In Contemporary South Korean Economy, Chiang provides a critical analysis of the Republic of Korea’s economic development in the two most recent decades. Chiang highlights that most of the literature on the Republic of Korea’s economy focuses on the country’s substantial economic growth periods between the 1960s and 1980s; yet, there is little literature that discusses Republic of Korea’s post-industrialization period. Examining the recent economic performance of the country is important because policymakers can observe whether the Republic of Korea’s export-oriented policies were sustainable in the long-run. This book aims to investigate the core economic structures of the country and issues after attaining its post-war industrialization. Contemporary South Korean Economy is a necessary addition to literature on the country’s miraculous growth.
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This paper examines the effect of corruption on the business environment in Viet Nam. Our survey of firms operating in Viet Nam suggests that corruption is perceived as the most severe business constraint for their operation. Also, corruption has a significant negative association with the overall satisfaction of the business environment in Viet Nam. Such results support the hypothesis that corruption has a “sand the wheel” effect on firms’ business activities. While this paper sheds light on the importance of corruption, it would be useful to conduct follow-up studies to examine corruption and its impact in more detail. Such studies could be conducted in those segments that most severely suffer from corruption according to our survey, i.e., medium-sized enterprises, hotel/restaurant and construction sectors, Hanoi based, and Vietnamese owned firms.
Globalization created wealth and improved standards of living and promoted convergence of incomes across economies. Yet, globalization’s benefits have been seen as heavily tilted towards multinational corporations (MNCs). It is perceived that this was enabled by the rules of global trade which are stacked against small and medium-sized enterprises (SMEs). Today’s global agenda on greater inclusion is meant to remedy the disadvantages faced by small firms.
The future of the Export Credit Agency (ECA) of the United States, the US Export Import Bank (EXIM bank hereafter), has been a controversial subject for the past presidential terms as proponents and opponents have been unable to agree on whether the Bank actually promotes US exports and generate American jobs. Of particular interest is the question of the environmental impact of the credit granted. In this essay, we examine the political complexity behind the role of US EXIM Bank in promoting climate compatible development in the past decade and offer insight into its potential future contribution to climate related actions.
WTO+ Commitments on Services in Asian PTAs: The Role of Regulatory Homogeneity and Goods Trade Complementarity
This paper looks at the role of applied services regulations in accounting for WTO+ commitments on trade in services in preferential trade agreements (PTAs) among Asian economies. The empirical findings suggest that Asian trading dyads with regulatory frameworks that are more similar and more trade-restrictive tend to undertake higher levels of WTO+ commitments on services in their PTAs. There is also evidence in the results for such WTO+ commitments being driven by goods trade complementarities, alluding to the importance of supply chain dynamics in the region. Such results support the hypothesis that the heightened “servicification” of production generates a greater demand for lower services input costs and for certainty against possible new and disruptive services barriers.
China is a success story of inclusive trade growth as a result of its participation in Global Value Chains (GVCs). It is in transition from a processing and assembly hub towards an innovation centre, and is becoming a regional supplier of research and development (R&D) intensive parts and components. The infrastructure projects under the Belt and Road Initiative (BRI), a quasi-regional trade arrangement, are helping to improve regional connectivity and production linkage, but Chinese manufacturing also bring shocks to local production and employment.
In Straight Talk on Trade, economist Dani Rodrik discusses the danger of hyperglobalization – when the rapid expansion in world trade reaches beyond the boundaries of what the global political economy can sustain. He argues that the imbalance between economic integration and global governance is a root cause of many problems that the world faces today.
Over the past few years, there has hardly been any doubt that the multilateral trading system being governed by the World Trade Organization (WTO) has been facing an existential crisis. This rather uneasy feeling was reinforced in Buenos Aires in December 2017, after the 11th Ministerial Conference (MC11) ended without taking decisions on any of the issues on which members of the organisation were engaged for the past several months. What is perhaps more problematic is that MC11 did not provide the organization its future work programme.
Export restrictions and policy space for sustainable development: Lessons from trends in the regulation of export restrictions (2012-2016)
The General Agreement on Tariffs and Trade 1994 (GATT 1994) generally prohibits the World Trade Organization (WTO) members from using export quotas and other quantitative restrictions with certain exceptions. By contrast, export duties are not regulated under the GATT 1994 though a few WTO members such as China commit to restricting the use of export duties in their WTO accession protocols. Given the plethora of regional trade agreements (RTAs) and the slow progress of the WTO Doha Round of multilateral trade negotiations, the incorporation of WTO-plus provisions into RTAs that regulate export restrictions in a more effective manner could contribute to a transparent and predictable trade regime.