Economic Effects of Regulatory Reform in Korea
This paper adapts the World Bank Regulatory Quality Index (RQI), which is produced annually to provide a better understanding of the effects of regulatory reforms, instead of the Production Market Regulation (PMR) indicators, which are published every five years. We find that 9.9 to 36.0 billion USD...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2017-11-01
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| Series: | KDI Journal of Economic Policy |
| Subjects: | |
| Online Access: | https://doi.org/10.23895/kdijep.2017.39.4.51 |
| _version_ | 1818700878272528384 |
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| author | Kim, Jungwook Chae, Subok |
| author_facet | Kim, Jungwook Chae, Subok |
| author_sort | Kim, Jungwook |
| collection | DOAJ |
| description | This paper adapts the World Bank Regulatory Quality Index (RQI), which is produced annually to provide a better understanding of the effects of regulatory reforms, instead of the Production Market Regulation (PMR) indicators, which are published every five years. We find that 9.9 to 36.0 billion USD worth of regulatory cost could be reduced if the regulatory quality in Korea improves to the level of the OECD average considering that the total burden of regulation in Korea is estimated to range from 2.2 to 357.4 billion USD. The estimated reduction in the regulatory cost accounts for roughly 0.76 to 2.47% of Korea’s GDP in 2013, underscoring the importance of regulatory reforms for the Korean economy. This paper introduces a new method with which to examine the distribution of regulatory costs across different industries and firm sizes. This alternative method is largely consistent with the conclusions reached by other studies, specifically that small firms typically bear a disproportionate regulatory burden. |
| first_indexed | 2024-12-17T15:11:56Z |
| format | Article |
| id | doaj.art-af2513b154ae4fbdb8abbb659022388b |
| institution | Directory Open Access Journal |
| issn | 2586-2995 2586-4130 |
| language | English |
| last_indexed | 2024-12-17T15:11:56Z |
| publishDate | 2017-11-01 |
| publisher | Korea Development Institute |
| record_format | Article |
| series | KDI Journal of Economic Policy |
| spelling | doaj.art-af2513b154ae4fbdb8abbb659022388b2022-12-21T21:43:38ZengKorea Development InstituteKDI Journal of Economic Policy2586-29952586-41302017-11-01394516810.23895/kdijep.2017.39.4.51Economic Effects of Regulatory Reform in KoreaKim, Jungwook0Chae, Subok1Senior Fellow, Korea Development InstituteSenior Research Associate, Korea Development InstituteThis paper adapts the World Bank Regulatory Quality Index (RQI), which is produced annually to provide a better understanding of the effects of regulatory reforms, instead of the Production Market Regulation (PMR) indicators, which are published every five years. We find that 9.9 to 36.0 billion USD worth of regulatory cost could be reduced if the regulatory quality in Korea improves to the level of the OECD average considering that the total burden of regulation in Korea is estimated to range from 2.2 to 357.4 billion USD. The estimated reduction in the regulatory cost accounts for roughly 0.76 to 2.47% of Korea’s GDP in 2013, underscoring the importance of regulatory reforms for the Korean economy. This paper introduces a new method with which to examine the distribution of regulatory costs across different industries and firm sizes. This alternative method is largely consistent with the conclusions reached by other studies, specifically that small firms typically bear a disproportionate regulatory burden.https://doi.org/10.23895/kdijep.2017.39.4.51Regulatory Quality IndexRegulatory ReformEconomic Impact Analysis |
| spellingShingle | Kim, Jungwook Chae, Subok Economic Effects of Regulatory Reform in Korea KDI Journal of Economic Policy Regulatory Quality Index Regulatory Reform Economic Impact Analysis |
| title | Economic Effects of Regulatory Reform in Korea |
| title_full | Economic Effects of Regulatory Reform in Korea |
| title_fullStr | Economic Effects of Regulatory Reform in Korea |
| title_full_unstemmed | Economic Effects of Regulatory Reform in Korea |
| title_short | Economic Effects of Regulatory Reform in Korea |
| title_sort | economic effects of regulatory reform in korea |
| topic | Regulatory Quality Index Regulatory Reform Economic Impact Analysis |
| url | https://doi.org/10.23895/kdijep.2017.39.4.51 |
| work_keys_str_mv | AT kimjungwook economiceffectsofregulatoryreforminkorea AT chaesubok economiceffectsofregulatoryreforminkorea |