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1492. Virgin Islands (British): Basic data
- Publication Date:
- 09-2021
- Content Type:
- Country Data and Maps
- Institution:
- Economist Intelligence Unit
- Abstract:
- No abstract is available.
- Topic:
- Summary, Basic Data, Economy, and Background
- Political Geography:
- Virgin Islands and British
1493. The policy of the People’s Republic of China towards Central and Eastern Europe in 2012-2020
- Author:
- Adam Kuź
- Publication Date:
- 03-2021
- Content Type:
- Journal Article
- Journal:
- Nowa Polityka Wschodnia
- Institution:
- Faculty of Political Science and International Studies, Nicolaus Copernicus University in Toruń
- Abstract:
- In the second decade of the 21st century, the Middle Kingdom, which had huge financial surpluses, became the world’s largest exporter of money capital, which meant that investment policy became the main element of China’s foreign policy. In the case of Central and Eastern Europe, the 16+1 (17+1) format, containing both investment policy and soft power elements, has become the basic tool of the general policy of Middle Kingdom. This article aims to define the basic principles of China’s policy towards Central and Eastern Europe. For this purpose, the following general hypothesis was formulated: Chinese policy in Central and Eastern Europe consists of presenting the countries of this region with initiatives that do not go beyond the sphere of declarations and serve as a bargaining chip in relations with Germany, the country with the greatest potential in the European Union. The general hypothesis gives rise to detailed hypotheses that were verified in individual parts of the article with the use of the comparative method. The reasons most often mentioned in the literature on the subject, such as economic, cultural, social, and political differentiation of Central and Eastern European countries, legal barriers resulting from EU legislation, insufficient recognition of the region’s needs by the Chinese side and asymmetry of expectations of both parties, undoubtedly largely contribute to the lack of effective Sino-CEE cooperation. However, they cannot be considered decisive because similar problems occur wherever Chinese companies appear. However, in many regions of the world, despite these obstacles, mutual economic relations are more dynamic than in CEE. The reasons why the potential of the 16+1 (17+1) format has not been properly used can be found primarily in the context of German-Chinese relations.
- Topic:
- International Relations, Foreign Policy, Economy, Investment, and Capital
- Political Geography:
- China, Eastern Europe, and Central Europe
1494. COVID-19 and the Exacerbation of Gender Inequality: How the Pandemic Disproportionately Affected Women around the World
- Author:
- Jennifer Dikler
- Publication Date:
- 12-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The gender wage gap, or the idea that women have historically and consistently earned less than men, has been widely studied and accepted over the past few decades. This gender wage gap exists globally and serves as a powerful indicator of the gender inequality experienced by women. As of 2019, according to data amassed by the Organization for Economic Cooperation and Development (OECD), South Korea’s gender wage gap among full-time employees is the largest among the countries that make up the OECD, coming in at 32.5%. Japan was second at 32.5%, followed by Mexico, the United States, and Canada at 18.8%, 18.5%, and 17.6%, respectively. Notably, in countries with higher levels of racial diversity, the gender wage gap is usually significantly exacerbated for women of color. Despite narrowing in recent years, the gender wage gap is extremely stubborn, and very much existent, as is the general global gender inequality that it reflects. In the past 18 months, the world's population and the global economy have been significantly upended by the COVID-19 pandemic. The virus has affected virtually every country in the world, especially nations with fewer resources to help combat its spread. Studies are also beginning to confirm that COVID-19 has had a disproportionate economic effect on women in many countries, amplifying the gender inequality that persisted in the global economy even prior to the pandemic. For example, as outlined in a study published by McKinsey in July 2020, “Women make up 39 percent of global employment but account for 54 percent of overall [COVID-19- related] job losses” (Madgavkar et al. 2020). However, the widening of the gender gap during the pandemic has been far from universal, with some countries seeing the opposite results. This brief seeks to provide an initial exploration, specifically highlighting how variably the pandemic has affected the United States, South Korea, El Salvador, Guatemala, Nicaragua, the Honduras, Australia, the United Kingdom and Germany. When it comes to global gender equality, where progress is so essential and yet so slow, it is extremely important to explore the economic setbacks created by the pandemic. If not addressed properly, these setbacks might not only slow the fight toward gender equality, but could also slow down the global economy.
- Topic:
- Gender Issues, Women, Inequality, Economy, and COVID-19
- Political Geography:
- Global Focus
1495. Merger Review Regimes in the ASEAN Region and Case Analysis of Grab-Uber Merger
- Author:
- Yungshin Jang and Gu Sang Kang
- Publication Date:
- 09-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- In 2018, the largest yet cross-border M&A deal between digital platforms in Southeast Asia was reached, namely the Grab-Uber M&A case. The local digital platform Grab consolidated the regional operations of San Francisco, California-based Uber, a development which had significant effects on competition and consumer welfares in the Southeast Asia digital market. The competition authorities in the region independently initiated their investigation and started to deliberate the merger case to determine the anti-competitive effects on their domestic market, and to decide whether this transaction should be restricted or approved. Even though the two merging and merged firms completed their transactions, each authority applied different logic and imposed different remedies in deciding the case. Authorities in some member states such as Singapore and the Philippines decided that the Grab-Uber merger was anti-competitive, while others such as Indonesia and Viet Nam considered the merger not anti-competitive. Upon this backdrop, this article reviews the competition policies and laws of four major ASEAN countries – Indonesia, Singapore, Viet Nam, and the Philippines – from institutional and legal perspectives, focusing on M&A review regimes. Then, we briefly introduce how these com-petition authorities decided on the Grab-Uber merger case, also analyzing the competition effects of the case on the ride-hailing market in the countries. Based on the analysis results, we propose overseas competition policies for Korea.
- Topic:
- Markets, Economy, Business, ASEAN, Economic Competition, and Mergers and Acquisitions
- Political Geography:
- Indonesia, South Korea, Vietnam, Philippines, and Singapore
1496. Korea’s Strategy on Trade Agreements with Developing Countries in Africa and the Pacific Regions
- Author:
- Meeryung La
- Publication Date:
- 09-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- As the US-China trade conflict intensifies, high dependence on US and China has been pointed out as a potential risk to the Korean economy. This calls for trade policies including diversification of trading partners and the establishment of a new model for trade agreements suitable to such diversified partners. Meanwhile, the necessity for such policies grows as protectionism spreads globally and trade order changes after the Covid-19 pandemic. Africa and the Pacific (AP) regions, the main areas of interest in this report, have been excluded from Korea’s FTA network despite their high growth potential and strategic significance. Most countries in the AP regions are geographically distant from Korea and mostly underdeveloped, so we have approached the region only in terms of development cooperation. Currently, trade agreements and systems for trade and investment with AP countries are insufficient, and the size of economic cooperation with these countries remains small. However, Africa has high market potential, owing to various factors such as its high population growth, middle-class growth, and transition to digital economy, while the Pacific island countries have abundant fisheries and marine resources, and wield voting power in international organizations. In this regard, it is necessary to build the foundation for cooperation with AP countries in the mid-to-long term. Against this backdrop, this study seeks mid- to long-term strategies to promote trade cooperation with AP countries. First we consider introducing and expanding nonreciprocal arrangements for developing countries in the AP regions, as currently provided to United Nations-defined least developed countries. Then we consider introducing a reciprocal trade agreement, for example, an FTA. As a result, we found that it is necessary to introduce an FTA model suitable for developing countries in the AP regions instead of introducing further nonreciprocal agreements. Based on the results of the study, this paper proposes strategic directions for trade cooperation with the AP regions, and furthermore, provides policy suggestions that should be included in the agreement with those countries.
- Topic:
- Markets, Treaties and Agreements, Partnerships, Digital Economy, Economy, and Trade
- Political Geography:
- Africa, Asia, South Korea, and Asia-Pacific
1497. Reshoring: An Overview, Recent Trends, and Predictions for the Future
- Author:
- Jennifer Dikler
- Publication Date:
- 08-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- With the rise of globalization beginning in the 20th century, came the inevitable rise of offshoring — companies moving at least some parts of their operations abroad in order to cut costs and increase profits. In recent years, however, international developments, such as the rise of wages in what were typically considered low-cost countries, coupled with uncertainties created through global political tensions, have incentivized companies to move their operations back to their respective home countries or to make new investments in United States-based facilities. This phenomenon, known as reshoring, has only increased in 2020 and 2021, amidst US - China tensions and the COVID-19 pandemic. Reshoring is growing in popularity particularly among companies based in the United States. In May 2021, for example, a US solar energy systems manufacturer called GAF Energy announced that the company would relocate its operations from Asia to Silicon Valley, expecting to add 400 jobs in research, engineering, and manufacturing roles (Szal, 2021). Around the same time, cycle and treadmill machine maker Peloton announced that it would invest $400 million to build its first US-based factory, citing heightened demand and the pandemic highlighting uncertainties that come with its global supply chain (Thomas, 2021). The company, which has announced that the US factory will be based in Troy Township, Ohio, stated that it expects to create over 2,000 jobs in the area. Also, in May 2021, Ford Motor announced a joint venture with South Korean battery maker SK Innovation to manufacture battery cells for electric vehicles in the United States (Wayland, 2021). The venture will be based in the US, marking a significant decision for Ford Motor, which operates worldwide and has notably been in the press in recent years for its decisions to offshore operations. Though an increasingly important and growing phenomenon, reshoring has not been studied nearly as much as offshoring. Experts predict that reshoring will only continue to increase as global supply chain uncertainties get revealed through political tensions and fallout from the pandemic. As companies gain a deeper understanding of the vulnerabilities in offshoring their production, they will become more incentivized to invest in their home country-based facilities. As such, it is more important than ever to understand reshoring, the reasons behind why companies decide to reshore, the recent trends among companies moving operations back home, and predictions about how reshoring is likely to evolve in years to come. This paper offers an overview of the aforementioned points, specifically focusing on companies based in the US, which are some of the more likely companies to make the decision to offshore and subsequently reshore.
- Topic:
- Economy, Industry, Supply Chains, and Reshoring
- Political Geography:
- South Korea and United States of America
1498. Changes in the Regional Structure of China's Domestic Market and Implications
- Author:
- Jihyun Jung, Won Seok Choi, Hong Won Kim, and Joohye Kim
- Publication Date:
- 08-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- In response to intensifying conflict with the United States and the shock of Covid-19, China reinforced its strategy to expand domestic demand. China's domestic market is an important factor affecting Korea's exports and economic growth. Accordingly, a large body of research has been conducted in Korea on China's expansion policy and changes in its domestic market. However, most studies have analyzed changes in China's consumer market, import market and imported items, limiting the overall understanding of China's domestic economy. In addition, most studies on China's regional domestic market have analyzed the market segmented by region. Recognizing this gap, this study expanded the scope of analysis of the domestic market in China to the entire domestic final demand, and analyzed inter-regional trade relations and other economic relations based on an inter-regional input-output analysis, which has rarely been attempted in analyses of the Chinese domestic market. In addition, the changes in the regional structure of the Chinese import market and Korea's competitiveness were analyzed using Chinese trade statistics. In particular, by synthesizing the changes after the global financial crisis, a turning point in China's economic structure, we project future changes in the regional economic structure of China, which emphasizes the independence of its domestic economy. In addition, in the era of US-China conflict, the study aimed to select regional markets meaningful to Korea, and to present strategic directions toward China focusing on regional cooperation and approaches into the domestic market.
- Topic:
- Markets, Economy, Regional Economy, and Domestic Market
- Political Geography:
- China, Asia, and South Korea
1499. The Impact of Intellectual Property Protection through FTA on International Trade
- Author:
- Hyunsoo Kim, Sangjun Yea, Hyeyoon Keum, and Min Ji Kang
- Publication Date:
- 08-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The importance of intellectual property rights (IPRs) for innovation has grown and the protection of intellectual property in international trade has also been strengthened. AI-related patent applications have been increasing rapidly and many AI patents are being filed in various industries. Intellectual property also represents one of the main controversies of U.S.-China trade relations in the past three decades and remains one of the core issues behind the two countries’ recent trade conflicts. As a result, global protection for IPRs has been expanded in recent decades. This article investigates changes in the trend regarding the IP protection level in FTA and how the IP protection through FTAs has affected the composition of aggregate trade flows of member countries in order to provide basic findings necessary to formulate the FTA policies regarding the protection of IPRs in Korea.
- Topic:
- International Trade and Finance, Intellectual Property/Copyright, Economy, and Artificial Intelligence
- Political Geography:
- China, South Korea, and United States of America
1500. ASEAN Economic Integration on Services: An Analysis of Economic Impacts and Implications
- Author:
- Meeryung La
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- ASEAN continues its efforts to liberalize services trade in the region as part of the process of establishing the ASEAN Economic Community (AEC). ASEAN has been increasing the level of regional liberalization through package negotiations of the ASEAN Framework Agreement on Services (AFAS). After signing the 10th AFAS package, the package negotiations were replaced by the ASEAN Trade in Services Agreement (ATISA), which takes a negative list approach and includes regulatory cooperation between member states. Upon this backdrop, this paper attempts to examine the progress of service market integration within ASEAN and analyze the impact of service liberalization pursued by ASEAN. Based on the analysis results, we also present policy implications to enhance cooperation with ASEAN in the service sectors.
- Topic:
- Economy, Services, ASEAN, Economic Integration, and Regional Economy
- Political Geography:
- Asia