ㅁ Title　　　 : 2011 KDI Journal of Economic Policy Conference
　　　　　　　“Globalization, Human Capital and Inequality”
ㅁ Date　　　 : August 9(Tue.) 2011
ㅁ Venue　　 : Main Conference Hall & Conference Room in Annex, KDI
ㅁ Organizer  : Korea Development Institute(KDI), Korea-America Economic Association(KAEA)

Word of Invitation

It is a great pleasure to invite you to the 2011 KDI Journal of Economic Policy (JEP) Conference. This is the 9th annual conference which KDI has organized in collaboration with the Korea-America Economic Association (KAEA) starting from 2003. We have put forth great efforts to invite distinguished scholars and to share their insights and policy recommendation on the critical issues faced by Korea and the world economy. Accordingly, the major topics of previous conferences were aging society, corporate environment, productivity, sustainable growth, global financial architecture for stability, and so on.

The main theme of this year’s conference is "Globalization, Human Capital and Inequality." Most advanced and developing countries experienced serious hardships during the recent global financial crisis in 2008, but, owing to the joint policy efforts by the countries worldwide, in particular, the major G20 countries, Korea and the world economy is now steadily recovering from the crisis. It was our firm belief that at this stage, the Conference should deal with a classical but forward-looking theme. The 2011 KDI JEP Conference will focus on: 1) education and inequality, 2) globalization and inequality, and 3) financial and housing markets.

This year's conference has a remarkable collection of papers and lectures as the steering committee of the Conference and the KAEA have searched for and invited best experts in the field, including Professor James Heckman, a Nobel Prize Laureate in Economics, and Professor Glenn Loury, a member of the American Philosophical Society, as special guests, along with a number of outstanding papers, including the one co-authored by Professor Joseph Stiglitz, a Nobel Prize Laureate in Economics. In addition, this year’s conference will include a post-conference seminar by Professor Glenn Loury.

You are cordially invited to the 2011 KDI JEP Conference and to the post-conference seminar, both of which will be held at KDI. I earnestly hope that the Conference will become a venue for sharing expertise and further, I hope that our efforts altogether could contribute to solving problems faced by Korea and the international community. Thank you very much.

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　August 2011
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Oh-Seok Hyun
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　   President
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　KDI

Program

09:00-10:10　Opening Ceremony
　　　　　　Opening remark: Dr. Sangdal Shim [KDI]
　　　　　　Welcoming address: Dr. Oh-Seok Hyun [President, KDI]
　　　　　　　　　　　　　　　Prof. In-Koo Cho [President, KAEA]
　　　　　　Keynote Speech : Prof. James Heckman [Chicago University ]
　　　　　　　Integrating Personality Psychology into Economics

10:10-10:20　　

Plenary Session Ⅰ: Education and Inequality
　　　　　　　　　　Chairman: Pro. In-Koo Cho [Univ. of Illinois]

10:20-11:00　Prof. Changhui Kang [ChungAng Univ.] / Co-writer: Bohun Hyun [ChungAng Univ.]
　　　　　　　The Effect of Private Tutoring Expenditures on Academic Performance: Evidence
　　　　　　　from Middle School Students in South Korea
　　　　　　Discussant: Dr. Hisam Kim [KDI]

11:00-11:40　Prof. Kang H. Park [Missouri State Univ.]
　　　　　　　Education and Globalization on Income Inequality: Cross-Country Evidence
　　　　　　Discussant: Dr. Inkyung Kim [KDI]

11:40-12:20　Prof. Jinyoung Kim [Korea Univ.]
　　　　　　　Should I Marry Again?
　　　　　　Discussant: Prof. Dae-il Kim [Seoul National Univ.]

12:20-14:00　Lunch

Plenary Session II : Globalization and Inequality
　　　　　　　　　　Chairman: Chong-Bum An [Sung Kyun Kwan Univ.]

14:00-14:40　 Keynote Speech : Prof. Glenn Loury [Brown Univ.]
　　　　　　　Stereotypes and Inequality: A Signaling Theory of Identity Choice

14:40-15:20　Prof. Jongsung Kim [Bryant Univ.]
　　　　　　　The Dynamics of Income Inequality in Korea
　　　　　　Discussant: Dr. Youngchul Kim [KDI]

15:20-15:30　Coffee Break

Parallel

15:30-16:05　A: Housing Market Crisis
　　　　　　Chairman: Won-Am Park [Hongik Univ.]

　　　　　　Prof. Hong Y. Park [Saginaw Valley State Univ.] /
　　　　　　　Co-writer: Hyejung Chang [Kyung Hee Univ], Kaustav Misra [Saginaw Valley State Univ.]
　　　　　　　The Impact of Mortgage Securitization on the Housing Bubble and Subprime
　　　　　　　Mortgage Crisis: A Self-organization Perspective
　　　　　　Discussant: Prof. Man Cho [KDI School]

　　　　　　B: Globalization and Financial Market
　　　　　　Chairman: Dongsoo Kang [KDI]

　　　　　　Prof. Junsoo Lee [Univ. of Alabama]
　　　　　　　The Effects of Free Trade Agreements and Fair Trade for All
　　　　　　Discussant: Dr. Mee Jin Cho [KIEP]

16:05-16:40　A: Housing Market Crisis
　　　　　　Dr. Donghoon Lee [New York FRB] /
　　　　　　　Co-writer: Andrew Haughwout [New York FRB], Joseph Tracy [New York FRB]
　　　　　　　Real Estate Investors, the Leverage Cycle and the Housing Market Crisis
　　　　　　Discussant: Dr. Inho Song [KDI]

　　　　　　B: Globalization and Financial Market
　　　　　　Prof. Yoonbai Kim[Univ. of Kentucky]
　　　　　　　Floating Exchange Rates and Macroeconomic Independence
　　　　　　Discussant: Dr. Daehee Jeong [KDI]

16:40-17:15　A: Housing Market Crisis
　　　　　　Prof. Jungyoll Yun[Ewha Womans Univ.] / Co-writer: Joseph Stiglitz [Columbia Univ.]
　　　　　　　Optimal Provision of Loans and Insurance Against Unemployment From
　　　　　　　Lifetime Perspective
　　　　　　Discussant: Prof. Kwang Ho Kim [Hanyang University]

　　　　　　B: Globalization and Financial Market
　　　　　　Prof. Byung-Joo Lee [Univ. of Notre Dame]
　　　　　　　Uncovered Interest Parity Puzzle: Asymmetric Responses
　　　　　　Discussant: Dr. Kyu Chul Jung [KDI]

17:15~17:30　Closing