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    The Korean wave and its implications on creative economies
    (2023-06-28) Borlongan, Rica Jane B.; Buenaventura, Erin Hannah S.; Alburo, Florian A.
    From its origin in the 1990s, the Korean Wave or Hallyu has brought about an outstanding impact on South Korea’s economy, especially with regard to its creative exports. Korean pop music and Korean dramas, in particular, have played a significant role in attracting the global population to consume more of their content. As a result of Hallyu’s massive reach and influence, the country has become one of the major players in the creative industry. The paper examines creative policies enacted by the South Korean government to determine how the wave evolved. The researchers also try to determine the potential for replicability of the Korean Wave for other countries, most especially Asian developing countries. History of the Korean Wave was analyzed using the endogenous growth theory and it was discovered that although the countries for comparison all had policies for the purpose of strengthening the creative economy, none of them mirrors or displays the same intensity as the creative industry policies from South Korea. They compared the countries according to their respective creative exports and endogenous growth factors of education, human capital, innovation, and technology. While developed countries understandably showed the closest measures to South Korea, among developing countries it was Malaysia that displayed the highest scoring indicators. It was determined that even if countries could follow the steps taken by the creative giant, it is difficult to determine whether or not they would emulate the soft power South Korea holds.
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    On the effects of intellectual property rights on foreign direct investments in developing economies: a system GMM approach
    (2016-12) Ramos, Vincent Jerald R. ; Daway-Ducanes, Sarah Lynne S.
    This paper aims to examine the effects of Intellectual Property Rights (IPR) quantity and protection quality on Foreign Direct Investment (FDI) inflows in a panel of 79 low- and middle-income countries with average per capita real GNIs of not more than $12,475 over the period 2000-2014, also accounting for the existence of nonlinearities. Using the semiparametric Blundell and Bond’s [1998] and Windmeijer’s [2005] two-step System Generalized Method of Moments (SGMM) to obtain more asymptotically efficient estimates, address dynamic endogeneity issues, and factor in the inclusion of nonstationary macroeconomic variables, this paper finds that for at least half of the countries in the sample, an improvement in IPR protection quality has a positive marginal effect on FDI inflows. Meanwhile, per capita IPR has a negative marginal impact on FDI inflows in more than 95% of the countries in the sample. The nonlinearity in the per capita IPR-FDI nexus is such that increases in IPR applications would not necessarily translate into higher FDI inflows until a minimum scale of IPR applications is reached.