韓國의 OECD 加入에 따른 經濟的 效果와 對應課題

Economic Effects and Confrontation Strategy on Korea’s Joining the OECD

Korea os under consideration for OECD membership. The purpose of this paper is to investigate the economic effects, and the confrontation strategy on Korea’s joining the OECD. Therefore, the paper describes the establishment goal of the OECD, the character and role of the OECD as the international organization, and driving status of Korea’s joining the OECD. Also, the paper examines positive and negative aspects of economic effect on Korea’s joining the OECD and presents Korea’s confrontation strategy and problems on Korea’s joining the OECD. The OECD is the international organization based on the industrialized countries and market-economy system. At OECD, representatives from Member countries meet to exchange information and harmonize policy with a view to maximizing economic growth within Member countries and assisting non-Member countries develop more rapidly. Korea’s joining the OECD will achieve the highest sustainable economic growth and employment and a rising standard of living in Korea, while maintaining financial stability, and thus, contribute to the development of the world economy. Also, Korea will contribute to sound economic expansion in Member as well as non-Member countries in the process of economic development and to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations. Progress in the liberalization of capital movements in the OECD area has been spectacular in recent years, as one country after another has moved to relax or abolish controls on an ever wider range of international operations. Currently, full liberalization of capital movements will burden Korean government. However, Korean government must have committed itself to approach this goal in the near future. Korean government must have turned away from capital controls as part of a more general policy strategy designed to promote growth and improve competitiveness by giving a greater role to market forces in its economies. Also, Korean government must promote the liberalization of current payments and transfers, but its obligations extend to the underlying transactions as well. The OECD codes of Liberalization have the legal status of OECD Decisions which are binding on all the Members. Accordingly, Korea is expected to take whatever steps are necessary to ensure that the obligations accepted are honoured. “Liberalization” in the sense of the OECD codes means the abolition of governmental restrictions on the conclusion or execution of both transactions and transfers with respect to the operations specified in the Code. Apart from the need for capital flows to compensate for current account imbalances, the case for free capital movements rested on the desirability of facilitating international trade, allowing direct investment with its associated transfers of skills and technology as a stimulus to growth, and providing enterprises and individuals with greater financing and investment, opportunities by giving them access to markets abroad. Opening its domestic market on liberalization of capital movements and trade transactions on invisibles will press Korean government. Thus, Korea must try to use two specific rules for the provisions of the OECD Codes. Members unable to liberalize immediately are permitted to lodge a “reservation” on the items concerned. Also, the “derogation” procedure affords a Member in difficulty a temporary dispensation from obligation to preserve the freedom of operations not covered by reservations. By lodging the “reservation” or “derogation”, Korea can retains the right to maintain restrictions on the operations concerned.