RESEARCH
Working Papers
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The Directions of Economic Cooperation between Korea and Emerging African Countries
Egypt, Algeria, and Nigeria, all visited by Korean president Roh in March2006, are politically and economically important countries in Africa. They all have relatively large populations and economies, and are richly endowed with e..
Bokyeong Park et al. Date 2006.05.12
Economic Cooperation, Energy IndustryDownloadContent생략SummaryEgypt, Algeria, and Nigeria, all visited by Korean president Roh in March2006, are politically and economically important countries in Africa.
They all have relatively large populations and economies, and are richly endowed with energy resources. Therefore, there are various economic areas in which Korea can cooperate, the most feasible and mutually beneficial of which are identified in this report. The African countries' own economic features, such as market size, resource endowment, economic policy, and so forth are taken into account.
This report suggests that Korean overseas direct investment in Egypt would be an effective channel through which to enhance economic cooperation between Korea and Egypt. Egypt achieved noteworthy progress in its recent reforms to promote foreign investment. It established a Ministry of Investment, which will create the institutional framework and infrastructure required to attract foreign investment. It reduced the amount of red-tape involved with doing business, revised laws to make the labor market more flexible, and strengthened its intellectual property rights. Its location interlinking the Middle East, Africa, and Europe is a merit for foreign investors.
Algeria has a relatively large population and domestic market among African countries. It also has immense energy reserves, such as crude oil and natural gas. Korea, therefore, can strengthen economic ties with Algeria through export promotion and participation in energy development projects. The products for which Korea can rapidly increase its exports are automobiles, IT products, industrial machinery, steel, and iron. On the other hand, Algeria has kept open the domestic energy exploration market, and recently restructured its oil industry by lifting the regulatory rights of its national oil company. The restructuring is intended to accelerate the participation of foreign companies in the development of its energy resources. Korean oil companies and the government need to make an effort to seize these energy exploration opportunities in Algeria. Because of a long-lasting civil war, Algeria's infrastructure, such as electricity and transportation, remains destroyed or less developed. Therefore, linking energy exploration and infrastructure construction could be an effective strategy.
Nigeria also has a great amount of oil and gas, and allows foreign companies to participate in its exploration. Its recent policy on energy development is oriented toward inducing more foreign investor participation. However, there are a few risks associated with energy exploration by a foreign company in Nigeria. Most of the oil fields to be explored in Nigeria are offshore, which requires large-scale capital and advanced technology. In addition, the requirements of localization tend to be stricter, and there still remain political risks such as ethnic insurgencies and sudden policy changes. -
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- Monograph (in korean)Summary2005 Summaries of Research Reports -
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Korea-China-Japan FTA and the Korean Fisheries
This volume aims to analyze the potential effects of possible Korea- China-Japan free trade agreement, KCJ FTA, on their fisheries industry, and draw some policy recommendations for the Korean fisheries. (The rest is omitted.)
Namdoo Kim Date 2006.04.21
Economic OpeningDownloadContentSummaryThis volume aims to analyze the potential effects of possible Korea- China-Japan free trade agreement, KCJ FTA, on their fisheries industry, and draw some policy recommendations for the Korean fisheries. (The rest is omitted.) -
Africa in the World Economy: The National, Regional and International Challenges
The contributors to this book examine the economic constraints to growth and development faced by sub-Saharan African countries. These constraints include the underdevelopment of domestic capital markets, the lack of national and ..
Jan Joost Teunissen et al. Date 2006.04.05
Economic Development, Capital MarketDownloadContentAcknowledgements
Notes on the Contributors
Abbreviations
1. Clichés, Realities and Policy Challenges of Africa: By Way of
Introduction
PART I
THE DEVELOPMENT PARADIGM FOR AFRICA
2. Understanding African Poverty: Beyond the Washington Consensus to the
Millennium Development Goals Approach
3. The Challenge of African Development: A View from latin America
4. Are the MDGs Helping Africa to Become Independent?
5. Development Beyond the Millennium Development Goals
PART II
THE NATIONAL AND REGIONAL CHALLENGES럒AFRICA
6. Original Sin and Bond Market Development in Sub-Saharan Africa
7. Role of the State in Financial Sector Development in Sub-Saharan Africa
8. Capital Market Development in Uganda
9. Infrastructure, Regional Integration and Growth in Sub-Saharan Africa
10. Infrastructure, Regional Integration and Growth in Africa
11. Challenges for Regional Integration in Sub-Saharan Africa: Macroeconomic
Convergence and Monetary Coordination
12. Is Sub-Saharan Africa an Optimal Currency Area?
PART III
THE INTERNATIONAL CHALLENGES: TRADE AND FINANCE
13. Africa's Development and External Constraints
14. Keeping Africa's Policies on the Right Track
15. An Integrated Approach to Africa's Development Constraints
16. South-South Investment: The Case of Africa
17. Africa's External Constraints: What Developed Countries Should DoSummaryThe contributors to this book examine the economic constraints to growth and development faced by sub-Saharan African countries. These constraints include the underdevelopment of domestic capital markets, the lack of national and regional infrastructures, and the ongoing dependence on the export of commodities whose prices and markets are volatile and remain largely determined by the large companies of western countries. (The rest is omitted.) -
Road to Prosperity and Cooperation : Financial Hub in Northeast Asia
Road to Prosperity and Cooperation : Financial Hub in Northeast Asia
KIEP et al. Date 2006.03.20
Financial Policy, Financial IntegrationDownloadContentContents
Opening sessionxx
Welcoming Remarks / Han, Duck Soo
Welcoming Remarks / Yoon, Jeung Hyun
Keynote Speech
The Role of Financial Development in a Maturing Economy / John Williamson
sessionxx 1 : Development Financing in East Asia
Opening Remarks / Kim, Chang Lok
Subject 1 : Strategic Approach for Development Financing and Rile of Private Capital
Presentation 1
Development Financing in Northeast Asia : Strategic Approach for Private Capital / Thankom Gopinath Arun
Presentation 2
Strategic Approach for Development Financing and Role of Private Capital / Kim, Sang-Loh
Discussion / John Walker ; Jianping Zhao ; Akira Kawamura ; Hyun, Oh Seok
Question & Answer sessionxx / Hanjin Sunhang ; Kim, Sang Loh ; Thankom Gopinath Arun ; Chair
Subject 2 (Korea EXIM Bank) : Application of Public Capital to Development Financing in Northeast Asia
Opening Remarks / Shin, Dong Kyu
Presentation 1
Public Capital to Development Financing in North East Asian Region (NEAR) / Cheong, Young Rok
Presentation 2
The Establishment of the North-East Asia Development Bank and Korea role on it : Tentative plan / Yasuhiro Chiba
Discussion / Junlu Ma ; Konstantin Roslyakov ; Tsogtsaikhan Gombo ; Lee-Jay Cho
sessionxx 2 (KAMCO) : Prospects for Asian Corporate Restructuring Market and Role of KAMCO
Opening Remarks / Kim, Woo Suk
Presentation 1
Prospects for the Asia Corporate Restructuring Market / Robert E. Young Jr.
Presentation 2
KAMCO & NPL Markets is Asia / Rhee, Changyong
Discussion / David Chon ; Helei Qu ; Thomas W. Albrecht
sessionxx 3 (KIC) : Global Trend of and Prospects for Government Investment Management Companies
Opening Remarks / Lee, Kang Won
Presentation 1
Improving the Chances for Success at Government Investment Funds / Bruce Pflaum
Presentation 2
Reserve Management in Singapore: The GIC Experience / Sung, Cheng Chih
Presentation 3
KIC : Present and Future / Lee, Kang Won
Discussion / Mark P. Speciale ; Brian P. Baker ; Evan Hale
Question and Answer sessionxx
Panel Discussion : Competitiveness of Financial Hub in Korea
Questions From The Floor
SummaryRoad to Prosperity and Cooperation : Financial Hub in Northeast Asia -
An Introduction to Domestic Regulation in GATS
Domestic regulations have a profound effect on services trade. A major challenge for the GATS is how to design rules that prevent the protectionist use of domestic regulations but do not deprive regulators of the freedom they need..
Yeongkwan Song Date 2005.12.31
Regulatory Reform, Multilateral NegotiationsDownloadContentSummaryDomestic regulations have a profound effect on services trade. A major challenge for the GATS is how to design rules that prevent the protectionist use of domestic regulations but do not deprive regulators of the freedom they need to pursue legitimate objectives. Members of the World Trade Organization (WTO) have agreed that a central task in the ongoing set of services negotiations will be to further develop rules to ensure that domestic regulations support rather than impede the opening of services markets to trade and investment. Since these rules are bound to have a significant effect on the evolution of domestic services policy, it is important that they will be conducive to economically rational policymaking while preserving the regulatory autonomy required to pursue and achieve domestic policy objectives. This paper provides an introduction to the discussions of domestic regulation in the WTO and aims to develop effective strategies, from the Korean point of view, for ongoing discussions. -
Exchange Rate System in India: Recent Reforms, Central Bank Policies and Fundamental Determinants of the Rupee-Dollar Rates
We provide an in-depth analysis of the exchange rate reform program undertaken by India in recent years. The actions of India's central bank, the Reserve Bank of India (RBI), during this key reform period are evaluated in this stu..
Vivekanand Jayakumar et al. Date 2005.12.30
Monetary Policy, Exchange RateDownloadContentExecutive Summary
I. Introduction
II. Recent Changes in India's Exchange Rate System and RBI Policies
1. The 1991 Balance of Payment Crisis
2. Changes in the Rupee Exchange Rate Regime
3. Central Bank Actions in the Forex Market
III. Capital Flows, Impossible Trinity, and Foreign Exchange Reserve
Management
1. Capital Account Liberalization in India
2. The Impossible Trinity
3. Foreign Exchange Reserve Management
IV. Fundamental Determinants of India's Real Exchange Rates
1. Introduction
2. Exchange Rate Movements in India
3. Model and Methodology
4. Long Run Movements of Real Exchange Rates
5. Innovation Accounting
6. Implication of the Empirical Test
V. Future Directions for the Rupee and the Reserve Bank of India
1. A Fear of Floating
2. Inflation Targeting
VI. Conclusion
ReferencesSummaryWe provide an in-depth analysis of the exchange rate reform program undertaken by India in recent years. The actions of India's central bank, the Reserve Bank of India (RBI), during this key reform period are evaluated in this study as well. In addition, this paper, using a sector price differential model, analyzes the fundamental determinants of the Indian rupee-U.S. dollar exchange rates. Lately, Indian policymakers and Reserve Bank officials appear to have taken steps designed to increase the overall credibility of the exchange rate regime. Our analysis suggests that the reform policies have generally been quite effective. We also feel that the RBI should adopt further liberalization program, being mindful, however, of the potential for severe exchange rate volatility and monetary instability in the face of increasing capital mobility and international integration. -
A Roadmap for the Asian Exchange Rate Mechanism
Given the increasing importance of capital market development for financial stability and multilateral cooperation for sustained growth, a country's choice of exchange rate regime is hardly trivial. Instead of relying on a series ..
Gongpil Choi et al. Date 2005.12.30
Monetary Policy, Exchange RateDownloadContentExecutive Summary
I. Introduction
II. Requirements for Regional Financial Stability
III. Creation of ACU: Parallel Currency or Basket Numeraire
IV. AERM: Multilateral Exchange Rate Arrangement with the ACU
V. Other Considerations
VI. Summary and Conclusion
References
AnnexSummaryGiven the increasing importance of capital market development for financial stability and multilateral cooperation for sustained growth, a country's choice of exchange rate regime is hardly trivial. Instead of relying on a series of individually managed floats, it would be better for each country to target its currency against a basket of other currencies. A still much better alternative would be to form a regional block, which would tie Asian currencies together and create a regional currency while allowing them to float against major currencies. (The rest is omitted.)