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기타보고서 Reforms for Korea’s Sustained Growth 2011.08.01

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기타보고서 Reforms for Korea’s Sustained Growth #경제성장

2011.08.01

  • KDI
    한진희
  • KDI
    이상협
  • KDI
    김준경
  • KDI
    임경묵
  • KDI
    최경수
  • KDI
    신석하
  • 프로필
    안상훈 선임연구위원
  • KDI
    조성빈
  • KDI
    Prema-chandra Athukorala
  • KDI
    Kyoji Fukao
  • KDI
    Keiko Ito
  • KDI
    Tsutomu Miyagawa
  • KDI
    Marc Goergen
  • KDI
    Geoffrey Wood
  • KDI
    Chris Brewster
  • KDI
    Hideaki Miyajima
  • KDI
    Anne O. Krueger
  • KDI
    함준호
  • KDI
    김대일
목차
1. Introduction and Overview
Chin Hee Hahn and Sang-Hyop Lee
Examining Korea’s Growth Performance
China’s Role and Performance of Other Asian Countries
Growth-Promoting Institutions
Corporate Governance Issues and Financial Sector Reforms

PART ONE. Examining Korea’s Growth Performance

2. Postcrisis Growth performance of the Korean Economy:An Empirical Assessment
 China Hee Hahn and Sukha Shin
 Introduction
 Sources of Korean Economic Growth, 1980–2005
  Methodology and Data
  Aggregate GDP Growth
  Per Capita GDP Growth
  Sectoral Growth
 Evaluating Postcrisis Growth in International Perspective
  Source of Growth Slowdown after the Crisis
  Pre- and Postcrisis Growth Performance in the International Context: Descriptive Analysis
  Regression-based Assessment
 Slowdown in Capital Accumulation and the Rise of China
 Concluding Remarks

3. Plant Growth in Korean Manufacturing:The Impact of Import Competition from China and the OECD Countries
 Chin Hee Hahn
 Introduction
 Import Competition from China and the OECD Countries since the 1990s
 Regression Equation
 Regression Results: Output Growth of Plants
 Growth of Imports from China: Eyeglasses versus Cameras
 Summary and Concluding Remarks

4. Changing Roles of Large Companies in the Korean Labor Market
 Kyoungsoo Choi
 Introduction
 Large Companies as Big Employers
  Size Distribution of Employment Trend
  Manufacturing Employment Reduction and Productivity
 Large Companies as Innovators
  Korea’s Low Labor Productivity
  Large Productivity Gap between Manufacturing and Services
  Manufacturing Productivity Catch-up:Large Companies and R&D
 Summary and Conclusion

PART TWO. China’s Role and Performance of Other Asian Countries

5. The Rise of China and Its Consequences for East Asia:Is the Fear of Export Competition Warranted?
 Prema-chandra Athukorala
 Introduction
 Trade Data
 China’s Trade Performance: An Overview
 Competition from China in World Trade
 Competition from China: An Economic Test
 China as a New Export Market
 China’s Import Propensity: An Econometric Test
 Concluding Remarks

6. Globalization and Labor Markets in East Asia
 Sanghoon Ahn, Kyoji Fukao, and Keiko Ito
 Introduction
 Overview of Trade and FDI Pattern in East Asia
  Intra-regional and External Trade Patterns of the East Asia Region
  Trade and FDI Patterns of Japan
  Trade Patterns of South Korea and the ASEAN-4
  China and Hong Kong’s Trade Pattern and the Role of Foreign Multinationals
 Trends in Labor Markets and International Outsourcing in Japan and Korea
  Trends in Labor Markets
  International Outsourcing and Its Impact on Labor Demand in Japan and Korea
 Outsourcing Measures
 Econometric Methodology

PART THREE. Growth-Promoting Institutions

7. Policy Reforms and Economic Growth
 Anne O. Krueger
 What Is Reform?
 Reforms and Growth
 Growth-Promoting Reforms
 Trade Regime Reforms
 Labor Market Reforms
 Conclusions

8 Changes in Labor Quality among Recent Cohorts in Korea
 Dae Il Kim
 Introduction
 Educational Expansion in Korea
 Labor Market Outcomes and the Estimation of Labor Quality
  Data
  Labor Market Outcomes
  Estimation of Cohort Labor Quality
  Determinants of Cohort Quality
 Concluding Remarks

9. Productivity in Japan, the United States, and the Major E.U. Economies: Is Japan Falling Behind?
 Kyoji Fukao and Tsutomu Miyagawa
 Introduction
 Economic Growth and Productivity Improvement
 The Role of ICT Investment in Economic Growth
 Intangible Assets as Complements to ICT Capital
 Conclusions

PART FOUR. Corporate Governance Issues and Financial Sector Reform

10. Related-party Transactions of Korean Conglomerates:Determinants and Efficiency
 Sungbin Cho and Kyung-Mook Lim
 Introduction
 Overview of the Related Literature
 Related-party Transactions and Regulation in Korea
  The Nature of Related-party Transactions
  Regulations on Related-party Transactions in Korea
 Data
  Ownership Data
  Transaction Data
 Methodology
  Calculation of Profitability Deviation
  Economic Performance, Cash Flow Rights, and Related-party Transactions
  Is Tunneling Economically Significant? A Back-of-the-envelope Calculation
 Concluding Remarks

11. Types of Capitalism and Employment in Europe
 Marc Goergen, Geoffrey Wood, and Chris Brewster
 Introduction
 Economic Performance and Models of Decision Making
 Accounts of the Relationship between the Firm and Its Stakeholders within the Rational-Choice–
  Neo-Classical Tradition
  Type of Legal System
  Stakeholder Power and Politics
 Alternative Approaches to Stakeholder Rights
  Institutional Alternatives: The VOC Literature and Regulation Theories
  Union Power and Politics: The Industrial Relations Tradition
  Competing Perspectives on Unions and Context
 Data and Methodology
 Findings
 Assessing the Explanatory Value of Different Theses
 Conclusions

12. External Finance and Productivity Growth in Korea:Firm Level Evidence before and after the Financial Crisis
 Sanghoon Ahn, Joon-Ho Hahm, and Joon-Kyung Kim
 Introduction
 Literature Review
 Corporate Investment and Financing Patterns before and after the 1997 Financial Crisis
  Macro Flow of Funds Analysis
  Micro Firm Level Analysis
 Regression Analysis and Empirical Results
  Data and Measurement of Total Factor Productivity
  External Finance and Value-added
  External Finance, Capital Accumulation, and R&D Investment
  External Finance and Total Factory Productivity Growth
  External Finance and Information Externality
  External Finance and Industry Restructuring
 Summary and Concluding Remarks

13. The Comparative Features and Economic Role of Mergers and Acquisitions in Japan
 Hideaki Miyajima
 Introduction
 The M&AWave in International Perspective: Are There Factors Unique to Japan?
  The Combination of Positive and Negative Economic Shocks
  The Important but Relatively Limited Effect of Deregulation in Japan
  Improving the Legal Framework for the Corporate Consolidation and Accounting System
  Changes in the Economic System
  To What Degree Have Financial Factors Promoted Mergers and Acquisitions?
 The Diversity of M&A Markets
  Arm’s Length versus Coordinated M&A Markets
  The Hybridizing Japanese Corporate System and M&As
 Economic Role of M&As
  M&As and Efficiency of Resource Allocation
  Do M&As Really Enhance Firm Value? Cumulative Abnormal Return Analysis
  Negative Effects of M&As
   Possible Transfers of Wealth from M&As
 Long-term Performance Effects
 Policy Implications and Conclusion
  Should M&As Be Promoted? Is the Level of M&A Activity in Japan Still Too Low?
  Increasing Consolidation and Monopoly
  Hostile Takeovers and Takeover Defenses
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