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2003, Vol.12, No.2

  • 1.

    Linking Government and Business Associations: State Corporatism Revisited in Korea

    Kim, Junki | 2003, 12(2) | pp.3~32 | number of Cited : 7
    Abstract PDF
    Business associations are known as voluntarily organized interest groups that seek to maximize members' interest through pulling collective resources of the industry they seek to represent. In examining 188 business associations under the 'jurisdiction' of the Ministry of Commerce, Industry and Energy in Korea, it was found that although they were organized to represent the interest of the industry in question, they were often functioning as quasi-nongovernmental organizations in terms of their facilitation in the policy implementation process. It was found that the Ministry had played active roles in creating new business associations in newly emerging industries by selectively sponsoring lucrative contracts to them while industrial policies targeted towards 'declining industries' were implemented through those business associations that kept good working relationship with the Ministry. Although there exist various different types of business associations in terms of their legal establishment, those groups that were delegated to carry out the Ministry's industrial policies and other subsidy programs were 'Quangotized' in terms of their relationship with the State Many leading associations have effectively become extra-bureaucratic groups, a sign of state corporatism revisiting in Korea. This has created not only the legitimacy question concerning associations' representation of members' interest but also accountability problems in the delivery of important public policies.
  • 2.

    Regulation on Collaboration among Competitors

    차성민 | 2003, 12(2) | pp.33~71 | number of Cited : 2
    Abstract PDF
    Changing markets have generated an increasing variety and use of horizontal cooperation. More complete and updated guidance is need to improve transparency regarding the applicability of Article 19 Korean Fair Trade Act in this area. Like U.S.A. and EU competition agencies, Korean Fair Trade Commission(KFTC) made「Guidelines for Collaborative Acts」 including analytical framework for collaborative acts. According to the Guidelines, KFTC can analyse anti-competitive effects and pro-competitive benefits. Moreover the Guidelines help to analyse if a certain cooperation among competitors is illegal or not. Because horizontal cooperation can lead to substantial economic benefits. Therefore it may not regard cooperation among competitors as hardcore cartel in applying to the Guidelines. In anti-trust analysis, Market share and market concentration may also not be considered excessively. On the other hand, KFTC has to endeavor after applying for the Guidelines step by step under the anti-trust process.
  • 3.

    Trade and Competition: A Multilateral Framework on Competition Policy

    Chang Seung-Wha | 이재성 | 2003, 12(2) | pp.73~106 | number of Cited : 2
    Abstract PDF
    With regard to a possible multilateral framework on competition policy, discussions have been underway at various international organizations including the WTO. This issue has been one of the main issues at the WTO for it is believed that anti-competitive practices undermine the gains of trade liberalization. Opinions exchanged at the WTO Working Group on the Interaction between Trade and Competition Policy show that a multilateral framework is necessary to deal with competition policy-related trade concerns and for the contribution of competition policy to international trade and development. However, discussions have not been developed into a formal negotiation stage, due to the lack of consensus on the modalities for the the multilateral framework agreement. While evaluating various approaches to a possible multilateral framework and looking into the WTO's work on the basic elements of the multilateral framework under the Doha Mandate, this paper envisons what should be a right direction to pursue for the future negotiations on a multilateral framework on interaction between trade and competition policy. Although the Cancun Ministerial Conference failed to reach an agreement on the modalities of a multilateral framework on competition policy, there is no doubt that negotiations will continue in the future. This paper is aimed at contributing to such progress.
  • 4.

    Regulations in the Distribution Sector of OECD

    Jeon Pyo Noh | 2003, 12(2) | pp.107~135 | number of Cited : 3
    Abstract PDF
    This study investigates and compares regulations in the distribution sector of OECD. It is noteworthy that the regulations of OECD distribution sector show contradiction. Through regulatory reforms in many European countries the regulations are to a greater extent becoming liberalized especially in such areas as market access, price control, and service regulations. On the contrary some major European nations in line with liberalization in the distribution sectors change their lines and tend to restrict large-scale retail stores. In the extreme cases regulations in the distribution sector often play obstacles to market access due to unnecessary limited regulations and excessive governmental burdens.
  • 5.

    Institutionalization of Trust Building Procedure among Corporate Stakeholders

    Hun Joon PARK | Sang-Joon Kim | 2003, 12(2) | pp.137~184 | number of Cited : 0
    Abstract PDF
    This study explores the most desirable corporate governance in order to search for institution to maximize the trust among all stakeholders through the mathematical model and the system dynamics model based on the agency theory. The simulation discovers what factors are critical to solve the agent problem, by which we show the practical and theoretical implications for the development of institution. For solving the agent problem, it is important for managers to let their voluntary will be positive beyond the authoritative view. Legal approach has imperfect remedies because it gives the agent incentives on opportunistic behaviors which are thrived by external attribution for partnership. For making voluntary decisions through building trust among stakeholders, therefore, our results show that the institutionalization of procedure is necessary for building trust via legal, procedural systems which let the members to argue or negotiate their embedded interests, and which make them to communicate in and out of corporate governance.
  • 6.

    Securities Arbitration System as a Kind of ADR

    Cheol Han | 2003, 12(2) | pp.185~217 | number of Cited : 6
    Abstract PDF
    In these days, arbitration helps alleviate some of the burden of a heavy caseload from the judiciary and is a viable method to resolve disputes in a relatively quick and efficient manner. With regard to securities disputes, investors who bring claims against broker-dealers are increasingly using arbitration to obtain a remedy for the alleged wrong committed against them. It would be necessary to introduce securities arbitration system to our disputes resolution system. Compared to American practices, there could be many differences in recognition on arbitration and legal structure in our country. Thus it will be a future assignment to consider seriously and carefully what kind of securities arbitration system will be proper for us. This article analyzed predispute arbitration agreements and agreements to arbitrate after a dispute has already arisen. It began with a broad overview of arbitration and securities arbitration. And it discussed arbitration legislation and arbitration case law. Then it analyzed laws on securities arbitration. Additionally, common securities arbitration issues were analyzed. Then, this article discussed cases in which securities arbitration may be conducted. Finally, some legal issues on securities arbitration decisions were discussed.
  • 7.

    Endogenous Characteristics of Chinese Financial Reforms

    Chanil Park | 2003, 12(2) | pp.219~244 | number of Cited : 4
    Abstract PDF
    The purpose of this paper is to show that financial reforms can be endogenous responses to economic growth and changes in political constraints rather than autonomous policy tools of the authorities. The endogenous characteristics of Chinese financial reforms are identified as follows. First, this paper takes a close look at endogenous aspects of Chinese financial repression policies. The endogenous characters of the financial repression policies explain why future financial liberalization in China may follow an endogenous path. Second, this study finds that recent developments of legal frameworks for financial markets have been institutional responses to macroeconomic imbalances and increased demands for property right protection. Finally, this paper argues that the lack of market infrastructure and various political constraints are major obstacles for capital market developments. As the economy grows further, the fixed costs associated with the establishment of market infrastructure will be mitigated.