• East Asian Economic Review
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• v.20 no.1
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• pp.3-35
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• 2016

This paper analyses the new discipline on state-owned enterprises contained in the recently concluded Trans Pacific Partnership Agreement, and evaluates various factors that influenced the shaping of its specific rules. The new discipline consolidates and strengthens related provisions in current trade regimes, reflects various aspects of trade disputes between China and the US, and adopts, as its general underlying rationale, the principle of competitive neutrality. The new discipline contains elements that may challenge the multilateral trade regime, and may serve as a role model in regulating state-owned enterprises, including subsidies in services trade in other on-going trade negotiations. The new regime makes us think hard about fundamental issues regarding enforcement of competition policy against state-owned enterprises, treatment of non-market economies, and how to deal with effects of subsidies in international trade, bringing competition issues back on the trade agenda.

• Environmental and Resource Economics Review
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• v.11 no.4
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• pp.581-608
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• 2002

The electric power industry has played an important role in dramatic economic development in Korea and the electricity has constituted a critical factor sustaining the well-being of the Korean people. This study uses input-output analysis to investigate the role of four electric power sectors (hydroelectric, fossil-fuels, nuclear and non-utility) in the Korean national economy for the period 1985~1998, focusing on four topics: the impacts of electricity supply investments, the electricity supply shortage effects, and the impacts of the rise in electricity rates, and the inter-industry linkage effect. The overall results reveal that non-utility electric sector is superior in terms of the national economy-wide effects to other three sectors throughout the period. Finally, potential uses of the results are illustrated from the perspective of policy instruments and some policy implications are discussed.

• Journal of Korea Port Economic Association
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• v.21 no.3
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• pp.219-238
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• 2005

The purpose of this study is to analyze the concept, requirement and the effect of Force majeure and Hardship under the UNIDROIT Principles of International Commercial Contract. Under the UNIDROIT Principles Non-performance by a party is excused if that party proves that the non-performance was due to an impediment beyond its control and that it could not reasonably be expected to have taken the impediment into account at the time of the conclusion of the contract or to have avoided or overcome it or its consequence. There is hardship where the occurrence of events fundamentally alters the equilibrium of the contracts and the events occur or become known to the disadvantaged party after the conclusion of the contract; the events could not reasonably have been taken ito account by the disadvantaged party at the time of the conclusion of the contract; the events are beyond the control of the disadvantaged party; and the risk of the events was not assumed by the disadvantaged party.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.10
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• pp.361-371
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• 2020

Since the implementation of the sunset law in 2020, concerns have been raised over the reckless development of long-term non-executed urban parks. In this study, the FSDAF method and CASA-NPP model were used to evaluate the annual average NPP of long-term non-executed urban parks in Seoul. Based on this, the carbon loss and economic value were assessed under five development scenarios. The total NPP value of long-term non-executed urban parks, except for the greenbelt area in Seoul, was 4,892.18 t C. In the first scenario, the NPP and cost were 4,892.18 t C of vegetation carbon and 1.18 billion won, 2,548.55 t C of vegetation carbon and 615 million won in the second scenario, 238.94 t C of vegetation carbon and 58 million won in the third scenario, 848.38 t C of vegetation carbon and 205 million won in the fourth scenario, and 1,596.00 t C of vegetation carbon and 385 million won in the fifth scenario. These results are meaningful for evaluating vegetation carbon and economic value loss according to five different development scenarios. The results of this study are expected to be useful for the preparation of measures to minimize the impact of the development of long-term non-executed urban parks.

• International Area Studies Review
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• v.22 no.3
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• pp.201-219
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• 2018

This paper suggested a theoretical model, in which a security-based(secured loan, non-secured loan) credit agreement determines the form of corporate cost function through a loaning company's cost minimization in the light of a company which behaves monopolistically in product markets. Also, this paper analyzed the influence of a corporate credit agreement on market equilibrium, and economic welfare in product markets. As a result, it was found that in case a company, whose equity capital is small, implements borrowing based on a secured loan from a financial institution, the company comes to face borrowing restraints, in which the company has no choice but to get a loan within the scope of securities. When a company offers its capital goods, i.e. a production factor, as a security, there occurs a distortion to the production factor input ratio. Meanwhile, when a company comes to get a loan based on an unsecured loan, for which the interest rate is high, marginal cost rises; accordingly, the company comes to choose a credit agreement aiming at maximizing its profits. However, a company's choice of a credit agreement is not quite desirable from a consumer's viewpoint, and from the whole economic point of view; overall, such a choice is likely to aggravate economic welfare.

• The Journal of the Korea Contents Association
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• v.10 no.3
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• pp.315-325
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• 2010

The issues on education as a human capital formation in recent years have been focused for all of the countries with emerging of the knowledge-based economy. The present study compared and analyzed the relationships between the educational investment and national economic growth of ten non-English-speaking OECD countries during 1970-2008, using Ordinary Least Square (OLS) and Seemingly Unrelated Regression Estimation (SURE) as the main analytical methods. Findings indicate that educational investment, R&D investment, and fertility rate were statistically significant in the estimation of the variables related to the human capital formation, and these elements had also positive influence on the national economic growth. The most salient factor was the fertility rate, and the R&D investment and educational investment appeared as the next factors in the national economic growth. In particular, the dimensions in the coefficient of the fertility rate showed 1.8 times of the R&D and 3.5 times of the educational investment, respectively. These results imply that educational investment, R&D investment, and the policies which promote fertility rate should be taken into account for the continuous economic growth of each country.

• Analyses & Alternatives
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• v.7 no.1
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• pp.45-81
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• 2023

This paper examines how Korean economy has been asymmetrically changed after economics crises. The three crises during the last three decades, covid19, global financial crisis, and currency crisis, have deteriorated the economic inequalities of Korea in various ways. First, manufacture industry has been affected larger by economic crises, but recovered fast. The shocks in service sector were small but persist longer or were permanent. Second, although the covid19 spreaded out more to the capital area, the negative economic shock was greater in the non-capital region. That is, the crisis in the capital region transferred or amplified to the other region. Third, the inequality between permanent and temporary workers became worse after crises. Fourth, the sluggish small business growth problem became more serious during the covid19. In order to overcome the industrial and labor inequality, it is desirable to government strategy for economic development from focusing on high value-added industry to a balanced growth for all industry and region. To this end, governemt support should be asymmetric. That is, it should focus on indirect support such as regulatory reforms in the high value-added and private-led industries, and, for small business related service sector and non-capital region which have had limited opportunity of renovation and growth, the more active effort of government and government-driven gowth strategy would be desirable.

• Journal of the Economic Geographical Society of Korea
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• v.18 no.3
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• pp.296-318
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• 2015

The Bru-Van Kieu, one of ethnic minorities in Vietnam, have lived in the mountainous area along the border with Laos for centuries. Approximately by the end of the Second Indochina War, the Bru-Van Kieu were still a kinship-based and non-stratified societal group relying mainly on subsistence economy. Their traditional physical geography, nonetheless, has been transformed vigorously during the last few decades as a result of state-formation processes and changes in macro-economic policies. The paper aims to examine how ethnic minority adapt their livelihood to challenges instigated by macro political and economic processes. By examining livelihood adaptation of the Bru-Van Kieu, the study also identifies strategies that ethnic minorities use to negotiate with more powerful political and economic forces. The authors argue that the Bru-Van Kieu have deployed a strategy combining everyday resistance to maintain their limited social and cultural agencies and utilizing of these agencies in economic adaptation with other cross-ethnic non-state actors, enabling them to tap into new type of resources and opportunities.

• Economic and Environmental Geology
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• v.3 no.3
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• pp.141-161
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• 1970

The outline of general trend on production, consumption and price of non-ferrous metals during 1969 is summerized in the paper. The production of every non-ferrous metals has increased compare to that of last year, and their consumption except silver has also increased. Specially the rate of growth of production is that; The rate of growth of consumption is such; The prices of gold and silver have decreased since last November due to the stability of international currency and the creation of S.D.R. at I.M.F., but those of other metals have increased, marking the price at the end of 1969 as follows: Cupper price of Foreign Refinery showed ¢72.471/lb(increased 39% per year), lead and Zinc jumped up to the highest price since the Korean War (1951-1953), showing the lead price ¢16.50/lb (increased 27% per year) and the zinc price ¢15.50/lb (increased 15% per year). Price of tungsten was higher than the agreed price that was made between Korea and U.S.A. during 1951 through 1954, showing $63.4/S.T.U. (increased 13% per year). The price of molybdenum was slightly increased from $1.62 to $1.72 (increased 6% per year). In summing up, the year of 1969 was the golden age for the nonferrous metals. It is, hawever, expected that in the next few years, the consumption rate and the prices of non-ferrous metals will be declined compared to those of 1969.

• East Asian Economic Review
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• v.20 no.4
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• pp.447-467
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• 2016

The RTAs with trade facilitation provisions have been expected to generate a larger net trade-creating effect and complement the discriminatory feature of RTAs but have yet to be empirically proven. Recognizing the limitations of existing studies, we conducted a quantitative analysis on the effects of RTAs with and without trade facilitation provisions on both intra- and extra-bloc trade by using a modified gravity equation. We applied the Poisson Pseudo-Maximum Likelihood (PPML) estimation with time varying exporter and importer fixed effect method to panel data consisting of 45,770 country pairs covering 170 countries for 2000-2010. We found that the trade facilitation provisions in existing RTAs are non-discriminatory by generating more intra- and extra-bloc trade in general. In particular, we found that the trade effects of RTAs in the APEC region are much stronger than the general case covering all RTAs in the world. In addition, as we control the trade effect of a country's trade facilitation, which is ranked by the World Bank's logistic performance index, RTAs consisting of trade facilitation provisions are discriminatory for trade in final goods and non-discriminatory for trade in intermediate goods. Overall, we endeavor to "explain," instead of "hypothesizing," why most of the recent RTAs contain trade facilitation provisions, especially in light of the deepening regional interdependence through trade in parts and components under global value chains and support the necessity of multilateralizing RTAs by implementing non-discriminatory trade facilitation provisions.