國境間 M&A 自由化의 經濟的 波及效果와 韓國의 對應果題

Yunjong Wang 대외경제정책연구원 1997 East Asian Economic Review Vol.1 No.1

Most OECD Member countries have made the main part of the world's direct investment - international mergers and acquisitions (M & A) completely liberalized, on the contrary, South Korea still has several limitations to this. Investment agreement is expected to take effect in the multi-January 1999, South Korea's liberalization of the international merger and acquisition system will grow significantly. Especially with the securities and investment liberalization, hostile of M&A transactions (which is also called male-fide merger and acquiring) will be liberalized. It is expected that the liberalization of international mergers and acquisitions will make foreign direct investment increase substantially. Upon the foreign superior enterprises penetration into the Korean market, there will positive effects which likely improve market competition, the domestic industrial restructuring accelerated, advanced technology and advanced management concept allows the transfer of advanced technology companies in Korea. In addition, in response to the liberalization of hostile international acquisitions, and in order to make the business more efficient and reasonable way to gain a firm foothold, we should develop ideal model for company controlling that takes into account the specifics of Korea as the country in whole and economy apart.

아시아 外換危機國의 IMF 프로그램 履行狀況 比較

Yunjong Wang,金完仲 대외경제정책연구원 1998 East Asian Economic Review Vol.2 No.3

The whole international society believes that if Korea and Thailand generally carry out the IMF programs, the fruit of the structure reform will be soon put across. In Indonesia, the way of IMF capital support has been changed from the existing 8.25 stand-by agreement to extended credit agreement, so Indonesia gets more support from the international world. But there is an analysis that there is still a lot of uncertainty in Indonesia. Observing the "economic fruit" which was the result of the IMF programs in the countries mentioned above, the cognition of the international world is more evident. In spite of this, because of the rise of the exchange rate of the three countries above, going by US dollar, the rate of foreign exchange risk which is predicted by the index of foreign exchange rate crisis increased on the contrary with the sharp decrease of state financial resource. This is because the amount of foreign debts the country should reimburse increased accordingly due to the rise of exchange rate of Korea and Thailand in which the stability of the foreign exchange rate market recovered in a short period. This considered, in order to overcome the future foreign exchange crisis and decrease foreign debts, the most important thing is to emphasize the basic economic condition presents in the prediction index of foreign exchange crisis.

海外直接投資의 經營成果와 效率化方案

Yunjong Wang,강인수,권율 대외경제정책연구원 1998 East Asian Economic Review Vol.2 No.1

As part of globalization, elite multinational companies are actively promoting foreign direct investment, In order to adapt to the globalization trend, large from the middle of 1990s enterprises have helped South Korea to launch the large-scale oversea investment by contributing in it. However, foreign direct investment by Korean companies in operating results has yet to achieve satisfactory results. Under IMF’s project, South Korean economy is facing the need for restructuring, and corporate restructuring has become an important issue. Because South Korea domestic enterprises foreign popularity fell sharply and overseas borrowings, lead to deterioration in the terms of the South Korean companies overseas direct investment activities atrophy. In this case, the enterprise's overseas direct investment form and strategic should also have comprehensive change on a scale. It should get rid of external, quantitative growth, but change to efficient strategy.

Service Multinationals in the Theory of International Trade

Yunjong Wang 서울대학교 경제연구소 1994 Seoul journal of economics Vol.7 No.1

This paper examines the consequences of liberalizing trade in producer services through multinationals. The formation of multinationals in the present paper is not necessarily associated with the failure of factor price equalization. Similar economies in terms of factor endowments engage in two-way intra-industry foreign direct investment. However, the notion of comparative advantage is crucial in predicting the direction of trade and foreign direct investment when two countries differ in factor endowments. In a two-country general equilibrium model of international trade, liberalizing both trade and foreign direct investment gives rise to welfare gains.

Searching for an Appropriate Exchange Rate Regime

Yunjong Wang,Doo Yong Yang 대외경제정책연구원 2001 East Asian Economic Review Vol.5 No.1

This paper attempts to survey current debates on the choice of exchange rate regime in emerging market economies. The issue of choosing an appropriate exchange rate regime is being actively discussed since the recent Asian crisis. As a lesson from the recent crises, one widely shared conclusion is that soft peg exchange rate regimes are extremely vulnerable in a world of volatile capital movements. Consequently, new orthodoxy based on the impossible trinity hypothesis favours two corner solutions ― greater flexibility or credible institutional assurance, like a currency board system or dollarization. Nevertheless, questions whether such corner solutions are adequate for developing countries are rising of late. "Fear of floating" is still conspicuous in many developing countries having adopted nominally a free-floating exchange rate regime. Developing countries are sensitive to exchange rate fluctuations because the cost of exchange rate volatility is greater than the benefit when compared to developed countries. Monitoring bands is a compromise solution, but it still needs further enhancement of estimation techniques for fundamental equilibrium exchange rates in order to make those estimation results more workable in practice. Other alternatives include the creation of soft peg of the G-3 currencies. Despite counterarguments, the stability of G-3 currencies could prove to be beneficial to emerging market economies.

국경간 M&G 의 市場競合性 제고방안

Yunjong Wang 대외경제정책연구원 1998 East Asian Economic Review Vol.2 No.2

In order to motivate the industry and market to transfer from old to new one, we should activate enterprise’s going in and out of the market. Mergers and Acquisitions (M&A) is an important method for their going in & out to be more flexible and for the whole market to improve its competitiveness. But if the purpose of M&A is to exclude competitiveness, we have to work out some control measures from the prospect of competition policy in order to make sure the M&A does not stand in the way of the competitiveness of the whole market. On the other side, it is predictable that after the financial crisis, multi-national M&A will not only be the channel for foreign investment preparation, but also will help transfer the monopolistic and closed market structure in Korea to be an more competitive and open one, thus make positive effects to the Korean market. Especially in terms of International market competitiveness, it is expected that the liberalization of multi-national M&A is more and more important as the motive power for leading world’s economy to unite together.

Restructuring and the Role of International Financial Institutions

Wang Yunjong The Academy of Korean Studies 1999 Korea Journal Vol.39 No.3

RMB Internationalization and Its Implications for Asian Monetary Cooperation

Yunjong Wang 서울대학교 경제연구소 2017 Seoul journal of economics Vol.30 No.1

The status of the renminbi (RMB), China’s currency, is not commensurate with the country’s global economic prowess as the world’s largest trading nation and second largest economic power measured by GDP. When the global financial crisis revealed the inherent defects of the existing U.S. dollar-centric international monetary system, the government of People’s Republic of China initiated efforts to promote the international use of the RMB. This paper reviews the historical experience of international currencies and examines the implications for RMB. It addresses some of the imperfections of the current international monetary system as well as the background and motivation of RMB internationalization. By evaluating the main developments since 2009, the paper deals with the remaining issues related to RMB internationalization, such as capital account liberalization, exchange rate regime, and domestic financial market reform. Findings indicate that the RMB will unlikely replace the role of the dollar, because the euro could not challenge the status of the dollar during the last decade. Despite without a formal monetary arrangement such as the euro, the RMB may achieve its status as a regional settlement currency within Asia, given the increasing volume of trade with China.

통화선물시장 도입의 파급효과와 시사점

Yunjong Wang,Youngho Park 대외경제정책연구원 1999 East Asian Economic Review Vol.3 No.2

The market of currency futures of South Korea was opened on April 23rd in 1999. This thesis analyzed the influence of the currency futures market over the foreign exchange market, aiming at observing the possible future of the currency futures market and the enlightenment of the policy. This thesis observed the future of the futures market of South Korea indirectly according to the state quo of the trading of currency futures and the economic function of the currency futures market. In order to answer what the influence of the introduction of the currency futures market over the foreign exchange market was and what the policy which ideals with it was, this thesis first classified the abstracts of former researches. Meanwhile, the result of the empirical analysis showed that the change of the Korea won exchange rate against the US dollar had a close relationship with the exchange rate of currency futures, but it did not affect the fluidity of Korea won (W) against the US dollar ($). In order to stabilize the development of currency futures market and make it play the part of function, while greatly changing the understanding of the risk of foreign exchange, it is necessary for enterprises to supervise the risk control system effectively.

중국의 경제체제: ― 관치금융시스템의 후진성과 취약성

왕윤종 ( Wang Yunjong ) 서울대학교 국제문제연구소 2017 세계정치 Vol.27 No.-

Since the reform and market opening policy in 1978, China has become the world’s largest manufacturing powerhouse. However, China’s financial system has long been regarded as backward and fragile. That is mainly attributed to the fact that the China’s fi-nancial system has been only subsidiary to the manufacturing sector and still possesses typical characteristics of financial repression. Despite many efforts for financial sector reform and modernization policies, financial market has been heavily regulated by the state. The government has strong influence in the domestic credit allocation and strictly maintained capital account restrictions. As a result, the state-owned enterprises crowded out the private enterprises in the credit allocation and investment in China’s major industries. This phenomenon has become more prominent since the global financial crisis in 2008. Thus, corporate credit growth in China has been highly excessive in recent years. Investment efficiency has severely deteriorated, affecting asset quality in China’s financial institutions. Facing these structuring problems, Xi Jinping government today pursues ‘supply-side reform.’ In particular, reform on state-owned enterprises and financial sector should be simultaneously undertaken to address the main causes of China’s financial backwardness and fragility. By evaluating the current status of China’s financial system, this chapter deals with the issues related to the reform dilemma ― trade-off between short-term economic growth slowdown and long-term structural soundness.