KDI was established in 1971 as an independent, non-profit research institute. It supports high profile research in all fields of economics and related areas through conferences, seminars, workshops and monograph publication. The main objective of KDI is to foster interactions among academics, policy makers and business practitioners with a view to finding solutions to socio-economic problems in Korea and the wider world. The KDI Series in Economic Policy and Development publishes state of the art research findings in all aspects of economics and related areas. This series will be essential reading for academics, policy makers and business practitioners.