Policy Analyses
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Policy Analyses
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International Capital Flows and Business Cycles in the Asia Pacific Region
This paper documents the evidence of business cycle synchronization in the selected Asia Pacific countries in the 1990s. We also find that business cycles in the Asian crisis countries are highly synchronized with those in Japan...
Soyoung Kim et al. Date 2003.03.25
Financial liberalization, Financial integrationDownloadContentSummaryThis paper documents the evidence of business cycle synchronization in the selected Asia Pacific countries in the 1990s. We also find that business cycles in the Asian crisis countries are highly synchronized with those in Japan. We explain business cycle synchronization by focusing on the channel of international capital flows. Using the VAR method, we find that most Asian countries experience boom-bust cycles following capital inflows and that boom in output is mostly driven by consumption and investment. Empirical evidence also shows that capital flows in the region are highly correlated, which supports the conclusion that capital market liberalization contributed to business cycle synchronization in Asia. -
Application of Competition Policy to Parallel Imports: A Comparative Study of Korean and Japanese Cases
Application of Competition Policy to Parallel Imports: Comparative Study of Korean and Japanese CasesMikyung Yun/Kyu Uck Lee Parallel imports refers to genuine products which are protected by intellectual property rights but are ..
Kyu Uck Lee et al. Date 2003.03.25
Trade policyDownloadContentSummaryApplication of Competition Policy to Parallel Imports: Comparative Study of Korean and Japanese CasesMikyung Yun/Kyu Uck Lee
Parallel imports refers to genuine products which are protected by intellectual property rights but are imported without express authorization from the owners of the intellectual property rights. Exhaustion of rights on first sale are usually recognised within national borders but there is no consensus on this for goods that cross the borders, and it is possible for parallel imports to infringe right holders in the importing country, depending on the legal framework in the importing country. (The rest is omitted.) -
How to Mobilize the Asian Savings within the Region: Securitization and Credit Enhancement for the Development of East Asia's Bond Market
The Asian crisis in 1997 has brought significant changes to the form of capital flows in East Asia, and to the structure of capital market in the region. One of the biggest changes in the capital movement in East Asia and develo..
Gyutaeg Oh et al. Date 2003.03.25
Capital marketDownloadContentExecutive Summary
I. Introduction
II. Trends and Characteristics of Capital Flows in East Asia
III. The Reasons Why We Need a Securitization Scheme in East Asia
IV. Securitization and Credit Enhancement in East Asia
V. Conclusion
ReferencesSummaryThe Asian crisis in 1997 has brought significant changes to the form of capital flows in East Asia, and to the structure of capital market in the region. One of the biggest changes in the capital movement in East Asia and development of the East Asian capital market is current account surplus of most major East Asian countries, including the crisis countries since the 1997 Asian currency crisis. This led them to switch from being capital importers to capital exporters. (The rest is omitted.) -
World Economic Outlook 2003
In early 2002, the global economy seemed to have started a robust recovery from the global recession, but inthe second quarter of the year it began to falter again. The growing uncertainties in the international economy have been ..
Bak-Soo Kim ed. Date 2003.03.10
Economic outlookDownloadContentSummaryIn early 2002, the global economy seemed to have started a robust recovery from the global recession, but inthe second quarter of the year it began to falter again. The growing uncertainties in the international economy have been magnified by uncertainties in the US economy: corporate financing scandals that eroded confidence in the corporate sector, deteriorating profitability, weakening dollar and growing capital withdrawals, equity market decline, widening current account deficits, and the possibility of a war against Iraq. The delayed recovery of the U.S. economy is also a contributing factor to the weakening economy in Western Europe and Japan. (The rest is omitted.) -
North Korean Development Report
North Korea has been in political and economic straits since the collapse of the socialist bloc in the early 1990s. Several problems remain as obstacles to the recovery of the North Korean economy, including a continued deteriorat..
Co-authors Date 2003.02.27
Economic cooperation, North Korean economyDownloadContentSummaryNorth Korea has been in political and economic straits since the collapse of the socialist bloc in the early 1990s. Several problems remain as obstacles to the recovery of the North Korean economy, including a continued deterioration in overall production, economic inefficiency, difficultly in foreign relations, and political and military frictions with the outside world. Therefore, North Korea's economic development should be made on the basis of the reform and opening of the economic system and the building of peace on the Korean peninsula through improved relations with neighboring countries. This process will contribute to the building of a peaceful structure on the Korean peninsula and international stability as well as having a positive influence on North Korea itself. (The rest is omitted.) -
Trade Integration and Business Cycle Synchronization in East Asia
As trade integration deepens in East Asia, it is expected that there will be closer links in business cycles among East Asian countries. Theoretically, however, increased trade can lead business cycles across trading partners to s..
Kwanho Shin et al. Date 2003.02.25
Economic integration, Trade structureDownloadContentSummaryAs trade integration deepens in East Asia, it is expected that there will be closer links in business cycles among East Asian countries. Theoretically, however, increased trade can lead business cycles across trading partners to shift in either direction: while inter-industry trade resulting in higher specialization would induce less synchronization, intra-industry trade could overturn this tendency. By using the data for twelve Asian economies, this paper finds that intra-industry trade is the major channel through which business cycles become synchronized among Asian economies, although increased trade itself does not necessarily lead to close business cycle coherence. This result has important implications for the prospects of a currency union in the region. -
Inward Foreign Direct Investment into Korea: Recent Performance and Future Agenda
After the financial crisis of 1997, the Korean government drastically changed its policy toward foreign direct investment (FDI) by implementing extensive liberalization measures and undertaking all-out efforts to promote FDI. Than..
June-Dong Kim Date 2003.02.25
Foreign investmentDownloadContentSummaryAfter the financial crisis of 1997, the Korean government drastically changed its policy toward foreign direct investment (FDI) by implementing extensive liberalization measures and undertaking all-out efforts to promote FDI. Thanks to these policy changes accompanied by the global IT boom, FDI flowed into Korea in a record amounts during the period 1999-2000. (The rest is omitted.) -
The Pension Systems of Western European Countries and It's Implications for Korea
In the year 2000, Korea officially became an aging society according to UN designations and by the year 2022, it is expected that Korea will be a full-fledged aged society. With this aging trend, there are concerns that the increa..
Young-Gon Park et al. Date 2002.12.30
DownloadContentSummaryIn the year 2000, Korea officially became an aging society according to UN designations and by the year 2022, it is expected that Korea will be a full-fledged aged society. With this aging trend, there are concerns that the increasing pension expenses will accelerate the imbalance in public finance. (The rest is omitted.) -
Municipal Finance in Selected European Transition Economies
The recent process of political and economic transition has made a significant contribu-tion to the improvement of the fiscal autonomy of municipalities in the eastern European countries. In this context similar types of public ac..
Chang Woon Nam Date 2002.12.30
Financial system, Political economyDownloadContentI. Introduction and General Overview
II. Comparison of Similarities and Differences in Municipal Finance
1. Expenditure Assignments
2. Revenue Assignments
3. Intergovernmental Transfer Systems
4. Municipal Borrowings and Debt Management
III. Summary and Concluding Remarks
References
SummaryThe recent process of political and economic transition has made a significant contribu-tion to the improvement of the fiscal autonomy of municipalities in the eastern European countries. In this context similar types of public activities have recently been assigned to local governments, whereas some taxes were declared to be local taxes. On the other hand, this type of fiscal decentralisation has caused some additional problems, particularly for safeguarding the quality of publicly provided utilities and for co-ordinating intergovern-mental fiscal resource allocation. For instance, some criticise that many small-sized, peripheral municipalities in the transition economies have suffered from financial bottle-necks and have not been able to receive sufficient financial support from the central gov-ernment. However, such a fiscal devolution trend appears to continue. This study pri-marily deals with issues surrounding the impact of national fiscal policy and the regulato-ry framework on local governments' expenditure behaviour and their ability to mobilise necessary revenues under the particular consideration of the institutional and administra-tive co-operation with the central government and of the less well-developed financial market in Poland, the Slovak Republic, the Czech Republic and Hungary. -
Korea's Corporate Restructuring since the Financial Crisis
The inefficient corporate sector was at the core of the Korean financial crisis that broke out in late 1997. This study tries to review and analyze the Korean economy's policy measures to restructure the corporate sector and ultim..
Chan-Hyun Sohn Date 2002.12.30
Financial crisis, Business managementDownloadContentSummaryThe inefficient corporate sector was at the core of the Korean financial crisis that broke out in late 1997. This study tries to review and analyze the Korean economy's policy measures to restructure the corporate sector and ultimately restore the economy. (The rest is omitted.)