Soosung Hwang Minsoo Park Sungkyunkwan University (SKKU) Organized by CERK ( Sponsored by Sungkyun Institute of Economic Research (SIER) ( 22 May 2014 Regulatory Reform, Regulatory Reform, Innovation, and the Future Innovation, and the Future of the Korean Economy of the Korean Economy 오시는 길 ( 성균관대 국제관 ) Map of International Hall Other Information 정문 국제관 경영관 주차 (600 주년기념관 지하 ) 2014 CERK International Conference on Policies and Regulations (CERK 2014)

Welcoming Remarks CERK is established by the Faculty of Economics, SungKyunKwan University (SKKU) and Korea Economic Research Institute (KERI) to promote research about the Korean economy. The Korean economy has shown remarkable growth during the last several decades. Socio-economic changes accompanied by the rapid economic growth, however, have challenged Korea in a number of ways recently: slowdown of growth, rapid aging with a low birth rate, increasing income inequality, heavy regulation, and various problems in the environment and energy conservation. Many of these challenges can also be found in other countries, either developing or developed economies. We believe that these problems deserve more attention and analyses, which would benefit Korea as well as other countries. CERK provides such a platform in which researchers can share common interests in the aforementioned. CERK is pleased to announce an international conference on policies and regulations in various aspects of the Korean economy. We are very grateful to all participants and sponsors who have committed their time, effort and other resources to make this conference possible. We hope that this meeting would stimulate research for the Korean economy and the rest of the world. May 22, 2014 Organizing Committee for CERK 2014 Soosung Hwang, SungKyunKwan University (Director) Sunghyun Kim, SungKyunKwan University Dongwon Lee, SungKyunKwan University Junsang Lee, SungKyunKwan University Minsoo Park, SungKyunKwan University Wongun Song, Korea Economic Research Institute Jinsung Yoo, Korea Economic Research Institute Sangho Yoon, Korea Economic Research Institute Tae-Shin Kwon President Korea Economic Research Institute Joon Y. Park Professor SungKyunKwan University

Conference Program Opening 09:30-10:00Registration (5 th Floor) Coffee Break (1 st Floor) Session 2: 16:00-17:30 12:10-12:40 Jeffrey Frankel (Harvard University) (5 th Floor)“Will the Yuan Challenge the Dollar as Top International Currency?” Sanghun Lee and Minsoo Park (SKKU) “Bundling and Handset Subsidy in Mobile Telecommunications Market: Welfare Impacts of Subsidy Regulations” Shinjae Jang and Minsoo Park (SKKU) “Estimation of Media Substitution: A Panel Data Analysis ” Soosung Hwang, Sanha Noh, and Jinho Shin (SKKU) “Why Does Jeonse-to-Price Ratio Affect Residential Property Returns?” Pre-session 10:00 ~ 11:30 10:00 ~ 11:30 Pre-session : Sessions for graduate students (Room 9B114) Chair : (SKKU) Opening & Welcoming Remarks 12:00-12:10 Joon Y. Park (SKKU and Indiana University) (5 th Floor)Tae-Shin Kwon (President of KERI) 22 MAY :30–17:30 International Hall, SungKyunKwan University (SKKU) Keynote Speech Session 1: 14:00-15:30 15:30 ~ 16:00 15:30 ~ 16:00 Lunch (5 th Floor) 12:40 ~ 14:00 12:40 ~ 14:00

16:00 ~ 17:30 16:00 ~ 17:30 Session 2A : Institutions and Political Economy (Room 90104) Chair : Iljoong Kim (SKKU) 16:00 ~ 17:30 16:00 ~ 17:30 Panel 2B : Global Markets and the Korean Economy (Room 90104) Chair : Yanggyu Byun (KERI) Bruce L. Benson (Florida State University) and Iljoong Kim (SKKU) “The Cause and Consequences of Over-Crimination” Jaesung Choi (SKKU) and Rosa Minhyo Cho (SKKU) “The Effects of Governmental Regulations on South Korean Private Cram Schools” Sangho Yoon (KERI) “Estimation of Political Ideology in Korea” Sunghyun Kim (SKKU) and Serge Shikher (USITC) “A study of the Effects of the Korea-China Free-Trade Agreement” Namsuk Choi (KERI) “Economic Complexity for Growth: Evidence from Productive Knowledge in Korean Value-Added Trade” Qian Han (Xiamen University) “Global Capital Flow, Local Cost of Debt and Equity Return: Evidence from China” 14:00 ~ 15:30 14:00 ~ 15:30 Session 1A : Antitrust, Ownership, and Firm’s Performance (Room 9B114) Chair : Minseong Kim (SKKU) Robert Feinberg (American University) and Minsoo Park (SKKU) “Deterrence Effects of Korean Antitrust Enforcement on Producer Prices and Profit Margins” Abhirup Chakrabarti (McGill University), Hyoung Goo Kang (Hanyang University), and Changmin Lee (Hanyang University) “Micro-foundations of Business Group Performance in South Korea” Kyoo Il Kim (SKKU) and Joonsuk Lee (Federal Trade Commission) “A Structural Analysis of Wholesale Used-Car Auctions: Nonparametric Estimation and Testing of Dealers’ Valuations with Unknown Number of Bidders” 14:00 ~ 15:30 14:00 ~ 15:30 Session 1B : Regulation and Macroeconomics (Room 9B114) Chair : Soosung Hwang (SKKU) Sunghoon Chung (Korea Development Institute) “Environmental Regulation and Foreign Direct Investment: Evidence from South Korea” Seungjoon Oh (University of Michigan) and Seung-Gyu Sim (University of Tokyo) “Economic Growth and Labor Market Institutions in East Asian Structural Transformation” Peter Tillmann (Justus ‐ Liebig University Giessen) “Estimating the Effects of Macroprudential Policy Shocks” Session 2 Session 2 Session 1 Session 1