Conference Proceedings
Publications
Conference Proceedings
-
Resilience of Faith: Post-Covid Religious Trends and the Effect of Ecclesiastical Policy in the United States
This paper delves into the impact of the Covid-19 pandemic and related policies on religious attendance, with a particular focus on Catholic church attendance in the United States. The study utilizes smartphone location data from ..
Angela Cools et al. Date 2023.12.29
economic outlook, public healthDownloadContentExecutive Summary1. Introduction2. Background: The US Catholic Church and Dispensations3. Data4. Foot Traffic Trends5. Religious Policies and Church Attendance6. Robustness and Placebo Tests7. ConclusionReferencesTables and FiguresAppendix Tables and FiguresAppendix B: Classifying Religious OrganizationsSummary<This paper delves into the impact of the Covid-19 pandemic and related policies on religious attendance, with a particular focus on Catholic church attendance in the United States. The study utilizes smartphone location data from SafeGraph Inc. to track weekly religious attendance trends from 2019 through the end of 2022. This approach offers a comprehensive analysis of how attendance patterns evolved during the pandemic. Notably, the study leverages two distinctive features of the Catholic Church: its division into 175 U.S. territorial dioceses, each overseen by a bishop, and the requirement for members to attend Sunday Mass.The study reveals several significant findings. Firstly, it highlights the dramatic decline in religious service attendance following the outbreak of Covid-19. In comparison to 2019 attendance levels, Catholic church visits lagged behind restaurants and other religious institutions throughout 2020 and 2021. However, by 2022, both Catholic and non-Catholic religious attendance had rebounded, returning to approximately 90% of their 2019 levels by October 2022.Secondly, the paper explores the impact of religious policies, focusing on the lifting of dispensations that temporarily exempted Catholics from the requirement to attend Sunday Mass during the pandemic. The study uncovers that dispensation lifting resulted in a 4 percentage point increase in weekend church attendance compared to the 2019 baseline. Notably, this boost was short-lived, lasting for only six weeks following the lifting of dispensations. It's worth mentioning that the effect of lifting dispensations was smaller in magnitude compared to the impact of church reopenings, which were associated with a 6 to 10 percentage point increase in attendance.Thirdly, the study emphasizes the lack of a significant correlation between the lifting of dispensations and changes in visits to non-Catholic religious institutions or restaurants. This suggests that the impact of dispensation lifting on church attendance was independent of other reopening events.In the broader context, this paper contributes to the understanding of religious practice in the face of adverse events, such as natural disasters or economic crises. It distinguishes itself by using actual behavioral data, offering high-frequency insights into the dynamics of religious practice, and benefiting from a large sample size. Additionally, the study sheds light on the impact of religious policies on individual behavior, particularly through the novel exogenous variation introduced by the lifting of dispensations in U.S. Catholic dioceses.Furthermore, this research aligns with the broader body of literature on the effects of social distancing measures on mobility patterns. It contributes valuable insights into mobility within religious institutions, contrasting it with mobility trends in restaurants and bars. -
Developing an International Macroeconomic Forecasting Model Based on Big Data
The economic uncertainties arising from recent global inflation and the Covid-19 pandemic have significantly amplified the importance of accuracy and timeliness in macroeconomic forecasts. To enhance the predictive abilities of mo..
Yaein Baek et al. Date 2023.12.29
economic growth, economic outlookDownloadContentSummary<The economic uncertainties arising from recent global inflation and the Covid-19 pandemic have significantly amplified the importance of accuracy and timeliness in macroeconomic forecasts. To enhance the predictive abilities of models, harnessing all potentially relevant information is crucial. The advent of big data has spurred active exploration in economic forecasting research, leveraging additional data dimensions. Notably, text data such as online searches and news articles are widely employed to extract sentiments of economic agents, thereby monitoring economic and financial conditions. Additionally, machine learning has emerged as a pivotal tool in macroeconomic forecasting because it efficiently processes and analyzes big data. Given the potential benefits of big data for forecasting and the ongoing development of new methodologies, a collective analysis of forecasts based on big data and traditional macroeconomic models is essential. In this study, we analyze the predictive ability of short-term GDP growth rate forecasts based on big data against those generated by traditional statistical and structural macroeconomic models. Given the contrasting characteristics between big data-based forecasting models and structural models, we comprehensively analyze the results of each model and discuss implications for future economic forecasting research.This study largely consists of four parts. In Chapter 2, we utilize a small open economy dynamic stochastic general equilibrium model (SOE-DSGE) to forecast Korea’s GDP growth. This theoretical model serves as a benchmark for comparing against big data-based forecasts. Using a Bayesian framework, the model examines the impacts of various shocks, such as those related to total factor productivity, government spending, monetary policy, foreign demand, and foreign monetary policy. The findings reveal that the response of model variables to external shocks align with real-world outcomes. One of the strengths of the SOE-DSGE model is that it explicitly includes structural shocks, allowing us to analyze not only forecasts but also the effects of economic policies. However, a limitation is its inability to fully leverage available data due to inherent model constraints.In Chapter 3, we estimate machine learning and traditional econometric models based on a large set of macroeconomic and financial indicators to obtain forecasts of GDP growth in the United States and South Korea. We consider machine learning methods that have shown good predictive performance in previous studies, such as random forests, XGBoost, LSTM, and hybrid methods. For conventional econometric models, we employ the autoregressive model (AR) as a benchmark, along with the Dynamic Factor Model (DFM) and the Diffusion Index Model, both capable of utilizing a large number of predictors. The findings underscore the positive impact of utilizing big data on enhancing the predictive ability of GDP growth forecasts, particularly through machine learning. In the case of the U.S., machine learning outperforms econometric models, reducing forecast errors by up to 34% (measured by RMSE) compared to the AR model at a one-quarter forecast horizon. Although many of these improvements lack statistical significance, machine learning exhibits significant forecasting performance one quarter ahead when excluding periods of financial crises. For South Korea, the performance of machine learning in GDP forecasting is not as pronounced as in the U.S., but improvements have been evident since the 2000s. Unlike in the U.S., both machine learning and the DFM exhibit similar predictive abilities, notably performing well during financial crises periods. Consequently, it’s crucial to note that the forecast performance of machine learning models using big data may vary based on factors such as the country, forecast horizon, time period, and sample size.In Chapter 4, we classify Naver search data as unstructured and employ dynamic model averaging and selection (DMA and DMS) to predict South Korea’s GDP growth rate. Utilizing eight widely accepted macro-financial indicators as predictors of GDP growth, we create a search index by standardizing the search volume of Naver terms linked to each variable. Based on the idea that online search data is useful for selecting the most influential predictors of economic growth at specific junctures, we integrate the Naver search index as the selection probability of the dynamic model. Our findings reveal that DMA and DMS incorporating the search index, exhibit significantly superior forecasting abilities compared to AR, and also outperforms the OLS employing the same predictors. Moreover, while forecasting models typically exhibit regression towards the mean, DMA and DMS excel in predicting turning points in GDP growth, making them useful for predicting economic fluctuations.Chapter 5 synthesizes findings from preceding chapters and compares forecasts for Korea, offering insights into future economic forecasting research. Firstly, our results affirm that employing big data enhances the accuracy of economic growth forecasts, which is consistent with the expectation that a richer dataset can unveil important additional information. Secondly, it is necessary to construct a comprehensive macroeconomic database by sourcing information from diverse channels. Our findings show that forecasts integrating the Naver Search Index demonstrate proficiency in predicting sharp fluctuations in economic growth compared to forecasts reliant solely on structured data, indicating the timeliness of online search data in reflecting real-time consumer economic sentiment. This highlights its utility in forecasting evolving economic landscapes, capturing insights beyond existing structured datasets. Lastly, in addition to building databases, we need to innovate and explore new analytical methodologies for economic forecasting. While statistical methods utilizing numerous predictors exists and are widely used, our study reveals the relatively superior predictive performance of machine learning when applied to the same dataset. Although it is difficult to entirely replace existing forecasting models or the qualitative judgment of economists, machine learning-based economic forecasts can serve as supplementary indicators that can be used as a reference for the final forecast or the assessment of the economic landscape. -
A Study on Korea-India Shipping and Port Industry Cooperation
The purpose of this study is to propose cooperation measures in shipping and ports between Korea and India. To achieve this goal, we propose specific cooperation measures and policy tasks between the two countries. To this end, in..
Hyung-JIn Chun et al. Date 2023.12.29
economic growth, economic cooperationDownloadContentSummary<The purpose of this study is to propose cooperation measures in shipping and ports between Korea and India. To achieve this goal, we propose specific cooperation measures and policy tasks between the two countries. To this end, in Chapter 2, this study identified the cooperation environment in India’s shipping and port sectors in connection with the growth of the Indian economy. In Chapter 3, it examined India’s shipping and port policies and the current status of companies. In Chapter 4, it examined India’s shipping and port policies and the current status of companies. Shipping and port logistics infrastructure was analyzed focusing on the Chennai and Kolkata regions. In addition, Chapter 5 identified the demand for cooperation between Korea and India and proposed cooperation plans in shipping, ports, and international multimodal transportation, and Chapter 6 presented cooperation plans and demonstrations in shipping, ports, and international multimodal transportation between Korea and India based on the analysis results in Chapter 5. Promotion tasks for each project and related ministries and institutions were proposed.In Chapter 2, it was discovered that India’s shipping and ports pursued policies such as modernization of ports, expansion of connectivity, port-led industrialization, and improvement of logistics efficiency under the Modi government. Due to the rapid growth of the Indian economy, shipping volume has also increased rapidly, and the role of major ports such as JNPT and Mumbai Port has increased significantly. Indian merchant ships are small, and the shipbuilding industry is small compared to the size of the economy, so containerization is insufficient. However, there is high development potential as trade diversification expands along with economic growth in the future. If the high growth trend of the Indian economy continues, the complementary relationship between Korea and India will further expand, and the possibility of using Indian shipping and ports is higher, so a foundation for cooperation is needed.In Chapter 3, it was identified that India’s shipping and port policies are shifting to respond to India’s expanded role following the reorganization of the global supply chain. The Indian government is proposing various policies focusing on improving infrastructure related to shipping logistics, and related investments are also being made. Although companies in Indian shipping ports are small, they have ample growth potential, and the use of containers is expected to increase through logistics standardization, so there is a need to explore cooperation strategies in related fields. Accordingly, there is a high possibility of participation in port redevelopment and new port development, and it is possible to participate in terminal operation in the form of a merger with related companies.Chapter 4 shows that India’s major ports have high potential in terms of their roles and competitiveness, and that ports in the three major regions are pursuing various projects and policies to strengthen port competitiveness, such as port modernization, strengthening connectivity, and strengthening internal capabilities. Three major ports, including Navasheva Port, Paradiv Port, and Chennai Port, account for most of the container cargo. Fossil fuels are mainly handled by Dindaya Port, Mumbai Port, and Paradiv Port. Ports in India’s three major regions were evaluated to have secured transportation networks for each port in response to the rapid increase in cargo volume, improved internal infrastructure, and secured logistics networks connecting roads and railroads. In India, various projects such as port modernization, connectivity enhancement, and internal capacity building are being promoted by the central government, local governments, and individual port organizations, and the construction of additional terminals is being promoted for each port. In addition, it is important to secure complex logistics bases at each major base to improve land logistics conditions.In Chapter 5, in order to specify international cooperation in the shipping and port sectors, the demand for cooperation between Korea and India was reviewed and general areas of cooperation were proposed. For this purpose, a review of existing literature, interviews with container shipping companies, expert interviews, AHP techniques, and ODA expert inverview were utilized. Summarizing the results using this methodology, the areas that should be considered priority for cooperation between the two countries are port construction and operation. Of these, container terminal construction should be considered first, followed by cooperation on new port construction and operation. must be reviewed. Next, it is necessary to expand the customs clearance agency business into areas including multimodal transportation that can provide door-to-door transportation. Meanwhile, for ODCY and ICD, there were difficulties in purchasing land, obtaining permits, and complicated procedures when entering new markets, so it was concluded that taking over the existing system was appropriate.Chapter 6 proposes cooperation measures and pilot projects in the shipping and port sectors between Korea and India based on the results of Chapter 5. In detail, the shipping market is concerned with regular container transportation and other shipping, shipbuilding, and port construction operations. Cooperation plans and pilot projects were proposed for new port construction, existing ports, port hinterland linkage infrastructure, port hinterland logistics centers, etc., and port/ rear area complex transportation, respectively, for customs clearance agency and forwarding, trucking, ODCY, and ICD. In addition, comprehensive opinions on cooperation measures and pilot projects in the shipping and port sectors between Korea and India were described, and policy tasks for each relevant ministry were proposed based on the above policy proposals. In addition, implications for the advancement of related businesses such as construction and transportation operators in transportation infrastructure such as port infrastructure, roads, and railroads were described. -
Industrial Policy, Rise of Skilled Labor, and Firm Growth in the Early Stage of Economic Development
This paper examines the role of education policy in raising specific human capital for industrialization during the period of economic miracle in Korea. As part of the Heavy and Chemical Industry (HCI) drive, the Korean gov-ernmen..
Sunghun Cho et al. Date 2023.12.15
economic growth, industrial policyDownloadContentSummary<This paper examines the role of education policy in raising specific human capital for industrialization during the period of economic miracle in Korea. As part of the Heavy and Chemical Industry (HCI) drive, the Korean gov-ernment built technical schools near industrial complexes, resulting in a prompt supply of skilled labor. With practical curricula and training, young and skilled workers were able to enter the new sector. We also document these two patterns by using the Technical School List and the Occupational Wage survey. This government-led education reform led to higher firm-level productivity and growth, which is one of the important aspects explaining the success of the industrial policy.Motivated by historical evidence, we combine the administrative Mining and Manufacturing survey with the Technical School List to study the effec-tiveness of industry-oriented education reform. We incorporate an education layer into the targeted industries under the HCI drive by exploiting the varia-tion in technical school openings at the county level.Our results show that plants in treated regions tend to employ and invest more than those in control regions, but value-added and labor productivity are negatively correlated with our interaction terms. This implies that firms in HCI sectors experienced disproportionate growth and should pay higher on-the-job costs for workers while education reform may reduce the overall cost of hiring industry-specific labor. In contrast, non-HCI sector firms ex-hibit a positive correlation with value added and labor productivity. These firms might benefit from the education reform that improved overall quality of skilled workers. Lastly, the effect of education reform was concentrated before the end of the HCI drive period and did not persist after 1980.In the era of emerging industrial policy, our paper presents a new mecha-nism that encourages more workers to enter a new sector targeted by gov-ernment-led plans. Our results serve as a starting point for re-evaluating con-temporary industrial policy and underscore the need to consider this addi-tional layer in future policy design. -
Analysis on Digital Policy and Regulations: Based on the Digital Policy Alert Database
Digital policies and regulations are changing rapidly in advanced and major emerging economies. Based on the newly built Digital Policy Alert data, we found 3,876 changes in digital policies and regulations in major countries such..
Ji Hyeon Kim Date 2023.12.11
E-trade, electronic commerceDownloadContentSummary<Digital policies and regulations are changing rapidly in advanced and major emerging economies. Based on the newly built Digital Policy Alert data, we found 3,876 changes in digital policies and regulations in major countries such as US, EU, China, and India. This is the result of governments’ efforts to embrace the digital age and create a fair and stable digital economy. However, we do not have an accurate understanding of digital policies and regulations’ content around the world. This report aims to provide policy implications for our government’s policy making by objectively analyzing the international trends and status of digital policies and regulations and reducing uncertainty about foreign countries.Digital trade, which is the trade of goods and services through digital means, has increased worldwide due to the development of digital technology. It can be divided into Business-to-Customer(B2C) and Business-to-Business(B2B) trade. By 2023 B2C trade is expected to reach $6 trillion and B2B trade $24.4 trillion. Asia, in particular, accounts for a large share of digital trade, accounting for more than 50% of the world’s B2C trade and on average 78% of B2B trade in 2022. Korea’s digital trade in goods is also expanding, and the proportion of its exports to China and Japan is decreasing while that to Europe is increasing.According to existing data, such as that from the OECD and EUI, the level of restrictions on digital services trade around the world is generally increasing. If we look at the regulatory environment of digital trade more broadly, there are many restrictive measures, but the level of restriction is not very high. Specifically, the level of openness in e-commerce and intellectual property rights have increased. On the other hand, the level of restriction in infrastructure and connectivity, or data is the highest. The level of restriction in other areas, which includes online advertising ban, local presence requirements, is also increasing. By region, Europe and North America have the most open regulatory environment, while Central Asia and South Asia have the most restrictive regulatory environment. East Asia-Pacific’s regulatory environment is more restrictive than the global average.By country, open economies such as Canada, US, Australia, or small countries such as Dominican Republic and Costa Rica, have lower levels of restriction on digital services trade. In contrast, relatively closed emerging economies such as Kazakhstan, Russia, Saudi Arabia, and India have higher levels of restriction on digital services trade. China, Russia, India have more restrictive measures on data transfer, and local data storage and processing than other major countries, and they also take discriminatory measures on communications business licenses and e-commerce. US is the most open to data transfer, while Europe and Japan transfer data conditionally.According to the Digital Policy Alert, data governance and competition account for the largest share of digital policy and regulatory changes worldwide. The main policy instruments for data governance are data protection, cybersecurity, cross-border data flows, and for competition, unilateral conduct regulation, merger review. Recently, the proportion of other business conditions, and registration and licensing have increased. Their instruments, algorithm design and technical standards for other business conditions, product or service licensing for registration and licensing have became increasingly important. In the policy area of content, changes have increased in user speech rights. In international trade, we see changes in measures such as bilateral and regional agreements and export/import bans. Foreign direct investment and tax are also changing actively.The top 10 countries with the most digital policy changes are US, EU, UK, China, India, Australia, Korea, Japan, Russia, and Canada. Their digital policy changes focus on personal information and information protection, and they also have policies for emerging industries such as AI and crypto assets. Notably, US has more regulations under discussion than adopted or implemented. China and India have relatively more data localization requirements than other countries. Russia has many content-related policy changes, while China and US are active in the registration and licensing area.Other business conditions, registration and licensing are policy areas which have recently gained attention in digital policy and regulation. Among them, algorithm design and technical standards (other business conditions), product or service authorization (licensing and registration) are mainly used as policy tools. The aforementioned top 10 countries are seeking cooperation for standardization work concerning new industries such as AI. When it comes to crypto assets, countries adopt rather opposite policies depending on their perspective.Korea’s level of regulatory restriction on digital services trade is lower than that of East Asia-Pacific, but it is higher than the global average. Korea’s digital services trade regulations are becoming more similar to Germany and less similar to China. In terms of digital policies and regulations, Korea is discussing various digital policies such as data protection, unilateral conduct regulation etc.In conclusion, first, Korea follows the international trend in terms of policy changes in areas such as data governance, other business conditions, competition, but more active discussion on content is needed. Second, international standardization discussions are actively taking place. Korea should be more strategic and base its discussion on the cooperation status of other countries. Third, considering Digital Policy Alert with other existing data will provide a comprehensive picture of digital policies and regulations. Finally, collecting digital policies and regulations by ourselves would be a first step to respond more accurately to changes in digital policy regulation. -
Reforming Incentive Policies to Increase FDI in Korea’s Strategic Industries
Foreign direct investment(FDI) in Korea remains at a lower level compared to that of major countries, although the amount of FDI in Korea in 2022 on notification basis exceeded 30 billion USD for the first time in history. And maj..
June Dong Kim et al. Date 2023.12.08
subsidy, foreign direct investmentDownloadContentSummary<Foreign direct investment(FDI) in Korea remains at a lower level compared to that of major countries, although the amount of FDI in Korea in 2022 on notification basis exceeded 30 billion USD for the first time in history. And major advanced countries have recently expanded investment incentives to strategic industries such as semiconductors and secondary batteries. Therefore, we need to make a landmark transformation of our FDI incentive policies. In this regard, this study first took a look at the recent trends of FDI in Korea and reviewed the incentive systems for attracting strategic investment in major countries such as the U.S., the EU, Japan, and China. And then it attempted to present policy directions for reforming incentive systems to attract strategic investment to Korea. In particular, it aimed to present the improvement of the cash incentive system as well as the use of specialized complexes for advanced industries and specialized zones for equal opportunity development.First, by looking at the recent trends of FDI into Korea (2010~2022), there are more FDI from advanced countries and tax haven countries such as U.S.A., Japan, Singapore, Malta, Netherland than from others. Also, we found more FDI in services industry than in manufacturing industry. Finally, there were more greenfield FDI than M&As.Next, we investigated recent incentive systems to attract investment in strategic industries in some key countries. These include the CHIPS and Science Act along with the Inflation Reduction Act of the U.S., and the European New Investment Strategy, InvestEU Program, and European Chips Act in the EU. We also analyzed Japan’s Direct Investment Promotion Strategy toward Japan, Promotion Act of 5G, Semiconductor Fund, and Green Innovation Fund, as well as China’s FDI expansion policy in the manufacturing sector. From this investigation, we confirmed that major countries (ⅰ) operate investment incentive systems without any discrimination between foreign and domestic firms, (ⅱ) provide large amounts of investment subsidies, and (ⅲ) have formed a social consensus that large-scale assistance is necessary to attract investment in strategic industries.Based on these characteristics in major countries, we presented the improvement of cash assistance system as well as the use of specialized complexes for cutting-edge industries and equal opportunity development special zones as policy directions for reforming incentives to attract investment in domestic strategic industries. More specifically, in the case of improving the cash subsidy system, we found that the following measures are necessary; (ⅰ) increasing the budget available for cash subsidies, (ⅱ) increasing the R&D subsidy expenditures in the aspect of software, (ⅲ) and calculating the amount for cash assistance taking into account the quality of employment, not to mention the effect of job creation. Finally, we presented a plan for linking specialized complexes for cutting-edge industries and special zones for equal opportunity development in order to provide unprecedented support for the large-scale investments in strategic industries. -
Impact of Temporary Trade Barriers within APEC: Evidence from Korea
This study uses a detailed product-level data to examine the trade deflection of Korean exports as a result of antidumping (AD) duty impositions. Given that APEC economies account for a large share of Korean exports and AD duty im..
Seungrae Lee Date 2023.11.30
APEC, anti-dumping systemDownloadContentExecutive SummaryI. IntroductionII. U.S. and Chinese AD cases on KoreaⅢ. Estimation strategy and DataⅣ. Estimation ResultsV. ConclusionReferencesAppendixSummaryThis study uses a detailed product-level data to examine the trade deflection of Korean exports as a result of antidumping (AD) duty impositions. Given that APEC economies account for a large share of Korean exports and AD duty impositions on Korean exports, especially by the U.S. and China, this study focuses on the deflection of Korean export to APEC economies following the imposition of AD duties by the U.S. and China. This study finds robust evidence of Korean export deflection within APEC as a result of the imposition of AD duties by the U.S. and China. Moreover, intra-APEC trade deflection is associated with the type of products involved in the AD duty orders. U.S. AD duties have an impact on the export deflection of intermediate products, while Chinese AD duties have an impact on final products, towards APEC economies.< -
Analysis on Low-carbon Policies of Major Sub-Saharan African Counties and Cooperation in Clean Energy Sector
This study analyzed the policies and current challenges in the decarbonization sector, renewable energy sector and the critical minerals sector of Sub- Saharan African(SSA) regions, as well as the market entry status and strategie..
Sungkyu Lee et al. Date 2023.11.29
economic cooperation, energy industryDownloadContentSummary<This study analyzed the policies and current challenges in the decarbonization sector, renewable energy sector and the critical minerals sector of Sub- Saharan African(SSA) regions, as well as the market entry status and strategies of major countries. Through such analysis, recommendations were presented at both government and corporate levels for the enhancement of cooperation in the decarbonization, renewable energy and critical minerals sectors among SSA region.At the government level, it is necessary to share policy implementation experiences and participate in multilateral decarbonization cooperative projects in each sector. At the corporate level, it is crucial to develop and implement cooperative projects that can contribute to fostering the renewable energy industry and job creation in SSA region. Furthermore, considering the elevated investment risks, it would be need to explore joint market entry with foreign companies from countries like Europe, United States, China and others that have extensive experience in market entry. In particular, in the critical minerals sector, it is necessary to expand both concessional and non-concessional support for partner countries, strengthen resource diplomacy, strategically utilize mineral security partnerships, and, in the mid-long term, increase support for credit, guarantees and insurance to facilitate the expansion of investment and market entry. -
Analysis of WTO Discipline on Services Domestic Regulations and Its Policy Implications
On December 2, 2021, seventy WTO members announced the successful conclusion of the negotiations within the Joint Initiative on Services Domestic Regulation. The participants acknowledged the conclusion of negotiations on the Refe..
June Dong Kim et al. Date 2023.11.24
regulatory reform, trade policyDownloadContentSummary<On December 2, 2021, seventy WTO members announced the successful conclusion of the negotiations within the Joint Initiative on Services Domestic Regulation. The participants acknowledged the conclusion of negotiations on the Reference Paper on Services Domestic Regulation. As of September 2023, the participants are currently in the process of WTO certification by integrating the disciplines outlined in the Reference Paper as additional commitments in their GATS schedules. After this process is completed, these plurilateral agreements will come into effect.This study aimed to analyze the contents of each article of WTO Services Domestic Regulation, and to present standards for compatibility of domestic regulations with this discipline. Additionally, this study identified domestic best practices related to each article to present how to implement this discipline domestically. In other words, the study presented the general guidelines and detailed checking guides that each official in charge of those domestic regulations should be aware of.First, in analyzing each article of WTO Disciplines on Services Domestic Regulations, we reviewed their meanings and then identified major matters to be checked and addressed. Subsequently, we analyzed our cases for implementation of the relevant legislations.Next, we outlined the likely economic impacts based on prior research that estimated tariff equivalents of domestic regulations on services. By implementing the WTO Disciplines on Services Domestic Regulations, we can anticipate (i) an increase in consumer welfare (ii) a boost in foreign direct investment due to the improvement of domestic business environment from enhancement of transparency and predictability of domestic regulations (iii) enhanced competitiveness of domestic firms (iv) improved economy-wide productivity by employing efficient services as inputs, and (v) facilitated outbound activities of domestic firms through improved overseas business environment as a result of the implementation of these Disciplines by other WTO members.This study has policy implications as it offers comprehensive guidelines and checklists that every government ministry responsible for domestic regulations. This will prepare them for the implementation of the WTO Disciplines on Services Domestic Regulations after its certification process is complete. -
Environmental Non-tariff Measures and Trade in APEC member economies
This study examines how environmental nontariff measures (NTMs) affect trade in Asia-Pacific Economic Cooperation (APEC) member economies. Using product-level panel data spanning 2009–2020, we find that stringent environmental NTM..
Hea-Jung Hyun Date 2023.11.20
APEC, international tradeDownloadContentExecutive SummaryI. IntroductionII. Environmental NTMs and Trade Patterns in APEC RegionIII. Theoretical Background and Empirical ModelⅣ. Data and Measurement of Environmental NTMsV. Empirical ResultⅥ. Conclusion and Policy ImplicationReferencesAppendixSummary<This study examines how environmental nontariff measures (NTMs) affect trade in Asia-Pacific Economic Cooperation (APEC) member economies. Using product-level panel data spanning 2009–2020, we find that stringent environmental NTMs reduce trade in APEC member economies, whereas no significant effect exists when exporting is destined to non-APEC economies. The trade-impeding effect of NTMs is prominent in exports of dirty goods from economies with high-intensity greenhouse gas emissions through additional adaptation costs to meet environmental standards set by high-income importing countries with the high-intensity imposition of the measure. Results imply that APEC economies need to enhance effective environmental regulations by taking the heterogeneous effects of NTMs on trade across industries and types of measures into account.
공공저작물 자유이용허락 표시기준 (공공누리, KOGL) 제4유형
대외경제정책연구원의 본 공공저작물은 "공공누리 제4유형 : 출처표시 + 상업적 금지 + 변경금지” 조건에 따라 이용할 수 있습니다. 저작권정책 참조