Policy Analyses
Publications
Policy Analyses
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Performance Analysis of FDI in Service Sectors in Korea
This study analyses foreign invested companies with foreign investment amount of more than 5 million US$ in services sectors. The study classified the investing companies into their investment types based on the profile of each co..
Seong-Bong Lee et al. Date 2006.12.29
foreign direct investmentDownloadContentSummaryThis study analyses foreign invested companies with foreign investment amount of more than 5 million US$ in services sectors. The study classified the investing companies into their investment types based on the profile of each company. The following three criteria were applied to the investment-type classification - mode of entry, real investing country, and management control by foreign investors. This is the firt time such a classification has been carried out at the firm level for the Korean data. (The rest is omitted.)< -
Hedge fund regulations in major countries and its implications on hedge fund industries
The scale and influence of hedge funds in the global financial marketplace has grown over the past decade. The number of hedge funds in the world was over 8,800 with total assets exceeding $1.2 trillion in 2006. This growth led to..
Ho Jin Lee et al. Date 2006.12.29
financial policy, financial systemDownloadContentSummaryThe scale and influence of hedge funds in the global financial marketplace has grown over the past decade. The number of hedge funds in the world was over 8,800 with total assets exceeding $1.2 trillion in 2006. This growth led to an in–depth review of hedge fund activities by the SEC that resulted in 2004 in the first significant regulatory filing requirement for hedge funds by the SEC. The ADV forms filed by hedge funds in February, 2006 have provided considerable information about major U.S. based hedge funds, particularly with respect to operational risks that include potential conflicts of interest, ownership and capital structure and past legal and regulatory actions involving the management firm or related advisors.<
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Korea's Mid & Long-term Strategies toward an Advanced Trading Nation
Changes in lifestyles, the international economic environment, governance, market structures have all caused a rapid paradigm shift in the Korean economy, requiring the establishment of new institutional practices and policy respo..
Wook Chae et al. Date 2006.12.29
economic development, trade policyDownloadContentSummaryChanges in lifestyles, the international economic environment, governance, market structures have all caused a rapid paradigm shift in the Korean economy, requiring the establishment of new institutional practices and policy responses. The unsatisfactory outcome of the Korean economy in recent years may reflect the fact that the main economic entities are not responding effectively to this paradigm shift. (The rest is omitted.)< -
Global Imbalance and its Implications on East Asian Economies
The first paper, written by Professor Yung Chul Park and Barry Eichengreen, focuses on the impact on emerging markets of a disorderly adjustment in global imbalance. In the conclusion, they argue that commencing this adjustment pr..
Doo Yong Yang ed. Date 2006.12.29
economic cooperation, exchange rateDownloadContentPreface
Executive Summary
I. Introduction
II. Global Imbalance and the Asian Economies
1. The Hard-Landing Scenario
2. Implications
3. What Countries Can Do
4. Is There Scope for Coordinated Policy Adjustments?
5. Conclusion
III. Domestic Investment and External Imbalance in East Asia
1. Introduction
2. Economic Performance in the East Asian Economies after the Financial Crisis
3. Global Current Account Imbalances
4. How to Adjust to the Imbalance
5. Concluding Remarks
IV. Exchange Rate Regimes, Misalignments, and Interdependency in East Asia
1. Introduction
2. Theoretical and Methodological Background
3. Exchange Rates Misalignments of East Asian Currencies
4. World Imbalances, Monetary Adjustments, and East AsianInterdependency
5. Conclusion
V. The Future of Exchange Rate Adjustment in East Asia: Is Plaza II Possible?: From the Japanese Experiences in the Plaza Accord
1. Introduction
2. How Much Depreciation of the US Dollar is Needed to Decrease the Current Account Deficit?
3. Japanese Experience with the Plaza Accord
4. Monetary Policy of the Bank of Japan after the Plaza Accord
5. Conclusion
VI. Global Imbalance and Exchange Rate Adjustments: Korea
1. Introduction
2. Behavioral Equilibrium Exchange Rate Approach
3. General Equilibrium Approach
4. Conclusion
VII. Global Imbalance and the Coordination of Exchange Rates:Korea
1. Introduction
2. Intervention and Sterilization in Korea
3. Intervention and Intra-regional Exchange Rate Stability
4. Implications for Monetary Cooperation in East Asia
5. Conclusion
VIII. Global Current Account Imbalances and Policy Implications for East Asia
1. Introduction
2. Monetary Policy
3. Fiscal Policy
4. Exchange Rate Policy
5. Structural Reform
6. Policy Issues for KoreaSummaryThe first paper, written by Professor Yung Chul Park and Barry Eichengreen, focuses on the impact on emerging markets of a disorderly adjustment in global imbalance. In the conclusion, they argue that commencing this adjustment process while global economic and financial conditions are still favorable will ease the adjustment process. They also state that the adjustment process will be eased if there is cooperation on exchange rate and other policies, and that it would be nice if the United States participated in this process of cooperative policy adjustment by addressing the domestic roots of its twin deficits. The second paper, co-authored by Professor Jong-Wha Lee and Warwick J. McKibbin, analyzes global imbalance, focusing on the investments and savings of East Asia and the United States. This paper demonstrates that since the 1997－98 crisis, many East Asian economies have been experiencing permanent declines of domestic investment and output growth, mainly resulting from increases in financial risk and decreases in the return on investment. According to the paper, the investment decline in East Asia, outside of China, combined with the fall in public and private savings in the United States, has contributed to the recent level of global current account imbalance. The third paper, written by Jacques Mazier, Yong Hyup Oh, and Sophie Saglio, focuses on analyzing the consequences of world imbalance on East Asian countries in the context of growing regional interdependency, and proceeds in two steps using in both cases simple multinational macroeconomic models. In the proceedings, exchange rates misalignments at the world level and for East Asian currencies are first estimated using a FEER approach, which combines a multinational model for the main currencies (dollar, yen, yuan, euro, and won), and a national model for the other East Asian currencies. This approach gives estimations in both real effective and bilateral exchange rates. Professor Eiji Ogawa points out in the fourth paper that global imbalance has occurred in relation to the huge current account deficits of the United States in recent years. These current account deficits have been caused by the fiscal deficit of the U.S. government since 2000. This is referred to as 'twin deficits,' which the United States experienced once before in the 1980s. When we look back at the latter half of the 80s, there was a large depreciation of the U.S. dollar, and given that the fiscal deficits have recently been kept at a higher level, we can assume that it may lead to a smilar result: the large depreciation of the U.S. dollar. The fifth paper, written by Yong Seoung Jung, Changyong Rhee, and Doo Yong Yang, is on the topic of 'Global Imbalance and Exchange Rate Adjustments: Korea.' Most agree that global imbalance should be rebalanced to a sustainable level. The main findings of this paper can be summarized as follows. First, the Korean won/U.S. dollar reached equilibrium in 2006 in response to the external imbalance of the Korean economy. Both econometric and model simulations show that the won/dollar rates in 2006 appreciated enough to reduce the previous current account surplus in Korea. (The rest is omitted.)< -
From East Asian FTAs to an EAFTA: Typology of East Asian FTAs and Implications for an EAFTA
As the number of Free Trade Agreements (FTAs) between East Asian countries continues to increase, the need for a region-wide FTA is emerging in East Asia. The main objective of this study is to develop the current study on the Eas..
Chang Jae Lee et al. Date 2006.12.29
economic integration, economic cooperationDownloadContentPreface
Executive Summary
I. Introduction
II. Market Access for Goods in East Asian FTAs
1. ASEAN Free Trade Area (AFTA)
2. ASEAN-China FTA
3. Korea-ASEAN FTA
4. Korea-Singapore FTA
5. Japan-Singapore EPA
6. Japan-Malaysia EPA
7. Overall Assessment and Limitations
III. Rules of Origin in East Asian FTAs
1. Overview of Rules of Origin
2. Preferential Rules of Origin for Intra-regional FTAs in East Asia
3. Improving Rules of Origin in East Asia
IV. Services, Investment and Other Issues in East Asian FTAs
1. Liberalization in Services and Investment
2. Trade and Investment Facilitation
3. Development Cooperation
4. Overall Evaluation
V. Prospects, Options and Future Tasks for the East Asia FTA (EAFTA)
1. Prospects for the EAFTA
2. Options for the EAFTA
3. Future Tasks for the EAFTA.
References
AppendixSummaryAs the number of Free Trade Agreements (FTAs) between East Asian countries continues to increase, the need for a region-wide FTA is emerging in East Asia. The main objective of this study is to develop the current study on the East Asia FTA (EAFTA) by suggesting likely options of an EAFTA that will both be feasible and desirable. (The rest is omitted.)< -
Policy Proposal for the Economic Cooperation between Korea and the Middle East in the Era of Oil Boom
Since the period of high oil prices beginning in 2000, huge amounts of oil dollars have flowed into the Middle East. With the revival of the Middle East's economy based on increasing monetary flows, the region has aroused the worl..
Bokyeong Park et al. Date 2006.12.29
economic cooperation, energy industryDownloadContentSummarySince the period of high oil prices beginning in 2000, huge amounts of oil dollars have flowed into the Middle East. With the revival of the Middle East's economy based on increasing monetary flows, the region has aroused the world's interest. This study begins with a comprehensive analysis on the economic trends of the gulf region where oil producing countries are clustered and suggests ways for Korea to strengthen cooperation and relationships with countries in this region. This study specifically addresses the amount and flow of oil dollars in the gulf region, recent economic policies of gulf countries, strategies the world's major countries have adopted toward the Middle East, and our suggestions toward cooperation policies regarding the Middle East. (The rest is omitted.)< -
Strategies for Eastern Russia's Development and the Implications on the Case of Korea's Involvement: Focusing on Energy Sector
The Russian government has tried to promote the economies of Eastern Russia. Major superpowers surrounding Eastern Russia have recognized economic and diplomatic importance of the region and have advanced into it. This study analy..
Jae-Young Lee et al. Date 2006.12.29
economic cooperation, energy industryDownloadContentSummaryThe Russian government has tried to promote the economies of Eastern Russia. Major superpowers surrounding Eastern Russia have recognized economic and diplomatic importance of the region and have advanced into it. This study analyzes the development strategy of Eastern Russia and the advancement strategies of major superpowers into the region. As such, the current status of Korea's advancement into the region will also be evaluated and suggest some national strategies and action plans for Korea's advancement into East Russia. (The rest is omitted.)< -
China's FTA Strategy and its Policy Implications
This report mainly deals with the objectives and motives of China's FTA (Free Trade Agreement) and analyzes China's FTA strategies both quantitatively and qualitatively in order to draw up more viable suggestions for future Korea-..
Chang-Kyu Lee et al. Date 2006.12.29
trade policy, free tradeDownloadContentSummaryThis report mainly deals with the objectives and motives of China's FTA (Free Trade Agreement) and analyzes China's FTA strategies both quantitatively and qualitatively in order to draw up more viable suggestions for future Korea-China FTA negotiations. (The rest is omitted.)< -
Derivatives Market Development in the Financial Hub Strategy
The core vision behind the creation of a financial hub in Korea is to develop the financial sector as a new growth engine for the Korean economy. This strategy, if successfully realized, will attract more foreign financial interme..
Yonghyup Oh et al. Date 2006.12.29
financial policyDownloadContentSummaryThe core vision behind the creation of a financial hub in Korea is to develop the financial sector as a new growth engine for the Korean economy. This strategy, if successfully realized, will attract more foreign financial intermediaries to Korea and stimulate the rapid internationalization of Korea's financial market. However, the potential instabilities that this strategy may cause make it extremely necessary to establish a sound risk management plan for the market. This study is motivated by the idea that development of Korea's derivative markets can satisfy this need. (The rest is omitted.)< -
MERCOSUR's Free Trade Negotiations and Implications for a Korea-MERCOSUR FTA
This study explores the free trade negotiations of the Southern Common Market (MERCOSUR) that comprises Brazil, Argentina, Paraguay, and Uruguay as an attempt to find implications for a future Korea-MERCOSUR Free Trade Agreement (..
Won-Ho Kim et al. Date 2006.12.29
economic integration, trade policyDownloadContentSummaryThis study explores the free trade negotiations of the Southern Common Market (MERCOSUR) that comprises Brazil, Argentina, Paraguay, and Uruguay as an attempt to find implications for a future Korea-MERCOSUR Free Trade Agreement (FTA) negotiation. Beyond the South American region, MERCOSUR has successfully launched Preferential Trade Agreements with India and South African Customs Union (SACU) as their pre-FTA arrangements, and negotiated an FTA with European Union (EU) and the Free Trade Area of the Americas (FTAA) although these two have stalemated for the last couple of years. This study covers the four cases of negotiation experiences in their background, economic relations, negotiation modality, issues, and prospects. (The rest is omitted.)<
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