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Korea’s Economy Volume 23

Publication: May 2011

How North Korea Finances its International Trade Deficit: an Educated Guess

The Democratic People’s Republic of Korea (henceforth North Korea) certainly seems to like being different from other countries. Whereas governments of virtually all the world’s countries regularly publish data on their international commercial and financial transactions, North Korea does not. Thus, any effort to compile data on the international transactions…

East Asian Economic Integration: Implications of a U.S.-Korea Free Trade Agreement

The United States and Korea finished the eighth round of negotiations for a bilateral free trade agreement (FTA) in mid-March 2007, and the agreement is likely to be concluded eventually.1 If the FTA is implemented, Korea will be able to join the global trend toward regionalism, and Korea will not…

Economics of the Kaesong Industrial Complex

Worldwide interest has been focusing on the Korean peninsula recently. The security situation on the Korean peninsula, which went from bad to worse after the North Korean nuclear test in October 2006, is now stabilizing after the agreement among the participants at the six-party talks on 13 February of this…

U.S.-Republic of Korea Economic Relatoins: A Washington Perspective

The U.S.-ROK bilateral economic relationship entered a new era 1 April 2007 when President George W. Bush notified the U.S. Congress of his intent to enter into a free trade agreement (FTA) with the Republic of Korea. Assuming it is approved by the U.S. Congress and Korean National Assembly, the…

Korea-U.S. Economic Relations in 2006

Economic relations between Korea and the United States reached new heights in the year 2006 with the launch of negotiations for a bilateral free trade agreement. While the negotiations were initiated on the basis of the decades-long Korea-U.S. alliance, a conclusion of the bilateral free trade negotiations will further strengthen…

Sustaining Rapid Growth in Korea through Innovation

Rapid economic development lifted Korea’s per capita income from 15 percent of the U.S. level in 1970 to approximately half by 2005. Growth has been based primarily on inputs of capital and labor, driven by the highest rate of business investment in the Organization for Economic Cooperation and Development (OECD)…