Policy Analyses
Publications
Policy Analyses
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Trade liberalization and productivity growth in Korea
There is a lively debate about the effects of trade liberalization on productivity. although many empirical studies find a positive linkage between trade liberalization and productivity. One of the important reason for the disagre..
Jin Kyo Suh et al. Date 2008.12.30
economic opening, productivityDownloadContentSummaryThere is a lively debate about the effects of trade liberalization on productivity. although many empirical studies find a positive linkage between trade liberalization and productivity. One of the important reason for the disagreement is that the specific mechanism through which trade liberalization may affect productivity is not yet analyzed. This report investigates the mechanism through which trade liberalization increases productivity. (The rest is omitted.)< -
Intra-regional Trade of ASEAN Plus Three: Trends and Implications for East Asian Economic Integration
The paper analyses the evolving trends in trading patterns among the ASEAN+3 economies during the past decade in order to explain why it is the time for nstitutionalization of regional trade relations and how to meet those expecta..
Bui Truong Giang Date 2008.12.30
economic integration, trade structureDownloadContentSummaryThe paper analyses the evolving trends in trading patterns among the ASEAN+3 economies during the past decade in order to explain why it is the time for nstitutionalization of regional trade relations and how to meet those expectations. The author considers that though the ASEAN+3 trade relationship is reaching a critical point of interdependence, given its high intra-regional and intra-industry trade ratios, the 'final demand' is still outside the East Asian region. Thus, forming a regionwide FTA is the most relevant policy approach; that is, shifting the regional economic integration process from a market-driven to an institution-oriented one. East Asian trading nations should be more reliant on themselves and less reliant on outsiders to make the East Asian region better positioned in the global trading system. To this end, the FTAs in the region must act as effective means to generate for East Asia endogenous demand, turning China, Japan, Korea, and ASEAN, to some extent, into the final markets for the regional economies. (The rest is omitted.)< -
Korea's Systematic Approach of ODA Policy toward Africa
Poverty is one of the most common problems in developing countries. However, poverty in Africa is much extensive, which is not just a problem, but more of a true misery. The scope of underdevelopment in Africa is beyond the econom..
Young Ho Park et al. Date 2008.12.30
economic development, economic cooperationDownloadContentSummaryPoverty is one of the most common problems in developing countries. However, poverty in Africa is much extensive, which is not just a problem, but more of a true misery. The scope of underdevelopment in Africa is beyond the economic arena as it prevails in every sphere of the society. Considering the fact that 40% of the population in Africa lives on less than USD 1 per day, poverty in Africa is an urgent matter that should not be neglected any longer. (The rest is omitted.)< -
The Next APEC Membership from Latin America: A Contextual Approach
For most of the countries in Latin America, the Asia-Pacific region is still an unexploited market. The dynamic aggregate demand of the countries of the Asia-Pacific region, especially China, offers Latin America and the Caribbean..
Won-Ho Kim Date 2008.12.30
economic integration, economic cooperationDownloadContentExecutive Summary
I. Introduction
II. The Issue of the Admission of New Members
III. The Asia-Pacific, Latin America, and APEC
IV. Colombia and the Asia-Pacific Region
V. Differentiation of Economic Spectrum in South America
VI. Conclusion
ReferencesSummaryFor most of the countries in Latin America, the Asia-Pacific region is still an unexploited market. The dynamic aggregate demand of the countries of the Asia-Pacific region, especially China, offers Latin America and the Caribbean unprecedented production and export opportunities, both in commodities and in manufactures and services. Colombia actively promoted their interest and position in the Asia-Pacific regional cooperation with President Alvaro Uribe participating as the sole president of a non-member economy in 2008 APEC Summit. Colombia signed FTA with Canada, and the Bilateral Investment Treaty (BIT) with China on the sidelines of APEC. Colombia's trade and investment links with the Asia-Pacific is still limited although dynamic and ambitious in recent years. Considering the Uribe government's efforts for the APEC's two causes of regional integration and open economy, and for the sake of another locking-in effect, however, it will be appropriate that Colombia be admitted to APEC to enhance its momentum. This will give implications not only for future political and economic policymaking in Colombia but also for other countries' in the region. (The rest is omitted.)< -
Corporate Social Responsibility (CSR) in the APEC: Another Common Denominator or Harmonizing Measure
This paper asks whether Corporate Social Responsibility (CSR) becomes another negotiating agenda, which asks all the APEC economies adopt a common set of discipline, or just a device for increasing peer pressure for the purpose of..
Byung-il Choi Date 2008.12.30
economic cooperation, business managementDownloadContentExecutive Summary
I. Introduction
II. Current Literature on CSR
III. Current State of Play of CSR in the APEC
IV. International Framework on CSR
A. The ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy
B. The OECD Guidelines for Multinational Enterprises
C. The UN Global Compact
D. ILO Core Labor Standards
E. ISO 26000
V. A Way Forward to CSR at the APEC
VI. Conclusion
ReferencesSummaryThis paper asks whether Corporate Social Responsibility (CSR) becomes another negotiating agenda, which asks all the APEC economies adopt a common set of discipline, or just a device for increasing peer pressure for the purpose of harmonizing business practices. The paper traces the process of CSR becoming an agenda at the APEC, and discusses several international CSR codes developed by other fora and their relation to the APEC. In the light of APEC's sensitivity to hidden trade agenda and voluntary nature of most international CSR codes, it is suggested that the best way to address CSR in the APEC be to undertake a dual-track approach: First, the APEC may set a medium-term goal of developing the APEC CSR code on voluntary basis; and Second, the APEC should continue to work on capacity building of CSR by stepping up efforts in the area of identifying best practice and dissemination, advocacy and public engagement, and networking. (The rest is omitted.)< -
Free Trade Agreements in the APEC Region: An Evolutionary Path to Bogor Goals
The paper analyses the increasing regionalism tendency of APEC member economies, and investigates how the APEC process can make use of this tendency to bring the member economies closer to the Bogor Goals. The paper identified APE..
Date 2008.12.30
economic integration, free tradeDownloadContentI. Introduction II. Analysis of FTA Initiatives of APEC Member Economies 1. General Tendency towards Regionalism in the Region 2. FTA Activities with Other APEC Member Economies 3. FTA Activities with non-APEC Countries III. Increasing FTA Activities of APEC Member Economies and Bogor Goals 1. Potential of Increasing FTAs to be Stumbling Block to the Bogor Goals 2. Potential of Increasing FTA Activities to be Building Block to the Bogor Goals IV. APEC's Response to Increasing FTA Activities of Member Economies: An Evaluation 1. Rethinking the Instruments to Achieve the Bogor Goals 2. Approaches Addressing the Problem of Increasing FTA Activities 3. Evaluation of APEC Activities and Prospects V. Roadmap towards Achieving the Bogor Goals through intra-APEC FTAs 1. A Possible Roadmap of APEC towards the Bogor Goals 2. Challenges for Each Step of the Roadmap VI. ConclusionSummaryThe paper analyses the increasing regionalism tendency of APEC member economies, and investigates how the APEC process can make use of this tendency to bring the member economies closer to the Bogor Goals. The paper identified APEC to be dwindled in two crises – identity and credibility crisis – and recommended to actively make use of the intensified regionalism forces of member economies in overcoming these crises. Especially when making APEC-wide efforts to achieve the Bogor Goals, the paper advises the APEC process to utilize the diverse policy responses, which have been already adopted, in a more focused and consistent manner. By presenting a Roadmap and suggesting related policy steps, as well as discussing challenges and opportunities pertaining to each step, this paper proposed a series of policy actions for APEC to achieve the Bogor Goals. (The rest is omitted.)< -
Economic Effects and Policy Implications of Financial Opening in Korea
Since the 1980's, Korea has witnessed a continuous expansion of financial opening, consequently having a high degree of financial opening as in developed economies. Despite various potential benefits, financial opening also poses ..
Deok Ryong Yoon et al. Date 2008.12.30
economic opening, financial liberalizationDownloadContentSummarySince the 1980's, Korea has witnessed a continuous expansion of financial opening, consequently having a high degree of financial opening as in developed economies. Despite various potential benefits, financial opening also poses potential problems such as macroeconomic instability. Financial opening may promote investment and economic growth through providing financial resources at a lower cost, and it may also contribute to improvement of the efficiency in domestic financial market. However, financial opening may also result in excessive capital inflows or promote inflows of highly volatile short-term capital, increasing macroeconomic instability or causing financial crisis. In particular, in 2008, Korea faced a global financial crisis, and this made Korea reconsider the benefits and costs of financial opening and Korea's approach to become a regional financial hub. At this point, comprehensive studies are needed that can help to properly evaluate the effects of financial opening in Korea. For this purpose, this paper empirically analyzes the economic effects of financial opening on the Korean economy in various respects. This study also extensively discusses policy implications of its empirical results. (The rest is omitted.)< -
Destined to Fail? The History of the Yen Bloc Before the Second World War
The formation of the yen bloc did not result in the economic and monetary integration of East Asian economies. Rather, it led to the increasing disintegration of East Asian economies. Compared to Japan, Asian regions and countries..
Woosik Moon Date 2008.12.30
economic integration, financial integrationDownloadContentExecutive Summary
I. Introduction
II. The Formation of Yen Bloc
1. First Step
2. Manchuria and China
3. Currency War between China and Japan
III. Yen Bloc under the Greater East Asia Co-Prosperity Sphere
1. Establishment of the Great East Asia Financial Sphere
2. Features of Great East Asia Financial Sphere
IV. Consequences of the Yen Bloc: Increasing Divergence
1. Inflation Gap
2. Growth Gap
V. Conclusion
ReferencesSummaryThe formation of the yen bloc did not result in the economic and monetary integration of East Asian economies. Rather, it led to the increasing disintegration of East Asian economies. Compared to Japan, Asian regions and countries had to suffer from higher inflation. In fact, the farther the countries were away from Japan, the more their central banks had to print money and the higher their inflation was. Moreover, the income gap between Japan and other Asian countries widened. This means that the regionalization centered on the Japanese yen was destined to fail, suggesting that the Co-prosperity Area was nothing but a strategy of regional dominance, not of regional cooperation. The impact was quite long lasting, and it still haunts East Asian countries, contributing to the nourishment of their distrust vis-à-vis Japan, and throws a shadow on recent monetary and financial cooperation movements in East Asia. This experience highlights the importance of responsible actions on the part of leading countries to boost regional solidarity and cohesion for the viability and sustainability of a regional monetary system. (The rest is omitted.)< -
Financial Integration and Exchange Rate Coordination in East Asia
This paper examines the costs of a unilateral exchange market intervention in a developing East Asian country, focusing on Korea, and stresses the need for exchange rate and monetary coordination in East Asia. Indeed, the case of ..
Woosik Moon et al. Date 2008.12.30
financial policy, financial integrationDownloadContentExecutive Summary
I. Introduction
II. Increasing Financial Globalization and Regionalization
III. Intervention Cost: the case of Korea
1. Increasing Interest Arbitrage
2. Intervention and Sterilization Cost
IV. Proposal for Monetary Cooperation in East Asia
V. Conclusion
References
AnnexSummaryThis paper examines the costs of a unilateral exchange market intervention in a developing East Asian country, focusing on Korea, and stresses the need for exchange rate and monetary coordination in East Asia. Indeed, the case of Korea shows that individual countries in East Asia cannot manage their exchange rates, and that even if they try to do, the exchange market intervention operation results in heavy losses, achieving no expected results. Overcoming this dilemma requires a collective action through which all Asian countries simultaneously fluctuate their exchange rates vis-à-vis the US dollar to maintain intra-regional exchange rate stability. However, the precondition for such a collective action is not yet satisfactory. Active policy dialog to coordinate economic and monetary policies and to achieve greater economic convergence will be needed. (The rest is omitted.)< -
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