Suchergebnisse

Discusses technical and economic feasibility of conversion from military to civilian production; industrial policy implications and sociopolitical consequences.

Раздел "Международные экономические отношения" ; На протяжении последних 40 лет двигателем экономического роста Республики Корея была стратегия имитации и повторения стратегий развитых стран в сфере традиционных отраслей. Однако такая внешнеэкономическая политика исчерпала свой потенциал после глобального экономического кризиса. Сферы мировой экономики с высокой добавочной стоимостью стали смещаться из области труда и капитала (индустриальная экономика), знаний и информации (экономика знаний) в область инновационных технологий и креативных идей (креативная экономика). В соответствии с изменением в глобальной экономике правительство Республики Корея разработало новую внешнеэкономическую стратегию для развития на этой основе креативной экономики основанной на использовании научно-технических разработок, и более тесной интеграции корейской экономики с мировой. 1. Введение новой концепции креативной экономики: а) создание благоприятной экономической среды для открытия собственного бизнеса и обеспечения гарантий защиты креативной деятельности; б) реализация политики поддержки венчурного бизнеса по выходу на международный рынок; в) поддержка разработки инновационных технологий; д) привлечение международных специалистов и иностранных высококвалифицированных рабочих; г) укрепление международного сотрудничества посредством научно-технических разработок и информационно-коммуникационных технологий. 2. Политика поддержки малого и среднего бизнеса, направленная на сбалансированное развитие национальной экономики (сосредоточение внимания на венчурном бизнесе): а) особенности венчурного бизнеса для экономики Республики Корея; б) главная роль венчурного бизнеса в сфере экономики Республики Корея. 3. Заключение соглашений о свободной торговле и содействие глобальной внешнеэкономической политике (с целью объединения с глобализирующейся мировой экономикой): а) причины усиливающейся необходимости в подписании соглашений о свободной торговле; б) положительные эффекты от соглашений о свободной торговле для экономики Республики Корея; в) отрицательные эффекты от соглашений о свободной торговле. = For the last 40 years the strategy of imitation and replication of the strategies, used by the developed countries in the traditional industries, was the main force of South Korean economic growth. However, this foreign economic policy exhausted its potential after the global economic crisis. High added value sections of the world economy began to shift away from labor and capital (industrial economy), knowledge and information (knowledge-driven economy) to the sphere of innovative technologies and creative ideas (creative economy). In response to the changes of global economy South Korean government developed a new foreign economic strategy as a basis for future development of creative economy, based on the use of scientifi c research and development and deeper integration of the Korean economy into the world one. This implies the following: Firstly, introducing a new concept of creative economy: a) creating favorable economic environment for setting up of a business and indemnifi cation of creative economic activity; b) implementing venture business support policy with the aim of entering the international market; c) supporting innovative technologies research and development; e) attracting international experts and foreign highly-skilled workers; d) strengthening international cooperation through scientifi c research and development and information and communication technologies; secondly, small and medium enterprise support policy aimed at balanced development of the national economy (focusing on venture business): a) special aspects of the South Korean venture business; b) the main role of venture business in South Korean economy; thirdly, the conclusion of free trade agreements and promotion of global foreign economic policy (in order to unite with the globalizing world economy): a) causes of the increasing need for free trade agreements; b) the positive effects of free trade agreements on the economy of the Republic of Korea; c) the negative effects of free trade agreements.

Fiscal policy is examined in a model of an open economy which is characterised by unemployment caused by efficiency wages. It is shown that the conventional conclusion, according to which mobile capital is untaxed in the presence of wage taxation, is not generally valid. A positive capital tax allows to indirectly tax profits, thereby mitigating unemployment through the reduction in the effective tax burden on labour. It is argued that these policy conclusions are qualitatively unaffected by the cause of unemployment. Moreover, the welfare loss from labour market imperfections increases when tax bases become internationally mobile, which suggests an increasing relevance of domestic labour market reforms.

Intro -- GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES -- GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES -- CONTENTS -- PREFACE -- AUCTION BASICS: BACKGROUND FOR ASSESSING PROPOSED TREASURY PURCHASES OF MORTGAGE-BACKED SECURITIES -- SUMMARY -- DUTCH AUCTIONS AND REVERSE DUTCH AUCTIONS -- Quality Differences of Troubled Assets Presents Challenges for Auctions -- Adverse Selection and Firms' Asset Holdings -- Reputational Issues and Participation -- Sequencing Issues -- Will Auctions Unlock Credit Markets? -- Costs and Risks to Taxpayers -- AUCTION DESIGN -- Single-Unit Auctions -- Why are Treasury Auctions Called Dutch Auctions? -- Imperfect Information: Common Values and the Winner's Curse -- Revenue Equivalence -- Multiple-Unit Auctions -- Manipulation and Demand-Reduction Strategies -- Complementarities -- Dutch Auctions with Multiple Units -- Uniform-Price vs. Individual Price Auctions -- End Notes -- BANKING AND SECURITIES REGULATION AND AGENCY ENFORCEMENT AUTHORITIES -- SUMMARY -- BACKGROUND -- AN OVERVIEW OF BANKING AND SECURITIES REGULATION -- Banking -- Securities -- MAJOR ENFORCEMENT-RELATED STATUTES -- Banking -- Securities -- ORGANIZATION OF ENFORCEMENT PROGRAMS -- Banking -- Securities -- COMPARISON OF ENFORCEMENT AND COMPLIANCE TOOLS -- FOR FURTHER READING -- End Notes -- BEAR STEARNS: CRISIS AND "RESCUE" FOR A MAJOR PROVIDER OF MORTGAGE-RELATED PRODUCTS -- SUMMARY -- INTRODUCTION -- BACKGROUND ON BEAR STEARNS -- MORTGAGE-BACKED SECURITIES -- BEAR STEARNS AND THE INITIAL FED "RESCUE" -- JP MORGAN INITIALLY AGREES TO ACQUIRE BEAR STEARNS WITH FED ASSISTANCE -- THE AMENDED BUYOUT OFFER -- THE ALTERED TERMS FOR THE FED AND THE DEBATE OVER MORAL HAZARD AND SYSTEMIC RISK -- RELATED CONGRESSIONAL CONCERNS -- End Notes -- CONTAINING FINANCIAL CRISIS -- SUMMARY -- INTRODUCTION -- THE UNDERLYING FINANCIAL PROBLEMS.

1. The growth debate -- 2. The origins of national income accounting -- 3. Problems of national income accounting -- 4. Possible reforms in national income -- 5. Growth and progress -- 6. The good indicator -- 7. Social indicators -- 8. Environmental indicators -- 9. Data for fourteen major countries -- 10. Conclusions.

Purpose
– The purpose of this paper is to examine recent developments pertaining to China's shadow banking sector. Shadow banking has the potential not only to be a beneficial contributor to continued economic growth, but also to contribute to systematic instability if not properly monitored and regulated. An assessment is made in this paper as to whether shadow banking is beneficial or harmful to China's economic growth.


Design/methodology/approach
– The authors start with providing an overview of shadow banking from a global perspective, with information on its recent growth and importance in selected countries. The authors then focus directly on China's shadow banking sector, with information on the various entities and activities that comprise the sector. Specifically, the authors examine the interconnections between shadow banking and regular banking in China and the growth in shadow banking to overall economic growth, the growth in the money supply and the growth in commercial bank assets.


Findings
– Despite the wide range in the estimates, the trend in the size of shadow banking in China has been upward over the examined period. There are significant interconnections between the shadow banking sector and the commercial banking sector. Low deposit rate and high reserve requirement ratios have been the major factors driving its growth. Shadow banking has been a contributor, along with money growth, to economic growth.


Practical implications
– The authors argue that shadow banking may prove useful by diversifying China's financial sector and providing greater investments and savings opportunities to consumers and businesses throughout the country, if the risks of shadow banking are adequately monitored and controlled.


Originality/value
– To the authors' knowledge, this paper is among the few to systematically evaluate the influence of shadow banking on China's economic growth.