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  • Author: Kathryn Botto
  • Publication Date: 06-2020
  • Content Type: Special Report
  • Institution: Korea Economic Institute of America (KEI)
  • Abstract: While President Moon Jae-in has a calmer demeanor than his mentor and friend, former President Roh Moo-hyun, there can be no doubt that his vision for transforming Northeast Asia is as far-reaching. While Moon has been more careful to assuage the U.S. president, less abrasive in his language toward Japan, and more strategic in reaching out to leaders in China and Russia, his strategy of putting North Korea at the forefront of regional realignment has similar geopolitical ambition. The objective is the rejuvenation of a reintegrated peninsula with the capacity to steer actions by all of the great powers rather than falling prey again to their machinations that are not in Korea’s interest.
  • Topic: Politics, Bilateral Relations, Elections, Geopolitics
  • Political Geography: Asia, South Korea, North Korea
  • Author: Cheol-Won Lee, Hyun Jean Lee, Mahmut Tekçe, Burcu Düzgün Öncel
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The Agreement on Trade in Services and the Agreement on Investment between Korea and Turkey came into effect in August 2018. This article focuses on the construction sector and the cultural contents sector to seek possible cooperative measures between the two countries.
  • Topic: International Cooperation, Treaties and Agreements, Culture, Economy, Investment, Industry
  • Political Geography: Turkey, Middle East, Asia, South Korea
  • Author: Jang Ho Choi, 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, Trade
  • Political Geography: Asia, South Korea, North Korea
  • 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, Trade
  • Political Geography: Asia, South Korea
  • Author: Kyu yub Lee, 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, Artificial Intelligence
  • Political Geography: Asia, 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, Economic Cooperation
  • Political Geography: Central Asia, Kazakhstan, Asia, South Korea
  • 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, Economic Cooperation
  • Political Geography: South Asia, India, Asia, South Korea
  • Author: Deok Ryong Yoon, Soyoung Kim, Jinhee Lee
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: In this study we aim to clarify the different extents to which monetary policy influences foreign exchange rate determination between the monetary policies of small open economies with international currency and those without international currency, and use empirical research to explain why. Based on the analysis above, we make some policy suggestions.
  • Topic: Foreign Exchange, Monetary Policy, Economic Policy, Currency
  • Political Geography: South Korea, Global Focus
  • Author: Tae Soo Kang, Kyunghun Kim, Yuri Kim
  • Publication Date: 05-2020
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: Since the global financial crisis, low interest rates have continued throughout the world. However, financial imbalance has deepened as much of the expanded investment during low interest rates did not lead to increased productivity. This study focused on the increase of marginal firms as a result of the adverse effects of financial imbalances on firms. The marginal firms were identified based on the company's financial statement, and the share of marginal firms by country was compared and analyzed using Worldscope data. As a detailed analysis on the marginal firms, the impact of borrowing interest rate on the possibility of becoming a marginal company was analyzed in the case of Korea with KED data. According to the international comparison, East Asia including Korea, China and Japan has shown a lower share of marginal companies than Europe, South Asia and Latin America. Empirical results through Panel Logit with Sector Fixed Effect Model show that the borrowing rate has a negative correlation with the probability the company will become a marginal company in the case of Korea. However, the impact of an increase in borrowing rates on the likelihood of becoming a marginal company depends on the degree of financial vulnerability. Specifically, an increase in the borrowing rate has a greater impact on the possibility to become ICR<1 in the companies with higher financial vulnerability indexes.
  • Topic: Financial Crisis, Business , Business Management
  • Political Geography: Asia, South Korea
  • Author: Bama Dev Sigdel
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The main objective of this article is to assess the effect of the Belt and Road Initiative (BRI) in terms of economic interrelations between Asian countries mainly China, Korea, India and Nepal. China’s Belt and Road Initiative (BRI) is one of the most ambitious economic strategies in modern times that alters the economic, political and social relationship between Eastern and Western societies. It not only improves transport networks and facilitates trade, but also raises GDP of many economies. For China, BRI manifests its intention to become the next global power through bigger market access and economic opportunities. Although South Asia is less developed economically, it has high strategic utility for the BRI, which has drawn attention from China to deepen its relations in the region. On the other hand, South Korea has also emerged as a soft power in Asia. It has been playing a significant role in Asia by contributing the majority of its aid, i.e., 35 per cent in Asian economies and a major share of its FDI, i.e., 34.1 per cent. With the rapidly increasing growth of South Korea, it also has a growing relationship with ASEAN and other South Asian economies such as India to reduce its dependence on traditional trade allies. Moreover, for least developed economies like Nepal, the BRI can bring improved infrastructure, needed technology, managerial talents and greater connectivity to the world. South Korea can yield higher benefits through its relation with South Asia and especially Nepal through expansion of export and market access, access to cheap workable manpower to cope with its rising aging population, and less dependence on traditional allies through its investment in South Asian region.
  • Topic: International Relations, Economics, Economy, Belt and Road Initiative (BRI)
  • Political Geography: China, South Asia, Asia, South Korea, Nepal