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Trade, reform, and structural transformation in South Korea

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  • Trade, reform, and structural transformation in South Korea
  • Betts, Caroline; Giri, Rahul; Verma, Rubina
  • Munich Personal RePEc Archive


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Title Trade, reform, and structural transformation in South Korea
Similar Titles
Material Type Reports
Author(English)

Betts, Caroline; Giri, Rahul; Verma, Rubina

Publisher

[Munich]:Munich Personal RePEc Archive

Date 2013-07
Series Title; No MPRA Paper / 49540
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Administration
Holding Munich Personal RePEc Archive

Abstract

A two country, three sector hybrid model of structural change with distortionary government policies is used to quantify the impact of international trade and trade reform for industrialization. The model features Arming-ton motivated trade in agriculture and industry, and a novel representation of trade reform as a time sequence of import tariffs, export subsidies and lump sum government transfers of net tariff revenue. We calibrate our economy to data on South Korea and the OECD, inputting time series of country and sector specific labor productivity, tariffs and export subsidies which determine evolution of the effective pattern of comparative advantage. The model’s predicted reallocations of Korean labor from agriculture into industry and services from 1963 through 2000 are quantitatively similar to those in the data. (The rest omitted)