KDI/EWC series on Economic Policy – serie

This topical book explores the global experiences of responding to climate change, with perspectives from Australia, China, the European Union, Japan, the Republic of Korea, the United States, as well as the International Energy Agency. The authors, internationally recognized specialists in the field, discuss the obstacles faced by policy makers, as well as exploring policies and recommendations for achieving goals set in responding to climate change. The work also uses the case of Korea in the initial stage of its policy making, as an example for developing countries not bound by the provisions of the 1997 Kyoto Protocol on climate change. This important book assesses current national policies and future options for the global response to climate change. Responding to Climate Change will prove to be insightful for environmental policy makers and researchers for use in assessments of lessons in global and regional experience with climate change and for future policy directions. Graduate and upper-level undergraduate students studying environmental and natural resources will also find plenty of invaluable information in this important resource. Contributors: R.A. Bradley, C.H. Hahn, S. Howes, S.-H. Lee, J.-G. Oh, L. Rothenberg, S.-H. Ryu, J.P.M. Sijm, M.-K. Song, K.-S. Yoon, Z. Zhang

In 2008, the global economy experienced the most severe crash since World War II. A sharp collapse in international trade followed, leaving no country on the globe immune to a sequence of economic shocks. This timely book explores many of the key issues raised in the wake of the global economic crisis and provides an in-depth analysis of crisis transmission to emerging markets. The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of financial markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies? Academics, students and policymakers in the fields of economics, international economics, finance, money and banking and Asian studies will find this book to be a thought-provoking and stimulating read. Contributors: J. Aizenman, M.D. Bordo, M. Chamon, M.D. Chinn, D. Cho, B. Eichengreen, A. Ghosh, M.M. Hutchison, H.-W. Kim, J.I. Kim, J.S. Landon-Lane, H. Lee, H. Lee, K.-M. Lim, A. Mason, M. Obstfeld, M.-K. Song

In response to the global financial crisis, many OECD countries reduced public spending on social policies, with economists now often referring to 'permanent austerity'. Long before the crisis, however, slow economic growth and population aging had already increased the need for rebalancing social expenditure and yet social protection was still far from adequate in many countries. Social Policies in an Age of Austerity is the first major publication on this important topic.The authors of the ten chapters in this book review recent developments in social policies in OECD countries, focusing on the United States and the Republic of Korea, and examining the use of program evaluation in social policies and drawing lessons for policymakers. The contributions cover social and fiscal policy and issues in labor market policy, in addition to the effectiveness of social insurance, education and antipoverty policy.The policies outlined and lessons provided in the book will continue to be valuable to governments, and scholars of advanced and developing countries for decades to come, and to research institutes involved in government and social policy.Contributors: D. Autor, B.-G. Chun, W. Chung, H. Kim, Y. Koh, A.B. Krueger, S.-H. Lee, H.-H. Li, H. Moon, D.W. Schanzenbach, J.K. Scholz, H. Yoo, J.P. Ziliak

Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have occasionally weathered the storm best, despite the supposed burden of 'weak institutions'. Written by leading scholars and practitioners, the authors demonstrate that a better policy framework requires reliable indicators of vulnerability to financial instability. Using empirical evidence and case studies, the twelve chapters stress the necessity of improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises. Cross-border capital flows, international reserves and foreign exchange markets are covered in depth.This timely book offers an insightful overview and policy solutions to the issues surrounding macroprudential regulation of economies in a globalized world. It is required reading for students and scholars of international finance and regulation.Contributors include: S. Cho, R. Cifuentes, S. Claessens, S.R. Ghosh, M.S. Gochoco-Bautista, J.-H. Hahm, A. Jara, D. Jeong, K.-C. Jung, D. Kang, J. Lee, J.-E. Lee, A. Mason, A. Munro, C. Nam, M. Reddell, C. Rhee, H.S. Shin, S. Suh

Japan’s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term '‘Japanization'’ is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judicious volume investigates in depth the causes of Japan’s ‘lost decades’ versus the real recovery achieved by the United States, and the lessons that can be learned.This book helps to provide a basis for assessing a wide range of policy approaches from which policymakers and governments can choose to avoid economic decline. The expert contributions provide an overview of the pattern of '‘Japanization'’ in a global economic perspective, analyze similarities and differences between the Korean and Japanese economies, and examine policies taken by Japan during the lost decades. From this analysis, the book proposes future policy solutions for countries experiencing ‘'Japanization'’.Economic stagnation and the relevant policy reactions have been of keen interest around the globe since the global financial crisis and this book will be an invaluable resource for scholars, policymakers, and economic commentators alike.Contributors include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung, S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff, I. Song

Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.

This timely book evaluates international human capital policies, offering a comparative perspective on global efforts to generate new ideas and novel ways of thinking about human capital. Examining educational reforms, quality of education and links between education and socio-economic environments, chapters contrast Western experiences and perspectives with those of industrializing economies in Asia, focusing particularly on Korea and the USA.Contributors analyse trends in Korean education, including state, charter and private education, higher education and student loans and debt, and provide policy prescriptions for the improvement of higher education financing in the USA. Offering theoretical insights into the relationship between socio-economic and educational benefits for children and young people, and human capital formation, further chapters consider recent empirical evidence on disadvantaged people in the USA, before broadening the scope of analysis to consider the effects of human capital on industrial structure and productivity among OECD countries.Providing a unique and incisive understanding of human capital formation in the context of education, this book lays out guidance to scholars and researchers of human capital, particularly those concentrating on policies in Korea and the USA. It will also be useful to policymakers involved in economic and education policy.