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The Korea-U.S. FTA and the Real Estate Policy in Korea
Public Land Law Review
Abbr :
KPLLR
2012, 58(), pp.1-20
DOI :
Publisher : Korean Public Land Law Association
Research Area : Law
2012, 58(), pp.1-20
DOI :
Publisher : Korean Public Land Law Association
Research Area : Law
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This paper explores whether the Korean real estate policies may constitute indirect expropriation under the Korea-U.S. FTA. To do this, it analyzes the meaning of indirect expropriation and the indirect expropriation provisions in the FTA, focusing on how rare circumstances may be considered; and examines if major real estate policies in Korea may be found rare circumstances. It concludes that it would not be easy to find indirect expropriation in the Korean policies in that the Korean system shares the primary legal principles on real estate development with the U.S. and, most important, the trend in finding indirect expropriation by the international tribunals, as well as the U.S. courts, shows deferring a State's police power pursuing legitimate public goals. Nevertheless, the Korean system should be carefully improved and reformed to attain a more reasonable, systematic structure in international context.
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