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Keun Lee

- tability for a crisis- esilient growth in Korea 117 s r Examining the proposition of Taylor (1998), the capital inflows occur as the interest rate spread (∑i), and/or the capital gain spread (∑Q), opens because of lax public sector regulation, such as financial liberalization. The definitions of spreads are as follows: ∑i = i − [i* + (Δe / e)E] (I) ∑Q = (ΔQ / Q)E − [i* + (Δe / e)E] (C) where (I) is the interest spread equation and (C) is the capital gain spread equation. In the equation, i is the domestic interest rate; i* is the foreign interest rate; e is the

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Economic Catch-up and Technological Leapfrogging

The Path to Development and Macroeconomic Stability in Korea

Keun Lee

This book elaborates upon the dynamic changes to Korean firms and the economy from the perspective of catch-up theory. The central premise of the book is that a latecomer’s sustained catch-up is not possible by simply following the path of the forerunners but by creating a new path or ‘leapfrogging’. In this sense, the idea of catch-up distinguishes itself from traditional views that focus on the role of the market or the state in development.
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Keun Lee

’s given historical, economic, political, and natural conditions and the economic outcomes.1 Obviously, these factors are interrelated and influence each other. The performance of any institution, including the state, which is basically a historical product, depends upon a number of factors including the cultural setting. The acceptable scope of the activities of the state is largely determined by the expectations, which are shaped by culture and tradition, of the rulers and ruled. Markets also operate within a specific context of existing political and cultural

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Keun Lee

aid to post- risis Korea was that it tightens c monetary and fiscal policy and raises short- erm interest rates, the IMF’s t standard prescription for other economies in crisis. The high interest policy was justified as a one to stabilize the exchange rate (by inducing inflows of foreign capital) and, at the same time, to kill heavily indebted or inefficient firms in Korea. Some policy makers in the Korean government opposed this prescription, arguing that it was too harsh for the economy due to the huge adjustment costs that it would trigger. As the exchange rate

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Keun Lee

crawl (BBC) exchange rate system, and relative independence in monetary policy making with a new balance between interest rates and exchange rate targeting. A justification for the intermediate system proposed in this chapter is made because it is not easy to prevent the “two kinds of spreads” from happening simultaneously in a standard ( orthodox) open macroeconomic policy setting. Chapter 7 argues that North Korea can achieve an economic catch- p u after decades of economic isolation and stagnation if it tries a specific type of economic opening (leapfrogging

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Keun Lee

find it more and more difficult and expensive to buy the technologies needed for higher- evel market l shares. In this sense, the two catching- ps are interrelated. Among many u determinants of market competition, such as manufacturing efficiency, marketing, logistics, and so on, technological capabilities are one of the most important elements. At the same time, success in market ompetition c can earn the firm the extra money needed for R&D investment. Our interest in this chapter is in both types of catching- p. Thus, we u start with an examination of the trend of

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Tatsu Kambara and Christopher Howe

Preface For more than 15 years China has maintained a breathtaking rate of economic growth, averaging almost 10 per cent per annum. This growth has propelled China’s energy demand to the point where a country that was a net exporter of oil in the 1970s cannot now meet its domestic needs from its own natural resources. Indeed, today’s price of a barrel of oil ($60+) is attributed by some, perhaps unfairly, to the unanticipated demands that China has been making on the world oil market in recent years. China is a country that in some respects is today not unlike

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China and the Global Energy Crisis

Development and Prospects for China’s Oil and Natural Gas

Tatsu Kambara and Christopher Howe

This book examines China’s record of oil and gas development, its refining capacity, and energy prospects. The authors conclude that there are no fundamental reasons for anxiety about China’s demands on the world energy economy, but they emphasize that its energy future will depend critically on a continuation of reform and internationalization. China and the Global Energy Crisis is a concise but detailed study of these issues.
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Tatsu Kambara and Christopher Howe

.5 billion has been suggested for 2010. At these rates of extraction, considerable further investment in survey and exploration work will be needed if the reserves:output ratio is to be held at comfortable levels. Transportation of natural gas in the Sichuan Basin relies heavily on a trunk pipeline some 1000 km in length. This major pipeline forms a ring circuit that connects the major fields with the centres of consumption and processing in the cities. This circuit in turn supports a maze of smaller distributive pipelines totalling 10 000 km in length. Approximately 60 per

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Tatsu Kambara and Christopher Howe

local oil royalty rate, which has made it the richest of all American states measured in terms of local fiscal revenue. At present, the Xinjiang government benefits from oil and gas development only through the local tax on production-sharing agreements involving foreign companies. There is no parallel to the Alaskan royalty payments, which would of course greatly increase the capacity of the local administration to stimulate economic development. Moreover, under the State Council regulations for the protection of petroleum and natural gas pipelines, the Chinese central