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Product Market Competition and Economic Performance in Korea

Author

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  • Yongchun Baek
  • Randall S. Jones
  • Michael Wise

Abstract

Maintaining rapid economic growth depends increasingly on productivity gains, particularly in the service sector. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken competition and has left a legacy of government intervention. Strengthening competition requires upgrading competition policy, increasing openness to international trade and foreign direct investment and improving the regulatory framework in network industries. In particular, the power of the Korea Fair Trade Commission should be expanded, while raising the level of sanctions and scaling back special treatment for certain sectors. Barriers to imports remain above the OECD average, particularly in agriculture, while the stock of inward direct investment is among the lowest in the OECD area. Restructuring plans in the network industries, notably electricity and gas, have lagged behind schedule. Price distortions and the absence of independent ... Concurrence sur les marchés de produits et performances économiques en Corée Le maintien d'une croissance économique rapide est de plus en plus tributaire des gains de productivité, en particulier dans le secteur des services. La concurrence a un rôle important à jouer dans la réalisation de ces gains. Néanmoins, la stratégie de développement de la Corée a eu tendance à affaiblir la concurrence et se traduit par une politique interventionniste héritée du passé. Le renforcement de la concurrence passe par une rénovation de la politique de la concurrence, une ouverture accrue aux échanges internationaux ainsi qu'à l'investissement direct étranger (IDE), et une amélioration du cadre réglementaire dans les industries de réseau. Il conviendrait de renforcer les prérogatives de la Commission coréenne de la concurrence, tout en alourdissant les sanctions prévues par la loi et en revoyant à la baisse les dispositions spéciales prévues pour certains secteurs. Les obstacles aux importations demeurent supérieurs à la moyenne de l'OCDE, notamment dans l'agriculture ...

Suggested Citation

  • Yongchun Baek & Randall S. Jones & Michael Wise, 2004. "Product Market Competition and Economic Performance in Korea," OECD Economics Department Working Papers 399, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:399-en
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    File URL: http://dx.doi.org/10.1787/634035868056
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    Citations

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    Cited by:

    1. Rafael Fernández Sánchez, 2005. "Irlanda y Finlandia: Dos Modelos de Especialización en Tecnologías Avanzadas," Policy Papers del Instituto Complutense de Estudios Internacionales 05-03, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    2. Grossmann, Volker & Steger, Thomas M., 2008. "Anti-competitive conduct, in-house R&D, and growth," European Economic Review, Elsevier, vol. 52(6), pages 987-1008, August.
    3. International Monetary Fund, 2005. "Finland; Selected Issues," IMF Staff Country Reports 05/36, International Monetary Fund.

    More about this item

    Keywords

    antitrust law; cartel; chaebol; chaebol; commerce de détail; competition law; Corée; droit de la concurrence; electricity; entente; foreign direct investment; gas; gaz; industrie de réseau; investissement direct étranger; Korea; législation antitrust; network industries; politique commerciale; regulatory reforms; retail sector; réforme de la réglementation; South Korean economy; tariffs; tarifs douaniers; telecommunications; trade policy; télécommunications; économie sud-coréenne; électricité;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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