Regional Economic Integration: Markets vs. Policies
Sven Arndt (Claremont McKenna College, USA)
Discussant: Chul Chung (Korea Institute for International Economic Policy)

Price Shocks and Macroeconomic Adjustment for a Resource Exporter: Some preliminary results
Grant M. Cox (University of Wollongong, Australia) and Charles Harvie (University of Wollongong, Australia)
Discussant: Moonsung Kang (Korea University)

External Adjustments and Integration in East Asia
Eiji Ogawa (Hitotsubashi University, Japan) and Kentaro Iwatsubo (Kobe University, Japan)
Discussant: Xiaoning Ni (Beijing International Studies University, China)

Session 2: Macroeconomic Behavior
Moderator: Hee Yon Song (Asia Development Institute)

The Estimation of Savings Function by Income Classes: A Case of Korea
Sung-ho Kang (National Pension Research Institute, Korea) and Byung-In Lim (Chungbuk University, Korea)
Discussant: Changik Jo (Hallymm University, Korea)

Co-movement of Housing Business Cycle across Korean Cities and Monetary Policy
Joonhyuk Song (Korea Development Institute)
Discussant: Seokjin Woo (Korea Institute of Public Finance)

Does Industrial Composition Affect the Consumption Risk Sharing in the US?
Jaehwa Lee (Dongguk University, Korea) and Jeongseok Song (Chung-Ang University, Korea)
Discussant: Hosin Song (Korea Institute of Public Finance)

Session 3: Tax and Industry
Moderator: Joo-Sung Jun (Ewha Women¡¯s University, Korea)

The Difference between Statutory Tax and Real Tax Burden:
The Case of Korea
Jin Kwon Hyun (Ajou University, Korea), Seung-Hoon Jeon (National Assembly Budget Office, Korea) and Byung-In Lim (Chungbuk National University, Korea)
Discussant: Chong Bum An (Sungkyunkwan University, Korea)

How to Succeed without Really Flying: A Comparative Analysis of the Aerospace Industry in Japan and South Korea
Gamal Ibrahim (Nottingham Trent University, UK), David Smith Nottingham Trent University, UK) and Michael Zhang (Nottingham Trent University, UK)
Discussant: Yushi Yoshida (Kyushu Sangyo University, Japan)

The Impact of the Salary Cap on Competitive Balance- In the Case of Korean Baseball League-
Chi-Ung Song (Science and Technology Research Institute, Korea) and
Won Soon Kwon (Hankuk University of Foreign Studies, Korea)
Discussant: Jiyoung Kim (Korea Institute of Public Finance)

Recent Tax Reform in Australia: An Examination from a Tax Policy Perspective
Binh Tran-Nam (ATAX, Australia)
Discussant: Jin Kim (Korea Institute of Public Finance)

Cross-Sector Tax Discrimination and Economic Performance: A Cross-Country Analysis
Young Lee (Hanyang University, Korea), Taeyoon Sung (Yonsei University, Korea), and Taejong Kim (KDI School of Public Policy and Management, Korea)
Discussant: Binh Tran-Nam (ATAX, Australia)

Inheritance and Gift Taxes in Korea: Overview and Empirical Result
Jin Kim (Korea Institute of Public Finance)
Discussant: Young Lee (Hanyang University, Korea)

Session 4: Banking
Moderator: Sung Tae Ro (Korea Life Insurance Economic Research Institute)

Did Mergers Help Japanese Mega-Banks Avoid Failures? Analysis of the Distance to Default of Banks
Kimie Harada (Chuo University, Japan) and Takatoshi Ito (University of Tokyo, Japan)
Discussant: Won Joong Kim (Korea Information Society Development Institute)

Multiple Structural Breaks in Korea¡¯s Macroeconomic Data: An Application
of the Lumsdaine and Papell Test
Mosayeb Pahlavani (University of Sistan and Baluchistan, Iran) and
Charles Harvie (University of Wollongong, Australia)
Discussant: Seoghoon Kang (Sungshin Women¡¯s University, Korea)

Banking Crises, Deposit Insurance, and Market Discipline: Lessons from the Asian Crisis
Kaoru Hosono (Gakushuin University, Japan), Hiroko Iwaki (Development Bank of Japan) and Kotaro Tsuru (Research Institute of Economy, Trade and Industry, Japan)
Discussant: Woosik Moon (Seoul National University, Korea)

Session 5: Trade and Industry
Moderator: Jong Won Lee (Sungkyunkwan University, Korea)

International Production/Distribution Networks in East Asia and Domestic Operations: Evidences from Japanese Firms
Mitsuyo Ando (Keio University, Japan) and Fukunari Kimura (Keio
University, Japan)
Discussant: Sven Arndt (Claremont McKenna College, USA)

Outsourcing and Import Restriction Policies
Kai-Hsi Chu (University of Washington, USA) and Kar-yiu Wong (University of Washington, USA)
Discussant: Christopher Ellis (University of Oregon, USA)

Exports to China and Growth of Korean Manufacturing Industries: The Role of Capital Goods and Intermediate Goods
Yong-Seok Choi (Kyunghee University, Korea) and Chin-Hee Han (Korea
Development Institute)
Discussant: Shunli Yao (University of International Business and Economics, China)

Session 6: Financial Market
Moderator: Jong-Seok Kim (Korea Economic Research Institute)

Non-Periodic Cycles and Long Memory Property in the Korean Stock Market
Sang Hoon Kang (Pukyung University, Korea) and Seong-Min Yoon (Pusan National University, Korea)
Discussant: Shin-ichi Fukuda (University of Tokyo, Japan)

Capital Flows and Demographics-An Asian Perspective
Erik Lueth (International Monetary Fund)
Discussant: Kwanho Shin (Korea University)

A New Approach of Cointegration Test Checking Long-Run Equilibrium and Stationarity of Adjustment Process Separately
Yun-Yeong Kim (Bank of Korea)
Discussant: Woo Cheol Kim (Korea Institute of Public Finance)

Session 7: Economic Integration II
Moderator: Kiheung Kim (Kyonggi University, Korea)

Trade Area of the Americas: Fiscal Implications for Twelve Latin American Countries
Paunovic Igor (UN ECLAC)
Discussant: Donghyun Park (Asia Development Bank)

FTA Influence on Trade Creation and Diversion by Regional Blocks
Keembiya Nandasiri (University of Ruhuna, Sri Lanka) and Jung Hur (National University of Singapore)
Discussant: Hyun-Hoon Lee (Kangwon National University, Korea)

Impact of the EU¡¯ Eastward Enlargement on New and Old Member States
Yoji Koyama (Niigata University, Japan)
Discussant: Paunovic Igor (UN ECLAC)

On the Dynamic Characteristics of the Open Harris-Todaro Model
Tadashi Inoue (Hiroshima Shudo University, Japan)
Discussant: Chul-In Lee (Sungkyunkwan University, Korea)

Migration, Unemployment, and Growth Through Urban Agglomeration: A Harris-Todaro Growth Model
Chul-In Lee (Sungkyunkwan University, Korea)
Discussant: Tadashi Inoue (Hiroshima Shudo University, Japan)

What is an Oil Shock? Panel Data Evidence
Dong Heon Kim (Korea University and University of Manchester, UK)
Discussant: Yun-Yeong Kim (Bank of Korea)

Session 9: Globalization I
Moderator: Eui Soon Shin (Yonsei University, Korea)

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
Joshua Aizenman (University California, Santa Cruz, USA) and Yi Sun (University California, Santa Cruz, USA)
Discussant: Bonghan Kim (Konju University, Korea)

Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: A Theory and Some International Evidence
Shin-ichi Fukuda (University of Tokyo, Japan) and Yoshifumi Kon (University of Tokyo, Japan)
Discussant: Kyuil Chung (Bank of Korea)

Foreign Reserve Hoarding and Risk of Greater Foreign Trade Dependence
Jie Li (Central University of Economics and Finance, China), Wukuang
Cun (Central University of Economics and Finance, China) Ramkishen Rajan (George Mason University, USA)
Discussant: Joshua Aizenman (University of California, Santa Cruz, USA)

Session 10: Economic Integration III
Moderator: Inchul Kim (Sungkyunkwan University, Korea)

FTA Negotiations in Asia-Pacific Region: An Empirical Study on the Determinants of FTA among the Bilateral Trading Partners
Ruwan Jayathilaka (Institute of Policy Studies, Sri Lanka) and Keembiya Nandasiri (University of Ruhuna, Sri Lanka)
Discussant: Yoon Heo (Sogang University, Korea)

Thailand¡¯s Openness and Implications on Economic and Trade Policy: An Econometric Study
Thanet Wattanakul (Victoria University, Australia)
Discussant: Innwon Park (Korea University, Korea)

Capital Outflows, Sovereign Wealth Funds, and Domestic Financial Instability in Developing Asia
Donghyun Park (Asia Development Bank)
Discussant: Xiaoning Ni (Beijing International Studies University, China)

Intra-Industry Trade: Vertical Intra-Industry Trade or Intra-Firm Trade
Yushi Yoshida (Kyushu Sangyo University, Japan)
Discussant: Taegi Kim (Chonnam University, Korea)

A Note on VIE and Import Subsidy
Masao Oda (Ritsumeikan University, Japan)
Discussant: Taek-Dong Yeo (Yeungnam University, Korea)

Trade, Democracy, and the Gravity Equation
Miaojie Yu (China Center for Economic Research, China)
Discussant: Shi Young Lee (Chung-Ang University, Korea)

Session 12: Globalization II
Moderator: Hong Taik Chun (Korea Development Institute)

A Globally Consistent Framework for Reliability-based Trade: Statistics
Reconciliation in the Presence of an Entrepot
Zhi Wang (United States International Trade Commission), Mark Gehlhar (United States Department of Agriculture), and Shunli Yao(University of International Business and Economics, China)
Discussant: Hongyul Han (Hanyang University, Korea)

A Dynamic Analysis of Economic Liberalizations and Income Convergence in East Asia: A Difference-in-Differences Approach
Seyed Komail Tayebi (University of Isfahan, Iran)
Discussant: Yeonho Lee (Chungbuk University, Korea)

Empirical Estimates of Transportation Costs: Option for Enhancing Korea¡¯s Trade in the Second Era of Globalisation
Prabir De (Research and Information System for Developing Countries,
India) and Soon Cheul Lee (Korea Institute for International Economic Policy)
Discussant: Hong Taik Chun (Korea Development Institute)

Session 13: Political Economy
Moderator: Suk Jae Noh (Hallym University, Korea)

Democratic Errors
Christopher Ellis (University of Oregon, USA) and John Fender
Discussant: In-Gyu Kim (Hallym University, Korea)

Immigration Conflicts
Junko Doi (Kansai University) and Laixun Zhao (Kobe University, Japan)
Discussant: Jae-Young Lim (Korea University, Korea)

South Korea, Japan and China: Exchange Rate Regime Change, its Effect
and Policy Suggestions
Xiaoning Ni (Beijing International Studies University, China) and Chen Chen (Beijing International Studies University, China)
Discussant: Sung Hwan Choi (Korea Life Insurance Economic Research Institute)

Session 14: Economic Integration IV
Moderator: Young Youn Lee (Kangwon National University, Korea)

Effects of the China-Korea Free Trade Agreement
Junfang (Emma) Xi (Shanghai Jiaotong University, China)
Discussant: Hankyoung Sung (Korea Institute for International Economic
Policy)

Australia-Korea Free Trade Agreement: Substantive Causal Empirics and Political Economy
Tran Van Hoa (Victoria University, Australia)
Discussant: Hong Sik Lee (Inha University, Korea)

Session 15: Economic Development
Moderator: Yongkyun Chung (Kangwon National University, Korea)

Lebanon Post Paris III - Macroeconomic Outcomes from Donor Funding
Grant M. Cox (University of Wollongong, Australia), Charles Harvie
(University of Wollongong, Australia), and Ali S. Saleh (Victoria University,
Australia)
Discussant: Yoonjae Lee (Soongsil University, Korea)

Tradable Emission Permits, Environmental Maintenance and Applied
Overlapping Generations General Equilibrium Model
Jules Eric Tchouto (University of Rouen, France)
Discussant: Uk Hwang (Korea Environment Institute, Korea)

Session 16: Productivity in East Asia
Moderator: Insill Lee (Sogang University, Korea)

The Breakdown of TFP in the ASEAN 5 Economies
Geeta Krishnasamy (Multimedia University, Malaysia) and
Elsadig Musa Ahmed (Multimedia University, Malaysia)
Discussant: Changsuh Park (Soongsil University, Korea)

Firms¡¯ Productivity, Imperfect Competition, and Trade Liberalization in China
Miaojie Yu (China Center for Economic Research, China)
Discussant: Chan Hyun Sohn (Kangwon National University, Korea)

Moderator: Hak-Su Kim (Asia-Pacific Cooperation Academy of Kangwon
National University, former Executive Secretary, UNESCAP)

Korea's ODA Strategy & Activities on Poverty Reduction: Case of KOICA
Hyun-sik Chang (Korea International Cooperation Agency)
Discussant: Tran Van Hoa (Victoria University, Australia)

The Development Assistance Debate: What Does It Mean for Korea's ODA
Program?
Edward Reed (Asia Foundation)
Discussant: Ki-Whan Chung (Korea Rural Economic Institute and Asia-
Pacific Cooperation Academy, Korea)

Short and Long Run Effects of Foreign Aid on Economic Growth
Yunfang Hu (Tohoku University, Japan)
Discussant: Siwook Lee (Korea Development Institute, Korea)