무역자유화는 항상 공정한 교역질서를 보장하는가?: 비시장경제와 시장경제간의 무역을 중심으로

오세신 ( Sae-sin Oh ),김상기 ( Sang-kee Kim ) 한국질서경제학회 2017 질서경제저널 Vol.20 No.3

After the launch of WTO, many countries that have actively participated in a trade liberalization have obtained the gains from trade and the social welfare improvement. South Korea that is one of the leading economies to seek to liberalize its trade with many countries have enjoyed sustained economic growth. South Korea’s most recent efforts of liberalizing trade were to make a free trade agreement with Vietnam and one with China, respectively. But we may have overlooked the characteristic of those countries; they are categorized into non-market economy, which implies that liberalizing trade with those countries will not result in the outcomes that we expect. For example, US, EU, and WTO have applied a different rule on those economies in anti-dumping process, according to the non-market economy treatment; the non-market economy is a country that does not operate on market principles of cost or pricing structure, so sales of good in such country do not reflect the fair value of the good. Oil industry is a clear example of how a pricing regime of a non-market economy is obviously different to one of a market economy. In South Korea, prices of oil products are determined by the private firms while in China, domestic fuel price is controlled by a governmental committee. As well, according to the annual Fortune 500 list, most of the Chinese 110 firms that operate in the petroleum, finance, automobile, electricity and natural resource sectors are state-owned. Then after a trade liberalization occurs, private firms from the market economy should compete with state-owned firms from the non-market economy. Generally, the private firms produce the profit-maximizing quantity while the state-owned firms produce the welfare-maximizing quantity. The quantity produced by the state-owned firms from the non-market economy must be much greater than the quantity by the private firms from the market economy, lowering the market price and reducing the profit margin of the private firm. In this context, the state-owned firms can take more advantage relative to the private firm in the market. As well, such a competition will obstruct the efficient resource allocation in both countries since it allows inefficient state-owned firms to produce more. To describe and analyze this situation, we apply two-stage game theoretical model. We assume that a private firm from a market economy and a state-owned firm from a non-market economy compete in the final good market in both countries. Each government in each country sets a specific tariff on the imported good. After a trade liberalization, there are not any tariff on the good. In the first model without a vertically integrated firm, both firms procure the intermediate good from an external region. In the second model, the private firm still purchases the intermediate good from the external region but the state-owned firm produces the intermediate good by itself. The sequence of the game is as follows: in the first stage of the game, each government chooses an optimal tariff, after observing the tariff, in the second stage of the game, an intermediate firm sets an intermediate good price, and then, in the third stage of the game, a private firm chooses a profit-maximizing quantity and a state-owned firm chooses a social-welfare maximizing quantity. From the analysis of the mixed duopoly model, we obtain the results. The first result shows that the trade liberalization does not lead to an expansion of the trade volume since the state own firm in the non-market economy produces a social-welfare maximizing quantity, which substantially impedes market access by the private firm into the non-market economy. Besides, the trade liberalization does not guarantee the social welfare improvement of both countries. From the analysis, we obtain three major policy implications. First, we should not participate in the trade liberalization with the non-market economy that may distort international trade rules and decrease the social welfare. Second, we should not overlook the characteristic of the non-market economy when making a trade deal with those countries. Third, in case of negotiating tariff level for the trade liberalization with non-market economy, the solution to the negotiation is to set a tariff concession rate for goods produced by state-owned firms to be ratcheted down as long as the state-owned firms in the non-market economy are privatized.

한국 금융시장의 개방과 법률적 과제 및 검토 -한미 FTA의 금융시장개방 시사점-

김병태 국제거래법학회 2007 國際去來法硏究 Vol.16 No.1

A look back on the history of the financial sector reforms in Korea shows that the Government’s financial reforms since the early 1990s have focused primarily on financial deregulation and financial market liberalization. Like other previous financial reforms such as the ‘Five-Year Financial Reform Plan of 1993’ and the ‘Financial Market Open Schedule under the Guidelines of the OECD of 1996,’ the recent financial sector reforms and liberalization of Korea have been similar in some parts or further progressive in large parts compared to past financial reforms. In line with Korea’s financial market liberalization, its financial policy and reforms have to be compatible with guidelines laid out by the WTO and the OECD. Recently, they are embodied more often by Korea’s FTA(Free Tree Agreement) negotiations and agreements. One of them is the FTA between the Republic of Korea and the United States of America drafted as of May 25, 2007. This article deals with a brief review of Korea’s financial market opening or liberalization on the whole and legal problems connected with Korean financial market laying stress especially on the latest negotiation of the FTA between Korea and the U.S.A. which becomes the latest important means in financial market opening under the WTO structure. Since negotiations about financial market between Korea and the U.S.A by the FTA is not limited to issues or problems only between two countries, they can become important pine nuts that can examine Korea’s general financial policy and liberalization policy. In turn, it is noted that this article grasps problems with the up-to-date tendency about Korea’s generalized policy of financial market liberalization and examines their related legal problems on the basis of the discussion contents through the FTA between Korea and the U.S.A.

한-중 항공자유화정책(2006)에 따른 성과와 기대효과

이화석 ( Hwa Suk Lee ),이진 ( Jin Lee ) 한국항공대학교 경영연구소 2011 경영연구 Vol.18 No.1

This study was performed in order to search for the method for co-existence and advancement of Korean and Chinese aviation markets as well as industries. Discussions in the academic area were initiated on the unified aviation market in the Far East Asia early 2000, based on the positive effect of aviation liberalization. And the discussions were moved to the inter-government level from the middle part of 2000. In the early part of 2000, Chinese laws and regulations in relations with aviation industries maintained a relatively open stance, but turned into a protective attitude since the end of 2000. However, it is expected that Korean-Chinese aviation market may be continuously as well as in steps opened, considering the relationship between Korea and China has continuously been improved and the aviation meetings have incessantly been carried out every year. The aviation liberalization is basically characterized by factors such as the number of appointed airlines, supply capacity, free market competition with no limit of operation frequency as well as aircraft models, decision of airfare based on the market, and the fair and equal opportunity for competition. Through the aviation liberalization the management efficiency can be enhanced and, furthermore, the benefit of air transportation users can be improved. And the importance of the aviation liberalization has become larger day by day as the measure to overcome the in-efficiency in aviation transportation industry such as high airfare in the high demanded, high density air routes and the growth limitation of aviation transportation market. Asit has been noticed that a significant economic effect resulted from the initiation of aviation liberalization in the Korea Sandong Province route, the overall execution of aviation liberalization between Korea and China is expected to bring the positive propagation effect to both countries. Thus, it is important to pursue a method toward mutually beneficial to the aviation industry of two countries, through pulling out the opportunity factors from comparing present aviation policies of two countries and strategically approaching the liberalization issue.

한-중 항공자유화정책(2006)에 따른 성과와 기대효과

이화석(Hwa Suk Lee),이진(Jin Lee) 한국항공대학교 경영연구소 2011 산업과 경영 Vol.18 No.1

This study was performed in order to search for the method for co-existence and advancement of Korean and Chinese aviation markets as well as industries. Discussions in the academic area were initiated on the unified aviation market in the Far East Asia early 2000, based on the positive effect of aviation liberalization. And the discussions were moved to the inter-government level from the middle part of 2000. In the early part of 2000, Chinese laws and regulations in relations with aviation industries maintained a relatively open stance, but turned into a protective attitude since the end of 2000. However, it is expected that Korean-Chinese aviation market may be continuously as well as in steps opened, considering the relationship between Korea and China has continuously been improved and the aviation meetings have incessantly been carried out every year. The aviation liberalization is basically characterized by factors such as the number of appointed airlines, supply capacity, free market competition with no limit of operation frequency as well as aircraft models, decision of airfare based on the market, and the fair and equal opportunity for competition. Through the aviation liberalization the management efficiency can be enhanced and, furthermore, the benefit of air transportation users can be improved. And the importance of the aviation liberalization has become larger day by day as the measure to overcome the in-efficiency in aviation transportation industry such as high airfare in the high demanded, high density air routes and the growth limitation of aviation transportation market. Asit has been noticed that a significant economic effect resulted from the initiation of aviation liberalization in the Korea Sandong Province route, the overall execution of aviation liberalization between Korea and China is expected to bring the positive propagation effect to both countries. Thus, it is important to pursue a method toward mutually beneficial to the aviation industry of two countries, through pulling out the opportunity factors from comparing present aviation policies of two countries and strategically approaching the liberalization issue.

On the Growth Effects of Equity Market Liberalization

ZHEN LI 경제연구소 2012 Journal of Economic Development Vol.37 No.2

While equity market liberalization has been found to be associated with faster economic growth, such a correlation alone cannot identify the direction of causation. Using instrumental variables (IV) methodology, this paper presents empirical evidence of strong growth effects of equity market liberalization. Systematic differences exist in the growth effects across countries at different income levels, and with different size of equity markets. Equity market liberalization benefits high-income and middle-income countries through productivity improvements, while growth instead increases in low-income countries as a result of increased physical capital accumulation. Additional growth effects are found for countries having larger equity markets.

Equity Market Liberalization, Industry Growth and the Cost of Capital

ZHEN LI 경제연구소 2010 Journal of Economic Development Vol.35 No.3

This paper examines whether equity market liberalization facilitates economic growth at the industry level. It also explores whether equity market liberalization reduces the cost of capital by scrutinizing a particular mechanism: that liberalization reduces the wedge between the costs of external and internal capital to firms. Using industry-level data on 19 emerging markets and 18 developed countries for the period between 1980-2000, we find a uniform increase in the growth rate of real value added across industries following liberalization in emerging markets. Industries highly dependent on external finance grow faster in liberalized regimes. No additional growth effects are found for industries dependent more on equity finance in emerging markets.

고전적 자유주의 관점에서 본 신자유주의 교육관의 이념적 한계

강창동 한국교육사회학회 2011 교육사회학연구 Vol.21 No.1

Universally neoliberal education is expanded rapidly since 1990s'. Neoliberal education is intended to increase an educational excellence-oriented productivity by integrating the market competition into the public education. Neoliberal education centered on the choice, freedom, accountability, give us the ideological illusion as if it opens the new field of public education. Neoliberal education is facing a harsh criticism by reason of transforming human into the commercialization of market competition. Classical liberalism recognize that the dignity of man, the natural rights of man, is realized by freedom and equality, and ownership and the market is recognized as social protective device supporting freedom and equality. In neo-liberalism, the fair competition of ownership and market is understood as ideological system protecting freedom. In the concrete, Classical liberalism seeks for the dignity of man, neo-liberalism for the market competition. So, classical liberalism education and neoliberal education have different view of education. Classical liberalism education seeks for 'human based process value', neo liberal education for 'competition based outcome value'. Neoliberal education has the distorted system that rejects classical liberalism, the theoretical root of itself. Neoliberal education makes to the contradiction logic of the market competition that freedom represses other freedom and autonomy autocracy that autonomy controls other autonomy. In neoliberal education, exists only market, the mutant of classical liberalism, not human. Neoliberal education is only distorted ideological child of classical liberalism. Neoliberal education contains the paradoxical value that it is not education for human and freedom, only for market and competition. 1990년대 전후로 신자유주의 교육은 세계적으로 급속히 확대되었다. 신자유주의 교육은 기업의 시장경쟁 원리를 공교육에 접목시켜, 수월성 위주의 교육적 생산성을 높이기 위한 것이다. 선택, 자유, 책무성 중심의 신자유주의 교육은 공교육의 신천지를 여는 것처럼 이념적 착각을 준다. 신자유주의 교육은 인간을 시장경쟁의 상품화로 전락시킨다는 이유로, 거센 비판에 직면한다. 자연히 세계적으로 신자유주의 교육에 대한 비판적 연구가 활성화되면서 급속히 확대된다. 이런 비판적 연구에서도 신자유주의의 이념적 뿌리인 고전적 자유주의와 연계한 분석 연구는 거의 전무하다. 그 이유는 고전적 자유주의와 신자유주의는 사상적 측면에서 큰 차이가 없다는, 보이지 않는 선입견의 작용 때문일 것이다. 고전적 자유주의는 천부권인 인간존엄성을 자유와 평등에 의해 실현되며, 소유권과 시장을 자유와 평등을 유지하는 사회적 보호장치로 인식한다. 신자유주의는 소유권과 시장의 공정한 경쟁이 인간존엄성과 자유를 수호하는 이념체로 파악한다. 외형적으로 두 사상체계는 큰 차이가 없어 보인다. 실제적으로 고전적 자유주의는 인간과 자유를, 신자유주의는 소유권과 시장을 최고의 가치로 삼는다. 고전적 자유주의는 인간존엄성을, 신자유주의는 시장경쟁을 추구한다. 그러므로 고전적 자유주의와 신자유주의는 상이한 교육적 시각을 가진다. 고전적 자유주의 교육은 ‘인간 위주의 과정적 가치’를, 신자유주의 교육은 ‘경쟁 위주의 결과적 가치’를 추구한다. 신자유주의 교육은 자신의 이론적 뿌리인 고전적 자유주의를 거부하는 왜곡된 논리 체계를 갖게 된다. 구체적으로 교육시장의 자유경쟁은 수월성 위주의 비인간화 교육을 정당화시켜서, 교육주체인 교사와 학생의 인간존엄성과 자유를 억압한다. 신자유주의 교육은 자유가 자유를 억압하는 시장경쟁의 ‘모순 논리’와 자율이 자율을 통제하는 ‘자율 독재’를 성립하게 한다. 신자유주의 교육은 인간은 없고, 시장만 존재하는 고전적 자유주의의 변종에 불과하다. 신자유주의 교육은 고전적 자유주의의 왜곡된 이념적 자식이다. 신자유주의 교육은 ‘인간과 자유를 위한 교육’이 아니라, ‘시장과 경쟁을 위한 교육’이라는 역설적 가치를 내포한다.

국제항공운송의 최근 동향과 항공운송의 공정경쟁정책 -ICAO 제6차 세계항공운송회의 결과를 중심으로-

신동춘 ( Dong Chun Shin ) 한국항공우주법학회 2013 한국항공우주정책·법학회지 Vol.28 No.1

제6차 세계항공운송회의가 2013.3월 ICAO 주관으로 개최되었다. 10년마다 한 번씩 개최되는 세계항공운송회의는 국제항공운송에 관련된 거의 모든 문제를 다루고 있는 데, 국제민간항공의 장기적인 성장을 보장하기 위하여 ICAO 정책을 갱신하는 목적을 가지고 있다. 2003년에 개최되었던 제5차 세계항공운송회의는 항공운송화의 자유화에 초점을 맞추었는데, 제6차회의는 종전 자유화의 추진 여부에서 자유화의 실행 방법에 역점을 두었다. 제6차 회의의 주요한 의제 항목은 자유화, 안전 장치, 소유권 및 통제, 공정 경쟁, 공항과 항행시설, 조세 및 부과금, 그리고 ICAO 정책이다. 자유화 특히 점진적 자유화는 지난 수 십 년 동안 주된 의제였다. 자유화로 향하는 과정에서 시장접근의 확대, 항공사의 소유 및 통제에 관한 규제의 완화가 필요하다. 더욱이, 공항 및 항행시설과 같은 인프라의 충분한 공급은 자유화의 걸림돌을 제거하는 요소로 작용할 수 있다. 그러나, 자유화가 급속하고 과격하게 진행될 때, 약자와 소비자 이익 보호의 차원에서 개도국에 의한 시장접근과 소비자 보호 및 조세 및 부과금의 투명하고도 경제적인 결정을 확보하기 위한 안전 장치가 확보되어야 한다. 공정 경쟁은 시장에서의 경쟁 촉진과 구별되는 개념인데, 약자와 소비자를 독과점으로부터 보호하기 위한 목적을 가진다. 이번 회의에 한국 대표단은 3개의 WP(작업 문서)와 1개의 IP(정보 문서)를 제출하였는데, 역대 가장 많은 숫자이다. 제6차 회의에서는 자유화를 촉진하기 위하여 패러다임(준거 기준기준) 전환이 강조 되었다. 그러나 현실은 자유화의 중요성을 강조하고 회원국에게 태도의 변화를 촉구하기 위하여 이제까지 많은 권고 결의를 하였으나 자유화의 속도는 매우 느리고 부진하다는 것이다. 항공운송의 자유화는 항공운송 및 관련산업의 성장과 고용의 창출, 관광과 지역개발의 진흥 나아가 상호 이해 및 교류를 촉진시켜 장애가 없는 세계를 만드는데 기여할 것이다. 이러한 맥락에서 다음 회의는 자유화의 과정을 평가하게 될 것으로 예상된다. The 6th Worldwide Air Transport Conference was held in Montreal in March 2013 under the auspices of ICAO. This conference, which has been held every ten years, is dealing with virtually every issue of international air transport, and aiming at updating ICAO policy in order to ensure long-term growth of international civil aviation. Last conference which took place in 2003 focused on the liberalization of air transport, and the 6th conference shifted its focus from whether to push for liberalization, to how to implement it. The main agenda items for the 6th conference was liberalization, safeguards, ownership, fair competition, airports and air navigation facilities, charges, and ICAO policy. The liberalization, and in particular progressive liberalization has been a main theme over the past decades. In the process leading to liberalization, there needs to be the expansion of market access, easing regulation on ownership and control of airlines. Furthermore, the provision of enough infrastructure such as airport and air navigation facilities may be contributing factor to remove impediments to liberalization. However, out of concern as for undermining interests of consumer and the weak, when liberalization is proceeding in a sudden and radical manner, there should be safeguards so as to ensure market participation by developing countries, consumer protection, and economical and transparent decision on taxes and charges. Fair competition which differs from promoting competition in the market, is a policy in order to protect the weak players and consumers from monopoly and oligopoly. The Korean delegation submitted 3 WPs (WP/85, 86 and 87) and 1 IP, and presented WPs, at the conference, which were a lot compared with previous occasions. A paradigm shift was emphasized to expedite the process of liberalization at the 6th conference. The reality is that with many previous recommendations to stress the importance of liberalization, and to urge States to change their attitudes, the pace of the liberalization has been very slow and staggering. The liberalization of air transport will contribute to the growth of air transport and related industry, to create new employment, promoting tourism and regional development, and further to facilitating mutual understanding and exchange, which will also lead to making a barrier-free world. In this context, it is expected that the next conference will also evaluate the on-going process of liberalization.

A Theoretical Revisit to the China’s Marketization: Reflection on Neo-liberal Approach to the Socialist Market Economy with Chinese Characteristics

이지용 부산대학교 중국연구소 2018 Journal of China Studies Vol.21 No.2

China currently is under the second transformation from the reform and opening-up policy to a new model for economic growth as the China’s economy is reaching limits to growth. The Chinese government strives to build a sustainable economic structure that is based on productivity and domestic consumption unlike the growth pattern so far based on investment and export. It raises questions whether the socialist market economy with Chinese characteristics can continue to work. Post-communist transformations have shown diverse pathways unlike initial predictions of the neo-classical economists as well as universalistic approaches within political science. The China’s marketization has clearly shown the case, building the socialist market economy with Chinese characteristics. The Chinese characteristics are a consequential configuration reflecting the China’s historical legacies and particular conditions in politics and economy. Political logic to sustain the CPC rule has led the Chinese leadership to take the gradualism as well as a dual-track approach. Some theorists still criticize the dislocation between the vibrant market economy and the lagged governance structure. However, the paper contends that China is still under the ongoing process of transformation. Therefore, it may not be proper to explain the Chinese particularism with the typical western model of state-society relations. Simply employing the mainstream theories and concepts developed in the western discipline of economics and political science may not provide a proper explanation upon the working principles of Chinese market economy since it has reflected China’s own conditions in politics, society, and economy. In this context, the paper revisits the debates between Neo-liberalism and Historical institutionalism over the Chinese ways of marketization because it is related to theoretical debates on feasibility and viability of the China’s particularism in its marketization. The paper examines the theoretical debates upon the post-communist transformation in China. Elaborating on diverse pathways of post-communist transformations unlike the Neo-liberalists predictions and prescription, the paper argues that China’s institutional particularity has been evolving toward its own political and socio-economic system. It finally demonstrates that the China’s market economy should not be understood with the typical western model of state-society relationship. The gist of this study is to analyze the processes and mechanisms that have formed the socialist market economy with Chinese characteristics.

한국 금융시장의 국제화과정에서 기관투자가의 역할에 관한 연구

황남일(Hwang Nam Il),김유상(Kim You Sang) 한국경영사학회 1998 經營史學 Vol.17 No.-

This study aims to empirically analyze the role of security investment trusts in the Korean financial market. The findings of this study are summarized as follows. First, investment trusts were established in the 1970s when the capital market was not yet stabilized and considered as the medium of transferring small investments into a major source of capital. Moreover, as investment trusts have over fifty percent of the listed bonds in Korea, they have contributed a great deal in establishing a bond market as a major source of capital for firms. Second, to evaluate investment trusts’ role in the secondary market, the effect of the government’s stabilizing policy and the trading behavior of the institutional investors have been analyzed. Although, the direct market interventions of the government did not have great influence, they did slightly reverse the downward trend of stock prices. Third, to assess the role of investment trusts in the process of the financial market liberalization, opening policies of the Korean capital market and the experiences of the other major countries were reviewed. Also the performance of investment trusts, exclusively for foreign investors, and foreigners’ country funds have been compared. The result shows that no signigicant difference exits in the performance of the two kinds of fund. The gradual opening policies of the Korean financial market through investment trusts seemed to be successful. The findings of this study support the followings. It is necessary to develop various institutional investors to make the bond market active. As many problems are found in the government’s direct intervention, alternative government policies are demanded.