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Policy Analyses
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The Determinants of Cross-border M&As: The Role of Institutions and Financial Development in Gravity Model
This paper examines the macroeconomic determinants of cross-border M&As. Using a panel data set of bilateral M&A deal values for 101 countries and 17 years ranging from 1989 to 2005, we investigate both home and host count..
Hea-Jung Hyun et al. Date 2007.11.20
Trade policy, Overseas direct investmentDownloadContentExecutive Summary
I. Introduction
II. Theoretical Background
1. Quality of Institutions
2. Financial Market Development
3. Openness and Economic Integration
4. Geography
5. Exchange rate
III. Econometric Model
IV. Data Description
V. Results
1. Tobit Model
2. Robustness Check
3. Development stage and cross-border M&As
VI. Conclusions and Implications
References
Appendix
Appendix 1
Appendix 2SummaryThis paper examines the macroeconomic determinants of cross-border M&As. Using a panel data set of bilateral M&A deal values for 101 countries and 17 years ranging from 1989 to 2005, we investigate both home and host country factors that may play an important role in determining the size and direction of M&A flows. Overall, the empirical results suggest that legal and institutional quality and financial market development increase M&A volume across countries. The significant effect of institutions however, may disappear for transactions between countries of the similar stage of the development. (The rest is omitted.) -
Global Imbalances and Developing Countries: Remedies for a Failing International Financial System
The abrupt unwinding of global imbalances is a major risk for the world economy; it affects countries across the globe, but is particularly harmful to developing countries. This volume on global imbalances includes an unorthodox, ..
Jan Joost Teunissen et al. Date 2007.11.10
Financial policyDownloadContentAcknowledgements
Notes on the Contributors
Abbreviations
1. Introduction
2. Global Imbalances and the Implications for Africa
1 Why Worry About the Global Imbalances?
2 Global Adjustment Scenarios
3 Where is Africa in All These?
4 Conclusion
3. East Asia's Role in Resolving the New Global Imbalances
1 The Nature of the New Global Imbalances
2 The Sustainability of the New Global Imbalances
3 Necessary Adjustment Policies in the US
4 East Asia's Role in Resolving the Current Global Imbalances
5 Conclusion
4. An African Perspective: Comments on Yoshitomi, Liu and Thorbecke
1 The Investment-Savings Balance and Exchange Rate Policies
2 Systemic Crises and Concerted Action
3 Accumulation of Foreign Reserves
4 Concluding Remarks
5. Rebalancing Savings-Investment Gaps in East Asia
1 Should East Asian Capital Be Relocated Within the Region?
2 Barriers to Capital Market Integration in East Asia
3 Concluding Remarks
6. The Need for a Longer Policy Horizon: A Less Orthodox Approach
1 Secular Trends
2 Current Exposures: Do They Warrant a Policy Response?
3 Towards a Domestic Macrofinancial Stabilisation Framework?
4 Towards an International Macrofinancial Stabilisation Framework
5 Conclusion
7. Global Imbalances and the Role of the IMF
1 The Risk Posed by Global Macroeconomic Imbalances
2 The Fund's Potential Role in Dealing With Global Imbalances
3 A G-20 Accord and the Need for a Counter-Cyclical Facility
4 Conclusion
8. Global Imbalances and the Role of the IMF: A Comment on Ariel Buira and Martín Abeles
9. The Future of the International Monetary System
10. A More Balanced International Monetary System
1 Creating a Public International Investment Fund for Emerging Economies
2 Reforming the International Payments System
11. Reforming the International Monetary System: Comments on Jane D'Arista and John Williamson
12. A Response to the Comments of Henk BrouwerSummaryThe abrupt unwinding of global imbalances is a major risk for the world economy; it affects countries across the globe, but is particularly harmful to developing countries.
This volume on global imbalances includes an unorthodox, long-term view on global imbalances, an in-depth discussion about the role of the IMF, and a discussion about the need for reform of the international monetary and financial system. It pays special attention to Africa and East Asia. (The rest is omitted.) -
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The Analyses on Expected Issues and Effects for Medical Service in Korea-China FTA
The purpose of this paper is to derive plausible issues and influences of Korea-China FTA in medical service. This paper overviews current situations in the field of medical expenditure, medical facilites, medical labor forces. Th..
Hankyoung Sung et al. Date 2007.10.30
Trade policy, Industrial structureDownloadContentSummaryThe purpose of this paper is to derive plausible issues and influences of Korea-China FTA in medical service. This paper overviews current situations in the field of medical expenditure, medical facilites, medical labor forces. The medical expenditure and facilities in Korea, compared to those in OECD members, is stark, but augment in these days. China has suffered from rapid increase in medical expenditure, considerable gap in medical expenditure between urban and rural areas, expansion of profit-making hospitals. In terms of market opening, China has opened markets for medical service with some restrictions while Korea has yet. (The rest is omitted.) -
Financial Liberalization, Crises, and Economic Growth
It has been widely recognized that financial liberalization plays an important role in economic development. Although an expanding body of literature has documented this effect across space and time, the channel through which fina..
Inkoo Lee et al. Date 2007.10.30
Economic development, Financial liberalizationDownloadContentI. Introduction
II. The Empirical Model
1. The Benchmark Regression Model
2. The Alternative Model
3. Data
III. The Results
1. Financial Liberalization and Crises
2. Financial Liberalization and Economic Growth
3. Financial Liberalization, Crises and Economic Growth
4. Financial Liberalization, Crises and Interest Rates
IV. Conclusions
References
AppendixSummaryIt has been widely recognized that financial liberalization plays an important role in economic development. Although an expanding body of literature has documented this effect across space and time, the channel through which financial liberalization affects the economic growth remains unclear. This paper employs probit and panel regressions to show that financial liberalization is positively associated with economic growth, with the (positive) direct liberalization effect dominating the (negative) indirect crisis effect. Financial liberalization is expected to increase GDP growth by 0.92 percentage point in the whole sample and by 0.99 percentage point in crisis experienced countries, respectively. Financial liberalization contributes to economic growth even when the sample is restricted to countries that experienced financial crises. (The rest is omitted.) -
Korea-China FTA: Antidumping
Since China promulgated antidumping regulations in 1997, the number of Chinese antidumping investigations has continued to rise. Among the investigations, Korea is a major antidumping target. As the balance of trade between the tw..
Jione Jung et al. Date 2007.08.10
Anti-dumping systemDownloadContentSummarySince China promulgated antidumping regulations in 1997, the number of Chinese antidumping investigations has continued to rise. Among the investigations, Korea is a major antidumping target. As the balance of trade between the two countries becomes increasingly disproportionate, China has actively utilized antidumping regulations to protect its industries. Korea is very likely to bring antidumping issues to the table once the bilateral free trade negotiations between the two countries begin. (The rest is omitted.) -
A Review of China's Performance in the WTO-A Five Year: Changes in China's International Economic Policy
December 11, 2006 marks the fifth anniversary of China's entry into the WTO. Since becoming a member of the WTO, China has made various strategic changes in its trade, foreign investment, overseas investment and regional cooperati..
Pyoung Seob Yang et al. Date 2007.07.30
Economic cooperation, Trade policyDownloadContentSummaryDecember 11, 2006 marks the fifth anniversary of China's entry into the WTO. Since becoming a member of the WTO, China has made various strategic changes in its trade, foreign investment, overseas investment and regional cooperation policies. Such developments have influenced the investment environment in China and brought about many changes in the economic relations between Korea and China, especially in terms of trade. (The rest is omitted.) -
Restructuring and Competitiveness of Metropolitan Regions in Northeast Asia
Large city-regions are becoming a leading force for the national economies as globalization deepens Increased intra-regional trade, capital and people movements within Northeast Asia due to economic liberalization as well as the r..
Won Bae Kim et al. Date 2007.06.30
Economic development, Economic integrationDownloadContentSummaryLarge city-regions are becoming a leading force for the national economies as globalization deepens Increased intra-regional trade, capital and people movements within Northeast Asia due to economic liberalization as well as the rise of China are considered to intensify inter-city competition and cooperation. Given this background, this report attempts at finding out how the selected metropolitan economies have evolved, how regional competitiveness has changed over time by what factors through a comparative analysis. (The rest is omitted.) -
Determinants of Intra-FDI Inflows in East Asia: Does Regional Economic Integration Affect Intra-FDI?
This paper analyzes the validity of macroeconomic variables, such as exchange rate uncertainty, macroeconomic instability, and openness, in determining intra-FDI inflows in the ASEAN countries, China, Japan, and Korea. (The rest i..
Jung Sik Kim et al. Date 2007.06.15
Economic cooperation, Foreign direct investmentDownloadContentI. Introduction
II. Determinants of FDI and Economic Integration
III. Intra-FDI Inflows in East Asia
IV. Determinants of Intra-FDI Inflows in East Asia
1. Model
2. Methodology and Data
3. Results
V. Conclusion
References
AppendixSummaryThis paper analyzes the validity of macroeconomic variables, such as exchange rate uncertainty, macroeconomic instability, and openness, in determining intra-FDI inflows in the ASEAN countries, China, Japan, and Korea. (The rest is omitted.) -
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