• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.28
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• pp.39-61
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• 2005

Historically shipping conference has enjoyed antitrust immunity in consideration of the importance of liner service in international trade in that it is essential to ensure stable movement of international freight. However, shipping deregulation which has been carried out for last decades in the US and EU has caused significant changes to the liner shipping market. In fact, most of shipping conferences have broken up or transformed as discussion agreement since shipping regulatory reform. However, on the other hands, it is also true that it has contributed to developmore efficient and responsive negotiating process that are better tailored to the needs of individual shippers.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.5 no.1
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• pp.17-25
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• 1980

In order to contribute the development for M.O.C. administration in Korea, the followings are considered; (1) To open the Office of Tele-communication Policy as soon as possible. (2) To intensify the organization for Radio Regulatory. (3) To reform the Regulations on Government Officer's appointment and treat communication scientists as well as the other professions.

• International Journal of Railway
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• v.1 no.4
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• pp.129-133
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• 2008

Over the last $15{\sim}20$years, many countries have adopted policies of railway privatization to keep up with increasing competition from road and air transport. Although each country and case has its own history, market characteristics, political context as well as administrative process, railway privatizations (including railway restructure, concession etc.) in the west usually are accompanied with the establishment of new regulatory regimes. Therefore, railway governance has been innovating towards an interaction of government, regulator, industry bodies, user groups, trade unions and other interested groups within the regulatory framework. However, it is not the case in China. Although China had seen a partial privatization in some branch lines and is experiencing a much larger-scale privatization by establishing joint-ventures to build and operate high-speed passenger lines and implementing an asset-based securitization program, administrative control still occupies absolutely dominant position in the railway governance in China. Ministry of Railway (MOR) acts as the administrator, operator as well as regulator. There is no national policy that clearly positions railway in the transportation network and clarifies the role of government in railway development. There is also little participation from interested groups in the railway policy making, pricing, service standard or safety matter. Railway in China is solely governed by the mere executive agency. Efficiency-focused economic perspective explanation is far from satisfaction. A wider research perspective from political and social regime is of great potential to better explain and solve the problem. In the west, separation and constrains of power had long been established as a fundamental rule. In addition to internal separation of political power(legislation, execution and jurisdiction), rise of corporation in the 19th century and association revolution in the 20th century greatly fostered the growth of economic and social power. Therefore, political, social and economic organizations cooperate and compete with each other, which leads to a balanced and resonable power structure. While in China, political power, mainly party-controlled administrative power has been keeping a dominated position since the time of plan economy. Although the economic reform promoted the growth of economic power of enterprises, it is still not strong enough to compete with political power. Furthermore, under rigid political control, social organizations usually are affiliated to government, independent social power is still too weak to function. So, duo to the limited and slow reform in political and social regime in China, there is an unbalanced power structure within which political power is dominant, economic power expanding while social power still absent. Totally different power structure in China determines the fundamental institutional environment of her railway privatization and governance. It is expected that the exploration of who act behind railway governance and their acting strength (a power theory) will present us a better picture of railway governance as a relevant transportation mode. The paper first examines the railway governance in China and preliminarily establishes a linkage between railway governance and its fundamental institutional environment, i.e. power structure in a specific country. Secondly, the reason why there is no national policy in China is explored in the view of political power. In China, legislative power is more symbolic while party-controlled administrative power dominates political process and plays a fundamental role in Chinese railway governance. And then, in the part three railway finance reform is analyzed in the view of economic power, esp. the relationship of political power and economic power.

• Informatization Policy
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• v.29 no.2
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• pp.66-90
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• 2022

The radical digital transformation and development of the contactless digital economy in the wake of the COVID-19 pandemic are increasing the need to solve various problems such as conflicts of interest among market participants and delays in related laws and regulations. This study investigates the concept and characteristics of the contactless digital economy and identifies the related regulatory issues and resolutions through literature review, news article analysis, and expert interviews. From the literature review, it is identified that the contactless digital economy has eight hyper-innovation characteristics: hyper-intelligence, hyper-connectivity, hyper-convergence, hyper-personalization, hyper-automation, hyper-precision, hyper-diversity, and hyper-trust. From news article analyses and expert interviews, this study identifies various regulatory issues, such as competition between incumbents and new entrants, the collision of constitutional rights, collision of social values, conflict between market participants, absence of laws and regulations, and existence of excessive market power, and then proposes a series of resolutions.

• Journal of Korean Society of Transportation
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• v.35 no.3
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• pp.169-182
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• 2017

This research reviews regulations on logistics/transport industry and attempts to quantify the effects of regulation mitigation on GDP per capita. South Korea's transport industry has been gradually expanding, however, the industrial structure is still short rooted. In 2014, average number of hours worked is 5th highest and wage margin 12th smallest out of 18 industries. Furthermore, the regulations for this industry appear to be stricter than those of other industries. OECD's logistics/transport industry regulatory index for South Korea has been decreasing for the last 40 years but still exceeds those of EU, Japan, US, and other countries. This paper provides supporting reasons for regulatory reforms by analyzing the ripple effects on real GDP. Factors such as the ratio of trade among GDP, the enrollment rate to primary school, energy usage per capita, and population are controlled in the fixed-effect model. Estimation results showed that 1 unit decrease in transport/logistics regulatory index is correlated with 8.1% increase of the real GDP per capita, that is, 10% of deregulation is expected to yield 2.16% increase in GDP per capita. Thus, it is expected that mitigating regulations on market entries, price determination, ownership structures of network industry, vertical integrations can improve the economy of South Korea.

• Journal of Digital Convergence
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• v.20 no.2
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• pp.1-8
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• 2022

Although the OTT industry is an area that needs urgent policy response as a priority area under the new industry regulatory reform master plan, various issues are occurring due to the lack of related institutional infrastructure. Therefore, this study aims to analyze the policy conflict structure in which regulatory obstacles and delays occur by listening to the opinions of major stakeholders and using the Q methodology to identify the regulatory innovation demand of the OTT industry. The analysis results are as follows. The analysis results are as follows. First, in the implementation of OTT-related policies, it is necessary to improve the standard system for the method of settlement of copyright fees. Second, it is required to improve the support method that can reduce the burden of OTT operators' fund. Third, it is necessary to supplement the system by changing the regulatory application method for potential regulatory issues related to zero-rating. This study can be utilized in the process of introducing a system in which various stakeholders are connected and developed in a complex manner in the process of regulatory innovation in new industries and services.

• The Journal of the Korea Contents Association
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• v.16 no.9
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• pp.411-422
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• 2016

The Media Law including Newspaper Law, Broadcasting Law and Internet Multimedia Law has been reformed in 2009. The main purpose of the reform was to allow media firms to gain a global competitive edge by opening doors to more investments that were nonexistent due to regulatory barriers. Also it aimed to contribute to an increase of employment in the media industry. This paper analyzes the impact that the Media Law reform of 2009 had on many media/contents company's future value by tracking abnormal returns gained during the period of the reform. The analysis with the capital market data of fifteen firms over a one-year period provided evidence that the new law has had an effect on the related firms' future value; however, the impact was shown to not be as significant in the long-term. This study has the significance in that it showed that the impact of the reform was not overall to the industry but given to the limited number of media company and confirmed the relatively strong effect of the unexpected events.

• Safety and Health at Work
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• v.9 no.4
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• pp.365-371
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• 2018

This article addresses three key issues. First, the commonalities, differences, strengths, and limitations of existing occupational safety and health (OSH) legislation of low- and middle-income countries were determined. Second, required revisions were identified and discussed to strengthen the laws in accordance with the best international practice. Finally, proposals for additional OSH laws and interventions were suggested. A literature search of OSH laws of 10 selected low- and middle-income countries was carried out. The laws were subjected to uniform review criteria. Although the agricultural sector employs more than 70% of the population, most of the reviewed countries lack OSH legislation on the sector. Existing OSH laws are gender insensitive, fragmented among various government departments, insufficient, outdated, and nondeterrent to perpetrators and lack incentives for compliance. Conclusively, the legal frameworks require reformation and harmonization for the collective benefit to employees, employers, and regulatory authorities. New OSH legislation for the agricultural sector is required.

• Food Science and Industry
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• v.50 no.2
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• pp.98-109
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• 2017

he safety and quality of the food supply are governed by a complex system and food safety management is one of the most important tasks of every government and government agency. Different types of policies have been developed and emplyed to address current and upcoming challegnes. In many counties including South Korea, much effort has been made to reform food safety system including organizational transformation and policy change. Food safety agencies including their history in four countries -U.S., England, Japan, and EU- are reviewd and major policies which have been recently employed by thses four contries are also examined. Additionally, the report of EU food safety and nutiriton in 2050 is introduced and scenarios of future change and policy responses in the report are exmained. Lastly, insight into this issue is given based on review of organizational transformation and major policies in four countries.