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KEI Past Publication Series

KEIA Publication Series

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Comment: Scope for Dynamic Effects in Korea's Economy

A U.S.-Korea Free Trade Agreement (KORUS FTA) would bring economic benefits to both the United States and Korea through various channels. First, it would substantially reduce trade and investment barriers and lead to the promotion of bilateral trade and investment. Second, it would serve as a mechanism for improving Korea’s…

Summary of Proceedings

In important respects this conference reflected two somewhat contrasting perspectives on the just completed U.S.-Korea Free Trade Agreement (KORUS FTA). Those two perspectives, the one dealing principally with specifically economic aspects of the agreement and the other with broader questions of multilateral vs. bilateral efforts, were not immediately evident at…

Sungjoon Cho

Is a Free Trade Agreement a Royal Road to Prosperity? Demystifying Trade Regionalism

Korea and the United States have finally sealed their 10-month negotiation on the biggest bilateral trade deal ever. The scope and impact of the U.S.-Korea Free Trade Agreement (KORUS FTA) by two major trading nations, the United States being the largest economy and Korea the 11th-largest economy in the world,…

Hee-joon Kang

Regional Integration and a Free Trade Agreement Among China, Japan, and Korea

Free trade agreements (FTAs) are rapidly proliferating among Asian countries. For instance, Japan has completed its free trade negotiations with Singapore and Thailand. At the end of March 2007, Korea and the United States successfully completed a historic FTA negotiation. For the United States, the U.S.-Korea Free Trade Agreement (KORUS…

Dynamic Consequences of a Korea-U.S. Free Trade Agreement: Foreign Direct Investment

The trade agreement between Korea and the United States will have implications beyond trade. Chief among these is the probable stimulation of direct investment into Korea by U.S. companies and those from other countries. Despite rapid increases in foreign investment during the past decade or so, Korea is notable for…

Douglas H. Brooks, David Roland-Holst

How Financial Multilateralism Can Increase Sustainable Output, Employment, and Income in the Pacific Region

Maturing of the Asian export experience has been accompanied by structural changes that will require a new generation of multilateral financial institutions and services. Emergence of unprecedented foreign exchange reserves is one expression of this unmet need, and these reserves have reinforced interest in a reexamination of Asian exchange rate…

Gary Hufbauer, Agustin Cornejo

The Payoff to South Korea from Globalization

Since the end of the Second World War, eight multilateral bargains under the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO), coupled with the fall of the Soviet Union, have delivered considerable trade liberalization around the globe. In addition, many nations including South Korea have…

Won W. Koo, Renan Zhuang

Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach

The bilateral trade volume between the United States and South Korea has been growing dramatically since 1989. According to U.S. statistics (ITA, various years), the bilateral trade volume between the two countries increased from $33.2 billion in 1989 to $78.3 billion in 2006, or an average annual growth of 5.2…

Comments on the Kiyota-Stern Study

The U.S.-Korea Free Trade Agreement, or KORUS FTA, is a historic agreement that should enhance bilateral economic relations and reinforce the long-standing partnership of the United States and Korea on political and security matters. The KORUS FTA is designed to promote competition and regulatory reform so that the trade pact…

Conclusions and Implications for Further Research and Policy, Excerpt from "Economic Effects of a Korea-U.S. Free Trade Agreement"

We have noted that the United States and Korea have a variety of economic and political motivations in pursuing an FTA. In this connection, the present study has been designed to assess the economic effects involved in such an agreement. The Korea-U.S. FTA negotiations were initiated in May 2006 and…