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2. The Economic Effects of Multinational Corporation Withdrawal and Policy Implications
- Author:
- Minsoo Han, Hyuk-Hwang Kim, Hyelin Choi, Danbee Park, and Jisu Kim
- Publication Date:
- 03-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The shutdown of the GM Koreas Gunsan plant in May 2018 heightened social interest in the withdrawal of mutlinational corporations (MNCs). Against this backdrop, the forthcoming research The economic effects of multinational corporation withdrawal and policy responses studies the previous cases of MNC withdrawal, estimates the effects on labor market., and provides policy directions to address to the withdrawal. This note summarizes some of its important results.
- Topic:
- International Trade and Finance, Economy, Multinational Corporations, and Economic Policy
- Political Geography:
- Asia and Korea
3. North Korea’s Trade System and Implications for Inter-Korean CEPA
- Author:
- Jang Ho Choi and Yoojeong Choi
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This study examines changes in trade-related legal systems in North Korea and ac-tual trade transactions, and analyzes them in accordance with international standards (the WTO regulatory framework). Through this process, we will draw up measures to im-prove North Koreas trade system to open up the external economy as well as signing of a Comprehensive Economic Partnership Ar-rangement (CEPA). The results of this study will contribute to understanding the main characteristics of trade-related laws and sys-tems within North Korea and suggest promis-ing directions for their improvement.
- Topic:
- Bilateral Relations, Partnerships, Economy, and Trade
- Political Geography:
- Asia, South Korea, and North Korea
4. An Analysis of Service Trade Regulation in ASEAN and Its Implications
- Author:
- Meeryung La
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The Korean government has been pursuing a New Southern Policy (NSP) focusing on the “3P” areas of cooperation ‒ People, Prosperity, and Peace. The NSP puts people at a center of policy, and emphasizes the enhancement of cultural conversation and people-to-people exchange between Korea and ASEAN. The majority of services trade, an area with a low level of cooperation between Korea and ASEAN, is inherently based on the exchange of people. Promoting services trade flows between Korea and ASEAN could contribute to achieving the vision of a People-centered community in the region. Also, when taking into account the fact that services are integral to the working of GVC, the government should pursue policies to promote services trade and to enhance cooperation with ASEAN in the services sector. To this end, we aim to identify the current status of service trade and service trade barriers between ASEAN and Korea. This report briefly covers ASEAN’s trade in services and the restrictiveness of service trade regulations in ASEAN, and then suggests policy recommendations based on the results.
- Topic:
- International Cooperation, Regulation, Economy, Economic Policy, and Trade
- Political Geography:
- Asia and South Korea
5. Data-and AI-driven Economic Growth in a General Equilibrium Model
- Author:
- Kyu yub Lee and Hyun Park
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- We attempt to characterize a data- and AI-driven economy and establish a general equilibrium growth model in order to describe the data economy and examine how data and AI can affect the economy in the long run. To sum up, this article provides three policy implications. First, the authority should have a balanced view between privacy protection and data usage in economy-wide technology in terms of long-run growth. Privacy should not be considered only as utility loss, but must be considered as a contributor to loss in growth rates. Second, economic growth can be achieved by using higher amounts of data as well as continuous development in AI technology. A caveat is that AI-technology can boost economic growth only when it applies to all industries as general purpose technology. Lastly, the authorities should keep considering how to deal with new issues that include data ownership, outlaw data sharing, data market, AI bias, and so forth. Our model can be used as a starting point to such examinations.
- Topic:
- Science and Technology, Privacy, Economic growth, Economic Policy, and Artificial Intelligence
- Political Geography:
- Asia and South Korea
6. Analysis of Economic Cooperation between Kazakhstan and South Korea
- Author:
- Yessengali Oskenbayev
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This article investigates the potential direction of the Kazakh-Korean economic relationship. The two countries have become major partners in their economic relationship. It is important for Kazakhstan to establish economic relations with South Korea, to diversify its economy. Kazakhstan’s economy is strongly dominated by mineral resources extractive sectors, and the country’s rapid economic growth during the period from 2000 to 2007, and afterward due to oil price increases, was not well translated into substantial growth of non-extractive sectors. Kazakhstan could employ strategies applied by Korean policymakers to sustain business and entrepreneurship development.
- Topic:
- Development, Bilateral Relations, Economic growth, Economic Policy, Diversification, Trade, and Economic Cooperation
- Political Geography:
- Central Asia, Kazakhstan, Asia, and South Korea
7. Potential Implications of Regional Comprehensive Economic Partnership to India-South Korea Bilateral Trade Ties
- Author:
- Surendar Singh
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- India and South Korea enjoy strong economic and trade relations, shaped by a significant convergence of interest, mutual good will and high-level diplomatic exchange. Bilateral trade between the two countries has also increased after signing the Comprehensive Economic Partnership (CEPA). However, the overall trade balance is in favor of South Korea due to superior comparative advantage of Korea in manufacturing as compared to India. South Korean exports are high technology-intensive while India’s exports are low-value raw material and intermediate products. Both countries are members to a mega regional trade pact – the Regional Comprehensive Economic Partnership. Though India has decided to not join the RCEP at this stage it will continue the discussion to explore possible ways to join it. Assuming that India will join the RCEP sooner or later, it is important to analyze the potential impact of the RCEP to India-South Korea bilateral trade ties. This short policy paper compares the proposed provisions of the RCEP and CEPA. It shows that the RCEP is much more comprehensive an agreement compared to the CEPA, both in terms of coverage and scope. It also provides some insights on the likely implications of the RCEP, especially from the perspective of trade with China factored against the bilateral trade ties between India and South Korea.
- Topic:
- International Trade and Finance, Bilateral Relations, Partnerships, and Economic Cooperation
- Political Geography:
- South Asia, India, Asia, and South Korea
8. Stakeholders’ Interest Relations in Korea’s Services Trade Liberalization: A Political Economy Analysis
- Author:
- June Dong Kim
- Publication Date:
- 11-2019
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This paper seeks to analyze the major factors behind why each stakeholders in the legal, health, educational and audio-visual service sectors in Korea op-pose liberalization in a qualitative political economy context as well as to pro-vide alternative strategies for further liberalization in these four service sectors. In legal services, the foreign equity ceiling of 49 per cent for joint venture law firms may be lifted as long as the present regulation against the number of FLCs in a joint venture law firm exceeding the number of Korean lawyers is maintained. In health services, as a step-by-step approach, we can first con-sider a system where incorporated hospitals can be established and liquidated more freely by deregulating current limitations placed on the disposal of re-maining properties, while an overly distribution of dividends is restrained. In educational services, in order to deregulate limitations regarding the disposal of remaining properties, it will be necessary to enhance the transparency of management and operation of private schools. In this regard, allowing school foundations to take the form of a limited liability company could be considered, since they would then become subject to external financial audit. In audio-visual services, it will be necessary to improve monitoring and im-plementation of intellectual property rights as well as competition policy when considering further liberalization. The major factors compelling each stakeholder in the legal, health, educational and audio-visual services to oppose further liberalization can be summarized as a general mindset towards uniform equity and control, cultural factors pre-venting discussion on rational alternatives, insufficient government budget for universal services, lack of administrative capacity in policy implementation and monitoring, absence of a proper system to evaluate the quality of ser-vices, asymmetry of information, and persistence of acquired rents. In order to correctly identify and understand the nature of problems, the highest priority should be placed on reducing the mistrust among the con-stituents. This is because mistrust among the constituents acts as the most important impediment when attempting value-creating negotiation strategies among each of the stakeholders. Meanwhile, to build trust among all constit-uents, free flow of information works as an important factor. Therefore, the problems of mistrust and lack of free flow of information are the most important impediments to improve those constraints that were analyzed in the selected service sectors. In addition, they are interlinked with each other, so that dealing with these problems simultaneously is a rational solution. In order to accomplish this, it is utmost important to develop the capability of each constituent to allow them to interpret specific pieces of information without distortion. In this regard, upgrading research and educa-tion of economics also becomes imperative.
- Topic:
- Political Economy, Law, Economic Policy, and Trade Liberalization
- Political Geography:
- Asia and South Korea
9. The Effect of Export Insurance and Guarantees on Export Performance: An Empirical Analysis for Korea
- Author:
- Kyunghun Kim and Hyelin Choi
- Publication Date:
- 08-2019
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- There is a series of empirical papers (Kim and Lee 2004; Egger and Url, 2006; Moser, Nestmann, and Wedow, 2008; Baltensperger and Herger, 2009; Auboin and Engemann, 2014; Van der Veer. 2015) which show that trade finance is positively associated with export. Despite its positive impact on export, trade finance has been a contentious issue in international organizations such as the WTO and OECD in terms of implementing related policy measures. This is based on the argument that trade finance hurts fair international trade because it ultimately plays a role just like a subsidy. Regarding this contentious issue, in this paper we examine whether there is evidence supporting that trade finance is associated with an increase in export. We also investigate the channel through which the effect of the trade finance on export is working. To this end, we focus on a specific part of trade finance: short-term export insurance and export credit guarantee. This is because noble and ample data on these types of trade insurance are available. This confidential data is provided by the Korea Insurance Trade Corporation (henceforth K-SURE) exclusively. We conduct a panel regression using Korean sector-level export data covering from 2010Q1 to 2017Q4. This dataset enables us to control for destination country-, sector-, and time-fixed effects. Our empirical results show that the short-term export insurance and export credit guarantee have a positive impact on exports, and the main channel behind this is related to mitigating financial constraints of exporting firms. The trade finance effectively eliminates the risk of importers' payment, which helps export firms reduce the financial frictions. This ultimately leads to an increase in export. Since the main mechanism in which the trade insurance affects export is related to alleviating financial frictions, it becomes more definite that the way how trade insurance contributes to an increase in export is somewhat different from that of a subsidy. When we consider the fact that financial friction is an important factor for restraining international trade, which can partly explain the great collapse in international trade during the global financial crisis, the trade insurance policies would rather be a useful policy measure which can dampen negative impact on export during recession.
- Topic:
- Finance, Economic Policy, Exports, and Trade Policy
- Political Geography:
- Asia and South Korea
10. Repercussions of Negatively Selective Migration for the Behavior of Non-migrants when Preferences are Social
- Author:
- Oded Stark and Wiktor Budzinski
- Publication Date:
- 08-2019
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- We study how the work effort and output of non-migrants in a village economy are affected when a member of the village population migrates. Given that individuals dislike low relative income, and that migration modifies the social space of the non-migrants, we show why and how the non-migrants adjust their work effort and output in response to the migration-generated change in their social space. When migration is negatively selective such that the least productive individual departs, the output of the non-migrants increases. While as a consequence of this migration statically calculated average productivity rises, we identify a dynamic repercussion that compounds the static one.
- Topic:
- Migration, Income Inequality, and Economic Policy
- Political Geography:
- Asia and South Korea
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