Policy Analyses
Publications
Policy Analyses
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Sub-Prime Financial Crisis and US Policy Choices
This paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the fin..
Yonghyup Oh et al. Date 2008.12.30
competition policy, monetary policyDownloadContentExecutive Summary
I. Introduction
II. Origin of Subprime Crisis: Weakness in Real Economy
III. A Historical Perspective
IV. US Policy Choices
V. How Would the US Respond to Policy Shocks?
VI. Concluding Remarks
ReferencesSummaryThis paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the financial sector and that recessionary pressure was present in the last quarter of 2007 in the US economy. The high level of nation's debts combined with a high rate of inflation show a difficult situation US policy makers face. At an international scene, there would be trade-off between protectionist policy measures and the US's role as a global sheriff. Effects of US policy measures, either monetary or fiscal, would be short-living, while more fundamental changes to create pro-ductivity gains would be the right policy for recovery of the US econ-omy. (The rest is omitted.)< -
Comparison of Accession to Indoensian Market among Korea, China and Japan
Indonesia, a leading country of the Association of Southeast Asian Nations (ASEAN), has expanded and deepened relationship with neighboring countries by undertaking tremendous efforts to promote Free Trade Agreements (FTAs) in the..
Hansung Kim et al. Date 2008.12.30
trade policy, free tradeDownloadContentSummaryIndonesia, a leading country of the Association of Southeast Asian Nations (ASEAN), has expanded and deepened relationship with neighboring countries by undertaking tremendous efforts to promote Free Trade Agreements (FTAs) in the regional context. However, under the rule of Sukarno (1945~1967), building a national economy was the main goal of Indonesia. It is the time period from the reign of Suharto (1967~1998) to Yudhoyono (2004~now) that free trade has started to proliferate eventually. (The rest is omitted)< -
Korea's Economic Cooperation Strategies toward Latin America: A Perspective from Its IDB Membership
The Inter-American Development Bank(IDB) was established in 1959 as the world's first and largest(101 billion-dollar-fund, which is two times bigger than ADB's) regional development financial institution which until today has cont..
Kisu Kwon et al. Date 2008.12.30
economic relations, economic cooperationDownloadContentSummaryThe Inter-American Development Bank(IDB) was established in 1959 as the world's first and largest(101 billion-dollar-fund, which is two times bigger than ADB's) regional development financial institution which until today has contributed immensely in the economic and social development of Latin America. In the 2000's IDB's annual funding for the Latin American region surpassed that of the World Bank's and has established a solid presence. Accordingly, IDB's recognition and presence in the region is far greater than any other development banks and international financial institutions around the world. (The rest is omitted.)< -
Improvement of Trade Adjustment Assistance Program as a Social Safety Net
As globalization increases uncertainty and instability of domestic labor market, the role of social safety net becomes more important. Although Korea, a small open economy, can extend her overall wealth through market liberalizati..
Hyejoon Im et al. Date 2008.12.30
labor market, free tradeDownloadContentSummaryAs globalization increases uncertainty and instability of domestic labor market, the role of social safety net becomes more important. Although Korea, a small open economy, can extend her overall wealth through market liberalization, consequential losers might become economic and social problems. This study focuses on the domestic assistance system that can support workers who are damaged by globalization and trade liberalization. Especially, the major concern of this study is how to improve and develop the Trade Adjustment Assistance (TAA) program, a special program created to support workers and firms who are injured by Free Trade Agreements (FTAs), and the Employment Insurance system, one of<
the most important general social safety nets in Korea. (The rest is omitted.) -
Development Strategies for Higher Education in an Era of Globalization
As the proportion of the knowledge-based services is growing in the world economy, the importance of the development of knowledge-based services is being emphasized. Especially in Korea, the knowledge-based services are regarded a..
Yeongkwan Song et al. Date 2008.12.30
economic opening, economic developmentDownloadContentSummaryAs the proportion of the knowledge-based services is growing in the world economy, the importance of the development of knowledge-based services is being emphasized. Especially in Korea, the knowledge-based services are regarded as an engine of the Korean economic growth. The essence of the knowledge-based services lies in raising people's ability. Therefore, when it comes to knowledge-based services, the importance of higher education services, which play a key role in raising people's ability, is increasing. In Korea, however, higher education services are causing various quality related troubles, although it has expanded drastically in the quantity aspect. For the knowledge-based services to play an essential role in the growth of Korean economy, the improvement in Korean higher education services is crucial. (The rest is omitted.)< -
The Reformation of the WTO System and Korea's Response
The WTO-governed multilateral trading system has significantly extended the volume of world trade, reduced trade barriers, provided a strong dispute settlement mechanism, and improved developing country's status. Despite these ach..
Jin Kyo Suh et al. Date 2008.12.30
multilateral negotiations, free tradeDownloadContentSummaryThe WTO-governed multilateral trading system has significantly extended the volume of world trade, reduced trade barriers, provided a strong dispute settlement mechanism, and improved developing country's status. Despite these achievements, this system still faces internal and external challenges. While some persistent problems in decision-making, dispute settlement, and transparency pose internal<
challenge to the WTO, proliferating regionalism in intra-State trade, environmental and development factors constitute external challenge to the WTO. In order to overcome these challenges, the WTO needs to be reformed. (The rest is omitted.) -
Korean Firms' Investment and Future Agenda in Russia
Since 2000, Russia's business environment has been improving very quickly with both favorable external economic conditions such as high world oil prices and economic reforms by Russia's government. The most improved sectors are la..
Jae-Young Lee et al. Date 2008.12.30
economic cooperation, foreign direct investmentDownloadContentSummarySince 2000, Russia's business environment has been improving very quickly with both favorable external economic conditions such as high world oil prices and economic reforms by Russia's government. The most improved sectors are labor market, governance policies, competition, regulation, and tax policy, etc. In particular, foreign direct investment (FDI) policy has been reformed and given the motives for foreigners to invest in Russia. (The rest is omitted.)< -
The Competitiveness of Agriculture in Japan and Political Implications on Korea-Japan FTA
The Governments of Korea and Japan commenced the negotiation of Korea-Japan Free Trade Agreement(FTA) emphasizing it as a model toward regional economic integration in December 2003. The negotiation, however, has been put on holda..
Yang-Hee Kim et al. Date 2008.12.30
economic opening, economic integrationDownloadContentSummaryThe Governments of Korea and Japan commenced the negotiation of Korea-Japan Free Trade Agreement(FTA) emphasizing it as a model toward regional economic integration in December 2003. The negotiation, however, has been put on holdafter the 6th meeting, attributing mainly to the Japanese side's lower tariff concession level of agricultural goods than the Korean side. (The rest is omitted.)< -
A study on how to promote cooperation between Korea and Japan in enhancing energy efficiency
Energy and climate change issue is one of the most urgent global issues these days. Climate change negotiation is now under way through the UN negotiation process to form Post-2012 climate change regime. Korea is likely to be requ..
Sung Chun Jung et al. Date 2008.12.30
energy industry, environmental policyDownloadContentSummaryEnergy and climate change issue is one of the most urgent global issues these days. Climate change negotiation is now under way through the UN negotiation process to form Post-2012 climate change regime. Korea is likely to be required to make comparable contribution to global mitigation efforts. Stable energy supply is also a very important policy issue as newly growing emerging economies demand more amount of fossil fuels. Under the current situation, energy-saving activities and R&D on new and renewable energies are getting more important. (The rest is omitted.)< -
Market-Oriented Economy Education in Transition Countries and Applicability of the Education Experience to North Korea
Market-oriented economy education in transition countries has been shaped according to different historical events in the international community. In spite of changes in the education, including curriculums, significance of the ed..
Myung-Chul CHO et al. Date 2008.12.30
economic cooperation, North Korean economyDownloadContentSummaryMarket-oriented economy education in transition countries has been shaped according to different historical events in the international community. In spite of changes in the education, including curriculums, significance of the education has been consistently emphasized. North Korea has steadily participated in the market-oriented economic education provided by international organizations and/or<
advanced countries since the 1990s, and types and ranges of the economic education of North Korea to participate in have been diversified and broadened, respectively. (The rest is omitted.)
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