KDI Journal of Economic Policy, May 2015 - KDI 한국개발연구원 - 연구 - 보고서
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KDI 정책연구 KDI Journal of Economic Policy, May 2015 2015.05.27

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Series No. Vol.37, No.2

KDI 정책연구 KDI Journal of Economic Policy, May 2015

2015.05.27

  • KDI
    한국개발연구원
영문요약
Knowledge, Knowledge… Knowledge for My Economy / Richard B. Freeman

The creation of S&T knowledge and development of S&T- based innovation has spread worldwide from traditionally advanced countries to traditionally developing countries, often under the direction of governments. Korea is an exemplar in this new locus. Korea's burst in Science and Technology during the last three decades has made Korea a substantive player in the global production of S&T knowledge and its application to business. Although Korea still trails the US and other top countries in the quality of research, it has leaped from its 1980s standing as bit player in the knowledge economy to being among the leaders in the early 21st Century. This paper shows that Korea’s advance benefited from its active participation in the global market in higher education, in international research collaborations, and its close ties to the U.S. Korea’s experience offers lessons for other countries who seek to advance by becoming knowledge economies. Korea proves that a developing country can gain comparative advantage in knowledge production and use; that government policy can stimulate such a development; and that openness to the world of higher education and research is the best way to move forward and overcome the middle income trap.

Why Standard Measures of Human Capital are Misleading / Eric A. Hanushek

of measurement issues surrounding the concept of human capital. The traditional approach of rely entirely on measures of school attainment, while convenient, is almost certainly misleading. The availability of cognitive skills measures greatly improves on these measurements, but there remains also concern about other unmeasured factors, including noncognitive skills. This paper considers alternative approaches to assessing the role of human capital on individual earnings and on economic growth.

What Determines the DPRK’s Anthracite Exports to China?: Implications for the DPRK’s Economy / Jong Kyu Lee

Anthracite exports have special value within the DPRK’s economy. In this paper, we focus on what determines the DPRK’s anthracite exports to China. We use panel data consisting of cross-section data from 30 provinces in China and quarterly time-series data from 1998 to 2013. Controlling for all other variables that affect anthracite imports, the variable for steel production in China is robust and statistically significant. This is consistent with on-site interviews which indicate that much of North Korean anthracite is consumed by China’s steel industry. This implies that the North Korean authorities need to make adjustments to the foreign trade structure, as the import demand for anthracite in China may decline further.

Korea’s Capital Market Promotion Policies: IPOs and Other Supplementary Policy Experiences / Woo Chan Kim

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that can benefit policymakers in the developing world, where capital market promotion is an important policy goal. There are two key features of Korea’s capital market promotion policies. First, the government was actively involved, sometimes indirectly by giving tax incentives to encourage IPOs. However, in other times, it was directly involved by giving IPO orders and threatening those that did not comply. No stock exchange in a developed country has ever experienced such government involvement. Combined with rapid economic growth, this interventionist approached allowed the Korean stock market to experience phenomenal growth over a short period of time. Second, the capital market promotion policies had multiple objectives. One was to mobilize domestic capital for economic development. Another was to lower firms’ debt-to-equity ratios. Most interestingly, however, the Korean government wanted to popularize stock ownership, thereby allowing ordinary Koreans to share in the fruits of economic growth.
목차
Knowledge, Knowledge… Knowledge for My Economy / Richard B. Freeman

 I. Korea’s Burst in Science and Technology
 II. Globalization’s Contribution to Korea’s Advance
 III. Globalization’s Conclusion:Lessons from Korea’s Experience
 REFERENCES

Why Standard Measures of Human Capital are Misleading / Eric A. Hanushek

 I. Introduction
 II. A Short History
 III. Distortions in Estimating the Returns to Skills
 IV. Alternative Estimates of the Returns to Individual Human Capital
 V. International Estimates of Returns to Skills
 VI. Alternative Interpretations
 VII. A Different Viewpoint - Economic Growth
 VIII. Some Concluding Thoughts
 REFERENCES

What Determines the DPRK’s Anthracite Exports to China?: Implications for the DPRK’s Economy / Jong Kyu Lee

 I. Background and Objective
 II. Literature Review
 III. Methodology and Data
 IV. Empirical Analysis
 V. Summary and Policy Implications
 REFERENCES

Korea’s Capital Market Promotion Policies: IPOs and Other Supplementary Policy Experiences / Woo Chan Kim

 I. Introduction
 II. The Primary Market Policies
 III. Other Supplementary Policies
 REFERENCES
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한국개발연구원의 본 저작물은 “공공누리 제3유형 : 출처표시 + 변경금지” 조건에 따라 이용할 수 있습니다. 저작권정책 참조

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윤정애 전문연구원yoon0511@kdi.re.kr 044-550-4450
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