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[IFANS PERSPECTIVES]Characteristics and Implications of Korea's 'Decoupling' In Response to Japan's Export Restrictions

[IFANS PERSPECTIVES]Characteristics and Implications of Korea's 'Decoupling' In Response to Japan's Export Restrictions

[IFANS PERSPECTIVES]Characteristics and Implications of Korea's 'Decoupling' In Response to Japan's Export Restrictions

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대한민국

Ⅰ. Introduction
Ⅱ. Japan's Export Restrictions - Weaponized Interdependence 
Ⅲ. Current State and Characteristics of Korea’s ‘Decoupling’
Ⅳ. Tit-for-Tat, but All in Moderation
Ⅴ. Conclusion


Ⅰ. Introduction

More than a year has passed since July, 2019 when Japan imposed tighter export restrictions against Korea. Despite the Japanese government’s denial, it is an open secret that the action was Japan's economic retaliatory measure in the context of bilateral historical disputes. Farrell and Newman uses the concept of ‘weaponized interdependence’ to explain how, in today's global networked economy of increased interdependence, a state which is a central node is able to use economic coercion when there is power asymmetry between states. In an article published in Washington Post on August 1, 2019, the authors cited Japan’s export control as an example of 'weaponized interdependence.' On the other hand, Korea's response is regarded as 'decoupling' from Japan. Thus, the ongoing bilateral trade dispute over the past year can be seen as a dynamic interaction between Japan's 'weaponized interdependence' and Korea's 'decoupling.'

ㆍImmediately following Japan’s export control action, Korea actively proceeded with 'decoupling,' and reaped unexpected results in a short period of time. But until now, most of the discussion on this subject has focused on the current state and effectiveness of the decoupling and did not pay much attention to the background that enabled such short-term results, the future outlook, or the political and economic implications.

ㆍ In this context, this paper will first identify the reason Japan chose semi- conductor-related export restrictions among the several candidates for retaliatory measures, i.e. financial sanctions or suspension of visa issuance for Koreans, which are measures Japan had mentioned even before the restrictions. Secondly, we will examine the key characteristics of the background that enabled Korea's decoupling in a relatively short time in the past year. Thirdly, we will look at the extent of damage Japan's export restrictions have inflicted on Korea. And finally, we will identify the political and economic implications of the bilateral trade dispute, and project the future.


* Attached the File

IFANS PERSPECTIVES

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Yang-Hee Kim

김양희

"20201103"^^xsd:integer

2020-02E

ENG