Purpose: Unlike the common belief in the so-called “trickle-down effect,” trade-induced output growth in a small open economy does not necessarily improve the domestic welfare of the economy. The purpose of this paper is to analyze the conditions under which the trickle-down effect does not...

Korean Abstract: 디지털 경제 확산의 결과 전체 생산액 대비 서비스 부가가치의 비중이 높아지는 서비스화(Servicification) 현상이 심화되고 있다. 이와 같은 배경 아래, 본 연구는 디지털 경제의 확산이 서비스 무역비용 변화에...

Korea's export performance has exhibited a remarkable downturn since the end of 2014, declining over the 12 months of 2015 by about eight percent in nominal terms. Conjecturing this to reflect depreciation of the Japanese Yen and, during the second half of 2015, of the Chinese Yuan coupled with...