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Policy Analyses
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German Economy after Unification - Fact, Prospects and Implications for Korea
This paper tries to briefly examine the German experiences with unification, especially the integration of two different economic systems and derive implications for the coming reunification of the two countries in the Korean peni..
Date 1993.06.01
Economic outlook, Political economyDownloadContentContents I . Introduction II . Current Performances and Prospects of the German Economy 1. Main Economic Indicators 2. Review of Main Economic Policy Measures (1) Trends in Transfer Payments to the East Germany (2) Current Developments in the Labor Market (3) Monetary Policy by the Deutsche Bundesbank 3. Activities of the Treuhandanstalt III. Transformation Process of the East German Economy 1. A Simple Model of System Transformation-The East German Case 2. The German Monetary Union Revisited IV. Implications for Korean Unification V. Summary and Conclusions 〈References〉SummaryThis paper tries to briefly examine the German experiences with unification, especially the integration of two different economic systems and derive implications for the coming reunification of the two countries in the Korean peninsula. It is organized as follows. In section 2, current economic performances and future prospects of the united German economy are discussed, and main economic policy measures practiced after GEMSU are reviewed. Here, also, the activities of the Treuhandanstalt, which is a government trust engaged in privatizing the formerly state-owned properties, will be introduced. Section 3 presents a simple model of system transformation that is developed based on the German experiences and could be used for the Korean case. Here, the effects on the integration process of GEMSU will be discussed briefly. In Section 4, implications on the Korean unification of German experiences with unification will be derived based upon the discussions so far. The paper ends with a summary of results and concluding remarks in section 5. -
EC Integration, and Changes in the Korean Export Structure
The European Community (EC), which completely integrated from 1985 to 1992, is preparing to become the largest single international market.If the EC intra-market is liberalized, other countries, including Korea, will make profit. ..
Chung-Ki Min Date 1993.05.29
Economic integration, Trade structureDownloadContentSummaryThe European Community (EC), which completely integrated from 1985 to 1992, is preparing to become the largest single international market.
If the EC intra-market is liberalized, other countries, including Korea, will make profit. However, there is expected to be fierce competition between countries that are part of the EC and the rest of the world, as the EC integration will benefit member countries before transferring profits to other regions. Non-member countries have argued that EC integration may encourage Europe to fortify, so they have sought strategic ways to advance into the EC market. However, Korea has only taken basic countermeasures toward EC market integration.
Accordingly, this study analyzes Korea's exports to the EU and predicts the effects of market integration on the Korean economy. -
Rules of Origin in South-North Korea Trade
Hong-Yul Han Date 1993.05.25
Economic relations, North Korean economy -
Changes in China's Import Structure, and the Mode of Future Sino-Korean Trade
This study focuses on estimating the extent to which Korea contributes to the Chinese market, with the following findings. Since China adopted reform and open door policy in 1978, the amount of trade has increased drastically, acc..
Young-Rok Cheong Date 1993.05.24
Trade structureDownloadContentSummaryThis study focuses on estimating the extent to which Korea contributes to the Chinese market, with the following findings.
Since China adopted reform and open door policy in 1978, the amount of trade has increased drastically, accounting for 36.8 percent of total trade. This shows that the Chinese economy relies heavily on overseas trade. Chinese trade policy has recently undergone extensive internal changes attempting to open the market gradually for China's GATT accession and to improve the system transparently.
However, it is estimated that Chinese trade policy is still relatively complicated and access to the Chinese market is difficult. Chinese overseas trade was seen to increase considerably since the 1980s, mainly in the direction of Asia (Hong Kong, Japan, Taiwan) and North America. China's exports have been focused on labor-intensive products and the primary industry, the products once concentrated on by Korea.
The Chinese government has a tendency to grant local governments comparative deal of autonomy in earning foreign currency while exerting considerable influence on outgoing foreign currency.
In comparison with main competing economies such as Japan, Taiwan, Hong Kong, the United States and Germany, the size of Korea's trade toward China is not so large.
According to the RCA Index, Korea has few competitive exports compared with rival countries, while it has a vantage point in terms of price competitiveness. With a treaty of amity between Korea-China, it is expected that China will be interested in the Korean heavy chemical industry, accelerating China's economic growth. -
China's Industrialization Strategy and Industrial Policy
Since 1989, China's industrial policy has taken on a new dimension. The purpose of its new industrial policy was to narrow the imbalance and inefficiency of the industrial structure by department and region. In addition, Chinese i..
Ick-Soo Kim Date 1993.05.20
Economic development, Industrial policyDownloadContentSummarySince 1989, China's industrial policy has taken on a new dimension. The purpose of its new industrial policy was to narrow the imbalance and inefficiency of the industrial structure by department and region.
In addition, Chinese industrial policy in the 1990s focused on responding exogenous shocks such as the steep growth of the emerging countries, reduced demand on overseas arms, modernization necessity of the navy and air force, and re-entry into GATT. Its industrial strategy is as follow: a strategic fosterage of leading industry in the 21st; a high degree of industrial structure through fostering technology and the information industry; improvement of industrial competitiveness and efficiency through the reorganization and systematization of enterprises; the technical revamp of conventional industry; the rationalization of industrial distribution by region through the fosterage of specialization; and enlargement foreign capital in high-tech industries. -
The Effects of Foreign Exchange Market Intervention and Its Implication on Exchange Rate Policies
Since the floating system was introduced in 1973, there has been a controversy on the effects of foreign exchange market intervention and exchange rate policies. During the mid-to late 1980s, there were a few cases of intervention..
Tae-Joon Kim Date 1993.05.11
Exchange rateDownloadContentSummarySince the floating system was introduced in 1973, there has been a controversy on the effects of foreign exchange market intervention and exchange rate policies.
During the mid-to late 1980s, there were a few cases of interventions among major currencies. The G-7 council generally coordinated these attempts. According to the Jurgensen report released by the G-7 council, 1) sterilized intervention which does not reflect the changes in the volumes currency, has a less effect on exchange rate compared with non-sterilized intervention which reflects those.
2) Sterilized intervention is effective to achieve the goal of short-term exchange rate policies. 3) However, sterilized intervention is ineffective on the long-term policy and can be offset by micro-economic policy. 4) A coordinated intervention based on agreement among country has a greater effect on foreign exchange markets compared with individual intervention.
However as the exchange rate of the yen and mark against to dollar has been appreciated since the Plaza agreement among the G-5 countries included the United States, Germany and Japan in 1985, the study on foreign exchange market intervention is in progress actively. -
The Beginning of Korea's New Economy : The Kim Administration's 100-day Plan
Jang-Hee Yoo Date 1993.05.01
Economic development, Political economyDownloadContentContents
I. Basic Scheme of the New Economy
1. New Engine of Economic Development
2. Outline of the Five-Year Plan for the New Economy
3. Purpose of the 100-Day Plan for the New Economy
II. Major Tasks and Measures of the 100-Day Plan
1. Revitalization of the Economy
2. Structural Improvement of Small-and Medium-Sized Firms
3. Promotion of Technology Development
4. Enhancing the Autonomy of Firms' Activities
5. Restructuring of the Agriculture and Fishery Sector
6. Price Stability of Necessary Goods
7. Reform in the "Way of Thinking"
III. Sharing the Burdens of Building the New Economy
1. Government's Initiative
2. Private Enterprises
3. Financial Institutions
4. Industrial Workers
5. Agricultural Workers
Summary -
Korea's New International Economic Diplomacy and Globalization Policy
The Korea Institute for International Economic Policy (KIEP) and the Asia Society of the United States co-sponsored and international seminar entitled, 'Korea's New International Economic Diplomacy and Globalization Policy', which..
Jang Won Suh Date 1993.05.01
DownloadContentSummaryThe Korea Institute for International Economic Policy (KIEP) and the Asia Society of the United States co-sponsored and international seminar entitled, 'Korea's New International Economic Diplomacy and Globalization Policy', which was held on February 19, 1993. During this conference, a number of eminent scholars from the U.S., Korea, Japan and Europe were invited to participate in an open dialogue in wihic insightful political-economic perspectives for Korea's future progress were shared. These proceeding are a collection of the lectures, papers, and formal comments made by the distinguished speakers and discussant. -
Korean Strategy for Economic Cooperation with the Former Soviet Republics
After the collapse of Soviet Union, the former Soviet Republics established the Commonwealth of Independent States (CIS). In doing so, they encountered difficulty in seeking processes for the transition to market economy and polit..
Chang Jae Lee Date 1993.04.15
Economic cooperationDownloadContentSummaryAfter the collapse of Soviet Union, the former Soviet Republics established the Commonwealth of Independent States (CIS). In doing so, they encountered difficulty in seeking processes for the transition to market economy and political independence, thus stifling any real progress in multilateral cooperation.
Despite these obstacles, the long-term prospects for Korea-Eastern Europe economic cooperation are important due to economic, political and military factors. Russia owns abundant natural resources and strong experience in military industries.
First, this paper will assess economic cooperation with the former Soviet Republics by identifying problems and the tasks needed to strengthen the economic ties between the two countries.
Furthermore, this paper will review the economic cooperation of selected countries of the former Soviet Republics, including Russia, Ukraine, Kazakhstan and Uzbekistan, by comparing the environment of economic cooperation. In the last section of this paper, strategy for economic cooperation will be discussed. -
Study on Commodity Choices for Successful Future Trading in Korea
Future trading is an engagement that trades specific items on a specific date and at a specific price. The exchange volume has consistently been on the rise with the option market. Currently about 70 future markets are established..
Cheong-Gu Cho Date 1993.04.08
DownloadContentSummaryFuture trading is an engagement that trades specific items on a specific date and at a specific price. The exchange volume has consistently been on the rise with the option market. Currently about 70 future markets are established in 26 economies, including the United States, England and Japan, and is trading about 100 products. Singapore and Hong Kong, competitors for Korea, have already established futures exchange trading in interest futures, gold futures and stock-related futures. Taiwan also is scheduled to establish a futures market.
Recently, there have been movements among the government, academia and business to establish a domestic future exchange in Korea. As it is more difficult for the Korea government to intervene in markets to stabilize prices, there is an urgent need to come up with a framework helping private groups to prepare for the risk of price fluctuation.
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