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Changes in Global Value Chains and Factor Decomposition Analysis of GDP Changes in Korean Industries Based on Brexit Scenarios (in Korean)

Author

Listed:
  • Tae-jin Kim

    (School of Economics & Trade, Kyungpook National University)

  • Jungu Kang

    (Principal Researcher, Dept. of International Trade, Korea Institute for International Economic Policy (KIEP))

  • Seung-jin Shim

    (School of Economics & Trade, Kyungpook National University)

Abstract

The purpose of this study is to analyze the impact of Brexit on Korea's industrial economy. When the UK leaves the European Union (EU), we consider two highly realizable Brexit scenarios that can influence changes in Korea's commodity trade policy. We use the latest World Input-Output Table (WIOT) in the World Input-Output Database to investigate the economic effects of each Brexit scenario on Korea's industrial economy. Notably, unlike previous studies, we analyze changes in global value chains of Korean industries and conduct the factor decomposition analysis of changes in GDP by industry after Brexit. Based on the empirical results, we discuss meaningful implications for changes in Korea's commodity trade policy for each of Brexit's scenarios.

Suggested Citation

  • Tae-jin Kim & Jungu Kang & Seung-jin Shim, 2017. "Changes in Global Value Chains and Factor Decomposition Analysis of GDP Changes in Korean Industries Based on Brexit Scenarios (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 23(4), pages 106-139, December.
    • Handle: RePEc:bok:journl:v:23:y:2017:i:4:p:106-139
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    More about this item

    Keywords

    Brexit; Global value chains; Factor decomposition analysis; International input-output analysis;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration

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