1. bookVolume 59 (2021): Issue 2 (June 2021)
Journal Details
License
Format
Journal
eISSN
2217-3668
First Published
15 Apr 2014
Publication timeframe
4 times per year
Languages
English
access type Open Access

South Korea’s Economic Development and Trade Relations with Serbia: Trends and Perspectives

Published Online: 14 Dec 2021
Volume & Issue: Volume 59 (2021) - Issue 2 (June 2021)
Page range: 211 - 226
Received: 05 Oct 2020
Accepted: 28 Feb 2021
Journal Details
License
Format
Journal
eISSN
2217-3668
First Published
15 Apr 2014
Publication timeframe
4 times per year
Languages
English
Abstract

The spectacular economic development of South Korea in recent decades has continuously intrigued economists, academic community and general public. Whether such a development model be applied to other, less developed countries is one of the topics often explored in a number of studies and debates. Therefore, the principles of South Korean development model and the economic parameters of its foreign trade today, are some of the research aims of this paper. The research focuses on economic relations between South Korea and Serbia, current trends and prospects for future economic cooperation through the analysis of comparative advantage of the most prominent export products and industries, using the RCA index. The analysis shows that Serbia has a potential to further improve cooperation with South Korea in several export sectors, and coupled with investments in human resources and infrastructure, as well as the active promotion of Serbian market to South Korean companies, it may be one of the vectors of their future cooperation.

Keywords

JEL Classification

Bacchetta, M., Bavarelli, C., Cadot, O., Fugezza, M., Grether, JM., Helble, M., Nicita, A., Piermartini, R. (2012) A practical guide to trade policy analysis, World Trade Organisation & United Nations Conference on Trade and Development, p.26 Search in Google Scholar

Dobardžić, E., Elfić-Zukorlić, E.Ahmetović-Ljajić,A., Mašović-Muratović, I. (2016) Valutne krize kao savremeni oblik ekonomskih konflikata, Ekonomski izazovi, 5 (10), p.55 Search in Google Scholar

Garikipati, R. (2015) Dynamics of Korea-China Economic Relations, The Korea Herald, available at: www.koreaherald.com/view.php?ud=20150309001221, accessed: 16.09.2020. Search in Google Scholar

Haggard, S., Kim,B., Moon, C. (1990) The Transition to export led growth in South Korea 1954-1966, Country Economics Department, The World Bank, pp.3-510.2307/2058544 Search in Google Scholar

IDB: Inter-American Development Bank (2015) Analysis of Experiences in Trade and Investment between LAC and Korea: Lessons Learned in Development, Korea Institute for International Economic Policy, Discussion paper, pp.6-13 Search in Google Scholar

K-developedia (n.d.) Overview of the Korean economy in the 1980s and 1990s, available at:www.kdevelopedia.org/Development-Overview/official-aid/overview-koreeconomy-1980s-1990s--201412170000439.do?fldRoot=TP_ODA&subCategory=TP_ODA_GE#.XxHYoS2w3fZ, accessed: 13.07.2020. Search in Google Scholar

KEI -Korea Economic Institute of America (2015) Korea’s Economy, Vol.30, pp.8-10, p. 45 Search in Google Scholar

Kihwan, K. (2006) The 1997-98 Korean Financial Crisis: Causes, Policy Response, and Lessons, Conference paper Crisis prevention in Emerging Markets, Singapore 2006, pp.3-5 Search in Google Scholar

Kim, K. (1991) The Korean miracle (1962-1980) revisited: myths and realities in strategy and development, Helen Kellogg Institute for International Studies, Working Paper 166, pp.6-14, p.35 Search in Google Scholar

Ibrahim, K. (2015) Trade Complementarity and Similarity between Nigeria and India in the context of Bilateral Trade Relations, Journal of Economics and Finance Vol. 6 (6) pp. 28-31 Search in Google Scholar

Paula, M. et al (2017) The Revealed Comparative Advantage Index of Brazilian Natural Honey, Journal of Agricultural Science; Vol. 9 (11), pp. 76-85 Search in Google Scholar

Mah, J S. (2010) Export promotion policies, export composition and economic development of Korea, Law and Development Institute Inaugural Conference, Sydney, Australia, pp. 4-5 Search in Google Scholar

Nicolas, F. (2009) The Changing Economic Relations between China and Korea: Patterns, Trends and Policy Implications, Journal of the Korean Economy, 10 (3), pp.349-350, p.361 Search in Google Scholar

Park, J-D. (2019) Re-inventing Africa’s Development: Linking Africa to the Korean Development model, Palgrave Macmillan, pp. 183-193 Search in Google Scholar

Pęciak R. (2018) Is the Korean developmental state a model to follow? Wrocław University of Economics Research papers, pp. 316 Search in Google Scholar

Yoo, I. (2008) Korea’s Economic Development: Lessons and Suggestions for Developing Countries, The Korean Social Science Research Council, p.36, p.47 Search in Google Scholar

Zakharova, L. (2019) Economic Relations between Russia and South Korea in the New Northern Policy, Korea Economic Institute of America, p.2 Search in Google Scholar

Bloomberg Innovation Index, available at: www.bloombergquint.com/global-economics/germany-nearly-catches-korea-as-innovation-champ-u-s-rebounds, accessed 10.07.2020. Search in Google Scholar

Ekapija (2018) South Korea’s Essex Europe opens copper wire plant in Zrenjanin, available at: www.ekapija.com/en/news/2325388/south-koreas-essex-europe-opens-copper-wire-plant-in-zrenjanin, accessed: 15.07.2020. Search in Google Scholar

The European Commission, available at: https://ec.europa.eu/trade/policy/countries-and-regions/countries/south-korea/, accessed: 20.07.2020. Search in Google Scholar

Ministry of Economy and Finance, South Korea, available at: http://english.moef.go.kr/ec/selectTbEconomicDtl.do?boardCd=E0005&seq=4805 accessed: 14.07.2020. Search in Google Scholar

NBS - National Bank of Serbia, Foreign Direct Investments, available at: www.nbs.rs/internet/english/80/platni_bilans.html, accessed: 10.07.2020. Search in Google Scholar

Embassy of the Republic of Korea in Serbia, Odnosi Koreje i Srbije, available at: http://overseas.mofa.go.kr/rs-sr/wpge/m_7942/contents.do, accessed: 12.07.2020. Search in Google Scholar

RAS-Razvojna agencija Srbije (2020) Why invest in Serbia, available at: https://ras.gov.rs/uploads/2020/04/why-invest-2020-3.pdf, p.12, accessed: 20.07.2020. Search in Google Scholar

Statistical Office of the Republic of Serbia, available at: https://data.stat.gov.rs/Home/Result/170303?languageCode=sr-Latn, accessed: 13.07.2020. Search in Google Scholar

Trading Economics https://tradingeconomics.com/countries, accessed: 10.07.2020. Search in Google Scholar

UNComtrade, available at: https://comtrade.un.org/data/, accessed: 10.07.2020. Search in Google Scholar

World Bank, available at: https://data.worldbank.org, accessed: 07.07.2020. Search in Google Scholar

Recommended articles from Trend MD

Plan your remote conference with Sciendo