韩国经济的宏观经济课题_美国作业_留学生作业_ukassignment,英国作业|留学生作业网

韩国经济的宏观经济课题
Macro Economics Project On South Korean Economy

简介
经济结构：
1962至1990韩国是世界上国内生产总值增长最快国家之一。它现在是世界上最高新技术工业化国家之一同时也是20国集团的成员。国内生产总值排名第15位，平均购买力排名第12位。
韩国的经济是基于丰富的自然资源，15亿的人口总量，出口导向的产品和服务的发展以及潜在的消费市场。
尽管韩国经济的高增长潜力和具有明显的结构稳定性，但是由于和朝鲜交战的军事危机，韩国股票市场的信用评级却遭受永久性损害，这对韩国经济的金融市场造成了十分不利的影响。然而，国际货币基金组织（货币基金组织）也称赞韩国经济抵御各种经济危机的能力，理由是低的国家债务和高的财政储备可以很快被动员起来应对任何预期的金融危机。
I
ntroduction
Economic Structure:
South Korea is the home of worlds one of the fastest growing GDP during the period 1962 to 1990. It is now world's one of the most High tech industrialized countries and a member of G-20. Its ranks 15th by nominal GDP and 12th by Purchasing power parity.

Economy is based on plentiful natural resources, a population of 1.5 billion, an export oriented product and service development and potential consumer market.

Despite the South Korean economy's high growth potential and apparent structural stability, South Korea suffers perpetual damage to its credit rating in the stock market due to the belligerence of North Korea in times of deep military crises, which has an adverse effect on the financial markets of the South Korean economy. However, International Monetary Fund (IMF), also compliment the resilience of the South Korean economy against various economic crises, citing low state debt, and high fiscal reserves that can quickly be mobilized to address any expected financial emergencies. It is one of those few developed countries that restricted the economic recession during the fiscal year 2008-09 anticipating a GDP growth of 6.1% in 2010.

It is the home of several big electronic device manufacturing giants like Samsung, LG electronics etc. and automobile giants live Daewoo, Hyundai motors etc. It's an open economy unlike North Korea which has a closed economy.

Historical Aspect:历史方面
Throughout its long history, Korea was secluded from the outside world, particularly the Western world. The country was often described as the Hermit Kingdom of the Orient. This changed in the latter part of the 19th century, when Korea was forced to open its doors to Japan and the Western powers. In 1876 Japan forced Korea to open its ports to Japan by a treaty of friendship. Korea was almost entirely an agrarian economy before the Japanese colonization of 1910. During the colonial era of 1910 to 1945, the Korean economy experienced rapid structural transformation. The structural pattern of this development was largely determined by the Japanese colonial regime. As a result, the Korean economy experienced what is known as 'colonial enclave' industrialization. During this period, the share of manufactures in net commodity-product grew from less than 4 percent to over 20 percent.

The nation's liberation was marred by the partition of Korea into two parts, North and South. South Korea was occupied by US military forces until 1948 when the government of the Republic of Korea was established. Among 1945 and 1950 Korea was in a rather chaotic situation. Economically, the partition had crippled the nation. The South was primarily agricultural while the North possessed most of the natural resources and the heavy industry established by the Japanese. The withdrawal of Japanese manpower, particularly skilled manpower, was another detrimental factor for the Korean economy immediately after liberation. Negative political and administrative factors vacuum created turmoil on all fronts. The US military government that existed during 1945-1948 was not fully prepared, and consequently it was not helpful in improving the situation.

Byung-Nak Song says that the period 1945-53 was one of interrupted development and social chaos. Economic development was greatly hindered after liberation by the division of the country into North and South in 1945, political turmoil during the American occupation (1945-8), and the Korean War (1950-3). The Korean War destroyed almost two-thirds of the nation's productive capacity, and almost 1 million civilians were killed. Total industrial production in 1953 was estimated to be not much more than one-third of the production level of 1940. The South Korean economy began a solid recovery immediately following the deviating war. During this period, foreign aid was an important factor in the nation's economic growth.

South Korean economy in Global economy:韩国经济在全球经济中的发展：
The most challenging task that the South Korean economy faces today is how to overcome the protectionism and economic regionalism that is now prevalent in the world economy. In this regard, the new Korean government puts much emphasis on establishing a basic orientation for foreign trade policies to correspond to ever changing international conditions. In the case of the South Korean economy, which has a high degree of dependency on foreign transactions, it is almost impossible to separate domestic policy and foreign trade policy because these policies are so closely interrelated. Therefore, the direction that the international economic order takes, which is strongly influenced by the three economic superpowers, the US, Japan, and the European Union, will have a great deal of influence on the South Korean Economy.

South Korean economy is basically tripolar because of the effects of Japan, US and EU. The system plays a major role in all the places of the world and South Korea's economy from trade and capital movement, to finance and technology cooperation. Therefore, it is obvious that Korea's relationship within this system will have a great impact on its economic development. Any bloc in the economy will have a considerable impact on these economies. Like US is South Korea's biggest trade partner, especially in export, but Japan is the country from which South Korea imports the most. the US and EU play a major role in the areas of capital and financial cooperation, and Japan in the area of technology cooperation.

South Korea now seeks increasingly to develop its own technology and to sell under its own brand names. Its growing wealth is shared more equally than in many other rapidly developing countries, its farming is firmly based on the owner occupation of small holdings and it has coped impressively with its dependence on energy imports. The fall in export volume experienced in 1989 illustrates the difficulties to the transition Korea is making to knowledge - based, high - productivity export sector. Exports remained too sensitive to price considerations to weather the combined effects of a rising currency and soaring wages

The Basic Model of South Korean economy:韩国经济的基本模式：
Foreign Investments
(Ignitable Factor)
Government's will to develop
(Cohesion factor)
Low Price & High Quality Labor force (Potential for Development

Exports

Sectoral Analysis
The three sectors in which an economy can be very well divided are:
经济可以很好地分割的三个部门：

Primary
Secondary
Tertiary
Primary sector comprises of various industries and activities which are associated with raw materials, basic foods and many a time the extracts from the earth.

The major industries related to Primary Sector in South Korea are as follows:

Agriculture: This sector has lost its sheen ever since the country started treading the path of industrialization. Agriculture sector has come to contributing just 3% of the total GDP. There are several reasons behind this phenomenon, some of them being the moving of people out of the rural areas because of the lack of jobs, educational opportunities and income in the rural areas. Apart from this there are some geographical and inherent problems related to this sector. The country is a mountainous country with little arable land and receives less rainfall in comparison to all the neighboring rice producing countries. The percentage of work force involved in agricultural activities is just 6. All these reasons have forced the country to import mainly wheat and animal feed starting from late 1980's itself. The most important crops produced in the country were rice and barley in that order. In the recent times and for the last two decades agriculture is being fast replaced by the service industry, also due to rapid technological development of the country.

Fisheries & Forestry: The fisheries sector has been a sector closely linked to the agriculture sector. The country largely depends on the imports for satisfying their domestic demand. This fact is evident from the figures which say that the imports of South Korea in this sector touched $1 Bn in 1996-97 as compared to $ 20 Mn in the 70's. Also the exports have fallen significantly from 5% to 1% when compared the 70's and the late 90's figures.

When talking about the forestry sector, again in this case too, the country has been a major importer. The country has over a 65% forest cover, but the topography of the land does not allow commercial forestry to be practiced. Thus the country relies on the imports mainly for timber on the neighboring nations (Indonesia & Malaysia). This is used by the rural folk for various reasons.#p#分页标题#e#

Mining: This sector forms a very small part of the South Korean economy. South Korea owns a very few minerals, some of them being Zinc, Tungsten, Copper etc. But these do not suffice the domestic demand which forces the country to import more than 50% of these minerals. South Korea at one point of time exported tungsten. But by early 90's had to stop the extraction fully, following the flooding of the international market by the Chinese with a cheaper tungsten.

The major industries related to Secondary Sector in South Korea are as follows:
在韩国的第二产业相关的主要行业如下：

Steel: This has been a predominant sector of South Korea since the late 80's seeing the rapid growth of this sector due to the ramped up domestic demand from the equally flourishing sectors such as ship building and automobiles. The sector recorded a production of 19.8 Mn tones during this period. The industry received a major backing from the government's side when the POSCO mill was constructed to meet the increased demand from the complementary sectors. South Korea, alone, is believed to have consumed more than 50 Mn tones and exported 21 Mn tones in 2010. In early 2008 the steel industry stood to benefit from the increased domestic demand, but following the economic crisis in 2008, which primarily affected the auto industry, the producers had to cut down on the output. The industry expects to gain from an increased demand in 2010.when we consider the industry's world class manufacturing capabilities what adds more to this consideration is the price competitiveness related to the efficiencies of its advanced facilities and also the skilled labor that is available at a relatively lowered cost.

Automobiles: This one of the flagship industries of the South Korean economy. This is one industry which has very well been nurtured, insulated and backed up by the government from the word go. The story started from the setting of law policies in favor of the South Korean manufacturers which meant barring of foreign manufacturers from operating in South Korea unless they got into a technology sharing with the local manufacturers. The import and sale of foreign auto was strictly prohibited. These are some policies which buoyed the auto industry in South Korea and gave it its present shape. The auto industry was growing at an impressive rate of around 10% when it recorded a figure of 1.3 Mn sales in 1988 in comparison to the 1.1 Mn sales in 1987.Presently the auto industry is said to be the fifth largest in terms of production volume and sixth in terms of the export.

Domestic market is still a predominant market for the industry as the people do go in for a made in Korea car than a foreign car. The domestic demand started growing back in 1989 when people out of reduced prices of the cars. The reasons behind falling prices were cuts special consumption taxes and reduced fuel taxes apart from the economies of scale enjoyed by the manufacturers.

Shipping: This is an industry related to the building and modification of the ships. This has been a main stay industry along with the steel industry for South Korea. There have been several reasons for high demand of this sector, some of them being, the large demand for oil in South Korea. As stated earlier also, the South Korean economy depends heavily on imports for oil requirements. Another reason being, the strong reliance of the economy, of late on the manufacturing sector, leading to an increased usage of steel and hence along with the production, imports have gained a lot of importance. The top shipbuilding companies of the world include south Korean companies such as, Hyundai heavy industries, Daewoo shipbuilding etc. this industry is said to be worth $100 Bn as of 2006. Getting into the details, what matters most to the country is container shipping. It is said to be an important transshipment hub for the entire Asia and is believed to be an important part of the Asia-Europe and Asia-America routes.

Electronics: This is one industry which has risen from nowhere, but in last 25 years has made such a remarkable advancement that it is today one of the major industries in the world. South Korea today is known for its expertise in DRAM supplying; state-of-the art R&D projects and science & technology programs. There was a formidable government back up to the industry which supported to build the facilities, finance the R&D and for the manpower development. The growth of this industry started being visible since 1988, when the total electronics manufacture became around $46 Bn. Around this time the South Korean industry enjoyed price competitiveness in comparison to the Japanese manufacturers but were dependent on them for some parts which was a sole reason for a trade deficit with the Japanese. Eventually in 1989 South Korea lost its cost advantage but the overall sales increased because of the increased sales of computers and telecommunication related equipment around that time.

Petrochemicals: The industry had started taking a development path for South Korea in the late 1980's itself, when it had around 25 companies, 36 plants and several naphtha crackers .there are some complexes in South Korea which look after the domestic demand of the country in regards to PA and Alkyl benzene. These complexes are located at Ulsan, Yeochun and Daesan . Apart from this, about 50% of the South Korea's production is exported, China being a major importer of the South Korean petrochemical products. South Korea mainly depends on the Asian countries for its exports, apart from this condition, enhancing competitiveness in the domestic petrochemical market.

Talking about the international market, the South Korean producers are posed with a serious threat of competition by the manufacturers located in china and the Middle East. They are hence forced to expand their facilities when already an overcapacity exists in the market. Another interesting fact of the recent times is, due to increased yearly production volumes, the industry clients of the producers have moved their facilities offshore which has forced the producers to become export oriented than being demand focused.

The major industries related to Tertiary Sector in South Korea are as follows:
韩国的第三产业相关的主要产业如下：

Services: This industry mainly heads various sub sectors such as banking, tourism, IT, etc. in the case of South Korea, in the middle of the 80's the major employment provider in the services sector was the retail. Apart from the prominence of retail the sector which is important in this context is banking.

Around the same time the banking sector of South Korea was liberalized by the government. Some of the conditions laid down by the government at that time were barring chaebols from acquiring the banks, though the banks could lend to these chaebols, after fulfilling the condition of lending at least a third of their wealth to the small and medium sized industries.

Information Technology: The IT industry of South Korea is one the fastest growing industries in the world. This industry is mainly an import based industry because the industry imports most of the components and parts required. The fixed line telephone market has reached a saturation which has encouraged the local service providers to promote IP based services and to introduce high speed internet services. In digital content sector and in web services, the local players play a predominant role. Under the new ICT initiatives which have encouraged investments which would stimulate demand for software applications and content based services. Seeing all these prevailing conditions the overall domestic market demand for IT, Telecom and software solutions is said to be about $190 Bn in 2008.