large productivity gap between Japan and Korea. This is reminiscent of the sandwich theory, meaning that Korea is literally … sandwiched between a fast-growing China and a technologically advanced Japan. Second, technical efficiency, an important … determinant of productivity, has improved rapidly and steadily in China during the 2000s, while it has declined in Korea and Japan …

This paper measures the extent of comovements in stock returns between Korea and three major countries (China, Japan … comovements of Korean stock returns with those of the U.S. and Japan became smaller after the global financial crisis. In contrast …

structure in component and material industries among Korea, China, and Japan has been heightened through recent discussions on … China, the catch-up effort of Korea, and the high value-added strategy of Japan. Basically, the relationship in component … and material industries among Korea, China, and Japan are complementary as well as competitive. This study, therefore …