Following the 2008 global financial crisis, uncertainty is escalating in the world economy amid disruptions in the financial and foreign exchange markets of emerging economies, mounting geopolitical instabilities triggered by the spread of international terrorism, and rising protectionism in advanced countries. While the term "BRICs" signaled the emergence of new markets in the early 2000s it has since become associated with pessimistic views regarding the future of emerging markets as growth falters in Brazil and Russia.
However, emerging markets are vastly outpacing advanced economies in terms of their contribution to global economic growth. In response to protectionism and isolationism in the sluggish global economy, Korea should act as a mediator between the advanced and emerging countries, providing the momentum for sustainable development. Thus, comprehensive and in-depth research is needed for better understanding about emerging economies. Despite increasing demands for Area Studies, there is still a lack of systematic and insightful research on emerging markets.
In this regard, Korea Institute for International Economic Policy (KIEP) launched the "Studies in Comprehensive Regional Strategies" project in 2009 with the aim of providing readily applicable international economic policy recommendations for policy makers, as well as the public, and to expand the promotion of Area Studies across the spheres of economics, politics, society, and culture.