Policy Analyses
Publications
Policy Analyses
-
Natural Resources, Governance, and Economic Growth in Africa
Contrary to conventional thoughts, development economists have provided solid evidence that abundance in natural resources has worked as a curse for economic growth. This finding is shortly called 'resource curse hypothesis'. (The..
Bokyeong Park et al. Date 2005.08.10
economic developmentDownloadContentExecutive Summary
I. Introduction
II. Literature Review
1. Natural Resources and Economic Growth
2. Governance and Economic Growth
III. How Do Natural Resources Affect Governance in Africa?
IV. Data and Method
1. Data Description
2. Method
V. Empirical Results
1. Natural Resource and Economic Growth
2. Channels of Resource Curse to Economic Growth
VI. Conclusion
Appendix: Data and Sources
ReferencesSummaryContrary to conventional thoughts, development economists have provided solid evidence that abundance in natural resources has worked as a curse for economic growth. This finding is shortly called 'resource curse hypothesis'. (The rest is omitted.)< -
-
Product Collaboration of Manufacturing Industries in East Asia: Policy Implications on Korea's FTA Strategy
In East Asia, efforts to integrate the regional economy were blocked by several factors including political power games, security balancing, unsettled historical grievance, and different developmental stages. However, the painful ..
Jung Sil Kang Date 2005.07.10
economic integration, trade policyDownloadContentSummaryIn East Asia, efforts to integrate the regional economy were blocked by several factors including political power games, security balancing, unsettled historical grievance, and different developmental stages. However, the painful economic crisis in 1997 brought up the need for deeper economic integration within the region. Recently FTAs are on the rise in East Asia as an alternative for the multilateral trading system. (The rest is omitted.)< -
Did Efficiency Improve? Megamergers in the Japanese Banking Sector
This paper examines the technical efficiency implications of Japanese city banks to evaluate their pre- and post-consolidation efficiency. Using a sample from the period of 1999 to 2003, we consider questions such as whether effic..
Kimie Harada Date 2005.06.10
capital marketDownloadContentExecutive Summary
I. Introduction
II. Brief Literature Review
1. Financial Consolidation outside Japan
2. Financial Consolidation in Japan
3. Efficiency of Banks
III. Recent Changes in Japanese Bank Consolidation
IV. The Non-parametric Methodology
1. Efficiency Measurement Concept
2. Data Envelope Analysis
3. The Data
V. Estimation Results
1. Estimation Results
2. Remaining Issues
VI. Conclusions
SummaryThis paper examines the technical efficiency implications of Japanese city banks to evaluate their pre- and post-consolidation efficiency. Using a sample from the period of 1999 to 2003, we consider questions such as whether efficiency improved after consolidation and whether consolidation of two weak banks created a strong bank. (The rest is omitted.)< -
Measuring the Efficiency of Banks: Successful Mergers in the Korean Banking Sector
This paper investigates how the Korean banking sector has published reform, with a focus on mergers and acquisitions of banks. It examines the technical efficiency implications of Korean banks to evaluate their pre- and post-conso..
Kimie Harada Date 2005.06.10
capital marketDownloadContentExecutive Summary
I. Introduction
II. Banking System and Related Literature
1. Bank Consolidations
2. Related Literature in the Banking Sector
3. Hypotheses
4. Related Literature on Bank Consolidation
III. The Non-parametric Methodology
1. Efficiency Measurement Concept
2. Data Envelope Analysis
3. The Data and Specification of Bank Production
IV. Estimation Results
V. Conclusions
SummaryThis paper investigates how the Korean banking sector has published reform, with a focus on mergers and acquisitions of banks. It examines the technical efficiency implications of Korean banks to evaluate their pre- and post-consolidation efficiency. (The rest is omitted.)< -
A Study on Russia's Soviet-era Ruble-denominated Claims to Developing Countries and Their Treatments
This study deals with various issues related to the treatment of Russia's Soviet-era Ruble-denominated claims to developing countries. When the former Soviet Union broke up in 1992, Russian Federation succeeded with all external c..
Hyoungsoo Zang et al. Date 2005.06.05
economic cooperationDownloadContent없음.SummaryThis study deals with various issues related to the treatment of Russia's Soviet-era Ruble-denominated claims to developing countries. When the former Soviet Union broke up in 1992, Russian Federation succeeded with all external claims as well as external debts of the former Soviet Union. Russia's Soviet-era credits rendered to quite a few developing countries were largely military-related loans and mostly denominated in "Soviet" Ruble. The exchange rate between Soviet Ruble and US dollar used in original loan contracts committed before 1992 was unrealistically set high at 0.6 Soviet Ruble per US dollar, so the repayment burden of the Soviet-era Ruble denominated debts converted into US dollars using the exchange rate would be enormous and obviously unacceptable to developing poor debtor countries.<
Besides the exchange rate issue, most of debtor countries are poor developing countries with heavy debt burden, sometimes unsustainable, and so many of those countries have actually approached the Paris Club for debt relief. According to the Memorandum of Understanding (MOU) between Russia and the Paris Club member countries signed at September 17, 1997, the new member to the Club, Russian Federation, has agreed to give upfront discount of 70 to 80 percent of its all Soviet-era Ruble-denominated claims to developing countries, including interest arrears, before applying the standard terms of debt treatments in the context of Paris Club debt restructuring. Instead, Russia's claims would be converted into US dollar by using the contracted exchange rate of 0.6 Soviet Ruble per US dollar.
This study analyzed the cases of eighteen countries that have gone through bilateral debt negotiations with Russian Federation on the treatment of Soviet-era Ruble-denominated debts. Ten of these countries have been eligible for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative under the auspices of the International Monetary Fund and the World Bank. Under the Initiative, an HIPC country that has successfully undergone IMF-supported reform programs is expected to receive debt relief under Cologne terms of more than 90 percent cancellation in net present value terms of debts contracted before the country-specific cut-off date. Russian Federation, as a member of the Paris Club, is also required to provide comparable treatment in the process of reaching bilateral agreement with HIPC countries. These HIPC countries are, as of November 2004, Ethiopia, Mali, Mozambique, Nicaragua, Madagascar, Tanzania, Zambia, Guinea, Guinea-Bissau, and São Tomé Principe.
On the other hand, the Soviet-era Ruble-denominated debts owed by non-HIPC countries, which have already approached the Paris Club at least once, may not be qualified for the Initiative's debt relief under Cologne terms. But the MOU on the Soviet-era Ruble-denominated debt treatment would be applied in default. The six non-HIPC countries covered in this study are Vietnam, Yemen, Cambodia, Iraq, Angola and Algeria.
The last group of countries that do not yet have experience in debt restructuring with the Paris Club would need to make bilateral negotiations with Russia on identifying the amount, maturities, and other terms of debts, the conversion rate of Soviet Ruble into US dollars, the cancellation rate applied, etc. This study reviewed the cases of Lao People's Democratic Republic and Mongolia.
Having reviewed various cases of bilateral debt negotiations between Russian Federation and developing countries on the treatment of Soviet-era Ruble-denominated debts, this study has cautiously touched the North Korean case. As South Korea currently has claims to Russia of about 1.6 billion dollars, Russia has continuously proposed that South Korean claims to Russia would be exchanged in an appropriate way with Russian claims to North Korea to end up with South Korean claims to North Korea. In order to assess the economics of the debt exchange scenario, one needs to solve potential problems associated with the intrinsic nature of Soviet-era Ruble-denominated debts.
According to the OECD, if the contracted exchange rate of 0.6 Soviet Ruble per US dollar were to be used, the Russian claims to North Korea at end-1993 would amount to about 6.2 billion dollars. The amount would likely to increase to a considerably higher number as of today since North Korea could not service most of principal and accumulating interest payments due to economic difficulties experienced by North Korea in the past dozen years. Should the terms and conditions concluded from the bilateral debt negotiations between Russian Federation and Lao People's Democratic Republic be applied to the North Korea case, as an explanatory example, about 75% of the 6.2 billion dollars in net present value terms would be forgiven. The forgiveness would increase to more than 90% in net present value terms if North Korea would be able to get comparable treatments under the enhanced HIPC debt initiative, which is however unlikely. This study would hopefully be able to give readers some insights on this issue of the treatments of Russia's Soviet-era Ruble-denominated Claims to North Korea. -
The Analysis of Major European Eco-labels and Their Implications for Exports
Environmental labelling may be categorized in many ways: mandatory labelling and voluntary labelling (in terms of binding degree), national environmental labelling and international labelling (in terms of scope of application), an..
Chang-in Yoon et al. Date 2005.05.30
trade policy, environmental policyDownloadContent1. Introduction
2. Eco-labels and Trade
3. Environmental Policy in the EU
4. Eco-labels in the EU, Germany and Nordic Countries
5. OECD's Study about the Effect of Eco-labels
6. Empirical Studies of the Eco-labels on Exports
7. ImplicationsSummaryEnvironmental labelling may be categorized in many ways: mandatory labelling and voluntary labelling (in terms of binding degree), national environmental labelling and international labelling (in terms of scope of application), and Process and Production Methods (PPMs) labelling and Non-Process and Production Methods labelling (in terms of PPMs). For the purpose of our study, we have divided it into three categories: the government-initiated mandatory, the government-initiated voluntary and the private-initiated voluntary environmental labelling. (The rest is omitted.)< -
The Current Status of Uzbekistan Economy and the Economic Cooperation between Korea and Uzbekistan
The strategic importance of Central Asia has grown significantly since the collapse of the Soviet Union and the end of the Cold War. Central Asia is no longer a peripheral part of the international arena, but instead occupies a st..
Jae-Young Lee et al. Date 2005.05.06
economic cooperationDownloadContent없음SummaryThe strategic importance of Central Asia has grown significantly since the collapse of the Soviet Union and the end of the Cold War. Central Asia is no longer a peripheral part of the international arena, but instead occupies a strategic core of the geopolitical system. Uzbekistan, situated in the very heart of Central Asia, not only serves as an important military or political partner but also as a potential export market and energy supplier. Therefore we should review the possibility of future cooperation with Uzbekistan. (The rest is omitted.)< -
Korea and the Dual Chinese Challenge
The economic rise of China and its integration into the globalization process is undoubtedly one of the most important developments of the past decades. The resulting change in the global balance of economic activities has far-rea..
Françoise NICOLAS Date 2005.04.30
economic integration, economic cooperationDownloadContentExecutive Summary
I. Introduction
II. The Rise of China: A Dual Challenge for Korea
1. China as a major trading partner
2. China as a competitor in third markets
3. The “huge sucking sound” from China: is it for real?
4. China's rise as a regional leader
III. Responding to the Dual Chinese Challenge
1. Re-orienting Korea firms' strategies
2. Addressing domestic economic weaknesses
3. Korea's regional strategy
IV. Summary and Conclusions
ReferencesSummaryThe economic rise of China and its integration into the globalization process is undoubtedly one of the most important developments of the past decades. The resulting change in the global balance of economic activities has far-reaching implications for the world as a whole and for neighboring emerging economies in particular, with Korea as a case in point. (The rest is omitted.)< -
Advanced Trading Nation: Korea's New Paradigm of Economic Development
Korea now needs a new development strategy, not only fit for its present economic and social conditions but also fit for the challenges of globalization. Korea has to break from the previous trade paradigm, export maximizing and i..
Nakgyoon Choi et al. Date 2005.04.15
economic opening, trade policyDownloadContentSummaryKorea now needs a new development strategy, not only fit for its present economic and social conditions but also fit for the challenges of globalization. Korea has to break from the previous trade paradigm, export maximizing and import minimizing trade combined with free riding on worldwide economic liberalization. Concurrently Korea needs to create a new paradigm based on actively taking advantage of globalization as a driving force of economic development. (The rest is omitted.)<
공공저작물 자유이용허락 표시기준 (공공누리, KOGL) 제4유형
대외경제정책연구원의 본 공공저작물은 "공공누리 제4유형 : 출처표시 + 상업적 금지 + 변경금지” 조건에 따라 이용할 수 있습니다. 저작권정책 참조