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Korea: progress in implementing regulatory reform

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  • Korea: progress in implementing regulatory reform
  • OECD
  • Organisation for Economic Co-operation and Development


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Title Korea: progress in implementing regulatory reform
Similar Titles
Material Type Reports
Author(English)

OECD

Publisher

[Paris, France]:Organisation for Economic Co-operation and Development

Date 2007-03
Series Title; No Policy brief
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Government and Law < Laws and Legislation
Holding OECD

Abstract

Abolishing a nearly 50-year-old policy for rice price support, Korea adopted a new direct payment program in 2005. Making the transition to decoupled income payments has been governed by the need for operative and effective income safety nets and the WTO disciplines on domestic support. The program aims to deal with over-supply of rice while guarding against the threat of income insecurity. Integrated into a target price mechanism, the fixed and variable payments compensate part of farm income loss arising from adverse market conditions. Besides, the government launched a public stockholding measure to ensure food security. A review of previous studies highlights the fixed payment has no or at most minimal effects on production while the variable payment carries a fairly large effect on production. (The rest omitted)