Pub Date : 2021-01-01DOI: 10.22904/SJE.2021.34.1.003
F. Kimura
International production networks (IPNs) in East Asia are facing two challenges, i e , COVID-19 and the US-China confrontation COVID-19 has generated three kinds of shocks on IPNs: negative supply shocks, positive demand shocks, and negative demand shocks IPNs have adequately managed these shocks thus far and have been strengthening the relative position of Factory Asia in the world Nevertheless, the US-China confrontation and its consequences of weakening the rule-based trading regime have enhanced uncertainties in the operations of IPNs The decoupling pressure may come from either the US or China for middle powers in-between, even with the US Biden Administration This study posits that the construction of a mega-free trade agreement (FTA) network may partially reduce policy risks and help form a pro-trade middle-power coalition
{"title":"The Impact of COVID-19 and the US-China Confrontation on East Asian Production Networks","authors":"F. Kimura","doi":"10.22904/SJE.2021.34.1.003","DOIUrl":"https://doi.org/10.22904/SJE.2021.34.1.003","url":null,"abstract":"International production networks (IPNs) in East Asia are facing two challenges, i e , COVID-19 and the US-China confrontation COVID-19 has generated three kinds of shocks on IPNs: negative supply shocks, positive demand shocks, and negative demand shocks IPNs have adequately managed these shocks thus far and have been strengthening the relative position of Factory Asia in the world Nevertheless, the US-China confrontation and its consequences of weakening the rule-based trading regime have enhanced uncertainties in the operations of IPNs The decoupling pressure may come from either the US or China for middle powers in-between, even with the US Biden Administration This study posits that the construction of a mega-free trade agreement (FTA) network may partially reduce policy risks and help form a pro-trade middle-power coalition","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"34 1","pages":"27-41"},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.22904/SJE.2021.34.1.006
Rhee, Tae-hwan, Ryu, Keunkwan
{"title":"Crowdsourcing of Economic Forecast: Combination of Combinations of Individual Forecasts Using Bayesian Model Averaging","authors":"Rhee, Tae-hwan, Ryu, Keunkwan","doi":"10.22904/SJE.2021.34.1.006","DOIUrl":"https://doi.org/10.22904/SJE.2021.34.1.006","url":null,"abstract":"","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"34 1","pages":"99-125"},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.22904/SJE.2021.34.1.002
S. Davis
The 2020 U S elections produced a close, but clear, victory for Democratic nominee Joe Biden in the presidential contest, a surprisingly slim majority for the Democratic party in the House of Representatives, and an even 50-50 split between Republicans and Democrats in the Senate 1 Newly elected Democratic Vice President Kamala Harris holds the deciding vote for party control in the Senate Thus, the Democratic party now controls the executive branch of the federal government and both Houses of Congress - a huge shift in the balance of political power
{"title":"What to Expect in the Wake of the 2020 U.S. Elections","authors":"S. Davis","doi":"10.22904/SJE.2021.34.1.002","DOIUrl":"https://doi.org/10.22904/SJE.2021.34.1.002","url":null,"abstract":"The 2020 U S elections produced a close, but clear, victory for Democratic nominee Joe Biden in the presidential contest, a surprisingly slim majority for the Democratic party in the House of Representatives, and an even 50-50 split between Republicans and Democrats in the Senate 1 Newly elected Democratic Vice President Kamala Harris holds the deciding vote for party control in the Senate Thus, the Democratic party now controls the executive branch of the federal government and both Houses of Congress - a huge shift in the balance of political power","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"34 1","pages":"17-25"},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.22904/SJE.2020.33.4.006
Djun Kil Kim
This work was supported by Laboratory Program for Korean Studies through the Ministry of Education of the Republic of Korea and Korean Studies Promotion Service of the Academy of Korean Studies (AKS-2018 LAB-1250001).
{"title":"Perspective on Asian Development in 1970–2016: Some Reflections on Nayyar’s Resurgent Asia (2019)","authors":"Djun Kil Kim","doi":"10.22904/SJE.2020.33.4.006","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.4.006","url":null,"abstract":"This work was supported by Laboratory Program for Korean Studies through the Ministry of Education of the Republic of Korea and Korean Studies Promotion Service of the Academy of Korean Studies (AKS-2018 LAB-1250001).","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"33 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.22904/SJE.2020.33.4.005
S. Cho, E. J. Ballbach, D. Claus-Kim, H. G. Kim, E. Lee, J. Shim
Since the recent outbreak of the Covid-19, South Korea has demonstrated successful pandemic management that can be exemplary to other countries This paper analyzes how South Korea's responses to the Covid-19 pandemic has changed the perceptions of the country in Europe Through a survey conducted with Korea experts in 16 European countries, this paper documents the positive recognition of South Korea's pandemic management by the European public Part of the positive appraisal can be attributed to South Korea's extensive testing, high technology, and the culture of wearing a face mask, while the opinions were more mixed regarding its comprehensive tracking and tracing strategy due to privacy concerns Furthermore, the findings of the survey show that Europeans' overall perception of South Korea has improved together with its Covid-19 management This evidence suggests that the country's success in pandemic management can be an instrument of public diplomacy to enhance its soft power, for which the government of South Korea currently invests considerable efforts
{"title":"South Korea's Soft Power in the Era of the Covid-19 Pandemic-An Analysis of the Expert Survey in Europe","authors":"S. Cho, E. J. Ballbach, D. Claus-Kim, H. G. Kim, E. Lee, J. Shim","doi":"10.22904/SJE.2020.33.4.005","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.4.005","url":null,"abstract":"Since the recent outbreak of the Covid-19, South Korea has demonstrated successful pandemic management that can be exemplary to other countries This paper analyzes how South Korea's responses to the Covid-19 pandemic has changed the perceptions of the country in Europe Through a survey conducted with Korea experts in 16 European countries, this paper documents the positive recognition of South Korea's pandemic management by the European public Part of the positive appraisal can be attributed to South Korea's extensive testing, high technology, and the culture of wearing a face mask, while the opinions were more mixed regarding its comprehensive tracking and tracing strategy due to privacy concerns Furthermore, the findings of the survey show that Europeans' overall perception of South Korea has improved together with its Covid-19 management This evidence suggests that the country's success in pandemic management can be an instrument of public diplomacy to enhance its soft power, for which the government of South Korea currently invests considerable efforts","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"33 1","pages":"601-626"},"PeriodicalIF":0.3,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.22904/SJE.2020.33.4.002
V. Popov
China and other East Asian countries were able to deal with the coronavirus pandemic much better than most Western countries Both the number of infections and the mortality rate were lower than in Western countries by two orders of magnitude Besides, economic recession associated with the pandemic is likely to be much deeper in the West than in the South These developments give new arguments to the views that East Asian economic and social model is more viable than the Western model This paper argues that East Asian model is superior to the other models in the Global South at least in the catch up development and possibly even in the innovations beyond the technological frontier The crucial features of the East Asian economic model are relatively low income and wealth inequalities, strong state institutional capacity (as measured by the murder rate and the share of shadow economy), high patriotism and trust in the government institutions In short, the East Asian model is based on solidarity and priority of collective interests more than on guarantees of individual rights and competition
{"title":"Which Economic Model is more Competitive? The West and the South after the Covid-19 Pandemic","authors":"V. Popov","doi":"10.22904/SJE.2020.33.4.002","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.4.002","url":null,"abstract":"China and other East Asian countries were able to deal with the coronavirus pandemic much better than most Western countries Both the number of infections and the mortality rate were lower than in Western countries by two orders of magnitude Besides, economic recession associated with the pandemic is likely to be much deeper in the West than in the South These developments give new arguments to the views that East Asian economic and social model is more viable than the Western model This paper argues that East Asian model is superior to the other models in the Global South at least in the catch up development and possibly even in the innovations beyond the technological frontier The crucial features of the East Asian economic model are relatively low income and wealth inequalities, strong state institutional capacity (as measured by the murder rate and the share of shadow economy), high patriotism and trust in the government institutions In short, the East Asian model is based on solidarity and priority of collective interests more than on guarantees of individual rights and competition","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"29 1","pages":"505-538"},"PeriodicalIF":0.3,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-08-30DOI: 10.22904/SJE.2014.27.3.001
K. Tourk
The paper compares the economic development experiences of Egypt and (S) Korea during the colonial and post-independence periods. It shows that the two most important requirements of modernization are: first, an external condition related to the crucial role that global and regional powers play in promoting or hampering the developing country’s efforts to modernize. The second is an internal one showing that a strong government is usually more efficient in carrying out successful economic policies than a soft one. This is especially true during the early stages of industrialization.
{"title":"Comparative Analysis of Economic Development in Colonial and Post-Colonial Egypt and Korea","authors":"K. Tourk","doi":"10.22904/SJE.2014.27.3.001","DOIUrl":"https://doi.org/10.22904/SJE.2014.27.3.001","url":null,"abstract":"The paper compares the economic development experiences of Egypt and (S) Korea during the colonial and post-independence periods. It shows that the two most important requirements of modernization are: first, an external condition related to the crucial role that global and regional powers play in promoting or hampering the developing country’s efforts to modernize. The second is an internal one showing that a strong government is usually more efficient in carrying out successful economic policies than a soft one. This is especially true during the early stages of industrialization.","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"27 1","pages":"223-255"},"PeriodicalIF":0.3,"publicationDate":"2014-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68345401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is a revised version of a lecture presented at Seoul National University on October 27, 2009. The author is indebted to Jill Blackford and Eamon Kircher-Allen for preparing the lecture for publication. The author is University Professor at Columbia University, Chair of the Management Board and Director of Graduate Summer Programs at the Brooks World Poverty Institute at Manchester University, and co-president of the Initiative for Policy Dialogue. This lecture is based on research supported in part by the Ford and Hewlett Foundations. A fuller articulation of many of these ideas (and references to the research on which they are based) is contained in Freefall: America, Free Markets, and the Sinking of the Global Economy, New York: WW Norton, 2009.
{"title":"Lessons from the Global Financial Crisis of 2008","authors":"J. Stiglitz","doi":"10.7916/D8445X6D","DOIUrl":"https://doi.org/10.7916/D8445X6D","url":null,"abstract":"This is a revised version of a lecture presented at Seoul National University on October 27, 2009. The author is indebted to Jill Blackford and Eamon Kircher-Allen for preparing the lecture for publication. The author is University Professor at Columbia University, Chair of the Management Board and Director of Graduate Summer Programs at the Brooks World Poverty Institute at Manchester University, and co-president of the Initiative for Policy Dialogue. This lecture is based on research supported in part by the Ford and Hewlett Foundations. A fuller articulation of many of these ideas (and references to the research on which they are based) is contained in Freefall: America, Free Markets, and the Sinking of the Global Economy, New York: WW Norton, 2009.","PeriodicalId":55943,"journal":{"name":"Seoul Journal of Economics","volume":"48 1","pages":"321-329"},"PeriodicalIF":0.3,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71364611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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