East Asian Economic Review


Vol. 21, No. 4, December

Quantifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership *
I. INTRODUCTIONFollowing the withdrawal by the Trump Administration of the United States from the Trans-Pacific Partnership (TPP) agreement, the other eleven TPP parties ("the Eleven") entered into negotiations to implement the agreement largely as negotiated,...
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The Heterogeneity of Job Creation and Destruction in Transition and Non-Transition Developing Countries: The Effects of Firm Size, Age and Ownership *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTION1.Background of the StudyThere is a wide consensus that small firms are the back bone of economic growth in both high and low income economies. However, it is still not clear how firm size interacts...
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Gravity with Intermediate Goods Trade *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONLast several decades saw a huge increase in the trade of intermediate goods across countries. This phenomenon was driven by the rise of global supply chains, also called by various other names,...
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Declining Japanese Yen in the Changing International Monetary System *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThe international monetary system has been changing over time. Specifically, it is the introduction of the euro as a single common currency in 1999 that has changed it for the last several decades...
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Vol. 21, No. 3, September

The Use of "Particular Market Situation" Provision and Its Implications for Regulation of Antidumping
I. INTRODUCTION: THE ISSUE OF PARTICULAR MARKET SITUATIONDespite well-known flaws in the current regulation of antidumping, efforts at reform seems dismal, given the non-progress in the resumed DDA talks. In the meantime, while old squabbles about dumping...
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Valuing Attributes of Fluid Milk in Laos *
I. INTRODUCTIONThe Lao People's Democratic Republic (Laos) is one of the most underdeveloped countries in Asia, and the lack of nutrients has been continuously issued throughout the National Socio-Economic Development Plan (NSEDP). In 2012, for instance,...
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Regional Relative Price Disparities and Their Driving Forces
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTION This paper studies relative price level convergence by utilizing panels of major cities in Korea. While substantial research continues to evaluate price level disparities in international context,...
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Vol. 21, No. 2, June

An Experimental Study on Internal and External Negotiation for Trade Agreements
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONTrade liberalization happens to make winners or losers within countries. As argued by Ricardian, Hecksher-Ohlin, and other trade models, there would be no doubt that trade liberalization creates...
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Inter-Region Relative Price Convergence in Korea *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONPurchasing power parity (PPP), which is one of major building blocks in international macroeconomic models, states that both home and foreign aggregate price levels should equal at the equilibrium...
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Can Big Data Help Predict Financial Market Dynamics?: Evidence from the Korean Stock Market
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThis paper estimates dynamic relationships between the Korean stock market index and the related online search queries within a multivariate GARCH framework. In addition, the paper also attempts...
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Vol. 21, No. 1, 2017

Strengthening ASEAN+3 Regional Financial Arrangements: A New Framework beyond CMIM *
I.INTRODUCTIONASEAN+3 monetary and financial cooperation emerged with the regional needs for the financial self-help measures after the Asian currency crisis in 1997-1998. Since then, regional financial cooperation in East Asia has been induced by gradual...
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Dollarization in North Korea: Evidence from a Survey of North Korean Refugees *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONDe facto dollarization1 is the process in which domestic residents voluntarily choose to use a foreign currency2 for the same purposes as their national currency (e.g., a medium of exchange and store...
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Did Anti-Dumping Duties Really Restrict Import?: Empirical Evidence from the US, the EU, China, and India
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONSince the global economic crisis of 2008, international trade communities have expressed concern about the rise of protectionism, as protectionist measures such as import restriction and tariff increase...
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Market Discipline and Bank Risk Taking: Evidence from the East Asian Banking Sector
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONRegulation and supervision in banking is intended to protect retail depositors and avoid the substantial welfare costs associated with bank failures. Nevertheless, deriving optimal regulation in...
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Vol. 20, No. 4, 2016

Trade Facilitation Provisions in Regional Trade Agreements: Discriminatory or Non-Discriminatory? *
I.INTRODUCTIONWith countries expecting gains from freer trade, discriminatory regional trade agreements (RTAs) have proliferated since the late 1980s. However, the shallow integration through discriminatory tariff reforms alone has been insufficient...
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Quantile Dependence between Foreign Exchange Market and Stock Market: The Case of Korea *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThe interaction between stock market and currency market has been the subject of a long-drawn academic debate with inconclusive results. There are two competing hypotheses to explain these macroeconomic...
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Early Globalization and the Law of One Price: Evidence from Sweden, 1732-1914 *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONWhen you think globalization began depends on how you define it. Ancient civilizations and medieval cities of course exchanged tools, plants, diseases, and ideas. But most recent studies of early...
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Estimating Exchange Rate Exposure over Various Return Horizons: Focusing on Major Countries in East Asia *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONExchange rate movements can directly affect firm values when overseas assets are converted to domestic currency and can also indirectly influence in firm values, such as when there are changes in...
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Sectoral Price Divergence between Korea and Japan *
(ProQuest: ... denotes formulae omitted.)I.INTRODUCTIONKorea and Japan have been closely linked not only economically but also in many aspects. For example, Japan has been one of the major trading partners of Korea and the volume of trade between the...
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Vol. 20, No. 3, September

Should TPP Be Formed? on the Potential Economic, Governance, and Conflict-Reducing Impacts of the Trans-Pacific Partnership Agreement
(ProQuest: ... denotes formulae omitted.)"Comprehensive rules are the most distinctive aspect of the TPP." (Petri and Plummer (2016), p. 5)I. INTRODUCTIONThe proposed Trans-Pacific Partnership (TPP) is a free trade agreement (FTA) among 12 Pacific Rim...
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Whither the TPP? Political Economy of Ratification and Effect on Trade Architecture in East Asia
I. INTRODUCTIONIn East Asia, two major trading architectures are vying for dominance. They are the TPP (Trans-Pacific Partnership) and the RCEP (Regional Comprehensive Economic Partnership). 12 countries have joined the TPP, and 16 countries are negotiating...
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Trade, Trade Finance, and Global Liquidity in Asia; Markov-Switching FAVAR Approach *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONBased mainly on experience gained in Asia and elsewhere, there is a need to improve the stability and security of sources of trade finance, especially to help deal with periods of financial crisis.WTO...
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Quantitative Comparisons on the Intrinsic Features of Foreign Exchange Rates between the 1920s and the 2010s: Case of the USD-GBP Exchange Rate *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONAs pointed by Baillie and Bailey (1984), many economists have been fascinated for a long time with the floating exchange rates that occurred in the 1920s. In this context, the floating exchange...
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Study on the Impact of the Private Credit Excess on the Credit Risk under the Massive Capital Inflows *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONOne of the major structural changes in financial systems in recent decades has been the rapid growth in international financial integration (Lane and Milesi-Ferretti, 2007). Moreover, as emphasized...
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Vol. 20, No. 2, June

The Index of Asia-Pacific Regional Integration Effort
I. INTRODUCTION1For the past decade, the EU and, in particular, the Eurozone has pursued the concept of integration as a development goal (Molle, 2006; Crowley, 2006). In the European perspective, this goal is driven by both political and economic need:...
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Are Korean Industry-Sorted Portfolios Mean Reverting? *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThis paper tests the weak-form efficient market hypothesis for Korean stock markets. The weak-form efficient market hypothesis implies that stock returns are not predictable using past returns....
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R&D Spillovers with Endogenous Absorptive Capacity: Lessons for Developing Countries
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONTechnological advantage is one of the key factors to guarantee competitive advantage and, by extension, business success. This is the reason why firms engage in research and development (R&D)....
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The Effect of High-Skilled Emigration, Foreign Direct Investment, and Policy on the Growth Rate of Source Countries: A Panel Analysis
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONInternational migration has become a central issue in global society as it can cause other problems as well as serve as a solution for shortage in workforce. An example of a recent problem is that...
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Vol. 20, No. 1, March

An Analysis of the New Trade Regime for State-Owned Enterprises under the Trans-Pacific Partnership Agreement *
I. INTRODUCTIONThe negotiation for the Trans-Pacific Partnership (TPP) Agreement, a mega regional trade agreement among 12 countries, was concluded on 5 October 2015.1 One of the new features of this regional trade agreement is that it contains a standalone...
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The Empirical Evidence on Government Bond Market Integration in East Asia
I. INTRODUCTIONSince the 1997 Asian financial crisis, bond market development has been the central pillar of financial cooperation in East Asia. Many scholars argue that while individual countries strive to develop the domestic bond markets, it is also...
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A Comparative Study on the Self-Help Approach in Rural Development between Vietnam's New Rural Development and Korea's Saemaul Undong *
I. INTRODUCTIONRural development has always interested policymakers, scientists and experts in both developing and developed countries. Since the introduction of Vietnam's Doi Moi policy in 1986, Vietnam has witnessed high economic growth accompanied...
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Potential Economic Impacts of the Vietnam-Korea Free Trade Agreement on Vietnam
I. INTRODUCTIONVietnam-Korea relations have developed considerably since the establishment of diplomatic ties in 1992. The relationship has been rapidly deepened in all fields such as the political and economic, social and cultural fields and trade and...
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Vol. 19, No. 4, December

Decrease in the Growth of Domestic Demand in Korea *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThis paper investigates why the domestic demand growth in Korea has significantly slowed down after the East Asian financial crisis in 1997. The average growth rate of the Korean real GDP is about...
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Time-Varying Co-Movements and Contagion Effects in Asian Sovereign CDS Markets *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONCredit default swap (CDS) has been one of the fastest growing derivatives in global financial markets for the last decade. A sovereign CDS provides insuranc by securing principal of the bond. For...
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Vol. 19, No. 3, September

The Book-to-Market Anomaly in the Chinese Stock Markets *
I. INTRODUCTIONThe book-to-market effect (otherwise known as the "value premium" effect) is an empirical regularity that stocks with high book-to-market (BM) ratios (low market prices relative to the book values of equity) earn higher average (riskadjusted)...
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Study on Return and Volatility Spillover Effects among Stock, CDS, and Foreign Exchange Markets in Korea *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONA number of studies have examined the effect of macroeconomic variables on financial asset returns. Since the work of Ross (1976), various macroeconomic variables such as GDP, inflation, and the...
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Learning in the WTO/DDA Negotiations?: An Experimental Study *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONMultilateral trade negotiations have been taking on increasing importance in the international economy. Currently, more than 160 economic entities take part in negotiations, such as the Doha Development...
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Vol. 19, No. 2, June

An Analysis on the Factors Affecting Rice Production Efficiency in Myanmar *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONMyanmar is a typical agriculture country, and possesses moderately natural resources which have underpinned the agricultural production. According to the published data in 2012, agricultural sector...
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Long-Run Effects of the Korea-China Free-Trade Agreement *
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONIn recent years, Korea has successfully signed free-trade agreements (FTA) with a number of partners including the U.S., EU and ASEAN. Korea and China officially launched FTA negotiations in May...
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Financial Accessibility and Economic Growth
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONConventional economic theories suggest that financial development is a vital factor in economic growth. Simply put, financial development can provide financial institutions with more savings and,...
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Characterizing Co-Movements between Indian and Emerging Asian Equity Markets through Wavelet Multi-Scale Analysis*
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONWith significant reforms in the financial sector in India initiated in 1991, Foreign Institutional Investors (FIIs) and Non Resident Indians (NRIs) gained access to Indian stock markets. Additionally,...
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Vol. 19, No. 1, March

China's Debt Woes: Not Yet a "Lehman Moment"
I. INTRODUCTIONAccording to a 15 June 2014 report by the rating agency Standard & Poor's (S&P), China has reached an ominous milestone.1 The country's $14.2 trillion corporate sector debt (or debt owed by non-financial companies) is the highest...
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Different Types of Liberalization and Jobs in South Korean Firms*
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONIn an effort to overcome the Asian foreign exchange crisis that erupted at the end of 1997, South Korea undertook various reform measures: currency and fiscal austerity, the structural reform of...
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The Nexus between FDI and Growth in the SAARC Member Countries
(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONResearch investigating the relationship between foreign direct investment (FDI) and economic growth has been increasing along with rising international investment in emerging economies. Most such...
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Vol. 18, No. 4, December

Effects of Internationalization on Innovation in the Service Industry: Evidence from Korea*
I. IntroductionA body of literature suggests that knowledge creation and innovation via learning has become increasingly critical for the success of a company with the advent of knowledge-based economy (Grant, 1996; Zahra and George, 2002; Vila and Kuster,...
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Fractal Structure of the Stock Markets of Leading Asian Countries
(ProQuest: ... denotes formulae omitted.)I. IntroductionIn the last two decades, borrowing and firm value issues receded into the background due to the structured financial instruments and the exotic options coming into prominence. During this period,...
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Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea*
(ProQuest: ... denotes formulae omitted.)I. IntroductionAs soon as the Global Financial Crisis of 2008-09 broke out, economists, policy makers and the leaders of the world economy expressed concerns about the adverse effects of financial contraction...
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The Impact of the Canada-Korea Free Trade Agreement as Negotiated*
I. IntroductionOn 11 March 2014, agreement was reached to conclude long-running negotiations towards a Canada-Korea Free Trade Agreement (CKFTA). For Korea it was the latest in a series of free trade agreements (FTAs) concluded with major economies,...
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Vol. 18, No. 3, September

The Impact of Japan's Rivalry with China on Its Willingness to Pursue Free Trade Agreements*
I. IntroductionSeveral studies have offered a wide array of insights regarding the recent regionalism-taking place within East Asian political and economic integration (Aggarwal and Koo, 2005; Bergsten, 2000; Breslin, 2007, Buszynski, 1999, Harris, 2002,...
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The Determinants of Future Bank Stock Returns in Eight Asian Countries*
(ProQuest: ... denotes formulae omitted.)I. IntroductionCross-sectional asset pricing studies often treat financial institutions as outliers as they have higher leverage and are subject to a higher level of industry regulation than other sectors.1 Thus,...
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Two Decades of International Climate Negotiations - Carbon Budget Allocation Approach to Re-Shaping Developing Country Strategies
(ProQuest: ... denotes formulae omitted.)I. IntroductionBy the year 1992 the world has accepted the fact that the global emissions of greenhouse gases are alarming and immediate actions are warranted in order to avoid the catastrophes of climate change....
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Vol. 18, No. 2, June

Country Fundamentals and Currency Excess Returns*
(ProQuest: ... denotes formulae omitted.)I. IntroductionThe purpose of this paper is to show that country fundamentals matter for the cross-section of currency excess returns. We include the variables reflecting macroeconomic fundamentals, such as interest...
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Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices*
(ProQuest: ... denotes formulae omitted.)I. IntroductionAs international financial integration continues to deepen, we observe that a country's liquidity conditions are determined not only by its domestic monetary policy and financial conditions, but...
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TPP versus RCEP: Control of Membership and Agenda Setting
I. IntroductionTraditional theorists explain regional integration efforts as a "balancing" phenomenon. For them, United States (US) leadership in the Trans-Pacific Partnership (TPP) negotiations is related to its attempt to balance against a rising China....
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A Comparison of the Long Term Interdependence of Southeast Asian Equity Markets*
(ProQuest: ... denotes formulae omitted.)I. IntroductionThe precipitous fall of stock market indexes of the major South and East Asian economies which happened in late 1997 inspired researchers to investigate the 'interdependence' and 'contagion' debacle...
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Vol. 18, No. 1, March

Effects of Financial Crises on the Long Memory Volatility Dependency of Foreign Exchange Rates: The Asian Crisis vs. the Global Crisis*
(ProQuest: ... denotes formulae omitted.)I. IntroductionThis paper is concerned with the intriguing effects of financial crises on the long memory volatility dependency of daily foreign exchange rates. It has been well known that many financial time...
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The Impact of Outward FDI on the South Korean Labor Market: Evidence on the Wages of Four Types of Workers*
(ProQuest: ... denotes formulae omitted.)I. IntroductionRecently, globalization has been rapidly progressing with the help of such factors as reduction in transportation costs, development of IT technology, and lowered trade barriers, which consequently...
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Decoupling and Sources of Structural Transformation of East Asian Economies: An International Input-Output Decomposition Analysis*
I. IntroductionSince the early 2000s, there has been a growing interest in the decoupling of an emerging Asia from the West. There are several reasons behind this. First, intra-regional trade and investment flows have increased remarkably, so it was...
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Trade in Cultural Goods: A Case of the Korean Wave in Asia
(ProQuest: ... denotes non-US-ASCII text omitted.)(ProQuest: ... denotes formulae omitted.)(ProQuest: ... denotes text missing in the original.)I. IntroductionCulture and cultural industries can be defined in many ways. According to the information in...
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Vol. 17, No. 4, December

The New Landscape of Trade Policy and Korea's Choices
The terrain of global trade rules is shifting. Top-down global negotiations - the source of the remarkable trade liberalization of the past half century - have succeeded, after two decades of effort, in generating a hopeful outcome at the Bali ministerial...
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Governance, Institutional Quality and the Euro Area Crisis: What Lessons to East Asian Integration?*
1. IntroductionEver since the euro area crisis began in 2009, various reforms of economic governance system have been in progress.1 Almost all proposals for the reform of EMU governance have been aiming for strengthening fiscal and budgetary austerity...
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Assessing Liberalization and Deep Integration in FTAs: A Study of Asia-Latin American FTAs*
1. IntroductionThis paper conducts a comparative and agreement-level analysis of Asia-Latin America free trade agreements (FTAs). It proposes a comprehensive qualitative framework to studying legal texts of agreements using new criteria to assess liberalization...
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The Impact of Free Trade Agreements on Foreign Direct Investment: The Case of Korea*
(ProQuest: ... denotes formulae omitted.)1. IntroductionSince World War II, the world economy has steadily pursued trade liberalization through regional trade agreements (RTAs) to improve economic welfare. RTAs have continued to increase at an annual...
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Vol. 17, No. 3, September

The Trade-Agreement Embarrassment
(ProQuest: ... denotes formulae omitted.)The post World-War-II process of multilateral liberalization, which has reduced trade barriers to historically low levels, is probably the greatest triumph of deliberate economic policy-making in world history....
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Correlation between Sales of Foreign Affiliates and Productivity of Multinational Firms: Evidence from Korean Firm-Level Data*
(ProQuest: ... denotes formulae omitted.)I. IntroductionKorea's multinational enterprises (MNEs) have consistently increased their foreign direct investment (FDI) since 1994.1 In 2010, the FDI outflow of Korean MNEs was 23.2 billion dollars, and 2,855...
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How Is the RMB Exchange Rate Misaligned? A Recent Application of Behavioral Equilibrium Exchange Rate (BEER) to China
(ProQuest: ... denotes formulae omitted.)I. IntroductionOver the last several decades, we have witnessed that exchange rate policy has played an increasingly important role in the development of global economy. Diverse exchange rate regimes were applied...
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The Effect of Initial Margin on Long-Run and Short-Run Volatilities in Japan*
(ProQuest: ... denotes formulae omitted.)I. IntroductionDo margin requirements play an important role in reducing stock market volatility? Many government regulators of the stock markets thought that volatility in the stock market might be controlled...
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Vol. 17, No. 2, June

Regional Business Cycles in East Asia: Synchronization and Its Determinants*
I. IntroductionEconomic integration in East Asia has progressed with the aid of increasing international trade and financial flows. The size of ASEAN+31 economy has been taking an ever-greater share of the world economy, as shown in Table 1. China has...
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Capital Inflow Shocks and House Prices: Aggregate and Regional Evidence from Korea*
I. IntroductionThe recent financial crisis in many industrial economies was reflected in massive swings in international capital flows to emerging market economies.1 In particular, cross-border flows to emerging economies exhibited again the boom-bust...
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The Evolution of Green Growth Policy: An Unwelcome Intrusion on Global Environmental Governance?
I. IntroductionThe term 'green growth' was coined in 2009 by policy makers and practitioners of international organizations. The concept of green growth was allegedly borrowed from the Green New Deal of the United Nations Environmental Programme (UNEP),...
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Vol. 17, No. 1, March

A Free Trade Area of the Asia Pacific (FTAAP): Is It Desirable?*
(ProQuest: ... denotes formulae omitted.)I. IntroductionRegional trade agreements (RTAs) currently proliferating around the world, especially, in the East Asia region, have made the Asia-Pacific Economic Cooperation (APEC) consider the preferential liberalization...
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The Effect of International Trade on Rule of Law
I. IntroductionThe relationship of international trade and investment with human rights, democracy and regulatory efficiency have been examined for hundreds of years. In the recent era of "globalization," whether increased international trade and investment...
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China's Contribution to Recent Convergence and Integration among the Asian Economies
I. IntroductionTwo relevant and interrelated economic realities are as follows: First, the People's Republic of China (hereinafter China) in 2013 is a large economy in both absolute and relative terms. Over the three decades of macroeconomic reforms...
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Korea's Tied Aid for Export and Competition with China
(ProQuest: ... denotes formulae omitted.)I. IntroductionKorea has been a leading country regarding tied aid. According to the statistics from the Development Assistance Committee (DAC) of the OECD, it has held the highest status in terms of the share...
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