• East Asian Economic Review
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• v.19 no.1
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• pp.99-114
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• 2015

What explains the sharp increase in the Chinese economy's indebtedness, in particular the China's onshore corporate debt? Has the overall debt burden reached a threshold where it poses a systemic risk, thereby making the economy vulnerable to a "Lehman Moment" - with disorderly unwinding of the private sector and sovereign debt? What are the short and longer term implications of China's growing debt problems on domestic economic growth and the broader global political economy? What has Beijing done to ameliorate the problem, how effective were its efforts, and what must it do to deal with this problem?

• East Asian Economic Review
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• v.19 no.1
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• pp.3-38
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• 2015

Fama's (1984) volatility relations show that the risk premium in foreign exchange markets is more volatile than, and is negatively correlated with the expected rate of depreciation. This paper studies these relations from the perspective of goods markets frictions. Using a sticky-price general equilibrium model, we show that near-random walk behaviors of both exchange rates and consumption, in response to monetary shocks, can be derived endogenously. Based on this approach, the paper provides quantitative results on Fama's volatility relations.

• Electronics and Telecommunications Trends
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• v.13 no.3 s.51
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• pp.98-114
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• 1998

우리나라의 통신시장은 세계 10위권 내에 들 정도로 거대한 규모이지만, 통신사업자의 국제경쟁력이 아직은 미약할 뿐아니라, 최근 국내경제 악화로 기업가치가 급격히 평가절하되어 있어서 통신시장이 개방되면 미국을 비롯한 통신선진국들의 목표시장이 될 가능성이 매우 높다. 이하에서는 주요 외국 통신사업자들의 해외진출에 관한 세계적 동향을 간략히 살펴보고, 우리나라 통신시장에 진출한 외국사업자의 현황 및 전망을 고찰함으로써 향후 본격적인 대외개방에 대비한 전략적 시사점을 모색하고자 한다.

• East Asian Economic Review
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• v.16 no.1
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• pp.25-66
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• 2012

The paper analyzes the effect of expected future demand on the investment decisions of multinational enterprises. In particular, I explore the issue of the timing of switching between exporting and FDI in the host developing country and explicitly incorporate the firm's attitude toward risk in the model. The model demonstrates that the optimal time for switching to FDI depends on the expected future demand and the degree of its uncertainty.

• Journal of Energy Engineering
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• v.8
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• pp.59-73
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• 1999

국내 석유산업을 둘러싼 대내외 환경은 최근 몇 년간 급격히 변화하였고, 이러한 변화 추세는 향후 더욱 가속화될 것으로 예상된다. 우선 대내적으로 정부는 국가경제 각 부문의 $\ulcorner$경쟁력 강화$\lrcorner$를 위하여 시장에 대한 불필요하고 불합리한 규제를 폐지하여 시장기능을 활성화시킴으로써 각 산업의 경쟁력을 강화시키는 동시에 자원 배분의 효율성 증대를 도모해 나가고 있다. 이러한 전반적인 정책기조 하에서, 정부는 에너지산업, 특히 석유산업에 대한 많은 규제를 완화.폐지하여 왔다. 특히, 국내유가에 대한 자유화, 정제 및 유통부문에 대한 허가제가 등록제로 전환되었다. 또, 정제부문 및 유통부문에 대한 대외개방도 허용되었으며, 석유제품 수출입에 대한 규제도 완화되었다. (중략)

• KOREAN POULTRY JOURNAL
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• v.23 no.3 s.257
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• pp.100-106
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• 1991

금년도는 대외적으로 수입개방 압력이 더욱 거세질 것으로 예상되어 국제화 시대의 국내외 여건변화에 효율적으로 대처하기 위하여 협회를 구심점으로 전양계인이 단합해 조직을 활성화하고 양계인의 권익신장과 경제적$\cdot$사회적 지위 향상을 위하여 최선의 노력을 경주코자 한다. 이를 위하여 양계산업 발전에 저해요인이 되는 불합리한 정책 등 제도의 개선과 신속한 정보전달, 기술보급, 생산성 및 상품성 향상과 생산비절감을 통한 국제 경쟁력 제고방안의 강구로 소비자로부터 사랑받는 양계산물을 생산$\cdot$보급하는데 역점을 두고 91년도에 더욱더 발전적으로 추진할 예정이다.

• East Asian Economic Review
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• v.24 no.3
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• pp.237-252
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• 2020

This paper characterizes the optimal reciprocal trade policy in the environment of Melitz (2003) with firm productivity heterogeneity. In particular, without making parametric assumptions on firm productivity distribution, this paper derives the optimal degree of reciprocal tariff reductions that maximize the world welfare. A reciprocal import subsidy raises the industry productivity, lowering aggregate price; a reciprocal import tariff helps correct the markup distortion, increasing nominal income. With all the conflicting effects of import tariffs on welfare considered, the optimal degree of reciprocity in multilateral tariff reduction is shown to be free trade.

• East Asian Economic Review
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• v.22 no.4
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• pp.467-505
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• 2018

We propose a simple identification scheme for the causes of the violations of uncovered interest parity. Our method uses the serial dependence patterns of excess returns as a criterion for judging performance of economic models. We show that a mean reverting component in excess returns, representing a violation of uncovered interest parity, mainly contributes to generating different serial dependence patterns of excess returns: rational expectations risk premium models tend to generate negative serial dependence of excess returns, while expectational errors models tend to generate positive serial dependence.

• East Asian Economic Review
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• v.26 no.4
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• pp.257-277
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• 2022

Does servitization improve manufacturing firms' performance, and in what condition? Following the seminal work of Crozet and Milet (2017), this study analyzes disaggregated firm-level data that covers 40,000 South Korean manufacturing firms surveyed by the Survey of Business Activities of Korea. We compute firm-level servitization intensity with available sales data of each firm by two-digit SIC sub-sectors. We find two novel empirical regularities: Korean servitization intensity distribution shows a very different shape from the French benchmark; Servitized firms tend to perform higher profitability and higher productivity than non-servitized firms.

• East Asian Economic Review
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• v.27 no.4
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• pp.327-346
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• 2023

In the recent 20 years, the capital flows between Korea and European Union have increased and diversified. In particular, the business cycles of two economies have shown similar patterns since the Global Financial Crisis. This study examines both trends and investigates the roles of finance and trade on business cycle co-movements between two economies. The empirical results show that the business cycles can diverge due to either the common shocks or the country-specific shocks. Furthermore, financial integration increases the business cycle co-movements driven by both the country-specific shocks and the common shocks between two economies.