Foreign Import Restrictions, WTO Commitments, and Welfare Effects: The Case of Republic of Korea

Hak K. Pyo, Kiwhan Kim and Inkyo Cheong

Asian Development Review (ADR), 1996, vol. 14, issue 02, 21-43

Abstract: This paper examines foreign import restrictions on Republic of Korea’s exports and its two policy responses: a domestic response in trade policy, investment policy, and foreign exchange regime; and an external policy response in the form of WTO commitments. The paper also analyzes the welfare effects of trade liberalization under WTO Agreements based on two alternative tariff reduction scenarios using a computable general equilibrium model. The simulation results indicate that WTO is expected to create annual gains of US$38 to 50 billion globally, with Korea expected to gain relatively the most from the global implementation of the commitments by WTO member countries, earning $3.3 to 3.7 billion. Therefore, Korea’s policy response to increasing protectionism abroad in the form of a full commitment to WTO Agreements is fully warranted.

Date: 1996
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0116110596000073
Open Access

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:adrxxx:v:14:y:1996:i:02:n:s0116110596000073

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0116110596000073

Access Statistics for this article

Asian Development Review (ADR) is currently edited by Tetsushi Sonobe

More articles in Asian Development Review (ADR) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().