to study the economic effects of global trade liberalization, where APEC reduces tariffs and both the EU and ROW reciprocate. This should be interpreted as the results arising when both the third and fourth experiments are simultaneously performed; however, the effects of the last experiment may not represent the sum of the results of the third and fourth experiments because of the interactions among nations. -
Impact of Trade Liberalization under Alternative Scenarios
This paper evaluates economic effects of five scenarios for APEC trade liberalization, including preferential trade liberalization, unconditional liberalization, two alternative conditional MFN-based liberalization scenarios, and ..
Inkyo Cheong Date 1997.12.15
Free tradeDownloadContentContents
I. Introduction
II. Design of Simulation
III. The Model, Data, and Parameters
IV. Protection Rates
V. Economic Effects of Trade Liberalization in APEC
1. Real Income
2. Wage, Rental Rates, and the Terms of Trade
3. Trade Patterns
4. Industry Structure
VI. Conclusion
References
Appendix I : The Structure of a CGE Model
Appendix II : Simulation Results with Alternative Parameters
Appendix III : Concordance of Model Sectors to ISIC Sectors
국문 요약
SummaryThis paper evaluates economic effects of five scenarios for APEC trade liberalization, including preferential trade liberalization, unconditional liberalization, two alternative conditional MFN-based liberalization scenarios, and global trade liberalization.
APEC and global trade volumes increase substantially in all five scenarios, for both exports and imports. For example, under a preferential trade liberalization, export volumes by APEC economies increase by US$ 354 billion, compared to US$ 420 billion in the global scenario.
As in the case of trade flows, the gains in welfare as measured by gains in real GDP are the greatest in the global liberalization scenario and lowest in the APEC preferential scenario. The APEC region gains over $64 billion in income under preferential liberalization, while gaining $82 billion when global liberalization is achieved. Only in the case of preferential liberalization is there a decline in GDP outside the APEC region. In all other scenarios, APECs external partners experience a net benefit which grows to the extent that they join APEC in liberalizing.
This study suggests that while global free trade produces the most favorable results for APEC economies, unconditional liberalization by the APEC region captures the main part of the potential benefits for its member economies regardless of whether non-APEC regions reciprocate or not. The empirical estimates support the view that its core principle of nondiscrimination forms a sound basis for economic cooperation within APEC. The findings also suggest that member economies should promote the adoption by non-members of APEC liberalization initiatives through appropriate fora.
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Korean Overseas Investment in China: A Business Performance Analysis
Economic ties between Korea and China strengthened greatly in the 1990s as the two countries became important trade partners to each other. Korea's FDI into China is thought to have contributed greatly to this process. The purpose..
Sang Soo Park Date 1997.12.15
Overseas direct investmentDownloadContentSummaryEconomic ties between Korea and China strengthened greatly in the 1990s as the two countries became important trade partners to each other. Korea's FDI into China is thought to have contributed greatly to this process. The purpose of this paper is to identify the current status of Korean overseas investment in China and to analyze som important factors. Through such analyses, some useful strategies and devices are offered for Korean companies hoping to enter China's domestic market.
The structure of this paper is as follows. Section II introduces the basic facts regarding Korean FDI into China, including its characteristics and pattern. Section III verifies empirically the business performance and motivation of Korea's FDI. Section IV estimates the problem of Korean overseas investment in China. Section V summarizes the results of the previous sections and suggests the political implications. -
APEC's Eco-Tech: Prospects and Issues
The purpose of this paper is to assess the current status of APECs work on economic and technical cooperation(Eco-Tech), and make suggestions on the ways to strengthen Eco-Tech. The review of Eco-Tech projects reveals that the cur..
Jaebong Ro et al. Date 1997.12.15
Economic cooperationDownloadContentSummaryThe purpose of this paper is to assess the current status of APECs work on economic and technical cooperation(Eco-Tech), and make suggestions on the ways to strengthen Eco-Tech. The review of Eco-Tech projects reveals that the current Eco-Tech program in APEC faces serious challenges such as duplication of work, passive attitude of member governments toward Eco-Tech, limitation of project designs, and so on. In order to achieve successful economic and technical cooperation, APEC needs to develop more concrete and result-oriented Eco-Tech projects. In addition, earnest support and guidance from the developed member economies are crucial in the process of project development. -
Challenges for APEC in 1997 : A Canadian Viewpoint
Leonard J. Edwards Date 1997.12.12
Technical cooperation, Trade policyDownloadContentContents
APEC and the Trading System
APEC's Trade Agenda for 1997 and Beyond
Trade Facilitation : Reducing the Cost of Doing Business
Eye on Vancouver : Trade and Investment Results
Other Priorities for 1997 : The Role of Business
Economic and Technical Cooperation
Making the Links : TILF and ECOTECH
Conclusion
국문 요약
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Seminar for the 5th year of Korea-China Diplomatic Relations: Vision and Prospects for Korea-China Partnership in 21th Century
This seminar commemorates the fifth year of Korea-China Diplomatic Relations. The purpose of this conference was to illuminate visions for Korea-China partnership in the 21st century and to identify prospects for economic cooperat..
Young-Rok Cheong Date 1997.12.12
Economic cooperationDownloadContentSummaryThis seminar commemorates the fifth year of Korea-China Diplomatic Relations. The purpose of this conference was to illuminate visions for Korea-China partnership in the 21st century and to identify prospects for economic cooperation. In addition, the conference offered a forum to determine the modalities of discussions that eventually will develop a consensus on economic cooperation. These proceedings are a collection of the lectures, papers and formal comments made by the speakers and discussants. -
Social Policy Dilemmas under Decentralization and Federalism : The Case of Brazil
Lawrence S. Graham Date 1997.12.10
Political economyDownloadContentContents
Introduction
How Mobilization Outside the State Has Reshaped Brazilian Government
Brazil's Institutional Setting
Why Institutional Reforms Have Remained Incomplete
Grassroots Mobilization and Democratization
The Significance of State and Local Autonomy in Brazil
The Limits on Brazil's New Democracy
The Administration of Fernando Henrique Cardoso : An Interim Appraisal
국문 요약
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The Analysis & Assessment of APEC Manila Action Plan with Special Reference to IAPs
At the Summit held in Subic Bay, Philippines in 1996, APEC Economic Leaders adopted the Manila Action Plan for APEC (MAPA) which materialized the trade and investment liberalization and facilitation efforts of APEC.MAPA consists o..
Chan-Hyun Sohn et al. Date 1997.12.03
Free tradeDownloadContentSummaryAt the Summit held in Subic Bay, Philippines in 1996, APEC Economic Leaders adopted the Manila Action Plan for APEC (MAPA) which materialized the trade and investment liberalization and facilitation efforts of APEC.
MAPA consists of three major parts: Individual Action Plans (IAPs), Collective Action Plans (CAPs), and the Declaration to Strengthen Economic and Technical Cooperation (Eco-Tech). IAPs specifies the voluntary plans of eighteen APEC member economies for trade and investment liberalization and facilitation in fourteen areas such as tariffs, non-tariffs, investments, customs procedures, intellectual property rights, and so on. CAPs specifies the trade and investment liberalization and facilitation measures that will be collectively pursued by the member economies. The declaration to strengthen Eco-Tech selects six areas of major focus: human resource development, capital markets, infrastructure, technology, the environment, and small and medium enterprises. MAPA has been effective since January 1st of 1997. Therefore, the trade and investment liberalization efforts of APEC are now being actively implemented.
The review of IAPs shows that member economies proposed various positive measures to be implemented in 14 areas of trade and investment liberalization and facilitation. Even though some member economies submitted more advanced action plans than others, current IAPs is a positive initial step towards the freer trade and investment in the Asia-Pacific region.
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