摘要:

This paper provides a simple theoretical framework and an empirical analysis of the relationship among competitive advantages, inward and outward DFI, and domestic capital accumulation, applied to the case of Korea. Outward DFI in Korea is found to originate largely from those sectors in which Korea has proven its competitive advantages in world markets. Inward DFI flows have contributed to enhancing competitive advantages of Korean manufacturing in certain sectors, although it does not seem to lead to a more rapid domestic capital accumulation of the receiving sector, which is largely determined by the profit rates of the various sectors.

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00084.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

In this paper, I provide estimates of the Import demand function for Korea for the period of 1971 – 1988. Second, considering the possibility of structural change in our data period, we test the stability of the coefficients. Cusum of squares test result shows the constancy of the parameters broken between pre‐1980 and post‐1981 data. The estimation result based on data only after 1981 shows that the income elasticity becomes less responsive over time and the relative prices do not exercise significant influence on Korean im

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00085.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00086.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper explores the evolution of Asia Pacific Economic Cooperation (APEC) from 1988, when Australia first proposed it, to the present day. The analysis follows the tradition of the game theory of international politics and utilizes a variant of thescenario bundle mehodof Reinhard Selten (1977). The model explains APEC as an informal process rather than a full blown international organization, and why ASEAN is thedecisive playerin Pacific cooperation. An analysis of historical events since the creation of APEC leads to the hypothesis that an OECD style organization, which Australia had originally hoped for, will not be established in the foreseeable future.

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00087.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The commune economy had two basic characteristics: one was its three‐grade pyramid‐type structure of organisation which integrated government administration and economic management; and the other was its “self‐sufficient” and “closed‐door” character. Under this system farmers had no free choice about their occupation and place of residence. With the collapse of the commune system, institutional reorganisation of China's rural economy occurred. Farmers had more choice now about their production, their occupation and place of residence based on the development of a modern commodity and market economy. In this process of institutional reorganisation, transfer of surplus agricultural labour is a key factor. The concept of the agricultural labour surplus is discussed and discussions in English of this concept and associated theory and policy are reviewed.With reform of rural economy and improvement of agricultural labour productivity, the quantity of surplus labour in rural China has increased. Greater labour absorption is required in both agricultural and non‐agricultural sectors, but particularly in non‐agricultural sectors. In China, several impediments to transfer of surplus agricultural labour still exist.The transfer of surplus agricultural labour in contemporary China occurs in the context of a nationwide “double‐track” economic system (a market‐oriented economic system harnessed to a centrally planned and controlled economic system) and a “dual economy” in which modern industries exist alongside a traditional indigenous agricultural economy. Income gains provide the main motivation for farmers to transfer to non‐agricultural activities. It is the income difference between farming and non‐farming activity, not whether the marginal labour productivity in farming is zero that is important. By building and developing free or open markets one provides a suitable climate for labour transfer and migration. In the absence of free or open markets, farmers have little free choice. The continuing system of household registration is a serious institutional barrier to transfer or migration by farmers. Furthermore, the system of equal farmland contracts also hinders the process of transfer or migration. This might be overcome by allowing the transfer of rights to use farmland and facilitating “part‐time” transfer of agricultural labour.Withdrawal of “surplus labour” from farming can cause grain output to drop. This can occur because if “better” farmers leave agriculture, the quality of farm labourers as a whole declines and because of a rigid price system which discriminates against agricultural products. While current transfers of surplus agricultural labour in China may well have increased income inequality between rural residents and between regions, if there had been greater freedom of migration this might have resulted in less income inequality. To the extent that market reform in China has resulted in greater freedom of economic choice, it appears to have increased the level of production obtained from China's limited resources. This is not to say that the market system will result in a perfect solution even though the economic results can be expected to be much superior t

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00088.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper shows that Japanese banks are unusually large when compared to banks and industrial corporations from the four major EEC countries and the U.S. It argues that they are so large as to raise a question regarding the ability of EEC and U.S. banks to compete in the supply of credit to industry. It also argued that monetary unification in the EEC, the EEC's 1992 financial services program, and the dismantling of Glass‐Steagall in the U.S. are the appropriate policy responses. Such changes should lead to a reduction in the regulatory and other costs that forestall the expansion of EEC and American banks. In particular, they should reduce the relative cost‐of‐capital advantage of Japanese

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00089.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

In interviews with bankers, government economists and academic observers, most of them attributed the absence of an Indonesian debt crisis during 1982–84 to the fact that a significant portion of external public debt, an average of 37 percent, was long‐term concessionary loans from foreign governments and international agencies. Our analysis challenges this conventional explanation. We show that if Indonesia (1) had paid the same effective interest rate as Mexico, (2) had the same maturity structure as Mexican debt, and (3) had the same export‐GNP ratio as Mexico, then its average 1980–82 total debt service‐export ratio would have been 84.4% instead of the actual 30.1%. Our decomposition shows that concessional interest rates account for 5.8 percentage points of the gap, maturity structure for 17.7 percentage points and export orientation for 30.8 percentage points.We have concluded that the major cause for the favorable 1982–84 outcome is competent management of the exchange rate. The absence of protracted exchange rate overvaluation from 1979 onward was fundamental in maintaining a strong nonoil tradeable sector. The nonoil tradeable sector was able to earn enough foreign exchange to service Indonesian debts when the external shock of high interest rates increased debt service payments and the recession in industrialized countries lowered the price of oil. The absence of extended exchange rate overvaluation also kept the external debt down and the maturity structure on the long side by not encouraging capital flight. We ascribe this use of the exchange rate to protect the tradeable sector as much to the existence of an influential political constituency consisting of neoclassical economists, Javanese peasants and Outer Island residents as to balance‐of‐payments considerations.We recommend an aggressive exchange rate policy and two sets of supplementary measures to reduce the probability of a debt crisis in

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1992.tb00090.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY