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Policy Analyses

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  • 한·중·일 3국의 FTA 비교분석과 동북아 역내국간 FTA 추진방안
    Comparative Analysis of FTA Agreements by Korea, China, and Japan, and Policy Implications for a Northeast Asia FTA

    The FTA agreement between Korea, China, and Japan has been widely discussed in various dimensions. The resumption of Korea-Japan FTA negotiations, which have been on hold since 2004, began to be resumed at the administrative level..

    Nakgyoon Choi et al. Date 2008.12.30

    Economic integration, Free trade
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    Summary
    The FTA agreement between Korea, China, and Japan has been widely discussed in various dimensions. The resumption of Korea-Japan FTA negotiations, which have been on hold since 2004, began to be resumed at the administrative level recently, while China strongly hoped to launch Korea-China FTA negotiations as soon as possible. On top of the bilateral discussions, the joint research on a Korea-China-Japan FTA has produced study results on the expected benefits from FTA negotiations. (The rest is omitted.)
  • 동아시아 지역의 산업별 생산분할 특징과 시사점
    Patterns of International Fragmentation of Production in East Asia

    Recent trends in global trade shows an escalating interdependency among countries participating in the manufacturing process to produce final goods. There are many studies examining the cause and characteristics of production netw..

    Hokyung Bang Date 2008.12.30

    Trade structure, Trade policy
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    Summary
    Recent trends in global trade shows an escalating interdependency among countries participating in the manufacturing process to produce final goods. There are many studies examining the cause and characteristics of production networks. Among various factors forming production network, production fragmentation of trans-national corporations is surely the main cause. (The rest is omitted.)
  • Empirical Analyses of U.S. Congressional Voting on Recent FTA Bills
    Empirical Analyses of U.S. Congressional Voting on Recent FTA Bills

    This paper discusses what political and economic factors affect house representatives' voting behavior on free trade agreement (FTA) implementation bills in the 108th and 109th Congresses in the U.S. us-ing a simultaneous probit-t..

    Hyejoon Im et al. Date 2008.12.30

    Trade policy, Free trade
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    Content
    ExecutIve Summary

    I. Introduction

    II. Literature Review

    III. FTA Bills in the 108th and 109th Congresses

    IV. Model and Data

    V. Results
    1. Labor PAC Contribution Equations
    2. Business PAC Contribution Equations
    3. Voting Equations
    4. Comparisons
    5. Policy Implication from Marginal Effects

    VI. Concluding Remarks

    References
    Summary
    This paper discusses what political and economic factors affect house representatives' voting behavior on free trade agreement (FTA) implementation bills in the 108th and 109th Congresses in the U.S. us-ing a simultaneous probit-tobit model that consists of contribution equations and voting equations. We find that partisanship, especially when the results of roll-calls have narrow margins; a relative employ-ment size in trade-sensitive sectors; and contribution funds exert great influence on the voting behaviors of representatives. The marginal ef-fects of political and economic variables in the study could provide some policy implications for the prediction of the passage of future FTA bills in Congress. (The rest is omitted.)
  • Sub-Prime Financial Crisis and US Policy Choices
    Sub-Prime Financial Crisis and US Policy Choices

    This paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the fin..

    Yonghyup Oh et al. Date 2008.12.30

    Competition policy, Monetary policy
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    Content
    Executive Summary

    I. Introduction

    II. Origin of Subprime Crisis: Weakness in Real Economy

    III. A Historical Perspective

    IV. US Policy Choices

    V. How Would the US Respond to Policy Shocks?

    VI. Concluding Remarks

    References
    Summary
    This paper argues that the subprime financial crisis reflects weak-ness in the real economy of the US from its start. Our comparison with prior US recessions indicates that the epicenters of most of the reces-sions were in the financial sector and that recessionary pressure was present in the last quarter of 2007 in the US economy. The high level of nation's debts combined with a high rate of inflation show a difficult situation US policy makers face. At an international scene, there would be trade-off between protectionist policy measures and the US's role as a global sheriff. Effects of US policy measures, either monetary or fiscal, would be short-living, while more fundamental changes to create pro-ductivity gains would be the right policy for recovery of the US econ-omy. (The rest is omitted.)
  • 한ㆍ중ㆍ일 대인도네시아 FTA 체결에 따른 인도네시아 시장 접근성 비교
    Comparison of Accession to Indoensian Market among Korea, China and Japan

    Indonesia, a leading country of the Association of Southeast Asian Nations (ASEAN), has expanded and deepened relationship with neighboring countries by undertaking tremendous efforts to promote Free Trade Agreements (FTAs) in the..

    Hansung Kim et al. Date 2008.12.30

    Trade policy, Free trade
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    Summary
    Indonesia, a leading country of the Association of Southeast Asian Nations (ASEAN), has expanded and deepened relationship with neighboring countries by undertaking tremendous efforts to promote Free Trade Agreements (FTAs) in the regional context. However, under the rule of Sukarno (1945~1967), building a national economy was the main goal of Indonesia. It is the time period from the reign of Suharto (1967~1998) to Yudhoyono (2004~now) that free trade has started to proliferate eventually. (The rest is omitted)
  • 미주개발은행(IDB)을 활용한 대중남미 경제협력 확대방안
    Korea's Economic Cooperation Strategies toward Latin America: A Perspective from Its IDB Membership

    The Inter-American Development Bank(IDB) was established in 1959 as the world's first and largest(101 billion-dollar-fund, which is two times bigger than ADB's) regional development financial institution which until today has cont..

    Kisu Kwon et al. Date 2008.12.30

    Economic relations, Economic cooperation
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    Summary
    The Inter-American Development Bank(IDB) was established in 1959 as the world's first and largest(101 billion-dollar-fund, which is two times bigger than ADB's) regional development financial institution which until today has contributed immensely in the economic and social development of Latin America. In the 2000's IDB's annual funding for the Latin American region surpassed that of the World Bank's and has established a solid presence. Accordingly, IDB's recognition and presence in the region is far greater than any other development banks and international financial institutions around the world. (The rest is omitted.)
  • 사회안전망 측면에서의 무역조정지원제도 발전방안
    Improvement of Trade Adjustment Assistance Program as a Social Safety Net

    As globalization increases uncertainty and instability of domestic labor market, the role of social safety net becomes more important. Although Korea, a small open economy, can extend her overall wealth through market liberalizati..

    Hyejoon Im et al. Date 2008.12.30

    Labor market, Free trade
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    Summary
    As globalization increases uncertainty and instability of domestic labor market, the role of social safety net becomes more important. Although Korea, a small open economy, can extend her overall wealth through market liberalization, consequential losers might become economic and social problems. This study focuses on the domestic assistance system that can support workers who are damaged by globalization and trade liberalization. Especially, the major concern of this study is how to improve and develop the Trade Adjustment Assistance (TAA) program, a special program created to support workers and firms who are injured by Free Trade Agreements (FTAs), and the Employment Insurance system, one of
    the most important general social safety nets in Korea. (The rest is omitted.)
  • 지식기반서비스의 개방과 외국인투자를 통한 발전방안: 대학교육서비스를 중심으로
    Development Strategies for Higher Education in an Era of Globalization

    As the proportion of the knowledge-based services is growing in the world economy, the importance of the development of knowledge-based services is being emphasized. Especially in Korea, the knowledge-based services are regarded a..

    Yeongkwan Song et al. Date 2008.12.30

    Economic opening, Economic development
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    Summary
    As the proportion of the knowledge-based services is growing in the world economy, the importance of the development of knowledge-based services is being emphasized. Especially in Korea, the knowledge-based services are regarded as an engine of the Korean economic growth. The essence of the knowledge-based services lies in raising people's ability. Therefore, when it comes to knowledge-based services, the importance of higher education services, which play a key role in raising people's ability, is increasing. In Korea, however, higher education services are causing various quality related troubles, although it has expanded drastically in the quantity aspect. For the knowledge-based services to play an essential role in the growth of Korean economy, the improvement in Korean higher education services is crucial. (The rest is omitted.)
  • WTO체제의 개혁방향과 한국의 대응
    The Reformation of the WTO System and Korea's Response

    The WTO-governed multilateral trading system has significantly extended the volume of world trade, reduced trade barriers, provided a strong dispute settlement mechanism, and improved developing country's status. Despite these ach..

    Jin Kyo Suh et al. Date 2008.12.30

    Multilateral negotiations, Free trade
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    Summary
    The WTO-governed multilateral trading system has significantly extended the volume of world trade, reduced trade barriers, provided a strong dispute settlement mechanism, and improved developing country's status. Despite these achievements, this system still faces internal and external challenges. While some persistent problems in decision-making, dispute settlement, and transparency pose internal
    challenge to the WTO, proliferating regionalism in intra-State trade, environmental and development factors constitute external challenge to the WTO. In order to overcome these challenges, the WTO needs to be reformed. (The rest is omitted.)
  • 한국기업의 대러시아 현지경영 현황과 과제
    Korean Firms' Investment and Future Agenda in Russia

    Since 2000, Russia's business environment has been improving very quickly with both favorable external economic conditions such as high world oil prices and economic reforms by Russia's government. The most improved sectors are la..

    Jae-Young Lee et al. Date 2008.12.30

    Economic cooperation, Foreign direct investment
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    Summary
    Since 2000, Russia's business environment has been improving very quickly with both favorable external economic conditions such as high world oil prices and economic reforms by Russia's government. The most improved sectors are labor market, governance policies, competition, regulation, and tax policy, etc. In particular, foreign direct investment (FDI) policy has been reformed and given the motives for foreigners to invest in Russia. (The rest is omitted.)
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