Some Policy Lessons from the Opening of the Korean Insurance Market |
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| Authors: | Cho Yoon Je |
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| Affiliation: | The author is an economist in the Technical Department of the Asia Region of the World Bank. This article was prepared for the World Bank Conference on Developing Countries' Interests and International Transactions in Services, Washington, D.C., July 15–16, 1987. The author is grateful to J. Michael Finger and Brian Hindley for their valuable suggestions, to Jagdish Bhagwati and Andrej Olechowski for helpful comments, and to Peter Bocock for editorial assistance. |
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| Abstract: | This article examines the recent dispute between the UnitedStates and the Republic of Korea over the opening of Korea'sinsurance market to U.S. companies. The article assesses theinterests and motivations of both countries that lay behindthe formal arguments presented during the negotiation process.It also analyzes whether the long-run interests of both developingand industrial countries would be well served by the approachto the opening of the market adopted in this casesharingthe rent while continuing to regulate the insurance market.The analysis suggests that the opening of a developing country'sinsurance market (or the wider financial services market) wouldserve the long-run interests of both developing and industrialcountries only if it were accomplished in the context of overalldomestic liberalization of the finance industry. "Opening" ofthe market, if this means only the sharing of the rents thatwere generated by regulation of the market, is unlikely to bebeneficial to developing countries. |
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