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Trade Policy and Economic Development

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Frame of Image  Growth Rate
Investments (=∆K)
Trade
GDP
Domestic Saving
PRESENTATION CONSISTS OF
1 2 3 4
Background: 1950s Rapid export expansion What made it possible? Effects of the Policy
Lessons
1
Background: 1950s
Exchange rate policy and trade policy in the 1950
Economic Chaos in the 1950s
Trade & Foreign Exchange in the 1950s:
($million)
Exports 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 22.3 13.8 29.4 15.6 27.7 39.6 24.2 18.0 24.6 22.2 16.5 19.8 32.8 40.9 I mports 208.0 132.8 47.7 155.3 214.2 345.4 243.3 341.4 386.1 442.2 378.2 303.8 343.5 316.1
Importance of Exchange Rate
e
e1 e0 e2
market clearing rate
S
domestic currency is undervalued
domestic currency is overvalued
D
Q
Exchange Rate Policy
• The exchange rate policy in the 1950s: Overvaluation of Korean won The reason: won advance to UN forces
Official (a) 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 18.0 40.8 50.0 50.0 50.0 50.0 62.5 127.5 130.0 130.0 213.4 255.5 271.5 Market (b) 67.6 77.6 96.6 103.3 118.1 125.5 143.7 148.3 134.0 174.5 285.6 316.0 302.7 Ratio=(b)/(a) 3.8 1.9 1.9 2.1 2.4 2.5 2.3 1.2 1.0 1.3 1.3 1.2 1.1
•
Won overvaluation was almost disappeared by three devaluations (Feb 1960, Oct 1960, Jan 1961)
Import Policy
• Highly protectionist: High tariffs and quantitative restriction on imports. The reason: import substitution industrialization strategy
The Korean economy was virtually closed in the 1950s
2
Rapid export expansion What made it possible?
Export Expansion
Kore


Full Text
Title Trade Policy and Economic Development
Similar Titles
Project Category Capacity Building Workshops
Material Type Proceedings
Author(English)

Yoo, Jungho

Author(Korean)

유정호

Publisher

Korea:

Date 2012
Event

Benchmarking of Trade and Investment Promotion Pol

Project Capacity Building Workshops
Pages 38 (pdf)
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Industry and Technology < Manufacturing
Holding KDI국제정책대학원
Recipient Country Vietnam(Asia and Pacific)
Donor Country South Korea(Asia and Pacific)
Organizer 한국개발연구원 국제정책대학원, 한국국제협력단
Venue 대한민국
Project Term 2011-06-16 ~ 2011-07-02