없음.

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 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.

1. 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. Implications

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), 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.)

없음

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 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.)

Executive 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

References

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-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.)

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 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.)

The Economic situation in Turkey is gradually reviving thanks to multiple factors such as high-speed growth rate, decrease of interest rate led by currency depreciation, and the slowing down of the inflation rate. However much of the economic reform agenda is still pending including the huge burden of public debt. Red tapes in the bureaucratic system, high commission rate and side costs are regarded as impediments to potential economic growth. In addition, the still growing inflation rate, currency exchange risk, and high interest rate which all result in financial burden, heavy corporation tax, and burdensome electricity cost are hindering Korean firms from entering the Turkish market. (The rest is omitted.)

Acknowledgements
Notes on the Contributors
Abbreviations
Preface by Alicia Bacena
1 The Need for Visions on the Economy: By Way of Introduction - 1

Part I
The Washington Consensus: What is Right and What is Wrong?
2 Serious Inadequacies of the Washington Consensus: Misunderstanding the Poor
by the Brightest - 9
3 The Dogmatism of the Washington Consensus - 44
4 The Need for a More Flexible Approach to Development - 53
5 Globalisation and the Development Agenda - 61
6 Improving Rather than Abandoning Reforms - 87
7 The Widening and Deepening of Democratic Development - 90
8 Reforming the Reforms of the Washington Consensus - 100
9 Right Prices for Interest and Exchange Rates - 116

Part II
Financial Stability at the National, Regional and Global Level:Governance,
Markets and Institutions
10 Financial Instability in Emerging Market Countries:Causes and Remedies - 125
11 Competent Institutions and Selective Globalisation - 145
12 In Search of a New East Asian Development Paradigm:Governance, Markets and
Institutions - 150
13 Path-Dependent Reforms of the East Asian Development Model - 170
14 East Asian Cooperation, Social Policies and the WTO - 174
15 The Search for a Stable and Equitable Global Financial System - 181
16 Global Crisis Prevention and Liquidity Provision - 208

Part III
Towards a New Development Agenda
17 Africa and the Washington Consensus - 215
18 The Potential of the Doha Development Agenda - 223
19 A Development and Research Agenda for the Poorest Countries - 232

The economic success that East Asian economies have achieved in late 20th century is contrasted with a sluggish performances at best of economies of Latin America. (The rest is omitted.)

Although still unstable, many argue that the Japanese economy has overcome its 10-year long economic recession to slowly enter into the recovery phase. What lessons can Koreans learn from Japan? (The rest is omitted.)

Preface
Editors' Biographical Notes
Contributors

I. Political Economy of Korea-Japan Free Trade Arrangement: A Korean
Perspective / Taeho Bark and Chong Sup Kim
II. Political Economy of Japan-Korea FTA from Japanese perspective: Strategic
approach, gains, and implications for the East Asian integration / Takatoshi
Ito and Yukiko Fukagawa
III. Modality of Korea-Japan FTA: From the Perspective of Korea / Dukgeun Ahn
IV. What Kind of Free Trade Arrangement? Modality and Contents: Japanese
Perspective / Eiji Ogawa
V. Economic Assessment of Korea-Japan FTA / Inkyo Cheong
VI. The Impacts of Japan-Korea FTA and CU on Economy, Industry and Trade in
Japan and Korea / Shujiro URATA and Kazutomo ABE
VII. Liberalization of the Agriculture and Fishery Sectors / Yoocheul Song
VIII. Agricultural Issues on Japan-Korea FTA / Masayoshi Honma
IX. Liberalization of Trade in Services: A Korean Perspective / June-Dong Kim
X. Economic Analysis on Japan-Korea FTA: Service Trade / Fukunari Kimura
XI. How to Measure Non-tariff Barriers? A Critical Examination of the
Price-Differential Approach / Kyoji Fukao
XII. Non-Tariff Barriers, Real Obstacles or False Perceptions?: Korean
Perspective / Yang-Hee Kim
XIII. Exchange Rate Uncertainty and Free Trade Agreement between Japan and
Korea / Kwanho Shin and Yunjong Wang
XIV. How Wide is the Border Between Japan and Korea? / Takatoshi ITO and
Noriyuki KAJII

Epilogue

The year 2005, the target year for Japan and Korea to conclude their FTA, will be the 40th anniversary of the establishment of diplomatic ties after their painful history. During the last four decades, Japan-Korea relations have matured gradually, promoted in part by miraculous development and catch-up by the Korean economy. In 1996, Korea became an OECD member, the second country in Asia following Japan. As an OECD member, Korea is expected to share common global responsibilities to promote economic growth and liberalization. Although the Korean economy was hit by the Asian financial crisis in 1997, Korea surprised the world by instigating a comprehensive structural reform and subsequent speedy economic recovery led by a strong political will and swift business initiatives. Korea has accomplished the IMF conditionality, while receiving the IMF financial assistance package. (The rest is omitted.)

Contents Preface Contributors List of Abbreviations Latin America and East Asia-Defining the Research Agenda / Jorg Faust and Manfred Mols East Asian Regionalism at the Crossroads / Alfredo C. Robles Multilateral Co-operation between Latin America and East Asia / Manfred Wilhelmy ; Stefanie Mann Argentina's relations with East Asia / Gonzalo S. Paz Brazil's Asia-Pacifc Policy / Henrique Altimani de Oliveira Chile and Asia-Pacific : The Economic Connection / Hernkn Gutierrez B. Relations between Mexico and East Asia / Jorg Faust ; Uwe Franke Peru and Pacific Asia / Ruben Berrios China and Latin America / Stefanie Mann Japan and Latin America-Missing Strategies and Political Will / Kotaro Horisaka Korean Relations with Latin America : Policy Goals and Constraints / Kim, Won-Ho Southeast Asia and Latin America : A Case of Peripheral Interregionalism / Jorn Dosch Latin America and East Asia : Between Bilateralism and Interregionalism? / Manfred Mols References