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Full-Text Articles in Economics
Labour Market Reforms And Polarization In Korea, K. H., Raymond Chan
Labour Market Reforms And Polarization In Korea, K. H., Raymond Chan
CAPS Working Paper Series
From the early 1990s the South Korean government launched a series of structural reforms to liberalize and deregulate the economy and labour market, in line with its globalization strategy. Particularly after the financial crisis, flexible labour market reform was one of the major initiatives to keep the Korean economy competitive in the global market. This paper describes the rationale for flexible labour market reforms in Korea from the early 1990s, evaluates their impacts on labour market polarization, and assesses the policy responses adopted by Kim Dae-jung and the current Roh Moo-hyun governments. It is argued that the flexible labour market …
The Economic Challenges For The New Chinese Leadership, Yue Ma, Ping Wang
The Economic Challenges For The New Chinese Leadership, Yue Ma, Ping Wang
CAPS Working Paper Series
"The Impact of China's Accession to the WTO" 中國入世後的初步分析
This paper will first review the early concerns about China's entry to the WTO. Then we will evaluate the preliminary impact of the WTO membership on the Chinese economy, which turned out to be better than expected. We also discuss the current international debate on the Chinese currency renminbi revaluation and suggest that a gradual improvement of the current Chinese rigid exchange rate system will be inevitable.
Finally we will explore the potential problems and challenges to both economies of mainland China and Hong Kong in the future. We argue that …
Growth-Inflation Tradeoff In China, Hiroyuki Imai
Growth-Inflation Tradeoff In China, Hiroyuki Imai
CAPS Working Paper Series
The high growth and wide fluctuations of fixed investment are the main driving forces of the rate of inflation in China in the reform period. Investment expansion generates strong demand pressures in the consumption goods market. Its inflationary impact is magnified further as it brings about higher wage costs during a boom. An implied short-run tradeoff is derived from dynamic simulation of a small macroeconomics model. In a given year, each additional percentage point of economic growth or investment growth leads to, respectively, a 2.7 or a 0.9 percent increase in the rate of inflation that year.