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Author: Joon Nak Choi Publisher: Routledge ISBN: 1351183001 Category : Business & Economics Languages : en Pages : 235
Book Description
Export-oriented industrialization has transformed the Korean economy so profoundly that it has become known as the "Miracle on the Han." Yet, this industrial model has become fragile, as Korea’s chaebols are being challenged by Chinese competitors. Attempts to seek out new engines of economic growth have failed, or remain underdeveloped, while a looming demographic crisis threatens to exacerbate Korea’s problems. This book outlines a blueprint for overcoming these challenges, moving beyond the business strategies, government policies, and socio-cultural patterns established under export-oriented industrialization. Written by a stellar line-up of international contributors, its central proposition is that social change is needed to support the strategic and operational transformation of the chaebol and SMEs. Specifically, it stresses the need for an appreciation of the gender, national, and ethnic diversity emerging within the Korean workplace today. If properly leveraged, such diversity has the potential to reduce the groupthink that hampers the creativity and responsiveness of Korean firms today, as well as facilitating greater success in overseas markets. Taking an interdisciplinary approach, this book will be useful to students and scholars in Korean Studies, as well as those studying business, economics, and sociology more broadly in East Asia.
Author: Joon Nak Choi Publisher: Routledge ISBN: 1351183001 Category : Business & Economics Languages : en Pages : 235
Book Description
Export-oriented industrialization has transformed the Korean economy so profoundly that it has become known as the "Miracle on the Han." Yet, this industrial model has become fragile, as Korea’s chaebols are being challenged by Chinese competitors. Attempts to seek out new engines of economic growth have failed, or remain underdeveloped, while a looming demographic crisis threatens to exacerbate Korea’s problems. This book outlines a blueprint for overcoming these challenges, moving beyond the business strategies, government policies, and socio-cultural patterns established under export-oriented industrialization. Written by a stellar line-up of international contributors, its central proposition is that social change is needed to support the strategic and operational transformation of the chaebol and SMEs. Specifically, it stresses the need for an appreciation of the gender, national, and ethnic diversity emerging within the Korean workplace today. If properly leveraged, such diversity has the potential to reduce the groupthink that hampers the creativity and responsiveness of Korean firms today, as well as facilitating greater success in overseas markets. Taking an interdisciplinary approach, this book will be useful to students and scholars in Korean Studies, as well as those studying business, economics, and sociology more broadly in East Asia.
Author: Adrian Alter Publisher: International Monetary Fund ISBN: 1475560494 Category : Business & Economics Languages : en Pages : 49
Book Description
Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find that accommodative U.S. monetary conditions are reliably associated with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average leverage growth of 35 basis points per year). This impact is more pronounced for sectors dependent on external financing, for SMEs, and for firms in more financially open EMs with less flexible exchange rates. The findings suggest that global financial conditions affect EM firms’ leverage growth in part by influencing domestic interest rates and by relaxing corporate borrowing constraints.
Author: Ms.Yu Shi Publisher: International Monetary Fund ISBN: 1498316352 Category : Business & Economics Languages : en Pages : 39
Book Description
Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide empirical evidence to support the channel.
Author: Ross Garnaut Publisher: World Bank Publications ISBN: Category : Business & Economics Languages : en Pages : 262
Book Description
China's emergence as a global economic player has been accompanied by a major internal transformation. Over the past decade, the economy has made the transition from complete reliance on state-owned and collective enterprise to a mixed economy where private enterprise also plays a strong role. Gaizhi, a Chinese term meaning 'transforming the system', has become a major phenomenon in most parts of the country; in many cases it has involved full privatization. 'China's Ownership Transformation' applies descriptive and econometric analysis to survey, and official statistical data to examine, the progress of gaizhi over the years and across regions. It discusses the main players in the process, their motivation and incentives, and looks at the forms, scope, and timing of gaizhi. The authors also provide an assessment of the outcomes of gaizhi, focusing on employee issues, corporate governance issues and firm performance. The book concludes with discussion of the issues related to the fairness and efficiency of the gaizhi process, particularly concerning the role of management buy-outs and outside investors. These issues are at the center of a lively public debate in China, which is likely to influence future Chinese policies toward gaizhi. This title provides researchers, students, policymakers, and those interested in the emergence of China as a global manufacturing and economic powerhouse with in-depth information on the transformation of its state-owned sector.
Author: Mr. Murtaza H. Syed Publisher: International Monetary Fund ISBN: 1455214965 Category : Business & Economics Languages : en Pages : 23
Book Description
As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as increased investment by domestically-oriented firms. What policies could be adopted to help firms adjust to the imperatives of the post-crisis global economy and boost medium-term growth? Using disaggregated data, this paper investigates the determinants of investment and R&D spending by Japanese firms. The results suggest that policies could usefully focus on four areas. First, raising the return on investment, including through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in innovative areas and more risk-based lending. And fourth, reducing excess leverage and supporting corporate restructuring to enable new investments to flourish.
Author: Yangkyoon Byeon Publisher: International Monetary Fund ISBN: 1484329937 Category : Business & Economics Languages : en Pages : 41
Book Description
Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
Author: Andrea Ciani Publisher: World Bank Publications ISBN: 1464815585 Category : Business & Economics Languages : en Pages : 178
Book Description
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Author: Carl J. Dahlman Publisher: World Bank Publications ISBN: 9780821348819 Category : Business & Economics Languages : en Pages : 160
Book Description
Korea is a country with limited natural resources, which has developed through a strategy of industrialisation and the economies of scale. However this is being challenged by the rise of knowledge as a principal driver of competitiveness. This book is the result of a joint study by the OECD and the World Bank to develop a comprehensive set of national policy responses to the knowledge revolution. It concentrates on four areas: 1) an institutional and economic regime that provides incentives for the creation of new knowledge and its efficient use; 2) an educated and entrepreneurial population; 3) a dynamic information infrastructure; 4) an efficient system of innovation.
Author: Hyeon-Wook Kim Publisher: Brookings Institution Press ISBN: 0815737769 Category : Business & Economics Languages : en Pages : 376
Book Description
Growth in a Time of Change: Global and Country Perspectives on a New Agenda is the first of a two-book research project that addresses new issues and challenges for economic growth arising from ongoing significant change in the world economy, focusing especially on technological transformation. The project is a collaboration between the Brookings Institution and the Korea Development Institute. Part I of the book looks at key elements of change from a global perspective. It analyzes how technological change, shifts in investment, and demographic transition are affecting potential economic growth globally and across major groups of economies. The contributors explore possible scenarios for the global economy as the digital revolution drives rapid technological change, including impacts on growth, jobs, income distribution, trade balances, and capital flows. Technology is changing the global configuration of comparative advantage and globalization increasingly has a digital dimension. The implications of these developments for the future of sectors such as manufacturing and for international trade are assessed. Part II of the book addresses new issues in the growth agenda from the perspective of an individual major economy: South Korea. The chapters in this section analyze how macroeconomic developments and technological change are influencing the behavior of households and firms in terms of their decisions to consume, save, and invest. Rising income and wealth inequalities are a major concern globally. Against this backdrop, trends in the labor income share and wage inequalities in South Korea are analyzed in terms of the role played by technology, industrial concentration, shifts in labor demand and supply, and other factors. Throughout the book, the contributors, in their analysis of both global and Korea-specific trends and prospects, place emphasis on drawing implications for policy.
Author: Joon Nak Choi
Author: Joon Nak Choi
Author: D. R. Chapman
Author: Adrian Alter
Author: Ms.Yu Shi
Author: Ross Garnaut
Author: Mr. Murtaza H. Syed
Author: Yangkyoon Byeon
Author: Andrea Ciani
Author: Carl J. Dahlman
Author: Hyeon-Wook Kim