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8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
1/26
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
2/26
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O~ F Jubb [ufkb Fiubbgbc{ f Udfl Udfk {d Xud~xbuo{4 Kbg~{ojoci [ufkb
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8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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Ndggbc{0 ndxb jdu Kcfgon Bjjbn{~ oc Adubf~ Bndcdg
Nmdo Cfaiyddc # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 65>
Xfu{ OZ0 Ndcjbubcnb Ko~nr~~odc fck Ndcnlr~odc~
^rggfu dj Xudnbbkoci~
Ebucfuk A# Idukdc # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 65?
* Zdlrgb ; oc ABO xbnofl {rkob~ buob~, xrelo~mbk e Adubf Bndcdgon Oc~{o{r{b
dj Fgbuonf
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 9
OGXLONF[ODC^ DJ [MB R#^#'ADUBF JUBB [UFKBFIUBBGBC[0 F IBCBUFL BVROLOEUORG FXXUDFNM
* Ubcfc Pmrfci fck Ydc Y# Add
NDC[BC[^
O# Oc{udkrn{odc
OO# R#^#'Adubf Eolf{bufl [ufkb fck [fuojj Blogocf{odc
^nmbkrlb~rckbu {mb ADUR^ J[F
OOO# Gdkbl fck Kf{f
OZ# Ub~rl{~ fck Ko~nr~~odc
Z# ^rggfu fck Ndcnlr~odc~
* Ubcfc Pmrfci o~ Ub~bfunm F~~o~{fc{ Xudjb~~du fck Ydc Y# Add o~ Nmfgebu dj
Ndggbunb Ko~{ociro~mbk Xudjb~~du fck Koubn{du, Nbc{bu jdu Fiuonrl{rufl Xdlon
fck [ufkb ^{rkob~, Kbxfu{gbc{ dj Fiuoer~ocb~~ fck Fxxlobk Bndcdgon~, Cdu{m
Kfad{f ^{f{b Rcozbu~o{, Jfuid, Cdu{m Kfad{f#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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= [mb Adubf Bndcdgon Oc~{o{r{b
O# Oc{udkrn{odc
[mb eolf{bufl {ufkb zdlrgb eb{ybbc {mb Rco{bk ^{f{b~ fck ^dr{m Adubf mf~ ebbc
iudyoci kufgf{onfll ~ocnb 6?=?# Fnndukoci {d R#^# ~{f{o~{on~ -O[F, zfuodr~ bfu~/,
{mb eolf{bufl {ufkb zdlrgb eb{ybbc {mb {yd ndrc{uob~ ocnubf~bk judg +>>#5 eollodc oc
6?=? {d +9=#> eollodc oc 588:, du fc fzbufib fccrfl iudy{m dj 2#5 xbunbc{# [mb Rco{bk
^{f{b~ mf~ mfk f {ufkb kbjono{ yo{m dr{m Adubf, yo{m {mb b}nbx{odc dj {mb 6??2?9
xbuodk# [mb R#^# {ufkb kbjono{ yo{m dr{m Adubf rgxbk judg +:#> eollodc oc 6?=? {d
+6?#= eollodc oc 588;, f mo~{duonfl ubnduk moim# Kruoci {mb xf~{ {yd bfu~, {mb R#^#
{ufkb kbjono{ yo{m dr{m Adubf mf~ ~{fu{bk {d ogxudzb1 o{ kbnlocbk {d +6:#6 eollodc oc
5882 fck +6>#; oc 588:#
^dr{m Adubf o~ {mb 68{m lfuib~{ bndcdg oc {mb ydulk, yo{m fc fccrfl IKX ufxokl
fxxudfnmoci +6 {uollodc# Ymolb dr{m Adubf yf~ {mb ~bzbc{m'lfuib~{ b}xdu{ gfuab{ jdu
{mb Rco{bk {f{b~ oc 588;, {mb Rco{bk {f{b~ yf~ dr{m Adubf~ {mouk'lfuib~{ {ufkoci
xfu{cbuo{~ {mouk'lfuib~{ ~rxxlobu ebmock @fxfc fck Nmocffck ~bndck'lfuib~{ b}xdu{
gfuab{ -ebmock Nmocf/ oc 5882 -Gfcoc 588:1 Nfl[ufkb Ubxdu{ 588:/# Gdubdzbu,
^dr{m Adubf o~ {mb ~o}{m'lfuib~{ gfuab{ jdu R#^# fiuonrl{rufl b}xdu{~# [mb Rco{bk
^{f{b~ xudzokb~ gdub {mfc dcb'joj{m dj dr{m Adubf~ fiuonrl{rufl ogxdu{~ -@dmfcc~
588:/#
Ocjdugfl ko~nr~~odc~ dc f R#^#'Adubf Jubb [ufkb Fiubbgbc{ -ADUR^ J[F/ ~{fu{bk
oc {mb gok'6?=8~ er{ ybub ~r~xbckbk oc {mb 6??8~ dyoci {d ko~xr{b~ dzbu {fuojjndcnb~~odc~ oc {mb fiuonrl{rufl ~bn{du rckbu {mb Rurirf Udrck dj {mb Ydulk [ufkb
Duifcopf{odc -Y[D/ cbid{of{odc fck ko~xr{b~ dzbu {mb ~nubbc'vrd{f o~~rb -Nmbdci
588;1 Lbb fck Lbb 5882/# [mb {yd ndrc{uob~ fiubbk {d ub~rgb ocjdugfl {fla~ dc f
jubb {ufkb fiubbgbc{ -J[F/ f{ {mb R#^#'Adubf Er~ocb~~ Gbb{oci mblk oc Mfyfoo oc
@fcrfu 5886 -Nmbdci 588;/# Dc 5 Jbeurfu 588:, {mb {yd ndrc{uob~ jdugfll
fccdrcnbk ndggbcnbgbc{ dj J[F {fla~ ebioccoci oc Gf 588: -R^[U 588:1 Nddxbu
fck Gfcoc 588:/, fck {mb ndcnlrkbk mo~{duon J[F cbid{of{odc~ dc 6 Fxuol 5889# Jdu
{mb Rco{bk {f{b~, {mb ADUR J[F o~ {mb gd~{ ndggbunofll ~oicojonfc{ J[F oc 62 bfu~#
Gfc xubzodr~ ~{rkob~ -b#i#, Nmdo fck nmd{{ 58861 Nmbdci 588;1 Lbb fck Lbb 58821
Aod{f fck ^{buc 5882/ mfzb fuirbk {mf{ f R#^#'Adubf J[F ydrlk ebcbjo{ {mb
bndcdgob~ dj ed{m ndrc{uob~, er{ yo{m go}bk xud`bn{odc~# Jdu b}fgxlb, GnKfcobl fck
Jd} -5886/ dj {mb R#^# Oc{bucf{odcfl [ufkb Ndggo~~odc fuirbk {mf{ R#^# ocndgb
ydrlk ocnubf~b e +58 eollodc -du 8#5> xbunbc{ dj IKX/ fck dr{m Adubf~ ocndgb
ydrlk ocnubf~b e +>#? eollodc -du 8#:? xbunbc{ dj IKX/# Cd{b {mf{ {mb Rco{bk {f{b~
ydrlk ifoc gdub oc {bug~ dj fe~dlr{b zflrb, er{ ^dr{m Adubf ydrlk ifoc gdub oc
{bug~ dj xbunbc{fib ocnubf~b dj IKX ebnfr~b dr{m Adubf~ IKX o~ grnm ~gfllbu
{mfc {mf{ dj {mb Rco{bk {f{b~# [mb fl~d xud`bn{bk {mf{ R#^# b}xdu{~ {d dr{m Adubfydrlk ocnubf~b e +6? eollodc, ymolb R#^# ogxdu{~ judg dr{m Adubf ydrlk ocnubf~b
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F ?
e +68 eollodc# Nmdo fck nmd{{ -5886/ fuirbk {mf{ f R#^#'Adubf J[F ydrlk ~re~{fc{ofll
ocnubf~b eolf{bufl {ufkb fck ndc{uoer{b {d f ~oicojonfc{ ogxudzbgbc{ oc ocndgb jdu ed{m
ndrc{uob~# R#^# ocndgb ydrlk ocnubf~b e +=#? eollodc -du 8#6> xbunbc{ dj IKX/, fck
^dr{m Adubf~ ocndgb ydrlk ocnubf~b e +68#? eollodc -du 5#;6 xbunbc{ dj IKX/#
[mr~, dr{m Adubf ydrlk ifoc gdub oc {bug~ dj ed{m fc fe~dlr{b ocnubf~b oc IKX fck
xbunbc{fib ocnubf~b oc IKX# [mb fl~d xud`bn{bk {mf{ f R#^#'Adubf J[F ydrlk
xudkrnb {ufkb kozbu~odc bjjbn{~ jdu @fxfc fck Nmocf# Gdub ubnbc{l, Lbb fck Lbb
-5882/ fuirbk {mf{ f R#^#'Adubf J[F ydrlk xudzokb f ~oicojonfc{l xd~o{ozb dxxdu{rco{
jdu ldci'{bug fck kcfgon bndcdgon iudy{m jdu ed{m ndrc{uob~# [mb xud`bn{bk {mf{ f
R#^#'Adubf J[F ydrlk ~muoca dr{m Adubf~ eolf{bufl {ufkb ~ruxlr~ yo{m {mb Rco{bk
^{f{b~ er{, oc {mb ldci urc, ydrlk ogxudzb dr{m Adubf~ IKX# @dmfcc~ -588:/ fuirbk
{mf{ R#^# fiuonrl{rufl b}xdu{~ {d dr{m Adubf ydrlk ~oicojonfc{l ocnubf~b rckbu fc J[F#
Fll {mb xubzodr~ ~{rkob~ jdnr~bk dc fl{bucf{ozb nr{~ oc {fuojj~ fck cdc{fuojj efuuobu~
rckbu {mb J[F uf{mbu {mfc {mb fn{rfl fiubbgbc{# Eb~okb~, zbu jby ub~bfunmbu~ mfzb
fcflpbk {mb {ufkb nubf{odc fck kozbu~odc bjjbn{~ dj f R#^#'Adubf J[F dc zfuodr~
~bn{du~ dj {mb {yd bndcdgob~# [mb de`bn{ozb dj {mo~ ~{rk o~ {d joll {mo~ ifx oc {mb
ub~bfunm e b}fgococi {mb bjjbn{~ dj {mb ADUR^ J[F dc {mb ockozokrfl ~bn{du~ dj
{mb bndcdg oc {mb {yd ndrc{uob~# xbnofl f{{bc{odc o~ iozbc {d {mb jdlldyoci {f~a~0 -6/
okbc{ojoci nmfufn{buo~{on~ dj R#^#'Adubf eolf{bufl {ufkb1 -5/ ~{rkoci {mb bjjbn{~ dj
{mb ADUR^ J[F dc {mb bndcdgob~ dj ed{m ndrc{uob~1 fck ->/ fcflpoci {ufkb nubf{odc
fck kozbu~odc bjjbn{~ dj {mb J[F# [mb J[F o~ b}xbn{bk {d bcmfcnb R#^#'Adubf eolf{bufl
{ufkb fck xudgd{b bndcdgon iudy{m jdu {mb {yd ndrc{uob~#
[mb xfxbu o~ duifcopbk f~ jdlldy~# ^bn{odc OO b}fgocb~ {mb ab nmfufn{buo~{on~ dj
R#^#'Adubf eolf{bufl {ufkb e ~bn{du~ ~ocnb 6?=?6 fck xudzokb~ fc dzbuzoby dj {mb
{fuojj ubkrn{odc fck blogocf{odc ~nmbkrlb~ dj {mb {yd ndrc{uob~# bn{odc OOO ko~nr~~b~
{mb kf{f fck gdkbl r~bk jdu {mo~ ~{rk# [mo~ ~bn{odc fl~d xub~bc{~ euobjl {mb {ufkb
jldy~ oc zfuodr~ ~bn{du~ jdu {mb ~blbn{bk ndrc{uob~ fck ubiodc~ oc {mb ef~b bfu -5886/#
^bn{odc OZ xub~bc{~ ~ogrlf{odc ub~rl{~ fck ko~nr~~b~ dru jockoci~# Jocfll, ~bn{odc Z
xub~bc{~ ndcnlr~odc~ dj {mb xfxbu#
OO# R#^#'Adubf Eolf{bufl [ufkb fck [fuojj Blogocf{odc ^nmbkrlb~rckbu {mb ADUR^ J[F
Nmfufn{buo~{on~ dj R#^#'Adubf Eolf{bufl [ufkb
[mb xubkdgocfc{ gdkb dj R#^#'Adubf eolf{bufl {ufkb mf~ ~moj{bk judg oc{buockr~{u
{ufkb {d oc{ufockr~{u {ufkb -Cdlfck 588>/# Oc xfu{onrlfu, {mb {ufkb xf{{buc xuodu {d6??;
6# Kf{f fub cd{ fzfolfelb xuodu {d 6?=?#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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68 [mb Adubf Bndcdgon Oc~{o{r{b
yf~ oc{buockr~{u {ufkb dc {mb ef~o~ dj kojjbubcnb~ oc ub~drunb bckdygbc{~# [mb
Rco{bk {f{b~ b}xdu{bk lfck'oc{bc~ozb fck cf{rufl ub~drunb~ef~bk ockr~{u iddk~
-b#i#, fiuonrl{rub fck jddk xudkrn{~/ fck {bnmcdldi fck nfxo{fl'oc{bc~ozb iddk~ {d
^dr{m Adubf fck ogxdu{bk lfedu'oc{bc~ozb xudkrn{~ -b#i#, {b}{olb~/ judg {mf{ ndrc{u#
Mdybzbu, oc{ufockr~{u {ufkb eb{ybbc {mb {yd ndrc{uob~ mf~ ocnubf~bk ~oicojonfc{l oc
{mb moim'{bnmcdldi xudkrn{ ~bn{du ~ocnb 6??2# F gf`du ocnubf~b oc {ufkb dj moim'
{bnmcdldi xudkrn{~ eb{ybbc {mb {yd ndrc{uob~ kbgdc~{uf{b~ {mb ~ruib oc eolf{bufl
oc{ufockr~{u {ufkb ef~bk dc xudkrn{ kojjbubc{of{odc -Aurigfc 6?=8, 6?=61 Mbfk fck
Uob~ 5886/# [mb {yd ndrc{uob~ mfzb fl~d ocnubf~bk {mbou eolf{bufl {ufkb oc kojjbubc{of{bk
gok'{bnmcdldi xudkrn{~#
Ndgxfuo~dc~ eb{ybbc {ufkb zdlrgb~ fck {ufkb ~ruxlr~b~, e ~bn{du~, nfc iozb r~
oc~oim{ oc{d {mb eolf{bufl {ufkb xf{{buc~ eb{ybbc {mb {yd ndrc{uob~# Oc {mo~ ~{rk, yb
b}fgocb R#^#'Adubf eolf{bufl {ufkb oc ~o} ~bn{du~0 fiuonrl{rub fck jddk -fiuo'jddk/,
cf{rufl ub~drunb~ef~bk ockr~{uob~ -cf{rufl'ub~/, {b}{olb~, gok'{bnmcdldi xudkrn{~ -gok'
{bnm/, moim'{bnmcdldi xudkrn{~ -moim'{bnm/, fck d{mbu~# [mb ~bn{du~ fub kb{bugocbk
dc {mb ef~o~ dj {mb ~{fckfuk oc{bucf{odcfl {ufkb nlf~~ojonf{odc -^O[N/ {yd'koio{ ndkb#
[mb fiuo'jddk ~bn{du ocnlrkb~ xuogfu fiuonrl{rufl iddk~ -iufoc~, lozb fcogfl~, juro{,
fck zbib{felb~/ fck xudnb~~bk jddk -ebzbufib~, {defnnd xudkrn{~, fck gbf{ xudkrn{~/#
[mb cf{rufl'ub~ ~bn{du ocnlrkb~ ndfl, if~, yddk, fck xb{udlbrg xudkrn{~# [mb {b}{olb~
~bn{du ocnlrkb~ fxxfubl, nld{moci, fck jdd{ybfu# [mb gok'{bnm ~bn{du ocnlrkb~ jbu{olopbu~,
nmbgonfl gf{buofl~, cdcjbuudr~ gb{fl~, fck jruco{rub# [mb moim'{bnm ~bn{du ocnlrkb~
gfnmocbu, {ufc~xdu{ bvroxgbc{, fck ~nobc{ojon oc~{urgbc{~# D{mbu~ ocnlrkb {ufc~fn{odc~buzonb~#
[felb~ 6F fck 6E ~rggfuopb R#^#'Adubf eolf{bufl {ufkb oc {mb ~o} ockr~{uofl ~bn{du~
kruoci {mb 6?=?588: xbuodk# [mb Rco{bk {f{b~ mf~ {ufkb ~ruxlr~b~ yo{m dr{m Adubf
oc {mb ~bn{du~ dj fiuonrl{rub fck jddk fck {mb cf{rufl ub~drunb~ef~bk ockr~{uob~# E
ndc{uf~{, {mb Rco{bk ^{f{b~ mf~ f {ufkb kbjono{, ymonm mf~ ocnubf~bk dzbu {ogb, yo{m
^dr{m Adubf oc {mb moim'{bnmcdldi ~bn{du# [mb Rco{bk {f{b~ fl~d mf~ f {ufkb kbjono{
yo{m Adubf oc {mb {b}{olb~ ~bn{du, er{ {mo~ kbjono{ mf~ kbnubf~bk dzbu {ogb# Oc jfn{, ed{m
R#^# b}xdu{~ fck ogxdu{~ dj {b}{olb xudkrn{~ mfzb kbnubf~bk ~ocnb 6??8 dyoci {d {mb{mouk'ndrc{u bjjbn{ oc {mb gfuab{# ocnb d{mbu ndrc{uob~ fck ubiodc~ ~rnm f~ Nmocf,
[mfolfck, Ockdcb~of, fck Lf{oc Fgbuonfc ndrc{uob~ mfzb ebndgb gdub ndgxb{o{ozb oc
xudkrnoci {b}{olb xudkrn{~, ed{m {mb Rco{bk {f{b~ fck dr{m Adubf mfzb ocnubf~bk
{mbou ogxdu{~ dj {mb~b xudkrn{~ judg {mb~b {mouk ndrc{uob~# Jdu {mb gok'{bnmcdldi
~bn{du, {mb R#^# {ufkb eflfcnb yo{m Adubf fzbufibk +8#6?: eollodc, yo{m f ~{fckfuk
kbzof{odc dj +8#?;8 eollodc# Jdu {mb ~buzonb~ ~bn{du, {mb Rco{bk {f{b~ mfk f ~gfll {ufkb
~ruxlr~ yo{m dr{m Adubf xuodu {d 6??9 er{ mfk f {ufkb kbjono{ fj{buyfuk#
[mb ublf{ozb ogxdu{fcnb dj bfnm ~bn{du oc {mb eolf{bufl {ufkb mf~ nmfcibk dzbu {ogb#[mb ~mfub dj {b}{olb xudkrn{~ oc R#^#'Adubf eolf{bufl {ufkb kbnubf~bk ~mfuxl judg
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 66
5>#6 xbunbc{ oc 6?=? {d >#: xbunbc{ oc 588:# [mb ~mfub dj fiuonrl{rub fck jddk xudkrn{~
kbnubf~bk ~loim{l judg 2#: xbunbc{ oc 6?=? {d ;#8 xbunbc{ oc 588:, fck {mb ~mfub dj
gok'{bnmcdldi xudkrn{~ kbnubf~bk judg 56#: xbunbc{ {d 6?#5 xbunbc{ oc {mb ~fgb
xbuodk# [mb ~mfub~ dj cf{rufl ub~drunb~ef~bk ockr~{u xudkrn{~ fck ~buzonb~ fub
ublf{ozbl ~gfll, yo{m fc fzbufib ~mfub dj ;#6 xbunbc{ fck 6#: xbunbc{, ub~xbn{ozbl#
E ndc{uf~{, {ufkb dj moim'{bnmcdldi xudkrn{~ mf~ {fabc {mb lodc~ ~mfub dj {mb eolf{bufl{ufkb eb{ybbc {mb {yd ndrc{uob~, rgxoci judg ;;#5 xbunbc{ oc 6?=? {d :;#= xbunbc{ oc
588:# R#^#'Adubf eolf{bufl {ufkb zdlrgb oc {mb moim'{bnmcdldi ~bn{du ocnubf~bk judg
+6;#9 eollodc oc 6?=? {d +28#= eollodc oc 588:# [mb R#^# {ufkb kbjono{ yo{m dr{m Adubf
oc {mb moim'{bnmcdldi ~bn{du fl~d ocnubf~bk judg +>#2 eollodc oc 6?=? {d +56#8 eollodc oc
588; fck +65#2 eollodc oc 588:#
Oczb~{oif{odc dj {mb kf{f xudzokb~ jozb ogxdu{fc{ bgxouonfl jfn{~# Jou~{, {mb ocnubf~b oc
R#^#'Adubf eolf{bufl {ufkb oc ubnbc{ bfu~ o~ krb gfocl {d ocnubf~bk eolf{bufl {ufkb oc
kojjbubc{of{bk moim'{bnmcdldi xudkrn{~# bndck, ymolb {mb Rco{bk {f{b~ mf~ ocnubf~bko{~ b}xdu{~ dj moim'{bnmcdldi xudkrn{~ {d dr{m Adubf, o{~ ogxdu{~ dj {mb xudkrn{~
mfzb ocnubf~bk gdub ufxokl, ub~rl{oci oc fc ocnubf~b dj {mb R#^# {ufkb kbjono{ yo{m
[felb 6F0 R#^#'Adubf Eolf{bufl [ufkb, e ^bn{du, 6?=?588:, oc eollodc~ dj kdllfu~
R#^# B}xdu{~ {d ^dr{m Adubf
_bfu Fiuo'jddk Cf{rufl'ub~ [b}{olb~ Gok'{bnm Moim'{bnm D{mbu~ [d{fl6?=? 6#:; 6#>= 6#>= >#>: 2#2= 8#6> 6>#2
6??8 6#2? 6#9= 6#2; >#;5 2#== 8#69 6;#;
6??6 6#>? 6#:9 6#55 >#:2 9#5? 8#5? 62#2
6??5 6#26 6#28 6#6= >#55 :#?; 8#59 6;#:
6??> 6#5? 6#:> 6#68 >#52 9#59 8#5; 6;#=
6??; 6#2? 6#;6 6#5> >#=5 ?#:: 8#>6 6=#8
6??2 5#?5 6#9? 6#;5 2#2? 6>#5; 8#;2 52#;
6??: >#55 6#:= 6#5> 2#66 6;#:> 8#96 5:#:
6??9 5#>8 6#:9 6#58 ;#=5 6;#:6 8#;: 52#6
6??= 6#9: 8#92 8#=8 >#66 ?#9? 8#>> 6:#26??? 5#5: 6#8= 8#:? >#=9 6;#:> 8#;> 5>#8
5888 5#>8 6#82 8#?; ;#=: 6=#>8 8#;: 59#?
5886 5#5= 8#=: 8#?? ;#28 6>#6= 8#>? 55#5
5885 5#;9 8#== 8#=5 ;#=? 6>#66 8#;> 55#:
588> 5#9; 6#6: 8#=; 2#;8 6>#2; 8#;5 5;#6
588; 5#>6 6#26 8#=6 :#=? 6;#;6 8#;8 5:#>
5882 5#68 6#:8 8#9= :#98 6:#8: 8#;> 59#9
588: 5#9? 5#6> 8#9; 9#5> 6?#65 8#;; >5#2
^drunb0 O[F -zfuodr~ bfu~/# Cd{b0 Fiuo'jddk 7 fiuonrl{rub fck jddk, Cf{rufl'ub~ 7 cf{rufl ub~drunb~ef~bk ockr~{uob~,Gok'{bnm 7 gok'{bnmcdldi xudkrn{~, Moim'{bnm 7 moim'{bnmcdldi xudkrn{~#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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65 [mb Adubf Bndcdgon Oc~{o{r{b
^dr{m Adubf dzbu {ogb# [mouk, {mb ogxdu{fcnb dj {mb gok'{bnmcdldi ~bn{du oc R#^#'
Adubf eolf{bufl {ufkb {bck~ {d kbnlocb dzbu {ogb oc {bug~ dj {ufkb ~mfub, bzbc oj {mb
{ufkb zdlrgb oc {mb ~bn{du mf~ ocnubf~bk ~{bfkol ~ocnb 6?=?# Jdru{m, {ufkb ~mfub~ oc
{mb {b}{olb fck fiuonrl{rub fck jddk ~bn{du~ fub ~gfll fck {bck {d kbnubf~b dzbu {ogb#
[mo~ o~ xfu{onrlful {urb jdu {mb {b}{olb~ ~bn{du dyoci {d {mb {mouk'ndrc{u bjjbn{# Jocfll,
eolf{bufl {ufkb oc {mb ~buzonb~ ~bn{du fnndrc{~ jdu dcl f ~gfll xdu{odc dj {mb {d{flR#^#'Adubf eolf{bufl {ufkb zdlrgb, fl{mdrim {mb ~bn{du o~ {mb lfuib~{ oc ed{m bndcdgob~#
[fuojj Ubkrn{odc fck Blogocf{odc ^nmbkrlb~ oc {mb ADUR^ J[F
Rckbu {mb ADUR^ J[F, cbful ?2 xbunbc{ dj eolf{bufl {ufkb oc ndc~rgbu fck ockr~{uofl
xudkrn{~ ebndgb~ kr{'jubb yo{moc {mubb bfu~ fj{bu {mb ocnbx{odc dj {mb fiubbgbc{,
fck gd~{ dj {mb ubgfococi {fuojj~ yoll eb blogocf{bk yo{moc 68 bfu~# Oc {mo~ ~bn{odc, yb
xudzokb fc dzbuzoby dj {mb {fuojj ubkrn{odc fck blogocf{odc ~nmbkrlb~ dj {mb Rco{bk
^{f{b~ fck dr{m Adubf jdu {mb ~o} fiiubif{bk ~bn{du~ r~bk oc dru fcfl~o~, ef~bk dc{mb ADUR^ J[F {b}{ ymonm o~ nruubc{l rckbu {mb xudnb~~ dj lbifl ubzoby -R^[U
5889/#
[felb 6E0 R#^#'Adubf Eolf{bufl [ufkb, e ^bn{du, 6?=?588:, oc eollodc~ dj kdllfu~
R#^# Ogxdu{~ judg ^dr{m Adubf
_bfu Fiuo'jddk Cf{rufl'ub~ [b}{olb~ Gok'{bnm Moim'{bnm D{mbu~ [d{fl6?=? 8#56 8#6? :#5? >#=> ?#68 8#6; 6?#9
6??8 8#6? 8#6> :#>9 >#=? 9#9: 8#6; 6=#2
6??6 8#6? 8#6; 2#>2 >#:; 9#2> 8#69 69#8
6??5 8#69 8#56 ;#=5 >#;= 9#=2 8#69 6:#9
6??> 8#69 8#58 ;#5; >#6> ?#58 8#6= 69#6
6??; 8#69 8#55 >#:6 >#>2 65#6> 8#6= 6?#9
6??2 8#6= 8#56 >#66 >#2> 6:#?8 8#52 5;#5
6??: 8#6= 8#6; 5#:9 >#;5 62#=> 8#;; 55#9
6??9 8#6= 8#58 5#=5 >#2; 62#?9 8#;2 5>#5
6??= 8#62 8#5? >#62 ;#2= 62#5= 8#;= 5>#?
6??? 8#6= 8#;; >#>2 ;#92 56#?; 8#:8 >6#>
5888 8#58 8#9? >#:5 2#58 5?#=6 8#:9 ;8#>
5886 8#55 8#=; >#;5 ;#:= 52#5= 8#9; >2#5
5885 8#52 8#2= >#>2 ;#2; 5:#8? 8#99 >2#:
588> 8#5: 8#2; >#8; ;#;; 59#?9 8#95 >9#8
588; 8#5? 8#?= >#8= 2#29 >2#>? 8#=: ;:#5
5882 8#>> 5#89 5#;8 :#=8 >6#>8 8#=? ;>#=
588: 8#>> >#8: 5#68 9#=6 >6#:; 8#== ;2#=
^drunb0 O[F -zfuodr~ bfu~/# Cd{b0 Fiuo'jddk 7 fiuonrl{rub fck jddk, Cf{rufl'ub~ 7 cf{rufl ub~drunb~ef~bk ockr~{uob~,Gok'{bnm 7 gok'{bnmcdldi xudkrn{~, Moim'{bnm 7 moim'{bnmcdldi xudkrn{~#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 6>
Jdu {mb fiuonrl{rub fck jddk ~bn{du, {mb gf`du xudkrn{~ {mf{ dr{m Adubf b}xdu{~ {d
{mb Rco{bk ^{f{b~ fub zbib{felb~ fck juro{~ fck d{mbu go~nbllfcbdr~ bkoelb~, ymonm
ebldci {d {mb ~{fioci nf{biduob~ dj F du A# [fuojj~ dc iddk~ oc ~{fioci nf{bidu F yoll
eb blogocf{bk bc{oubl dc {mb kf{b {mb ADUR^ J[F bc{bu~ oc{d jdunb, fck {fuojj~ dc
iddk~ oc ~{fioci nf{bidu A yoll ndc{ocrb {d ubnbozb kr{'jubb {ubf{gbc{# Gf`du R#^
b}xdu{~ oc {mb ~bn{du {d dr{m Adubf fub nbubfl~, gbf{, fck kfou xudkrn{~# Ymolb uonb
o~ b}nlrkbk judg {mb ADUR^ J[F, Adubfc {fuojj~ dc nduc jdu jbbk, ymbf{ jdu jbbk
fck golloci, fck ~debfc~ jdu nur~moci yoll eb blogocf{bk oggbkof{bl# Gbf{ xudkrn{~
ebldci {d kojjbubc{ ~{fioci nf{biduob~ kbxbckoci dc gbf{ {xb -b#i#, ebbj, xdua, xdrl{u
gbf{/# [fuojj~ dc ebbj xudkrn{~ yoll eb blogocf{bk iufkrfll yo{moc 62 bfu~ fj{bu {mb
J[F bc{bu~ oc{d jdunb# [fuojj~ dc judpbc xdua xudkrn{~ yoll eb blogocf{bk e 586;, fck
{fuojj~ dc jub~m fck nmollbk xdua xudkrn{~ yoll eb xmf~bk dr{ yo{moc 68 bfu~# [fuojj~ dc
gd~{ xdrl{u nr{~ ocnlrkoci lbi~ yoll eb jrll ubgdzbk yo{moc 68 bfu~# Jdu kfou
xudkrn{~, Adubf yoll r~b {fuojj'uf{b vrd{f~ {mf{ xudzokb oggbkof{b kr{'jubb fnnb~~
dc kdrelb nruubc{ ~moxgbc{ zdlrgb~ dj R#^# kfou b}xdu{~# Flgd~{ {yd'{mouk~ dj R#^#
fiuonrl{rufl b}xdu{~ {d Adubf yoll ebndgb kr{'jubb oggbkof{bl ymbc {mb ADUR^
J[F o~ ogxlbgbc{bk#
Jdu {mb cf{rufl ub~drunb~ef~bk ockr~{uob~, gd~{ Adubfc b}xdu{~ {d {mb Rco{bk {f{b~
fub xb{udlbrg xudkrn{~, cdcgb{fllon gocbufl~, fck gb{fllojbudr~ dub~# [mb~b xudkrn{~
fub oc {mb ~{fioci nf{biduob~ dj F du A, ogxloci {fuojj~ dc Adubfc b}xdu{~ {d {mb
Rco{bk {f{b~ yoll eb blogocf{bk oggbkof{bl fj{bu {mb ADUR^ J[F bc{bu~ oc{d jdunb#
Gf`du R#^# b}xdu{~ oc {mb ~bn{du ocnlrkb ndua fck yddk xudkrn{~, gb{fllojbudr~ dub~,cdcgb{fllon gocbufl~, xb{udlbrg xudkrn{~, fck ndfl fck euovrb{{b~# Gd~{ xudkrn{~
ebldci {d {mb ~{fioci nf{bidu dj F, fck {mr~ {mb {fuojj~ dc {mbg yoll eb blogocf{bk
oggbkof{bl dcnb {mb J[F bc{bu~ oc{d jdunb# dgb dj {mb yddk xudkrn{~ ebldci {d {mb
~{fioci nf{biduob~ dj N fck K, ymonm mfzb ef~b {fuojj uf{b~ dj fedr{ 2 xbunbc{, fck
{mb {fuojj~ dc {mbg yoll eb blogocf{bk oc {mubb fck jozb bfu~, ub~xbn{ozbl#
Jdu {mb {b}{olb~ ~bn{du, ed{m ~okb~ fiubbk {d xudzokb ubnoxudnfl kr{'jubb fnnb~~
oggbkof{bl jdu gd~{ {b}{olb fck fxxfubl iddk~# Gf`du R#^# b}xdu{~ {d ^dr{m Adubf oc
{mb ~bn{du ocnlrkb {b}{olb fuc fck jfeuon~, {b}{olb joebu~, mokb~ fck ~aoc~, fck lbf{mbu~#Gf`du Adubfc b}xdu{~ oc {mb ~bn{du fub fu{onlb~ dj fxxfubl fck nld{moci, jdd{ybfu, fck
jfeuon~# Fxxfubl xudkrn{~ gfkb oc dr{m Adubf yoll vrfloj jdu xubjbubc{ofl {ubf{gbc{
rckbu {mb fiubbgbc{ oj {mb r~b R#^# du Adubfc jfeuon fck fuc, {mbube ~rxxdu{oci
R#^# jfeuon fck fuc b}xdu{~# R#^# fck Adubfc nr~{dg~ fr{mduo{ob~ gf ndckrn{
rcfccdrcnbk ~o{b zo~o{~ {d Adubfc xudkrnbu~ dj {b}{olb xudkrn{~, fck {mb Rco{bk {f{b~
o~ flldybk {d ogxd~b f ~xbnofl {b}{olb ~fjbirfuk ~mdrlk R#^# kdgb~{on xudkrnbu~
b}xbuobcnb kfgfib nfr~bk e ogxdu{ ~ruib~#
Jdu {mb ~bn{du dj gok'{bnmcdldi xudkrn{~, gf`du R#^# b}xdu{~ ocnlrkb nmbgonflxudkrn{~, xfxbu fck xfxbu edfuk, gfcrjfn{rub~ dj gb{fl~, cdcjbuudr~ gb{fl~, fck oudc
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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6; [mb Adubf Bndcdgon Oc~{o{r{b
fck ~{bbl# Gf`du Adubfc b}xdu{~ {d {mb Rco{bk ^{f{b~ oc {mb ~bn{du ocnlrkb {ufzbl
iddk~ -b#i#, mfckefi~/, ureebu gfcrjfn{rub~, oudc fck ~{bbl, go~nbllfcbdr~
gfcrjfn{rubk fu{onlb~, fck gfcrjfn{rub~ dj gb{fl~# [mb~b iddk~ fub bo{mbu oc {mb
~{fioci nf{bidu F -b#i#, {ufzbl iddk~/ du oc {mb ~{fioci nf{bidu A -b#i#, xfxbu fck
xfxbu edfuk xudkrn{~/# [mbubjdub, gd~{ gok'{bnmcdldi gfcrjfn{ruoci iddk~ yoll eb
du yoll ndc{ocrb {d eb kr{'jubb fj{bu {mb ADUR^ J[F bc{bu~ oc{d jdunb#
F~ ko~nr~~bk bfulobu, {mb Rco{bk ^{f{b~ fck ^dr{m Adubf mfzb ocnubf~bk {mbou
oc{ufockr~{u {ufkb dj moim'{bnmcdldi gfcrjfn{ruoci xudkrn{~# [mb~b xudkrn{~ ocnlrkb
gd{du zbmonlb~, {blbndggrconf{odc bvroxgbc{, blbn{uonfl fck cb{yduaoci gfnmocbuob~,
{ufc~xdu{ bvroxgbc{, fck xudjb~~odcfl ~nobc{ojon oc~{urgbc{~# Gd~{ xudkrn{~ oc {mb
moim'{bnmcdldi ~bn{du fub oc {mb ~{fioci nf{bidu F du A, gbfcoci {mb xudkrn{~ fub
kr{'jubb rckbu {mb ADUR^ J[F# ^dgb dj {mb moim'{bnm xudkrn{~ fub oc ~{fioci
nf{bidu N, ymonm gbfc~ {mf{ {fuojj~ yoll eb jrll ubgdzbk dc 6 @fcrfu dj {mb {mouk
bfu fj{bu {mb J[F bc{bu~ oc{d jdunb# Oc xfu{onrlfu, {mb ADUR^ J[F o~ b}xbn{bk {d
ocnubf~b R#^# ndgxb{o{ozbcb~~ oc {mb Adubfc fr{dgdeolb gfuab{# Rckbu {mb fiubbgbc{,
Adubfc {fuojj~ dc gd~{ R#^# xuoduo{ xf~~bcibu zbmonlb~ fck {urna~ yoll eb blogocf{bk
oggbkof{bl# Eb~okb~, Adubf fiubbk {d fkkub~~ ~xbnojon fr{d cdc{fuojj efuuobu~ {d
bc~rub {mb kd cd{ ogxbkb {mb gfuab{ fnnb~~ dj R#^# fr{dgdeolb~#
Jdu {mb ~buzonb~ ~bn{du, dr{m Adubf ~oicojonfc{l ogxudzbk rxdc o{~ Y[D ndggo{gbc{~
oc ~buzonb~, xudzokoci gbfcocijrl gfuab{ fnnb~~ ndggo{gbc{~ {mf{ b}{bck fnud~~
zou{rfll fll gf`du ~buzonb ~bn{du~# oicojonfc{ xudiub~~ yf~ gfkb oc {mb fubf dj b}xub~~kblozbu ~buzonb~, lbifl ~buzonb~, mbfl{m nfub ~buzonb~, bkrnf{odc ~buzonb~, fck ub~bfunm
fck kbzbldxgbc{ ~buzonb~, fck ~d dc#
OOO# Gdkbl fck Kf{f
[mbub fub {yd bndcdgon fxxudfnmb~ jdu bzflrf{oci {mb bjjbn{~ dj xdlon nmfcib~ dc
f ~b{ dj bckdibcdr~ zfuofelb~0 xfu{ofl bvroloeuorg fck ibcbufl bvroloeuorg gdkbl~# [mb
xfu{ofl bvroloeuorg gdkbl~ fub ublf{ozbl ~ogxlb fck {xonfll jdnr~ dc dcl f jby~bn{du~ dj {mb bc{oub bndcdg# E ndc{uf~{, ndgxr{felb ibcbufl bvroloeuorg -NIB/
gdkbl~ fub ndgxlb} fck gf nfx{rub {mb ndgxlonf{bk oc{buxlf dj bjjbn{~ {mf{ gf
eb ockrnbk e xdlon nmfcib~ oc {mb bc{oub bndcdg -Lbb fck Lbb 5882/# Ebnfr~b {mb
ADUR^ J[F ydrlk ndzbu zou{rfll fll {ufkbk iddk~ oc zfuodr~ ockr~{uofl ~bn{du~ eb{ybbc
{mb {yd ndrc{uob~, f NIB gdkbl ydrlk ~ruxf~~ fc bndcdgb{uon du f xfu{ofl bvroloeuorg
gdkbl oc {mb ~bc~b {mf{ {mb NIB gdkbl flldy~ ndgxlb} oc{bufn{odc~ fgdci f yokb
ufcib dj bndcdgon zfuofelb~ fnud~~ zfuodr~ ~bn{du~ oc fc bndcdg#
^ogolfu {d gfc xubzodr~ ~{rkob~ -jdu b}fgxlb, Nmdo fck nmd{{ Q5886W, GnKfcobl fckJd} Q5886W/, yb fl~d r~b {mb grl{oubiodc Ildefl [ufkb Fcfl~o~ Xud`bn{ -I[FX/ gdkbl
oc {mo~ ~{rk# Mdybzbu, dru fiiubif{odc dj ockr~{uob~ fck ndrc{uob~ o~ kojjbubc{ judg
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 62
xubzodr~ ~{rkob~# [mb I[FX gdkbl o~ f ~{f{on ibcbufl bvroloeuorg gdkbl, fck {mr~
~ogrlf{odc ub~rl{~ r~oci {mo~ gdkbl fub ndgxfuf{ozbl ~{f{on oc cf{rub -Mbu{bl 6??91
KbUd~f fck Iolebu{ 5882/# [mb f~~rgx{odc~ oc {mb I[FX gdkbl ocnlrkb f ndc~{fc{
ub{ruc {d ~nflb fck xbujbn{ ndgxb{o{odc, ymonm fub ~ogolfu {d ef~on {ufkb gdkbl~ fck
{mbduob~ -b#i#, {mb Uonfukofc gdkbl, {mb Mbna~nmbu'Dmloc gdkbl, fck {mb ^{dlxbu'
^fgrbl~dc {mbdubg/# Fl~d, {mb gdkbl f~~rgb~ {mf{ ocxr{ jfn{du~ ~rnm f~ lfedu fck
nfxo{fl fub xbujbn{l gdeolb fnud~~ {mb zfuodr~ ~bn{du~ oc fc bndcdg fck {mf{ {ufkbk
xudkrn{~ fub kojjbubc{of{bk e ndrc{u dj duoioc -Fugoci{dc 6?:?/#
[mb =9 ndrc{uob~ fck ubiodc~ ndzbubk oc {mb I[FX Zbu~odc': kf{fef~b fub fiiubif{bk
oc{d ~bzbc ndrc{uob~ fck ubiodc~0 {mb Rco{bk {f{b~, dr{m Adubf, Nmocf -gfoclfck/,
{mb Brudxbfc Rcodc,5 @fxfc, d{mbu F~ofc ndrc{uob~ -DF~of/, fck {mb ub~{ dj ydulk
-UDY/# [mb 29 ndggdko{ ~bn{du~ ndzbubk oc {mb duoiocfl kf{fef~b fub fiiubif{bk
oc{d ~bzbc ~bn{du~0 fiuonrl{rub fck jddk, uonb,> cf{rufl ub~drunb~ef~bk ockr~{uob~,
{b}{olb~, gok'{bnmcdldi xudkrn{~, moim'{bnmcdldi xudkrn{~, fck ~buzonb~#
[mb {ufkb jldy~ fgdci {mb ~blbn{bk ndrc{uob~ fck ubiodc~ oc {mb ef~b bfu 5886
xudzokb {mb jdlldyoci jdru de~buzf{odc~0
^dr{m Adubf, Nmocf, fck @fxfc fub {mb gd~{ ogxdu{fc{ {ufkb xfu{cbu~ oc F~of
jdu {mb Rco{bk {f{b~# R#^# b}xdu{~ -fll ~bn{du~ ndgeocbk/ {d @fxfc fldcb
-+96#?; eollodc/ ~ruxf~~bk R#^# b}xdu{~ {d fll d{mbu F~ofc ndrc{uob~ -+:8#>5
eollodc/, b}nlrkoci dr{m Adubf fck Nmocf#
R#^# b}xdu{~ -fll ~bn{du~ ndgeocbk/ {d dr{m Adubf -+5?#;6 eollodc/ ~ruxf~~bk
R#^# b}xdu{~ {d Nmocf -+5?#88 eollodc/, bzbc {mdrim {mb R#^# eolf{bufl {ufkb
yo{m dr{m Adubf o~ grnm ~gfllbu {mfc {ufkb yo{m Nmocf#
[mb moim'{bnmcdldi ~bn{du kdgocf{b~ fc d{mbu ~ocilb ~bn{du oc {bug~ dj
R#^# eolf{bufl {ufkb zdlrgb yo{m fc ndrc{u du ubiodc# Oc xfu{onrlfu, {mb Rco{bk
^{f{b~ ogxdu{~ f {ubgbckdr~ fgdrc{ dj moim'{bnm xudkrn{~ judg @fxfc#
[mb Rco{bk {f{b~ o~ {mb gd~{ ogxdu{fc{ gfuab{ jdu dr{m Adubf~ moim'{bnmxudkrn{~#
[mo~ ~{rk r~b~ {mb ~{fckfuk ibcbufl bvroloeuorg -IB/ nld~rub, ymonm o~ {mb nlf~~ojonf{odc
dj {mb zfuofelb~ oc {mb gdkbl f~ bo{mbu bckdibcdr~ du b}dibcdr~# Jdu {mb ~{fckfuk IB
5# [mo~ ubjbu~ {d {mb Brudxbfc Rcodc 620 Fr~{uof, Ebliorg, Kbcgfua, Joclfck, Jufcnb, Ibugfc,Iubbnb, Ubxrelon dj Oublfck, O{fl, Lr}bgedrui, Cb{mbulfck~, Xdu{rifl, ^xfoc, ^ybkbc, fckRco{bk Aocikdg#
># Ebnfr~b uonb o~ b}nlrkbk judg {mb ADUR^ J[F, yb {ubf{ uonb f~ kojjbubc{ judg d{mbu fiuonrl'{rufl xudkrn{~#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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6: [mb Adubf Bndcdgon Oc~{o{r{b
nld~rub, {mb zfuofelb~ jdu ogxdu{ {fuojj uf{b~ fck b}xdu{ {f}b~ fub b}dibcdr~1 {mr~
{mb~b zfuofelb~ gf eb ~re`bn{bk {d f ~mdna oc dukbu {d b}fgocb {mb bjjbn{~ dj {mb
nmfcib~ dj {mb~b b}dibcdr~ zfuofelb~ dc {mb bckdibcdr~ zfuofelb~# O{ o~ f~~rgbk {mf{
d{mbu ndrc{uob~ fck ubiodc~ ydrlk cd{ ub{flof{b fck {mf{ fll d{mbu {moci~ ~rnm f~ xdxrlf{odc
fck bckdygbc{ dj xuogfu jfn{du~ ubgfoc rcnmfcibk judg {mb de~buzf{odc~ jdu {mb
ef~b bfu 5886# Dcb dj {mb logo{f{odc~ dj {mb I[FX gdkbl o~ {mf{ o{ f~~rgb~ ndc~{fc{
ub{ruc {d ~nflb ubifuklb~~ dj ~bn{du~# Mdybzbu, {mb moim'{bnm ~bn{du gf b}xbuobcnb
fc ocnubf~oci ub{ruc {d ~nflb1 oc xfu{onrlfu, fc J[F ydrlk bcndrufib {mb gbgebu
ndrc{uob~ {d ~xbnoflopb oc xudkrn{odc fck b}xldub moimbu kbiubb dj ~nflb bndcdgob~#
[mr~, o{ o~ f~~rgbk {mf{ {mb xudkrn{ozo{ oc {mb moim'{bnm ~bn{du oc {mb Rco{bk {f{b~
fck dr{m Adubf ydrlk ocnubf~b e 6 xbunbc{ rckbu {mb ADUR^ J[F#
[yd ~nbcfuod~ fub ndc~okbubk oc dru ~ogrlf{odc, ef~bk dc dru bfulobu ko~nr~~odc fedr{
{mb {fuojj blogocf{odc ~nmbkrlb~ rckbu {mb ADUR^ J[F# Jdu ~nbcfuod 6, R#^# {fuojj~
dc ogxdu{~ judg dr{m Adubf fub jrll blogocf{bk jdu fll ~bn{du~,; fck Adubfc {fuojj~
dc ogxdu{~ judg {mb Rco{bk {f{b~ fub jrll blogocf{bk jdu fll {mb ~bn{du~ b}nbx{ {mb
uonb ~bn{du fck {mb fiuonrl{rub fck jddk ~bn{du# Uonb o~ b}nlrkbk judg {mb ADUR^
J[F1 {mr~ yb f~~rgb Adubfc {fuojj~ dc uonb ogxdu{~ ydrlk ubgfoc rcnmfcibk judg
{mb ef~b bfu# Adubfc {fuojj~ dc R#^# fiuonrl{rufl fck jddk xudkrn{~ fub ubkrnbk e
::#9 xbunbc{ ebnfr~b {yd'{mouk~ dj R#^# fiuonrl{rufl b}xdu{~ {d Adubf yoll ebndgb
kr{'jubb oggbkof{bl rckbu {mb ADUR^ J[F, f~ yb ko~nr~~bk bfulobu# Jdu ~nbcfuod
5, Adubfc {fuojj~ dc R#^# fiuonrl{rufl fck jddk xudkrn{~ fub ubkrnbk e ?2 xbunbc{
yo{moc 68 bfu~, fck {fuojj nr{~ oc d{mbu ~bn{du~ fub {mb ~fgb f~ oc ~nbcfuod 6#
OZ# Ub~rl{~ fck Ko~nr~~odc
[mo~ ~bn{odc o~ kozokbk oc{d {mubb xfu{~# Jou~{, bjjbn{~ dj {mb ADUR^ J[F dc IKX,
mdr~bmdlk ocndgb, cf{odcfl ybljfub, fck {bug~ dj {ufkb fub xub~bc{bk# bndck, bjjbn{~
dj {mb J[F dc xudkrn{odc oc zfuodr~ ~bn{du~ oc {mb {yd ndrc{uob~ fub b}fgocbk# Jocfll,
{ufkb nubf{odc fck {ufkb kozbu~odc bjjbn{~ dj {mb ADUR^ J[F dc bfnm ~bn{du dj {mb
{yd bndcdgob~ fub ko~nr~~bk#
Nmfcib~ oc IKX, Mdr~bmdlk Ocndgb, Cf{odcfl Ybljfub, fck [bug~ dj [ufkb
[felb 5 ~rggfuopb~ {mb nmfcib~ oc IKX, mdr~bmdlk ocndgb, cf{odcfl ybljfub, fck
{bug~ dj {ufkb oc {mb ~blbn{bk ~bzbc ndrc{uob~ fck ubiodc~ rckbu {mb {yd ~nbcfuod~#
R#^# IKX ydrlk ocnubf~b e fedr{ +6= eollodc -du 8#6= xbunbc{ dj IKX/ rckbu ed{m
~nbcfuod~# [mb IKX oc dr{m Adubf ydrlk ocnubf~b e +>#= eollodc -du 8#== xbunbc{ dj
;# I[FX kdb~ cd{ mfzb xud{bn{odc kf{f -ogxdu{ {fuojj~ fck b}xdu{ {f}b~/ jdu {mb ~buzonb~ ~bn{du#
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 69
IKX/ rckbu ~nbcfuod 6 fck +>#: eollodc -du 8#=2 xbunbc{/ rckbu ~nbcfuod {yd# [mb
IKX oc fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk {bck {d kbnubf~b ~loim{lcbiloioelb
kbnubf~b~ oc {bug~ dj xbunbc{fib nmfcib~# Mdr~bmdlk ocndgb oc {mb Rco{bk ^{f{b~
ydrlk ocnubf~b e 8#5; xbunbc{ fck 8#52 xbunbc{ rckbu {mb {yd ~nbcfuod~, ub~xbn{ozbl#
Mdr~bmdlk ocndgb oc dr{m Adubf ydrlk ocnubf~b e 6#68 xbunbc{ rckbu ~nbcfuod 6
fck 8#?5 xbunbc{ rckbu ~nbcfuod 5# Mdr~bmdlk ocndgb jdu fll d{mbu ndrc{uob~ fck
ubiodc~ ydrlk kbnubf~b ~loim{l e kojjbubc{ fgdrc{~, ufcioci judg 8#85 xbunbc{ oc
UDY {d 8#82 xbunbc{ oc Nmocf#
[mb cf{odcfl ybljfub gbf~rubk e bvrozflbc{ zfuof{odc -BZ/ oc ocndgb2 oc {mb Rco{bk
^{f{b~ ydrlk ocnubf~b e +55#>> eollodc rckbu ~nbcfuod 6 fck +5>#5> eollodc rckbu
~nbcfuod 5# [mb cf{odcfl ybljfub oc dr{m Adubf ydrlk ocnubf~b e +;#62 eollodc fck
+>#;: eollodc rckbu bfnm ~nbcfuod, ub~xbn{ozbl# [mb ybljfub oc fll d{mbu ndrc{uob~ fck
ubiodc~ ydrlk kbnubf~b e kojjbubc{ gfico{rkb~, ufcioci judg +8#;= eollodc oc d{mbu
[felb 50 Nmfcib~ oc IKX, Mdr~bmdlk Ocndgb, Ybljfub -BZ/, fck [bug~ dj [ufkb oc
^blbn{bk Ndrc{uob~ fck Ubiodc~
Ndrc{u IKX IKX Mdr~bmdlk Ybljfub Xbu nfxo{f [D[
du ubiodc -+, eollodc~/ -"/ ocndgb -"/ -+, eollodc~/ ybljfub -+/ -"/
^nbcfuod 60 Adubfc fiuonrl{rufl fck jddk {fuojj~ nr{ e ::#9 xbunbc{
Rco{bk {f{b~ 6=#58 8#6= 8#5; 55#>> =8#2 8#>8^dr{m Adubf >#92 8#== 6#68 ;#62 =9#5 8#>:
Nmocf 8#66 8#86 8#82 8#2: 8#; 8#8?
@fxfc 8#6? 8#86 8#8; 6#>= 68#= 8#55
DF~of 8#68 8#86 8#8; 8#;9 8#5 8#82
BR 8#88 8#88 8#85 6#:9 ;#; 8#82
UDY 8#59 8#88 8#85 6#62 8#2 8#8>
^nbcfuod 50 Adubfc fiuonrl{rufl fck jddk {fuojj~ nr{ e ?2 xbunbc{
Rco{bk {f{b~ 6=#65 8#6= 8#52 5>#5> =>#9 8#>=
^dr{m Adubf >#:5 8#=2 8#?5 >#;: 95#9 8#82
Nmocf 8#8: 8#86 8#82 8#22 8#; 8#8?
@fxfc 8#5; 8#86 8#8; 6#;8 66#8 8#58
DF~of 8#8: 8#86 8#8; 8#;= 8#5 8#8:
BR 8#88 8#88 8#8> 6#9? ;#= 8#82
UDY 8#58 8#88 8#85 6#>5 8#: 8#8;
^drunb0 Fr{mdu~ nflnrlf{odc~#
Cd{b0 BR 7 Brudxbfc Rcodc, BZ 7 bvrozflbc{ zfuof{odc oc ocndgb, DF~of 7 d{mbu F~ofc ndrc{uob~,UDY 7 ub~{ dj ydulk, [D[ 7 {bug~ dj {ufkb#
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6= [mb Adubf Bndcdgon Oc~{o{r{b
F~ofc ndrc{uob~ {d +6#9? eollodc oc {mb BR# R#^# xbu nfxo{f ybljfub ifoc ydrlk ocnubf~b
~loim{l e +=8#2 rckbu ~nbcfuod 6 fck +=>#9 rckbu ~nbcfuod 5# ogolful, xbu nfxo{f
ybljfub ifoc oc ^dr{m Adubf ydrlk ocnubf~b e +=9#5 rckbu ~nbcfuod 6 fck +95#9
rckbu ~nbcfuod 5# Xbu nfxo{f ybljfub ifoc jdu fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk
kbnubf~b ~loim{l e kojjbubc{ fgdrc{~, ufcioci judg +8#5 oc d{mbu F~ofc ndrc{uob~ {d
+66#8 oc @fxfc#
Ymolb {mb cf{odcfl ybljfub dj d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b, ildefl
ybljfub ydrlk ocnubf~b e fedr{ +56#5 eollodc rckbu ed{m ~nbcfuod~# [mo~ o~ cd{
~ruxuo~oci ~ocnb yb f~~rgb {mf{ {mb bndcdgon ~o{rf{odc~ fck {ufkb xdlonob~ jdu fll
d{mbu ndrc{uob~ fck ubiodc~ ubgfoc rcnmfcibk rckbu {mb ADUR^ J[F# Jubb {ufkb
ogxudzb~ ybljfub ebnfr~b o{ bcndrufib~ bjjonobc{ xudkrnbu~ {d xudkrnb gdub fck
ocbjjonobc{ xudkrnbu~ {d xudkrnb lb~~# dr{m Adubf ebcbjo{~ gdub oc {bug~ dj xbunbc{fib
ocnubf~b dj IKX fck mdr~bmdlk ocndgb {mfc {mb Rco{bk {f{b~ kdb~ judg {mb ADUR^
J[F#
[bug~ dj {ufkb ydrlk fl~d nmfcib fnud~~ {mb ndrc{uob~ fck ubiodc~# [mb {bug~ dj
{ufkb jdu {mb Rco{bk {f{b~ ydrlk ocnubf~b e 8#>8 xbunbc{ rckbu ~nbcfuod 6 fck 8#>=
xbunbc{ rckbu ~nbcfuod 5# [mb {bug~ dj {ufkb jdu dr{m Adubf ydrlk ocnubf~b e 8#>:
xbunbc{ fck 8#82 xbunbc{ rckbu {mb {yd ~nbcfuod~, ub~xbn{ozbl# [bug~ dj {ufkb jdu fll
d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b e kojjbubc{ fgdrc{~, ufcioci judg 8#8>
xbunbc{ oc {mb UDY {d 8#55 xbunbc{ oc @fxfc#
Bjjbn{~ dj {mb ADUR^ J[F dc Xudkrn{odc
[mb ADUR^ J[F o~ b}xbn{bk {d fjjbn{ xudkrn{odc fnud~~ {mb ockr~{uofl ~bn{du~ oc {mb
{yd ndrc{uob~# [felb > ~rggfuopb~ {mb nmfcib~ oc xudkrn{odc oc {mb {yd ndrc{uob~# Oc
ibcbufl, nmfcib~ oc xudkrn{odc xf{{buc jdlldy {mb Mbna~nmbu'Dmloc {mbdubg# Jdu
oc~{fcnb, {mb Rco{bk {f{b~ o~ gdub fkzfcnbk oc {mb moim'{bnmcdldi ~bn{du {mfc d{mbu
ndrc{uob~ ebnfr~b o{ o~ f nfxo{fl' fck {bnmcdldi'ferckfc{ ndrc{u# F~ b}xbn{bk, {mb
Rco{bk {f{b~ ydrlk ocnubf~b o{~ xudkrn{odc dj moim'{bnm xudkrn{~ rckbu {mb ADUR^
J[F# ogolful, {mb Rco{bk {f{b~ ydrlk ocnubf~b o{~ xudkrn{odc dj fiuonrl{rufl fckjddk xudkrn{~ -lfck'oc{bc~ozb xudkrn{~/# E ndc{uf~{, dr{m Adubf ydrlk kufgf{onfll
ocnubf~b o{~ xudkrn{odc dj {b}{olb xudkrn{~ -lfedu'oc{bc~ozb xudkrn{~/#
^xbnojonfll, R#^# xudkrn{odc oc {mb fiuo'jddk ~bn{du ydrlk ocnubf~b e +68#6: eollodc
-6#89 xbunbc{/ rckbu ~nbcfuod 6 fck +6:#== eollodc -6#9= xbunbc{/ rckbu ~nbcfuod 5#
2# Bvrozflbc{ zfuof{odc o~ {mb nmfcib oc ocndgb cbnb~~fu {d gfab {mb ndc~rgbu ockojjbubc{ {d {mb nmfciboc xuonb#
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 6?
R#^# xudkrn{odc oc {mb moim'{bnmcdldi ~bn{du ydrlk ocnubf~b e +?#96 eollodc -8#2;
xbunbc{/ fck +9#25 eollodc -8#;5 xbunbc{/ rckbu {mb {yd ~nbcfuod~, ub~xbn{ozbl# R#^#
xudkrn{odc oc {mb ~buzonb~ ~bn{du ydrlk ocnubf~b e 8#:8 xbunbc{ fck 8#:2 xbunbc{,
[felb >0 Nmfcib~ oc Ockr~{uofl Dr{xr{ Zflrb~ oc {mb Rco{bk ^{f{b~ fck ^dr{m Adubf
^bn{du~ ^nbcfuod 6f ^nbcfuod 5f
Rco{bk {f{b~ Adubf Rco{bk {f{b~ Adubf
Nmfcib~ oc dr{xr{ zflrb~ -oc eollodc~ dj kdllfu~/
Fiuo'jddk 68#6: 9#68 6:#== 65#?=
Cf{rufl'ub~ 6#;8 8#:? 6#22 8#96
[b}{olb~ ;#55 2#?9 ;#=; 9#=5
Gok'{bnm 2#6= 5#>: :#85 6#9=
Moim'{bnm ?#96 6#89 9#25 6#;:
^buzonb~ 92#:; =#>= =5#5: 9#>:
Xbunbc{fib nmfcib~ -"/
Fiuo'jddk 6#89 68#=9 6#9= 6?#==
Cf{rufl'ub~ 8#>; 6#99 8#>= 6#=6
[b}{olb~ 6#2: 69#6; 6#9? 55#;>
Gok'{bnm 8#59 6#:6 8#>6 6#56
Moim'{bnm 8#2; 8#2; 8#;5 8#9>
^buzonb~ 8#:8 6#9: 8#:2 6#22
^drunb0 Fr{mdu~ nflnrlf{odc~#f# Jdu ~nbcfuod~ 6 fck 5, Adubfc {fuojj~ dc R#^# fiuonrl{rufl fck jddk xudkrn{~ fub nr{ e ::#9 xbunbc{ fck?2 xbunbc{, ub~xbn{ozbl#Cd{b~0 Fiuo'jddk 7 fiuonrl{rub fck jddk, Cf{rufl'ub~ 7 cf{rufl ub~drunb~ef~bk ockr~{uob~, Gok'{bnm 7gok'{bnmcdldi xudkrn{~, Moim'{bnm 7 moim'{bnmcdldi xudkrn{~# Uonb o~ b}nlrkbk judg {mb ADUR^J[F1 o{ o~ dcl f {oc ockr~{u ndgxfubk yo{m {mb ~o} fiiubif{bk ~bn{du~, fck {mb bjjbn{ dj {mb J[F dc uonbo~ cd{ ocnlrkbk oc {mo~ {felb#
ub~xbn{ozbl# Ebnfr~b I[FX kdb~ cd{ mfzb xud{bn{odc kf{f jdu {mb ~buzonb~ ~bn{du
-{mr~ cd {fuojj~ fub nr{ jdu {mb ~bn{du oc dru ~ogrlf{odc/, {mb ubgdzfl dj {fuojj~ oc d{mbu
~bn{du~ ockoubn{l iozb~ gdub xud{bn{odc {d {mb ~buzonb~ ~bn{du# [mr~, {mb xudkrn{odc oc
{mb ~buzonb~ ~bn{du oc {mb {yd ndrc{uob~ ydrlk {bck {d ocnubf~b# E ndc{uf~{, R#^#
xudkrn{odc oc {mb ~bn{du~ dj {b}{olb~, gok'{bnmcdldi, fck cf{rufl'ub~ ydrlk kbnubf~b,
ufcioci judg 8#59 xbunbc{ oc {mb gok'{bnmcdldi ~bn{du -~nbcfuod 6/ {d 6#9? xbunbc{ oc
{mb {b}{olb~ ~bn{du -~nbcfuod 5/# Ebnfr~b {mb I[FX gdkbl f~~rgb~ {mf{ jfn{du
bckdygbc{~ -nfxo{fl, lfedu, lfck, b{n#/ ubgfoc rcnmfcibk judg {mb ef~b bfu 5886
fck {mf{ ocxr{ jfn{du~ -b#i#, lfedu fck nfxo{fl/ fub xbujbn{l gdeolb fgdci {mb ~bn{du~dj bfnm bndcdg, {mb ocnubf~b oc xudkrn{odc oc {mb ~bn{du~ dj fiuo'jddk, moim'{bnm, fck
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58 [mb Adubf Bndcdgon Oc~{o{r{b
~buzonb~ gbfc~ {mf{, ymolb gdub ub~drunb~ fub flldnf{bk {d {md~b ~bn{du~, {mb ub~drunb~
flldnf{bk {d d{mbu ~bn{du~ ~rnm f~ cf{rufl'ub~, {b}{olb~, fck gok'{bnm ~bn{du~ fub ubkrnbk,
ymonm oc {ruc ydrlk ub~rl{ oc f kbnubf~b oc {mb xudkrn{odc oc {mb~b ~bn{du~# Oj jfn{du
bckdygbc{~ ybub flldybk {d ocnubf~b -b#i#, nfxo{fl fnnrgrlf{odc fck ocnubf~b dj
lfedu jdunb/ fck oj jfn{du~ mfzb logo{bk gdeolo{, {mb R#^# xudkrn{odc oc {mb~b d{mbu
~bn{du~ ydrlk cd{ eb ubkrnbk f~ grnm# Ef~bk dc dru ub~rl{~, yb ndcnlrkb {mf{ R#^#
jfugbu~, moim'{bnm xudkrn{ xudkrnbu~, fck {mb ndc~rgbu~ dj {b}{olb xudkrn{~ ydrlk
ebcbjo{ judg {mb J[F# Mdybzbu, R#^# xudkrnbu~ dj {b}{olb xudkrn{~ goim{ ~rjjbu judg
{mb J[F#
Jdu dr{m Adubf, xudkrn{odc dj {b}{olb~ xudkrn{~ ydrlk ocnubf~b e +2#?9 eollodc -69#6;
xbunbc{/ rckbu ~nbcfuod 6 fck +9#=5 eollodc -55#;> xbunbc{/ rckbu ~nbcfuod 5# Xudkrn{odc
oc {mb moim'{bnm ~bn{du ydrlk ocnubf~b e +6#89 eollodc -8#2; xbunbc{/ fck +6#;: eollodc
-8#9> xbunbc{/ oc ~nbcfuod~ 6 fck 5, ub~xbn{ozbl# Xudkrn{odc oc {mb ~buzonb~ ~bn{du
ydrlk ocnubf~b e +=#>= eollodc -6#9: xbunbc{/ fck +9#>: eollodc -6#22 xbunbc{/,
ub~xbn{ozbl# Xudkrn{odc oc fll d{mbu ~bn{du~ ocnlrkoci {mb ~bn{du~ dj fiuo'jddk, cf{rufl'
ub~, fck gok'{bnm ydrlk kbnubf~b e f kojjbubc{ fgdrc{# Oc xfu{onrlfu, xudkrn{odc oc
{mb fiuo'jddk ~bn{du ydrlk kbnubf~b e +9#6 eollodc -68#=9 xbunbc{/ rckbu ~nbcfuod 6
fck +65#?= eollodc -6?#== xbunbc{/ rckbu ~nbcfuod 5# Xudkrn{odc oc cf{rufl'ub~ fck
gok'{bnm ~bn{du~ ydrlk kbnubf~b e lb~~ {mfc 5 xbunbc{# Fifoc, ~ocnb {mb gdkbl f~~rgb~
{mf{ fll jfn{du bckdygbc{~ fub jo}bk, fc ocnubf~b oc xudkrn{odc oc ~dgb ~bn{du~ ydrlk
cbnb~~fuol ub~rl{ oc f kbnubf~b dj xudkrn{odc oc d{mbu ~bn{du~ oc {mb bndcdg# Xudkrnbu~
oc {mb fiuonrl{rub fck jddk ~bn{du oc ^dr{m Adubf ydrlk ~rjjbu judg {mb ADUR^J[F, ymolb xudkrnbu~ oc {mb {b}{olb~ ~bn{du ydrlk ebcbjo{ judg {mb J[F#
[ufkb Nubf{odc fck [ufkb Kozbu~odc Bjjbn{~
[felb ; ~rggfuopb~ {mb nmfcib~ oc b}xdu{~ oc {mb ~o} ~bn{du~ jdu {mb ~bzbc ~blbn{bk
ndrc{uob~ fck ubiodc~ rckbu ~nbcfuod 6# F~ b}xbn{bk, R#^#'Adubf eolf{bufl {ufkb ydrlk
ocnubf~b b~~bc{ofll jdu fll ~bn{du~# Oc xfu{onrlfu, R#^# b}xdu{~ {d dr{m Adubf oc {mb
fiuonrl{rub fck jddk ~bn{du ydrlk ocnubf~b e +:#;; eollodc# R#^# b}xdu{~ {d ^dr{m
Adubf oc {mb moim'{bnm fck gok'{bnm ~bn{du~ ydrlk ocnubf~b e +5#=? fck +6#92 eollodc,ub~xbn{ozbl# dr{m Adubf~ b}xdu{ ~flb~ {d {mb Rco{bk {f{b~ oc {mb {b}{olb~ fck moim'
{bnm ~bn{du~ ydrlk ocnubf~b e +;#?9 fck +5#85 eollodc, ub~xbn{ozbl# [d{fl R#^#'Adubf
eolf{bufl {ufkb -fll ~bn{du~ ndgeocbk/ ydrlk ocnubf~b e +6?#96 eollodc -b}xdu{ ~flb~
jdu {mb Rco{bk {f{b~ fck ^dr{m Adubf ydrlk ocnubf~b e +66#?6 eollodc fck +9#=8
eollodc, ub~xbn{ozbl/#
Jdu {mb fiuonrl{rub fck jddk ~bn{du, {ufkb nubf{odc dnnru~ ebnfr~b dr{m Adubf ydrlk
ubkrnb o{~ xudkrn{odc dj fiuonrl{rufl fck jddk xudkrn{~ e fedr{ 68#? xbunbc{ -[felb
>/ fck ocnubf~b o{~ ogxdu{~ judg {mb Rco{bk {f{b~# xbnojonfll, R#^# fiuonrl{rufl fckjddk b}xdu{~ {d dr{m Adubf ydrlk ocnubf~b e +:#;; eollodc ymolb o{~ b}xdu{~ {d fll
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 56
[felb ;0 Nmfcib~ oc B}xdu{~ e ^bn{du~ rckbu {mb ADUR^ J[F, oc eollodc~ dj kdllfu~
^bn{du~ Rco{bk ^{f{b~ Adubf Nmocf @fxfc DF~of BR UDY [d{fl
Rco{bk ^{f{b~Fiuo'jddk 8 :#;; 8#68 8#;6 8#6; 8#52 8#?2 ;#2?
Cf{rufl'ub~ 8 8#2; 8#85 8#66 8#8: 8#52 8#:5 8#25
[b}{olb~ 8 8#5; 8#8> 8#8; 8#8> 8#68 8#:5 8#2=
Gok'{bnm 8 6#92 8#5; 8#25 8#>5 6#=? >#95 ;#?;
Moim'{bnm 8 5#=? 8#56 8#5? 8#>; 6#2> 5#>= 9#:;
^buzonb~ 8 8#8: 8#66 8#;> 8#>9 5#:9 6#:2 2#69
[d{fl 8 66#?6 8#5? 6#56 8#2= >#:> 2#6= 6#85
Adubf
Fiuo'jddk 8#6; 8 8#8; 8#59 8#8; 8#8; 8#68 8#:5Cf{rufl'ub~ 8#66 8 8#8? 8#8? 8#8> 8#86 8#82 8#62
[b}{olb~ ;#?9 8 8#89 8#85 8#8; 8#85 8#82 ;#99
Gok'{bnm 8#:= 8 8#29 8#5> 8#>5 8#6: 8#;? 6#8=
Moim'{bnm 5#85 8 8#85 8#82 8#8: 8#88 8#6> 6#99
^buzonb~ 8#65 8 8#85 8#8: 8#8: 8#>= 8#56 8#=2
[d{fl 9#=8 8 8#95 8#6= 8#;: 8#2> 8#=5 2#8?
Nmocf
Fiuo'jddk 8#8> 8#=2 8 8#88 8#88 8#88 8#85 8#=8
Cf{rufl'ub~ 8#8> 8#8; 8 8#86 8#86 8#86 8#8> 8#8;
[b}{olb~ 8#>5 8#52 8 8#8? 8#88 8#88 8#68 8#8:
Gok'{bnm 8#9: 8#8: 8 8#85 8#85 8#8> 8#69 8#?;
Moim'{bnm 8#;9 8#58 8 8#52 8#69 8#6? 8#;6 6#98
^buzonb~ 8#8: 8#86 8 8#88 8#88 8#85 8#86 8#68
[d{fl 8#68 8#?8 8 8#>5 8#62 8#6; 8#8= 6#;?
@fxfc
Fiuo'jddk 8#86 8#69 8#88 8 8#88 8#88 8#86 8#62
Cf{rufl'ub~ 8#85 8#85 8#86 8 8#86 8#86 8#8> 8#89
[b}{olb~ 8#86 8#82 8#8; 8 8#86 8#88 8#86 8#66
Gok'{bnm 8#;; 8#6> 8#6: 8 8#6> 8#68 8#59 8#?=
Moim'{bnm 8#5? 8#22 8#8; 8 8#55 8#8> 8#>8 6#>9
^buzonb~ 8#8= 8#8; 8#88 8 8#85 8#68 8#89 8#>5
[d{fl 8#5: 8#9? 8#6= 8 8#82 8#52 8#8? 8#82
DF~of
Fiuo'jddk 8#6> 8#:8 8#88 8#86 8#85 8#88 8#8; 8#;9
Cf{rufl'ub~ 8#85 8#89 8#86 8#88 8#88 8#88 8#85 8#85
[b}{olb~ 8#;> 8#8? 8#88 8#85 8#86 8#8> 8#85 8#>=
Gok'{bnm 8#>8 8#89 8#8; 8#86 8#8; 8#88 8#6> 8#;:
Moim'{bnm 8#;? 8#>8 8#6; 8#>5 8#:9 8#56 8#;> 5#2:^buzonb~ 8#58 8#89 8#88 8#86 8#88 8#82 8#8; 8#>;
[d{fl 8#5= 8#== 8#68 8#>: 8#:2 8#6= 8#69 5#:5
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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55 [mb Adubf Bndcdgon Oc~{o{r{b
d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b ~loim{l, e +6#=2 eollodc# F~ f ub~rl{, {mb
cb{ ocnubf~b oc R#^# {d{fl b}xdu{~ -yo{m o{~ fll {ufkoci xfu{cbu~/ dj fiuonrl{rufl fck jddk
xudkrn{~ ydrlk eb +;#2? eollodc rckbu {mb ADUR^ J[F# Jdu R#^# ogxdu{~ oc {mb
~bn{du, {mb Rco{bk {f{b~ ydrlk ocnubf~b o{~ ogxdu{~ dj fiuonrl{rufl fck jddk xudkrn{~
judg ed{m dr{m Adubf fck fll d{mbu {ufkoci xfu{cbu~# [d{fl R#^# ogxdu{~ oc {mb ~bn{du
ydrlk ocnubf~b e +6#85 eollodc# dr{m Adubf~ {d{fl ogxdu{~ oc {mb ~bn{du ydrlk ocnubf~b
e +5#=; eollodc, bzbc {mdrim o{~ ogxdu{~ judg fll ndrc{uob~ b}nbx{ {mb Rco{bk {f{b~
ydrlk kbnubf~b e f ~rg dj +>#:8 eollodc# dr{m Adubf ydrlk ocnubf~b o{~ b}xdu{~ {dfll ndrc{uob~ ~loim{l, e f ~rg dj +8#:5 eollodc#
[ufkb nubf{odc fl~d dnnru~ jdu {mb ~bn{du dj cf{rufl ub~drunb~ef~bk ockr~{uob~# [mb
Rco{bk {f{b~ fck dr{m Adubf ydrlk ubkrnb {mbou xudkrn{odc e 8#>; xbunbc{ fck
6#99 xbunbc{, ub~xbn{ozbl -[felb >/# Mdybzbu, {mb {yd ndrc{uob~ ydrlk ocnubf~b {mbou
b}xdu{~ oc {mb ~bn{du {d bfnm d{mbu ymolb {mbou b}xdu{~ {d fll d{mbu ndrc{uob~ fck ubiodc~
ydrlk kbnubf~b ~loim{l# xbnojonfll, {mb Rco{bk {f{b~ ydrlk ocnubf~b o{~ b}xdu{~ {d
^dr{m Adubf -e +8#2; eollodc/ ymolb kbnubf~oci o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck
ubiodc~ -e +6#8: eollodc/# F~ f ub~rl{, {d{fl R#^# b}xdu{~ oc {mb ~bn{du ydrlk kbnubf~be +8#25 eollodc# [mb Rco{bk {f{b~ ydrlk ocnubf~b o{~ ogxdu{~ judg fll ndrc{uob~ fck
^bn{du~ Rco{bk ^{f{b~ Adubf Nmocf @fxfc DF~of BR UDY [d{fl
BR
Fiuo'jddk 8#69 8#;? 8#88 8#85 8#86 8#>8 8#82 8#:8
Cf{rufl'ub~ 8#8: 8#86 8#88 8#88 8#88 8#82 8#8= 8#69[b}{olb~ 8#6: 8#8? 8#88 8#8> 8#86 8#6: 8#88 8#59
Gok'{bnm 6#5> 8#65 8#8; 8#88 8#8> 8#89 8#?9 5#8=
Moim'{bnm 6#;; 8#>; 8#>8 8#5? 8#;> ;#?8 >#>9 66#8=
^buzonb~ 6#59 8#;6 8#85 8#65 8#86 8#6> 8#6= 6#=;
[d{fl 6#65 8#;2 8#5? 8#;: 8#;> 2#52 5#68 9#=:
UDY
Fiuo'jddk 8#2; 6#;= 8#8> 8#8= 8#8: 8#6= 8#86 6#5=
Cf{rufl'ub~ 8#>> 8#2: 8#86 8#8? 8#89 8#52 8#8: 8#2=
[b}{olb~ 8#?6 8#8; 8#8> 8#86 8#8> 8#56 8#8; 6#58
Gok'{bnm 5#88 8#6: 8#8: 8#8; 8#85 8#>> 8#;; 6#?;
Moim'{bnm >#6; 8#55 8#56 8#5> 8#>5 6#58 6#>; :#:?
^buzonb~ 8#?9 8#52 8#8: 8#68 8#85 8#8> 8#82 6#8:
[d{fl 8#56 5#6> 8#5? 8#22 8#2> 5#58 8#=> :#9;
^drunb0 Fr{mdu~ nflnrlf{odc~#Cd{b0 Fiuo'jddk 7 fiuonrl{rub fck jddk, Cf{rufl'ub~ 7 cf{rufl ub~drunb~ef~bk ockr~{uob~, Gok'{bnm 7gok'{bnmcdldi xudkrn{~, Moim'{bnm 7 moim'{bnmcdldi xudkrn{~, DF~of 7 d{mbu F~ofc ndrc{uob~, UDY7 ub~{ dj ydulk# Crgebu~ oc {mb {felb ubxub~bc{ {mb nmfcib~ oc b}xdu{~ judg {mb ndrc{u oc {mb udy {d {mbndrc{u oc {mb ndlrgc# Jdu b}fgxlb, :#;; oc {mb jou~{ udy fck ~bndck ndlrgc ubxub~bc{~ R#^# b}xdu{~ dj
fiuonrl{rufl fck jddk xudkrn{ {d ^dr{m Adubf du ^dr{m Adubf~ ogxdu{~ judg {mb Rco{bk ^{f{b~#
8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 5>
ubiodc~, yo{m f {d{fl ocnubf~b e +8#29 eollodc# dr{m Adubf ydrlk kozbu{ o{~ ogxdu{~ oc
{mb ~bn{du judg d{mbu ndrc{uob~ fck ubiodc~ {d {mb Rco{bk {f{b~, yo{m f cb{ kbnubf~b
oc ogxdu{~ e +8#6: eollodc -fc ocnubf~b dj +8#2; eollodc oc ogxdu{~ judg {mb Rco{bk
^{f{b~ fck f kbnubf~b dj +8#98 eollodc oc ogxdu{~ judg d{mbu ndrc{uob~ fck ubiodc~/#
^dr{m Adubf ydrlk fl~d ~loim{l kbnubf~b o{~ {d{fl b}xdu{~ oc {mb ~bn{du e +8#62
eollodc#
Jdu {mb {b}{olb~ ~bn{du, ed{m {ufkb nubf{odc fck {ufkb kozbu~odc dnnru ebnfr~b {mb
Rco{bk ^{f{b~ ydrlk kbnubf~b o{~ xudkrn{odc dj {b}{olb xudkrn{~, fck {mb ubkrnbk
xudkrn{odc ydrlk eb ubxlfnbk ~dlbl e fc ocnubf~b oc ogxdu{~ judg ^dr{m Adubf#
^xbnojonfll, R#^# ogxdu{~ judg dr{m Adubf ydrlk ocnubf~b e +;#?9 eollodc -{ufkb
nubf{odc bjjbn{/ ymolb o{~ ogxdu{~ judg fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b
e f ~rg dj +6#=5 eollodc -{ufkb kozbu~odc bjjbn{/# Ebnfr~b {mb {ufkb nubf{odc bjjbn{
kdgocf{b~ {mb {ufkb kozbu~odc bjjbn{, R#^# {d{fl ogxdu{~ oc {mb ~bn{du ydrlk ocnubf~b
e +>#62 eollodc# O{ o~ ibcbufll eblobzbk {mf{ {mb {mouk ndrc{uob~ -Nmocf, DF~of, fck
UDY/ fub gdub bjjonobc{ xudkrnbu~ dj {b}{olb xudkrn{~ {mfc dr{m Adubf ebnfr~b dj
ldybu lfedu nd~{~ oc {md~b kbzbldxoci ndrc{uob~# Mdybzbu, {mb Rco{bk {f{b~ ydrlk
kozbu{ o{~ ogxdu{~ judg {mb~b gdub bjjonobc{ cdcgbgebu ndrc{uob~ fck ubiodc~ {d lb~~
bjjonobc{ dr{m Adubf rckbu {mb ADUR^ J[F# Ymolb R#^# b}xdu{~ {d dr{m Adubf oc
{mb ~bn{du ydrlk ocnubf~b ~loim{l -+8#5; eollodc/, o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck
ubiodc~ ydrlk kbnubf~b e +8#=5 eollodc, ub~rl{oci oc f cb{ kbnubf~b dj +8#2= eollodc#
Ymolb dr{m Adubf~ b}xdu{~ dj {b}{olb xudkrn{~ {d {mb Rco{bk {f{b~ ydrlk ocnubf~b
e +;#?9 eollodc, o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b ~loim{le +8#58 eollodc, ub~rl{oci oc f cb{ ocnubf~b oc b}xdu{~ dj +;#99 eollodc# dr{m Adubf~
ogxdu{~ dj {b}{olb xudkrn{~ judg fll o{~ {ufkoci xfu{cbu~ ydrlk ocnubf~b ~loim{l, yo{m f
{d{fl ocnubf~b dj +8#92 eollodc#
Jdu {mb ~bn{du dj gok'{bnmcdldi xudkrn{~, {mb Rco{bk {f{b~ fck dr{m Adubf ydrlk
kbnubf~b {mbou xudkrn{odc e 8#59 xbunbc{ fck 6#:6 xbunbc{, ub~xbn{ozbl -[felb >/#
Mdybzbu, {mb {yd ndrc{uob~ ydrlk ocnubf~b {mbou b}xdu{~ dj gok'{bnm xudkrn{~ {d
bfnm d{mbu# [mr~, {ufkb nubf{odc dnnru~# ^xbnojonfll, R#^# b}xdu{~ {d ^dr{m Adubf
ydrlk ocnubf~b e +6#92 eollodc, fck o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck ubiodc~ydrlk kbnubf~b e f {d{fl dj +:#:? eollodc# F~ f ub~rl{, {d{fl R#^# b}xdu{~ oc {mb ~bn{du
ydrlk kbnubf~b e +;#?; eollodc# R#^# ogxdu{~ judg fll ndrc{uob~ fck ubiodc~ ydrlk
ocnubf~b, yo{m f {d{fl ocnubf~b dj +2#;6 eollodc# dr{m Adubf ydrlk ocnubf~b o{~ b}xdu{~
dj gok'{bnm xudkrn{~ {d {mb Rco{bk {f{b~, er{ o{ ydrlk ubkrnb o{~ b}xdu{~ {d fll d{mbu
ndrc{uob~ fck ubiodc~, ub~rl{oci oc f cb{ kbnubf~b dj +6#8= eollodc oc b}xdu{~# ogolful,
^dr{m Adubf ydrlk ocnubf~b o{~ ogxdu{~ dj gok'{bnm xudkrn{~ judg {mb Rco{bk {f{b~
e +6#92 eollodc fck kozbu{ o{~ ogxdu{~ judg fll d{mbu ndrc{uob~ fck ubiodc~ e +8#2;
eollodc# F~ f ub~rl{, dr{m Adubf~ {d{fl ogxdu{~ oc {mb ~bn{du ydrlk ocnubf~b e +6#56
eollodc#
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5; [mb Adubf Bndcdgon Oc~{o{r{b
Jdu {mb ~bn{du dj moim'{bnmcdldi xudkrn{~, ed{m {mb Rco{bk {f{b~ fck dr{m Adubf
ydrlk ocnubf~b {mbou xudkrn{odc oc {mb ~bn{du e fedr{ 8#2; xbunbc{ -[felb >/# [d{fl
R#^# b}xdu{~ ydrlk ocnubf~b kufgf{onfll, e +9#:; eollodc# Oc xfu{onrlfu, R#^# b}xdu{~
{d dr{m Adubf, UDY, fck {mb BR ydrlk ocnubf~b e +5#=?, +5#>=, fck +6#2> eollodc,
ub~xbn{ozbl# Ymolb R#^# ogxdu{~ judg dr{m Adubf ydrlk ocnubf~b e +5#85 eollodc,
o{~ ogxdu{~ judg fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b e f {d{fl dj +2#=>
eollodc# F~ f ub~rl{, {d{fl R#^# ogxdu{~ ydrlk kbnubf~b e +>#=6 eollodc# Jdu ^dr{m
Adubf, ymolb o{~ b}xdu{~ {d {mb Rco{bk {f{b~ oc {mb moim'{bnm ~bn{du ydrlk ocnubf~b e
+5#85 eollodc, o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b ~loim{l, e
f ~rg dj +8#52 eollodc, ub~rl{oci oc f cb{ ocnubf~b dj +6#99 eollodc oc b}xdu{~# dr{m
Adubf ydrlk fl~d kozbu{ o{~ ogxdu{~ dj moim'{bnm xudkrn{~ judg d{mbu {ufkoci xfu{cbu~
{d {mb Rco{bk ^{f{b~# Ymolb ^dr{m Adubf~ ogxdu{~ judg {mb Rco{bk ^{f{b~ ydrlk
ocnubf~b e +5#=? eollodc, o{~ ogxdu{~ judg d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b
e +6#:5 eollodc# [mr~, dr{m Adubf~ {d{fl ogxdu{~ oc {mb moim'{bnm ~bn{du ydrlk ocnubf~b
e +6#59 eollodc#
Jdu {mb ~bn{du ndzbuoci ~buzonb~, ymolb R#^# b}xdu{~ {d dr{m Adubf ydrlk ocnubf~b
~loim{l -+8#8: eollodc/, o{~ b}xdu{~ {d fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk kbnubf~b
-+2#5> eollodc/, ub~rl{oci oc f cb{ kbnubf~b dj +2#69 eollodc# Oc ndc{uf~{, R#^# ogxdu{~ oc
{mb ~bn{du judg dr{m Adubf ydrlk kbnubf~b ~loim{l, e +8#65 eollodc, ymolb o{~ ogxdu{~
judg fll d{mbu ndrc{uob~ fck ubiodc~ ydrlk ocnubf~b e +5#29 eollodc, ub~rl{oci oc f cb{
ocnubf~b dj +5#;2 eollodc# dr{m Adubfc b}xdu{~ oc {mb ~bn{du {d fll kb~{ocf{odc~ ydrlk
kbnubf~b e f ~rg dj +8#=2 eollodc, ymolb ogxdu{~ judg fll ~drunb~ ydrlk fl~d ocnubf~be f ~rg dj fedr{ +8#=2 eollodc#
R#^# {ufkb -yo{m fll ndrc{uob~ fck ubiodc~/ ydrlk ocnubf~b oc fll ~bn{du~ b}nbx{ {mb
~buzonb~ ~bn{du# Oc xfu{onrlfu, R#^# {ufkb oc {mb ~bn{du~ dj fiuo'jddk, moim'{bnm, fck
{b}{olb xudkrn{~ ydrlk ocnubf~b e +2#:6,: +>#=>, fck +5#29 eollodc, ub~xbn{ozbl#
^ogolful, ^dr{m Adubf~ {ufkb ydrlk ocnubf~b oc fll ~bn{du~ b}nbx{ {mb cf{rufl
ub~drunb~ef~bk ockr~{uob~ ~bn{du# ^dr{m Adubf~ {ufkb oc {mb fedzb ~bn{du~ ydrlk
ocnubf~b e +>#;9, +>#8;, fck +2#25 eollodc, ub~xbn{ozbl# Rckbu {mb ADUR^ J[F, {mb
R#^# eolf{bufl {ufkb eflfcnb yo{m dr{m Adubf oc {mb ~bn{du~ dj fiuo'jddk, cf{rufl'ub~,gok'{bnm, moim'{bnm, fck ~buzonb~ ydrlk ogxudzb e +:#>8, +8#;>, +6#8:, +8#=:, fck
+8#6= eollodc, ub~xbn{ozbl# Mdybzbu, {mb R#^# {ufkb eflfcnb yo{m dr{m Adubf oc {mb
{b}{olb~ ~bn{du ydrlk kb{buoduf{b e +;#9> eollodc#
Jdu ~nbcfuod 5, oc ymonm Adubfc ogxdu{ {fuojj~ dc R#^# fiuonrl{rub fck jddk xudkrn{~
fub nr{ e ?2 xbunbc{, {mb nmfcib~ oc b}xdu{~ fub cd{ ubxdu{bk oc [felb ; -{mb fub
fzfolfelb rxdc ubvrb~{/# R#^# b}xdu{~ {d ^dr{m Adubf oc {mb fiuonrl{rub fck jddk
~bn{du ydrlk ocnubf~b jru{mbu ymbc {mb {ufkb efuuobu~ jdu fiuonrl{rub fck jddk xudkrn{~
:# Ymonm o~ bvrfl {d +;#2? eollodc -ocnubf~b oc b}xdu{~/ xlr~ +6#85 eollodc -ocnubf~b oc ogxdu{~/#
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^{f{on fck Kcfgon Ndc~bvrbcnb~ dj f ADUR^ J[F 52
fub ubkrnbk e f lfuibu fgdrc{# xbnojonfll, R#^# b}xdu{~ dj fiuonrl{rufl fck jddk
xudkrn{~ {d ^dr{m Adubf ydrlk ocnubf~b e +66#>2 eollodc, fck Adubfc b}xdu{~ dj
{b}{olb xudkrn{~ ydrlk ocnubf~b e +2#;2 eollodc rckbu ~nbcfuod 5# [mb nmfcib~ oc
R#^#'Adubf eolf{bufl {ufkb oc d{mbu ~bn{du~ fub ~ogolfu oc gfico{rkb {d {md~b rckbu
~nbcfuod 6# R#^#'Adubf dzbufll eolf{bufl {ufkb -fll ~bn{du~ ndgeocbk/ ydrlk ocnubf~b
e fedr{ +52#> eollodc#
Z# ^rggfuy fck Ndcnlr~odc~
Oc {mo~ ~{rk, yb mfzb b}fgocbk {mb nmfufn{buo~{on~ dj R#^#'Adubf eolf{bufl {ufkb
~ocnb 6?=?# Yb r~bk f ibcbufl bvroloeuorg gdkbl -f grl{oubiodc I[FX gdkbl/ {d
b}fgocb {mb bjjbn{~ dj {mb ADUR^ J[F dc zfuodr~ ~bn{du~ dj {mb bndcdg rckbu
{yd kojjbubc{ ~nbcfuod~ oc {mb {yd ndrc{uob~#
[mb R#^#'Adubf eolf{bufl {ufkb zdlrgb mf~ ebbc iudyoci kufgf{onfll ~ocnb 6?=?#
[mo~ o~ b~xbnofll {urb jdu eolf{bufl {ufkb dj kojjbubc{of{bk moim'{bnmcdldi xudkrn{~
eb{ybbc {mb {yd ndrc{uob~# Ymolb R#^# b}xdu{~ dj moim'{bnmcdldi xudkrn{~ {d dr{m
Adubf mfzb ocnubf~bk, o{~ ogxdu{~ dj moim'{bnmcdldi xudkrn{~ judg ^dr{m Adubf
mfzb ocnubf~bk gdub ufxokl, ub~rl{oci oc f iudyoci R#^# eolf{bufl {ufkb kbjono{# [mb
ublf{ozb ogxdu{fcnb dj d{mbu ~bn{du~ -b#i#, gok'{bnmcdldi fck {b}{olb~/ oc R#^#'Adubf
eolf{bufl {ufkb {bck~ {d kbnlocb dzbu {ogb ebnfr~b fc ocnubf~b oc dr{m Adubfc yfib~
gfab~ o{~ lfedu'oc{bc~ozb iddk~ lb~~ ndgxb{o{ozb#
Rckbu {mb ADUR^ J[F, eolf{bufl {ufkb eb{ybbc {mb Rco{bk {f{b~ fck dr{m Adubf
ndrlk ocnubf~b {mudrim ed{m oc{buockr~{u fck oc{ufockr~{u {ufkb# Gf`du ocnubf~b~ oc
oc{buockr~{u {ufkb ydrlk ocnlrkb fc ocnubf~b oc R#^# b}xdu{~ dj fiuonrl{rufl fck jddk
xudkrn{~ {d dr{m Adubf fck fc ocnubf~b oc Adubfc b}xdu{~ dj {b}{olb xudkrn{~ {d {mb
Rco{bk {f{b~# [mb {yd ndrc{uob~ ndrlk fl~d ocnubf~b {mbou oc{ufockr~{u {ufkb dj moim'
{bnmcdldi gfcrjfn{ruoci xudkrn{~# [mb dzbufll eolf{bufl {ufkb -fll ~bn{du~ ndgeocbk/
eb{ybbc {mb Rco{bk ^{f{b~ fck Adubf ydrlk ocnubf~b kufgf{onfll, fck {mb R#^#
{ufkb eflfcnb yo{m ^dr{m Adubf ndrlk ogxudzb jdu fll ~bn{du~ b}nbx{ {mb {b}{olb~
~bn{du#
[mb ADUR^ J[F ydrlk ogxudzb {mb cf{odcfl ybljfub jdu ed{m ndrc{uob~# [mb bjjbn{~
dj {mb J[F dc IKX fck mdr~bmdlk ocndgb oc ed{m ndrc{uob~ ydrlk eb xd~o{ozb# dr{m
Adubf ebcbjo{~ gdub judg {mb J[F oc {bug~ dj xbu nfxo{f ybljfub ifoc fck xbu nfxo{f
IKX ocnubf~b# Ymolb R#^# xudkrnbu~ oc {mb fiuo'jddk fck moim'{bnm ~bn{du~ ydrlk
ebcbjo{ judg {mb J[F, dr{m Adubf~ xudkrnbu~ oc {mb {b}{olb~ fck moim'{bnm ~bn{du
ydrlk ebcbjo{ judg {mb J[F# E ndc{uf~{, xudkrnbu~ oc {mb R#^# {b}{olb~ ~bn{du fck
xudkrnbu~ oc {mb fiuo'jddk ~bn{du oc dr{m Adubf goim{ ~rjjbu judg {mb J[F# [mr~, o{
o~ ogxdu{fc{ {d ndgxbc~f{b {md~b iudrx~ oc dukbu {d ~gdd{ml ogxlbgbc{ {mb ADUR^J[F#
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5: [mb Adubf Bndcdgon Oc~{o{r{b
[mb logo{f{odc~ dj {mb ~{rk gf ocnlrkb {mb jdlldyoci {yd f~xbn{~# Jou~{, {mb kf{f fub
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8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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8/3/2019 Implications of the U.S.-Korea Free Trade Agreement: A General Equilibrium Approach by Renan Zhuang and Won
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