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Policy Analyses

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Policy Analyses

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  • The Impact of Foreign Direct Investment on Economic Growth: A Case Study of Irel..
    The Impact of Foreign Direct Investment on Economic Growth: A Case Study of Ireland

    This study examines the long-run and the short-run relationships between foreign direct investment and economic growth in Ireland. Using an augmented aggregate production function growth model, we applied the bounds testing approa..

    Kyuntae Kim et al. Date 2008.07.25

    industrial policy, foreign direct investment
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    Content
    Executive Summary

    I. Introduction: Ireland's Economic Performance

    II. Literature Review

    III. The Empirical Model
    1. Theoretical Framework
    2. Econometric Methodology
    3. Data

    IV. Estimation Results
    1. Bounds Tests for Cointegration
    2. Long-Run Relationship and Short-Run Dynamics
    3. Granger Causality

    V. Conclusions

    References
    Summary
    This study examines the long-run and the short-run relationships between foreign direct investment and economic growth in Ireland. Using an augmented aggregate production function growth model, we applied the bounds testing approach to cointegration, which is more appropriate for estimating small sample studies. The data span for the study is from 1975 to 2006. (The rest is omitted.)
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  • Flexible BBC Exchange Rate System and Exchange Rate Cooperation in East Asia
    Flexible BBC Exchange Rate System and Exchange Rate Cooperation in East Asia

    In order to prevent competitive depreciations, excessive inflows of foreign capital and crisis contagion in the region, cooperation in exchange rate and monetary policy is very desirable, considering the factthat countries in East..

    Yen Kyun Wang Date 2008.07.15

    monetary policy, exchange rate
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    Content
    Executive Summary

    I. Introduction

    II. Global and East Asian Exchange Rate Systems

    III. Fixed and Flexible Exchange Rate Systems
    1. Assessment of fixed and flexible exchange rate systems
    2. Optimum currency area (OCA)

    IV. Korean Exchange Rate System and the Effect of Fluctuations
    1. Transitions of Korean Exchange rate policy
    2. The effect of exchange rate fluctuations on the economy

    V. The Need for Exchange Rate and Monetary Cooperation in East Asia

    VI. Exchange Rate Cooperation in East Asia: Flexible BBC System
    1. Basket currency system
    2. Flexible bands
    3. Crawl method

    VII. Fixing the Yen/Dollar Exchange Rate within a Band

    VIII. Adjustment of Policy Bank Rate

    IX. Economic Policy Support for the BBC System
    1. The experience of Singapore with the BBC system
    2. Sound and consistent policy
    3. The introduction of the BBC exchange rate system in Korea
    4. Monitoring, mutual surveillance, and resource sharing

    X. Conclusion

    References

    Appendices
    Summary
    In order to prevent competitive depreciations, excessive inflows of foreign capital and crisis contagion in the region, cooperation in exchange rate and monetary policy is very desirable, considering the fact
    that countries in East Asia have high trade dependence among them and similar trade patterns with each other. (The rest is omitted.)
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  • 2007 Summaries of Research Reports
    2007 Summaries of Research Reports

    2007 Summaries of Research Reports

    KIEP Date 2008.06.25

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    Content
    Policy Analyses
    Korea's Mid- to Long-Term Economic Strategy
    Regional Study Series
    Trade and Investment Study Series
    Policy References
    Working Papers
    Journal of International Economic Studies 2007 No. 1
    Journal of International Economic Studies 2007 No. 2
    Summary
    2007 Summaries of Research Reports
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  • 2007 연구보고서 요약집
    2007 연구보고서 요약집

    KIEP Date 2008.06.25

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    Content
    Summary
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  • 한국과 중국의 FTA 원산지규정 비교: 주요 산업을 중심으로
    Rules of Origin in the Korea-China FTA

    The proliferation of Free Trade Agreements (FTAs) in the last decade generates interest in rules of origin which determine whether a product is eligible for preferential tariff treatment. Rules of origin are critical in determinin..

    Mee Jin Cho et al. Date 2008.05.23

    barrier to trade, trade policy
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    Content
    Summary
    The proliferation of Free Trade Agreements (FTAs) in the last decade generates interest in rules of origin which determine whether a product is eligible for preferential tariff treatment. Rules of origin are critical in determining the effect of FTAs and therefore they should be carefully negotiated. In this study, we analyse rules of origin in Korea's existing FTAs as well as China's, and attempt to prepare for rules of origin negotiations for a possible Korea-China FTA. (The rest is omitted.)
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  • Capital Flows, Macroeconomic Management and Regional Cooperation in Asia
    Capital Flows, Macroeconomic Management and Regional Cooperation in Asia

    The Korea Institute for International Economic Policy (KIEP) organized and sponsored an international workshop entitled 'Capital Flows, Macroeconomic Management and Regional Cooperation in Asia' on November 30, 2007 in Washington,..

    Kyung Tae Lee et al. Date 2008.05.22

    financial policy, exchange rate
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    Content
    Introduction
    Kyung Tae Lee (KIEP)
    Ramkishen S. Rajan (George Mason University)

    Chapter 1. Capital Account Liberalization and Capital Flows in Asia
    1. Liberalizing China's Capital Account
    Eswar S. Prasad (Cornell University)
    2.What Tools are Available to Policymakers in Emerging Market Economies to Deal with Capital Inflows?
    Carmen M. Reinhart (University of Maryland and the National Bureau of Economic Research)
    Vincent R. Reinhart (American Enterprise Institute)

    Chapter 2. Monetary Sterilization in Asia: Magnitude and Effectiveness
    3.Sterilized Intervention in Emerging Asia: Is It Effective?
    Hali Edison (International Monetary Fund)
    Roberto Guimar&atilde;es-Filho (International Monetary Fund)
    Charles Kramer (International Monetary Fund)
    Jacques Miniane (International Monetary Fund)
    4.China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients
    Alice Y. Ouyang (The Central University of Finance and Economics, Beijing)
    Ramkishen S. Rajan (George Mason University)
    Thomas D. Willett (Claremont Graduate University and Claremont McKenna College)

    Chapter 3. Policy Coordination Issues in East Asia
    5.Exchange Rate Regime and Macroeconomic Stability in East Asia
    Deok Ryong Yoon (KIEP)
    Jung Sik Kim (Yonsei University)
    6.Price Convergence in East Asia and its Implication for Regional Monetary Integration
    Woosik Moon (Seoul National University)
    Yeongseop Rhee (Sookmyung University)

    Chapter 4. Regional Cooperation in Asia
    7.Selected Issues on Asian Monetary Cooperation
    Thomas D. Willett (Claremont McKenna College and Claremont Graduate University)

    Program
    List of Participants
    Summary
    The Korea Institute for International Economic Policy (KIEP) organized and sponsored an international workshop entitled 'Capital Flows, Macroeconomic Management and Regional Cooperation in Asia' on November 30, 2007 in Washington, DC. The rationale behind the theme of the workshop is self-evident. While the Asian economies have recovered well from the financial and economic crisis of 1997-98 and have seen a resurgence in international capital flows, they continue to face enormous challenges in macroeconomic management. The regional economies have also taken a number of modest steps to enhance regional economic cooperation as a means of fortifying themselves against future financial crises as well as reducing prisoners' dilemmas that might exist in their exchange rate and monetary policies (Cavoli and Rajan 2008). (The rest is omitted.)
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  • National Treatment on Internal Taxation: Revisiting GATT Article III:2
    National Treatment on Internal Taxation: Revisiting GATT Article III:2

    This paper examines GATT Article III:2 on national treatment on internal taxation. The fact that as of 1 January 2008, national treatment violations in the goods sector have been challenged in nearly 29% of the WTO complaints poin..

    Sherzod Shadikhodjaev Date 2008.05.20

    trade policy
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    Content
    Executive Summary

    I. Introduction

    II. National Treatment and Internal Taxation: General Observations
    1. De Jure and De Facto Discrimination
    2. The Scope of Fiscal Measures
    3. Multi-Tiered Test under Article III:2

    III. The Likeness Standard
    1. "Like Product"
    2. "Directly Competitive or Substitutable Products"
    3. The “Aim-and-Effect” Test

    IV. Discriminatory Threshold
    1. "In Excess of"
    2. "Not Similarly Taxed"

    V. Protective Application

    VI. National Treatment under Korea FTAs

    VII. Conclusion

    References
    Appendix
    Summary
    This paper examines GATT Article III:2 on national treatment on internal taxation. The fact that as of 1 January 2008, national treatment violations in the goods sector have been challenged in nearly 29% of the WTO complaints points to the great importance of the national treatment principle in the multilateral trading system on the one hand, and temptation of WTO Members to protect domestic production through internal taxes and regulations on the other. Cases involving de facto discrimination against foreign goods will increase in number given the sophistication of governments' protectionist policy. (The rest is omitted.)
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  • Korea’s Development Policy Experience and Implications for Developing Countries
    Korea's Development Policy Experience and Implications for Developing Countries

    This book is a collection of 23 selected papers that the author has wrote while he was associated with Korea Development Institute, Korea International Economic Institute (the present Korea Institute for Industrial Economics and T..

    Chuk Kyo Kim Date 2008.05.08

    economic development, economic development
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    Content
    Acknowledgements
    Preface
    Introduction

    Part I. Development Policy, Development Planning, and Role of Government
    1. Korea's Development Strategy, Development Policy, and Performance: A Historical Overview
    2. Development Planning and Policy-Making Process in Korea
    3. Target Setting and Major Policy Direction for Paraguay during 1999&#8211;2003

    Part II. Trade and Industrial Policy Issues
    4. Evolution of Trade and Industrial Policy in Korea
    5. Ancillary Firm Development in the Korean Automotive Industry
    6. Development of Industrial Subcontracting in Korea
    7. An Industrial Development Strategy for Indonesia: Lessons from the South Korean Experience

    Part III. Industrial Development and Productivity Growth
    8. Exports and Productivity Trends of the Korean Manufacturing Industries
    9. Industrial Growth and Productivity Change in Korea
    10. Productivity Growth in Sri Lankan Manufacturing and Policy Implications

    Part IV. SMEs Development Policy
    11. SMEs Development, SMEs Policy Approaches, Achievements and Constraints in the Republic of Korea
    12. Korea's SMEs Development Policy and Its Implications for Indonesia
    13. SMEs and Technology Development in Malaysia 14. On the Development of SMEs in Costa Rica
    Part V. Science and Technology Policy
    15. Evolution of Science and Technology Policy in Korea
    16. Technological Innovation and Innovation Process of SMEs in Korea
    17. Industrial Development and Science and Technology Policy in Taiwan

    Part VI. Fiscal Policy Issues
    18. Reform of Budget System
    19. The Growth Pattern of Central Government Expenditure in Korea

    Part VII. Liberalization Policy and Korea-US Trade
    20. Liberalization Policy in Korea's Development Process
    21. Prospects/Problems for the Korean Economy and Implications for Korea-US Trade

    Part VIII. Financial Crisis and Policy Response
    22. On the Origins of Korean Financial Crisis: An Institutional Approach
    23. The Financial Crisis and Government Policy Measures
    Summary
    This book is a collection of 23 selected papers that the author has wrote while he was associated with Korea Development Institute, Korea International Economic Institute (the present Korea Institute for Industrial Economics and Trade), and Korea Institute for International Economic Policy, as well as while working as a consultant for various international organizations such as ADB, UNDP, and UNIDO. The author also worked as an advisor to various agencies of the Korean government, participating in the formulation of Korea's five-year plans until the early 1990s. The papers brought together in this volume are a reflection of the author's long development policy and research experiences, and they cover mostly the policy issues related to either the development of the Korean economy or that of the countries for which the author worked as a consultant. (The rest is omitted.)
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  • 한·미 FTA 이후 미국 정부조달시장 진출전략
    The Strategy of Participating in the U.S. Government Procurement

    The Free Trade Agreement (FTA) with the United States would likely provide more access to the U.S. government procurement contracts by reducing the contract threshold and improving the requirement for participation. As Korean gove..

    Jione Jung et al. Date 2008.04.30

    business management, free trade
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    Content
    Summary
    The Free Trade Agreement (FTA) with the United States would likely provide more access to the U.S. government procurement contracts by reducing the contract threshold and improving the requirement for participation. As Korean government advertises the positive results of the FTA negotiation, Korean firms, particularly small and medium-sized businesses show great interests on participating in U.S. government procurement market. The objective of this study is to propose the firm strategies and government support plans to participate in the U.S. government procurement contracts. Firms that have experience of government procurement in the United States tells that to be successful in the U.S. government procurement market, the most important thing is to ask oneself if the U.S. government is a right market for selling its prouduct or service before deciding on bidding. The advantage of government procurement is that once a contract is awarded, the contract likely lasts long, while the bidding process is complicated and time and money consumes. Also recently, the competition between firms becomes tougher. Therefore, a firm should differentiate the contents and qualities of the product from others. The role of the government is to encourage more firms to participate and support their efforts. The government programs currently available need a major upgrade. A support system should be newly constructed by integrating similar programs managed by related agencies and by developing each agency's special area. (The rest is omitted.)
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  • FDI Inflows, Exports and Economic Growth in First and Second Generation ANIEs
    FDI Inflows, Exports and Economic Growth in First and Second Generation ANIEs

    Using time-series and panel data from 1981 to 2005, this paper examines the Granger causality relations between GDP, exports, and FDI among the three first generation Asian newly industrializing economies (ANIEs): Korea, Taiwan, S..

    Yongkul Won et al. Date 2008.04.22

    foreign direct investment
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    Content
    Executive Summary

    I. Introduction

    II. East and Southeast Asia in the World Economy
    1. Real GDP Per Capita of the ANIEs
    2. The Trade Structure of the First and Second Generation ANIEs
    3. The FDI Structure of the First and Second Generation ANIEs

    III. Characteristics of the Individual ANIEs Country Data

    IV. Review of Theoretical Literature

    V. Review of Recent Empirical Literature

    VI. Analytical Framework

    VII. Individual Economy's Granger Causality Test
    1. Unit Root and Cointegration Tests
    2. The VAR Model and Granger Causality Test

    VIII. Panel Data Granger Causality Test
    1. Panel Data Unit Root Tests
    2. Panel Data VAR and Granger Causality Test

    IX. Conclusions

    References

    Appendix
    Appendix A. Data Sources
    Appendix B. Harmonized System Categories
    Summary
    Using time-series and panel data from 1981 to 2005, this paper examines the Granger causality relations between GDP, exports, and FDI among the three first generation Asian newly industrializing economies (ANIEs): Korea, Taiwan, Singapore, and the four second generation Asian newly industrializing economies (ANIEs): Malaysia, the Philippines, and Thailand, in addition to China. We first show the difference between the first and second generation ANIEs in terms of real GDP per capita, trade structure, and inward FDI, and find some individual characters of each economy. After reviewing the current literature and testing the properties of individual time-series data, we estimate the VAR of the three variables to find various Granger causal relations for each of the seven economies. (The rest is omitted.)
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