Orbital mechanics of south korea's technological development: an examination of the 'gravitational' pushes and pulls

This paper highlights some of the critical challenges faced by Korea, more specifically the Korean government and industry, as it strives to find a stable and secure place in the evolving international division of labour. Changes in two specific areas are discussed: the international technology market-palce and Korea' technology relationships with a number of key economies.     

THE NON-CONSTANCY OF EQUIVALENCE SCALES

Comparisons of households of differing composition are usually achieved through the use of equivalence scales. It is well known that the choice of scales can have considerable impact on the conclusions drawn from studies of welfare and poverty. There is a considerable literature on the theoretical issues relating to equivalence scales, but applied work on income distribution and related areas almost invariably takes scales to be constant irrespective of income. This paper focuses on the relation of scale to income, by applying theoretical analysis to some simple household types. The conclusion is that scales are not constant and that current practice should be changed.     

Development as liberation: Policy lessons from case studies

Four case studies are summarized in which oppressed people have successfully assumed control over their own destinies and development strategies. Lessons from experience are drawn, at the national and macro-economic level, from Guinea-Bissau where the popular liberation movement has grown into the national government without losing close contact with its constituency; from the Sarvodaya movement in Sri Lanka which has started as a modest development organization of poor people, based on indigenous social and cultural values, and which has grown into a popular movement of 1 million people (of 14 million total population) in some 2000 villages; from the SEWA (Self-Employed Women's Association) in Ahmedabad, India, where oppressed street vendors, artisans, junksmiths and garment-makers have founded their own bank (which now has 1000 shareholders and 10,000 depositors) to circumvent usurious lending practices and to gain access to capital at their own terms; and from a Quechua community in central Bolivia where handicrafts producers' cooperatives have successfully maintained self-reliance and cultural identity through conscious choice of appropriate technology at their own terms. Lessons on development as a form of liberation are drawn from the social praxis of each of these examples.     

National policies within the CAP

Despite the existence of the Common Agricultural Policy within the EEC a considerable number of policies still remain under national control. Professor Britton reviews these, which include several commodities, most technical activities and land tenure policy, and the ‘grey areas’ which may become subject to Community control. He points to alternative policies which might reduce some of the tensions in the CAP and urges a more positive approach by national governments. Each government should ask if it would be willing for other governments to pursue the policies which it wishes to follow for its agricultural population.     

Short and long-term interactions between venture capital returns and the macroeconomy: evidence for the United States

The main purpose of this paper is to empirically model the influence of macroeconomic and financial variables on the performance of risk capital in the US. We start our investigation using a static long-run equilibrium model. In contrast to previous studies, we analyze the effect of several factors simultaneously within the framework of a vector error correction model (VECM). This allows us to study short- and long-term interactions to overcome the problem of endogeneity, and to discover causal mechanisms. The results show that the value of venture capital investments is positively related to industrial production, the exit channel Nasdaq, and the long-term interest rate. However, the value of venture capital investments is negatively related to the short-term interest rate. According to the short-term dynamics, VEC Granger causality confirms that only industrial production influences venture capital performance, while venture capital returns Granger causes Nasdaq performance.     

Preferential trade agreements and their role in world trade

This paper investigates the effects of preferential trade agreements (PTAs) on bilateral trade using a comprehensive data base of PTAs in force and a detailed matrix of world trade. Total trade between PTA partners is a poor proxy for preferential trade (trade in tariff lines where preferences are likely to matter): while the former was one-third of global trade in 2000–2002, the latter was between one-sixth and one-tenth. Gravity model estimates indicate that using total trade to assess the impacts of PTAs leads to a significant downward bias in the PTA coefficient: the semi-elasticity of trade with respect to PTA membership rises from 87% for total trade to 119% for preferential trade. Product exclusions and long phase-in periods significantly limit preferential trade; the marginal impact of South-South agreements on preferential trade is much higher than North-South PTAs, while the effect of North-North agreements is insignificantly different from zero.