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Working Paper

Instability of the World Commodity Market and the Evaluation of Commodity Policy Approaches in Korea

페이스북
커버이미지
  • 저자 이선(李선)
  • 발행일 1984/03/01
  • 시리즈 번호 8404
원문보기
요약 Heavy dependence on imports for primary commodities poses
many economic and diplomatic problems. Especially for small
countries like Korea, the national economy is always vulnerable
to major external changes. It is important to clarify problems
arising from the market instability and to take an appropriate
policy response.

The national buffer stock scheme is an efficient short-run
policy device to smooth out random price fluctuations diverged
from the long-run trend. The buffer stock operation managed by
the Office of Supply has been expanded substantially since its
inception in 1967. Although its past performance has not been
successful in terms of target commodities selection and fund
operation, it has laid a groundwork for improving operational
skill and efficiency. On the basis of past experiences, the
economic function and management of buffer stock operation
should be improved by adopting various measures suggested
above.

The overseas resource development constitutes an adequate
long-run policy option to secure key commodities. The past
performance of development for import of tropical timber is quite
impressive. However, in the mining sector, it will remains at the
initial stage of development, Considering the importance as well
as risks involved, extensive incentive measures should be
expanded in order to induce the private sector to participate in
the overseas resource development.

In addition, the government should take positive steps
toward making various international commodity arrangements
such as commodity agreements and multilateral contracts. In
particular, diplomatic relations with resource exporters, largely
the Third World countries, should be established prior to the
conclusion of international arrangements such as bilateral
contracts and purchase guarantees. Since these policy tools
discussed above are complementary, the government should work
out an optimum policy mix, depending on the market situation of
individual commodities.
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