• East Asian Economic Review
• /
• 제20권1호
• /
• pp.3-35
• /
• 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.

• 국제지역연구
• /
• 제12권3호
• /
• pp.49-67
• /
• 2008

본 연구에서는 경제 내 갑작스런 구조적 변화가 있을 경우의 최적 통화정책 준칙을 살펴본다. 연구의 첫 단계에서는 Markov 상태전환모형을 이용하여 미국 주택가격 상승률의 추이에 두 개의 상이한 상태가 존재함을 보인다. 식별된 두 개의 상태 중 하나는 실질 이자율이 상승시 주택 가격 상승률이 하락한다는 면에서 '통상적'인 상태로 보인다. 반면, 다른 상태 하에서는 주택가격 상승률과 실질 이자율이 양의 상관관계를 갖는다는 면에서 '이례적'인 상태라 할 수 있다. 연구의 두 번째 단계에서는 주택시장에 이와 같은 두 개의 상태가 존재할 경우 중앙은행의 최적통화준칙을 살펴본다. '통상적' 상태 하에서는 인플레이션 압력에 반대로 대응해야 하는 반면, '이례적' 상태에서는 인플레이션 압력을 수용(accommodate)해야 한다는 면에서 중앙은행의 최적통화정책은 비대칭적이다. 또한, 미래 상태에 대한 불확실성이 있을 경우 더욱 보수적으로 통화정책을 운용해야 한다는 결과가 도출된다.

• Ocean and Polar Research
• /
• 제29권2호
• /
• pp.165-185
• /
• 2007

Exploitation of transboundary oil and gas on continental shelves may cause conflicts between or among States concerned due to the physical character of these resources. As oil and gas are fluid, exploitation of such a transboundary oil field by one side may affect other parties in other jurisdictions. However, there is no universal international legal regime on the issue. This article tries to find the international legal regime governing such resources through analysing UN Assembly's resolutions, UNCLOS, international judicial opinions, bilateral agreements and ILC activities relating to transboundary natural resources. As a result of this study, it seems that each coastal State has an inherent sovereign right on its part of the transboundary oil and gas deposit, but this right is not unlimited. Each state involved with the deposit has a duty to cooperate with other states-through information exchange, consultation, and negotiation. Furthermore, the state has an obligation to refrain from unilateral action when there is a possibility of causing irrevocable damage to the interests of the other states.

• Journal of Korea Trade
• /
• 제26권1호
• /
• pp.33-56
• /
• 2022

Purpose - This paper explains how free trade agreements (FTAs) work as a building block to achieve global free trade and be better than other trade regimes. Design/methodology - This paper utilizes a trade liberalization game setup. Three countries choose a trade agreement strategy based on a given trade regime. Trade agreement is made only when all member countries agree. The paper evaluates each trade regime concerning FTAs and customs union (CU) by area size of global free trade equilibrium on the technology or demand gap between countries. Findings - FTAs make global free trade easier. In this game, there are two main reasons for failure to reach global free trade. First, a trade regime with FTAs makes non-member face difficulties in refusing trade agreements in the existence of a technology gap than a trade regime without FTAs. Also, a trade regime with FTAs causes it harder to exclude non-members in the existence of a demand gap than a trade regime with only CUs. Therefore, a trade regime with FTAs can work better in reaching global free trade. Originality/value - The concept of "implicit coordination" was used, which assumes that FTA members keep external tariffs for non-members the same as before an FTA. Without this consideration, FTA members lower their tariffs to non-members, and it makes non-member refuse free trade easier. FTA can prevent it sufficiently only with implicit coordination. This makes the trade regime with FTAs more effective to reach global free trade.

• 한국항해항만학회:학술대회논문집
• /
• 한국항해항만학회 1995년도 VTS and IBS 95 The Korean Institute of Navigation 1995년도
• /
• pp.73-88
• /
• 1995

I. Introduction II. State of vessel-source marine pollution 1. Pollution by tanker accidents 2. Pollution by tanker operations 3. Pollution by chemicals 4. Pollution by garbage and sewage III. Regulatory regime for ship safety and vessel-source 1. Regime for ship safety 2. Regime for vessel-source marine pollution prevention IV. Cause analysis of Contemporary vessel-source marine pollution. 1. Diversity of interested parties of shipping 2. Fierce international competition of shipping 3. Wide variagions in ship safety indicators by natons 4. Limitation of enforcing oil spill activities 5. Limitation of international countermeasures V. Summary conclusions and suggestions Note and References

• 한국수자원학회:학술대회논문집
• /
• 한국수자원학회 2015년도 학술발표회
• /
• pp.230-230
• /
• 2015

When and why do states cooperate in international basins? In recent years, there have been increasing attempts to apply international relations theories such as realism and neo-liberal institutionalism in understanding prospect of cooperation among sovereign states over shared rivers. Realists of hydropolitics argue that fate of cooperation resides in hands of hegemons and distribution of aggregate power among riparian states. Such pessimistic contention has been challenged by neo-liberal institutionalists, especially through regime theory. However, regime theory barely explains why and how cooperation emerges in the first place prior to regime formation. Therefore, the research suggests the game theory from neo-liberal institutionalism as an alternative theoretic approach. The accountability of Oye (1986)'s theoretical framework is illustrated through the case of cooperation in the Rhine River Basin.

• 한국중재학회지:중재연구
• /
• 제32권2호
• /
• pp.55-83
• /
• 2022

The United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Mediation Convention) results in new challenges to the area of international dispute resolution by providing the enforcement regime for mediated settlement agreements, which have not been admitted as enforceable in some civil law countries, including Korea and Japan. Japan has struggled to promote international arbitration and international mediation, and such efforts were accelerated by the adoption of the Singapore Mediation Convention in 2018. In order to standardize arbitration proceedings and promote the practice of international arbitration, Japan produced two noticeable results: the new JCAA Arbitration Rules and the amendment to the Arbitration Act of Japan. In addition to that Expedited arbitration procedure and Interactive Arbitration Rules of JCAA present the new possibility of international arbitration procedure for civil law practitioners, the amendment to the Arbitration Act of Japan suggests significant implications to Korea for its manifest provisions regarding enforcement requirements and proceedings and its protection of Access to Justice for foreign law practitioners.

• East Asian Economic Review
• /
• 제25권2호
• /
• pp.205-230
• /
• 2021

This study examines the impact of the number of coronavirus cases on regime-switching in stock return volatility. This study documents the empirical evidence that the COVID-19 cases had an asymmetric effect on the regime of stock return volatility. When the stock return is in the low volatility regime, the probability of switching to the high volatility regime in the next trading day increases as the number of cumulative cases increases. In contrast, in the high volatility regime, the effect of cumulative cases on the transition probability is not statistically significant. This study also documents the evidence that the government measures against the pandemic contribute to promoting the high volatility regime of the KOSPI during the pandemic. Besides, this study projects future stock prices through the Monte Carlo simulation based on the estimated parameters and the predicted number of the COVID-19 new cases. Under a scenario where the number of new cases rapidly increases, stock price indices in Korea are expected to be in a downward trend over the next three months. On the other hand, under the moderate scenario and the best scenario, the stock indices are likely to continue to rise.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권3호
• /
• pp.103-113
• /
• 2019

The effectiveness of monetary policy critically depends upon how well the transmission mechanism functions, so that the desired impact on output and inflation is achieved. The purpose of this paper is to study the transmission mechanism of monetary policy by analyzing the impact on inflation and output during multiple indicator regime (1998-99 to 2014) in an emerging economy-India. The Inflation Targeting Regime is also briefly outlined alongwith the impact on output and inflation. Using quarterly data for the period 1997 to 2017, the paper uses weighted average call money market rate as a proxy for the policy rate and evaluates the strength of the interest rate channel. We use a conventional Structural vector auto regression (SVAR) methodology to evaluate the efficacy and show the impluse response functions. Our results find that changes in the policy rate impact output growth steeply with a lag of about two quarters and the impact on inflation is maximized after three quarters. The study concludes that the monetary policy in India has a significant impact on output and inflation in the short-to-medium-run. After the policy shock, the fall in the output growth rate is of greater magnitude than the fall in inflation.

• 무역상무연구
• /
• 제45권
• /
• pp.165-188
• /
• 2010

The repeal of the block exemption for liner conferences and the abolition of any "special EC antitrust regime" for the shipping industry marks an important step in European maritime competition policy. This article examines the origins and the rationale of the EC antitrust immunity granted so far to the shipping industry and explains the causes of this historical change. Moreover, based on the precedents which have appeared so far, a general assessment is offered under this new EC regime on agreements restricting competition in the liner shipping industry, in particular horizontal ones: conference and tariff/freight arrangements will be doomed, whereas the legitimacy of consortia agreements should not be cast in doubt; a case-by-case analysis will be the approach as regards exchange or dissemination of information by shipowners in the market, and the relevant case law which emerges on these matters in other industries will be the criterion for their evaluation. Finally, a few remarks are made in respect of the international dimension of the decision to outlaw liner conferences and hence carve out EU Member States from the UN Code of Conduct regime.