Export promotion policies, export composition and economic development of Korea

노트 : Law and Development Institute Inaugural Conferenc

The Restructuring in the Post-Crisis Korean Economy

The current paper evaluates the restructuring measures implemented in the post-crisis Korean economy. Its policies taken after the economic crisis were quite successful in terms of economic recovery. The financial and corporate sector reforms undertaken by the Korean government contributed to strengthening the banking and corporate sectors, attracting FDI inflows. However, most indicators show worsening of income inequalities and workers. situation regarding job security. The strengths as well as the weaknesses of the development strategy of Korea and its reform measures undertaken since the occurrence of the economic crisis need to be differentiated

Industrial policy and diversification in the economic development of Kazakhstan

This paper explains the role of industrial policy and diversification in Kazakhstan. The oil and gas sector has led Kazakhstan’s economic growth. Kazakhstan’s economic growth rate has been mediocre compared with its neighbouring countries. The government pursued market-based reform, privatization, and diversification. Although it has emphasized developing agriculture and manufacturing, development in sectors other than oil and gas has not been apparent. The dominance of the extractive sector suggests the existence of the Dutch disease. After explaining industrial policy measures, this paper evaluates the role of government policy and provides policy implications for developing countries. Although the government has tried to diversify from a heavy reliance on the oil and gas sector to the agricultural and manufacturing sectors, the diversification strategy has been unsuccessful overall. Kazakhstan’s government must pay more attention to improving human capital and raising R&D expenditure. Active government policy is needed to diversify FDI inflows by sector. The government must clarify the objective of SME promotion and fiscal incentives must be finely targeted, considering industrial policy objectives. Clusters must be closely related to the overall direction of the industrial policy. The government must establish other infrastructure that may attract foreign investors to value-added industries

Industrial Policy and the Development of the Electric Vehicles Industry: The Case of Korea

The Korean government has stimulated R&D activities of the electric vehicle (EV) industry and promoted commercialization of EVs. Korea’s EV industry developed rapidly. The industrial policy to promote the EV industry provides implications to the automobile producers. First, producers not developing EV technologies may lag behind in the market. Second, it is important to improve the efficiency of their R&D expenditures. Third, it may be effective for the less advanced EV producers to cooperate with foreign producers. Fourth, the EV producers are needed to cooperate with the rechargeable battery producers. Fifth, success of the EV industry will depend on the probability of reducing the production cost. Sixth, the government should prepare R&D support measures targeting promotion of SMEs in the EV industry. Seventh, the government wishing to promote the EV industry needs to define the responsibility of each Ministry and establish a system resolving conflicts between the Ministries efficiently

Countervailing Duties in the USA

This paper reveals the characteristics of the ITC\u27s decisions on countervailing duties, which have seldom been studied. The empirical evidences based on time series data show that there is a long run equilibrium relationship between affirmative countervailing decisions and macroeconomic variables such as economic growth rates and import penetration ratios. The error correction models show that there is a unidirectional causality from affirmative countervailing decisions to slower economic growth

The Export Insurance System and Export Supply of Britain

This paper examines whether or not the export insurance subsidy provided by the British government has promoted Britain.s export supply. Unlike previous studies on the effectiveness of export subsidy in export supply, the current study examines the stationarity nature of the concerned variables. The unit root tests show that all concerned variables are integrated of order one. According to Johansen cointegration test, the concerned variables are not cointegrated. The empirical evidences using the first differenced data show that the export subsidy in terms of provision of export insurances by the government is not statistically significant in increasing export supply