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盧永起 중앙대학교 경제연구소 1991 經濟論文集 Vol.- No.5
In recent years, a great deal of economic cooperation has been developed in the Yellow Sea Rim(YSR) economy including Korea, Japan, China, Taiwan, HongKong, Singapore, and ASEAN members. The international trade statistics showed that exports and imports within the YSR economy increased respectably from 31.8% and 36.5% in 1970 to 44.8% and 45.4% in 1988. Partly because of this cooperation, the YSR economy during 1985-88 recorded an average annual growth rate of 7.0% which is higher than that of the advanced countries' 3.5%. Korea is confronted with both internal and external challenges. The external challenge is to develope and improve economic cooperation of the YSR economy. The internal challenge is to decrease economic disparity among different regions. As one of the most lagged region, the development of the Korea's West-coast region is in great need for Korea to meet these two challenges. The directions of the Korea's west coast regional development are : (1) to construct the seaside industrial base, (2) to build up the industrial belt linking inland and coast, (3) to organize many kinds-small quantity production system, (4) to develope and promote the free-trade zone, (5) to expand the regional economy, and (6) to deliberate the environmental protection system.
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安國臣 중앙대학교 경제연구소 1991 經濟論文集 Vol.- No.5
Entering 1990s Korean economy is plagued internally by price instability and distribution conflict and externally by growing balance of payments deficit since 1960s. This paper argues that these troubles are inevitalbe consequences of the growth-centered macroeconomic policy. The growth-oriented macroeconomic policy has been revived after a short-lived balanced growth strategy in the Sixth Republic. It is argued that, if the current growth-centered strategy is continued, medium-and long-term prospects of Korean economy will not be bright despite relatively high economic growth because the accompanying wage-price spiral, high interest rate, and land price hike will deepen distribution conflict under inter-sectoral unbalanced growth and worsen balance of payments deficits. A political economy model incorporating class conflict is shown to suggest that price stability-and balance-oriented macroeconomic policy is Pareto improving and conducive to long-term stable economic growth with class harmony. Details of stability-and balance-oriented policy instruments are discussed.
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李相萬 중앙대학교 경제연구소 1991 經濟論文集 Vol.- No.5
The favorable international environment and the mutual realization of the necessity of intra-Korea economic exchange led to the opening of indirect trade in late 1988. In spite of this exchange of goods between South and North Korea, the volume is still minimal. Form October 1988 to November 1991 imports totalled US $197 million with 34? items. In contrast, for the same period the 54 export items amounted to only US $23 million. Many obstacles hinder to expand Intra-Korea economic relations, foremost among them the vulnerability of such relations to political issues. Even though this barrier, currently indirect trade can develop into direct trade and ultimately to economic cooperation because South and North Korean resource endowments and industrial structures complement each other, economic exchange and cooperation will undoubtedly lead to substantial economic gains. In order to facilitate economic cooperation, the development of economic relations between South and North Korea should proceed incrementally, ultimately heading toward the final realization of an economic unification of the South and North Korea. At the first stage the expansion of indirect trade must be phased into direct trade. In the second stage, direct and indirect and indirect investment must be realized before forming South-North common market. This economic cooperation stage can be followed by the final stage of economic integration whereby factor and product markets are completely liberalized, social overhead capital is jointly invested. All those arrangements will ensure a substantial growth in the overall national economy and a simultaneous rise in the living standards of the people on both regions. In theory, exchange between South and North Korea should be mutually beneficial given the complementary nature of two economies. Interfering with economic exchange, however, are the differing political and economic systems as well as specific internal political and economic conditions. To overcome these difficulties, the following approaches are necessary for the promotion of commerce between South and North Korea. First Inter-Korean economic exchange must proceed in gradual steps, through indirect trade, direct trade, industrial cooperation, and direct and indirect investment. The goal of economic unification should be realized through a step by step process. Second, it is desirable that trade between South and North Korea be treated as domestic rather than international. Third, in the early stages of economic exchange, we should consider horizontal forms of exchange in which raw materials are traded for raw materials and industrial products for industrial products. Fourth, in order to stimulate North Korea's import demand, South Korea must offer large-scale economic cooperation projects including loan.
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