Regulatory reform has been a top priority in Korea for several successive administrations. This review identifies a number of areas where improvements could help Korea reap the full benefits of the reforms introduced so far.
Regulatory reform has been a top priority in Korea for several successive administrations. Maintaining momentum for reform in Korea will be essential for producing tangible results and supporting inclusive growth, productivity and innovation. The Regulatory Reform Review of Korea provides key insights into a mature regulatory system and follows two previous Regulatory Reform Reviews of Korea completed in 2000 and 2007. It identifies a number of areas where improvements could help Korea reap the full benefits of the reforms introduced so far. It stresses the need for a clear strategy for regulatory policy in order to make better use of the resources deployed.
Regulatory reform has been a top priority in Korea for several successive administrations. This review identifies a number of areas where improvements could help Korea reap the full benefits of the reforms introduced so far.
This Review presents an integrated assessment of regulatory reform in framework areas such as the quality of the public sector, competition policy and enforcement, and market openness in Korea.
This Review presents an integrated assessment of regulatory reform in framework areas such as the quality of the public sector, competition policy and enforcement, and market openness in Korea.
This publication assesses Korea's progress in regulatory reform since 2000 and analyses many of the lessons of implementation of regulatory reform. It also highlights possible responses to current challenges.
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.