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Begin New Search Topic Economics Political Geography East Asia Content Type Working Paper Publishing Institution Walter H. Shorenstein Asia-Pacific Research Center

1. The Politics of China's Shareholding System

Author:
Mary Comerford Cooper
Publication Date:
06-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This paper considers two questions. First, why did the Chinese government establish stock markets? Second, how have political interests shaped the key features of these markets? Based on both interviews and statistical analysis, the paper argues that China's top Party-State leaders attempted to create stock market institutions that allow the state to maintain control over listed companies, and over “the market” as a whole.
Topic:
Economics and Government
Political Geography:
China, Israel, East Asia, and Asia

2. Foreign Penetration of Japan's Investment-Banking Market: Will Japan Experience the "Wimbledon Effect"?

Author:
Nicole Pole
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Foreign banks have long faced difficulties in attempting to enter certain Japanese financial markets. This is due partly to regulatory practices and partly to specific Japanese socioeconomic conditions, for instance the system of relationship banking. While retail banking is still a sector in which almost no foreigners have been able to succeed, some foreign financial institutions have been able to gain market share in investment and wholesale banking.
Topic:
Economics and International Trade and Finance
Political Geography:
Japan, Israel, East Asia, and Asia

3. Foreign Direct Investment in New Electricity Generating Capacity in Developing Asia: Stakeholders, Risks, and the Search for a New Paradigm

Author:
Robert Thomas Crow
Publication Date:
01-2001
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
The rate of investment sufficient to provide developing Asia with a reasonably adequate supply of electricity is immense, ranging from a World Bank estimate of 2000 megawatts (MW) each month (which translates into an annual investment of about $35 billion per year) to even higher estimates. All of the larger countries of developing Asia have been looking for foreign direct investment (FDI) to provide a significant amount of the needed capital. In 1996, financial closings for new power projects in developing Asia reached $13.7 billion, or almost 40 percent of the lower range of the estimated requirement. Although data on the foreign share of the monetary value of financial closings is not available, it is likely to be over 80 percent. Thus, the foreign share of total direct investment in power projects in developing Asia appeared to have been around 30 percent before the East Asian currency crisis.
Topic:
Economics, Energy Policy, and International Trade and Finance
Political Geography:
East Asia and Asia

4. The Yen, the Yuan, and the Asian Currency Crisis Changing Fortune between Japan and China

Author:
C.H. Kwan
Publication Date:
12-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
The currency crisis that started in Thailand in the summer of 1997 was followed by repercussions on the currencies of neighboring countries, culminating in a crisis infecting most countries in East Asia. Japan and China, which have developed strong ties with the rest of Asia through trade and investment, have not been exempted from this contagion. This paper looks at the latest currency crisis in Asia from the perspectives of these two regional giants.
Topic:
Economics and International Trade and Finance
Political Geography:
Japan, China, Israel, East Asia, Asia, and Thailand

5. The Korean Currency Crisis: What Can We Learn From It?

Author:
Sang-Mok Suh
Publication Date:
05-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Just like many other crises, the Korean currency crisis came suddenly. In mid–November 1997, headlines in the Korean press consisted mostly of presidential election stories. At that time the presidential race was very close; the Grand National Party candidate, Lee Hoi–Chang, was making a dramatic comeback, while the National Congress for New Politics candidate, Kim Dae–jung, was making his best effort to maintain his narrow lead. Thus, when President Kim Young Sam announced on November 19 his decision to fire key economic policy–makers on the grounds of mismanaging the economy, most Koreans were surprised at the news and questioned the president's motivation. Two days later they were completely shocked to learn that the Korean government was asking the International Monetary Fund (IMF) for emergency standby loans because the Korean foreign reserve level was very low at $7.3 billion and most foreign financial institutions were unwilling to roll over their short–term loans to Korea.
Topic:
Economics and International Trade and Finance
Political Geography:
Israel, East Asia, and Asia

6. Benefits and Burdens: The Politically Dominated Economics of U.S. Alliances with Japan and Korea

Author:
Charles Wolf and Michele Zanini
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Alliances are organizations between or among independent entities that concert to produce “collective goods” for the mutual benefit of alliance members. The statement applies whether the alliances are between or among countries, corporations, universities, research centers, or other institutions. Of course, the nature of the collective goods, as well as the membership in the collectivity, differs across these cases. That the goods (or benefits) are “collective” means that their availability to one alliance member (or their production by any member) implies their availability to the other members of the alliance.
Topic:
International Relations, Security, Defense Policy, and Economics
Political Geography:
United States, Japan, Israel, East Asia, and Korea

7. The Costs and Benefits of Korean Unification

Author:
Marcus Noland, Sherman Robinson, and Li-gang Liu
Publication Date:
03-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Existing estimates of the costs of unification are inadequate for a number of reasons. In this paper we use a dynamic computable general equilibrium model to calculate South Korean and total peninsular income streams under a variety of unification (and non–unification) scenarios. We find that there are scenarios in which the present discounted value of South Korean income is higher with unification than without it. Although lower income groups in South Korea experience reduced incomes under this scenario, with redistribution of the gains, everyone can be made better off. Indeed, this scenario, which involves relatively low levels of South Korean private investment in the North together with relatively high levels of North–South migration, is also the one which generates the highest level of total peninsular income as well. The latter point is critical in that it suggests that there is no necessary conflict between the economic interests of North and South Koreans after unification.
Topic:
Security, Economics, International Organization, and Political Economy
Political Geography:
Israel, East Asia, and Korea

8. Energy and Security in East Asia

Author:
Michael May
Publication Date:
01-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This study examines the likely security consequences of the continued growth in energy consumption in East Asia, and in particular: The dimensions of that growth which are likely to have an effect on international security. The dependencies and insecurities created by that continued growth. The policy guidance that can be derived for the United States from a review of those dependencies and insecurities.
Topic:
Security, Economics, Energy Policy, and International Political Economy
Political Geography:
Israel and East Asia

9. Sankin Kotai: Institutionalized Trust as the Foundation for Economic Development in the Tokugawa Era

Author:
Jennifer Amyx
Publication Date:
06-1997
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This article focuses on the sankin kotai, or alternate attendance, system instituted in Japan during the Tokugawa period. Most traditional accounts of the sankin kotai system–which included an important hostage element–portray it as a product of Tokugawa statecraft devised primarily for the coercion and exploitation of daimyo, or territorial lords, and control over a feudal order. In addition, these accounts tend to take the distinctive stability of this era for granted. Given the chaos and bloodshed of the "warring states" period which preceded it, however, the phenomenon of 267 years of peace deserves a stronger explanation.
Topic:
Development, Economics, and Political Economy
Political Geography:
Japan, Israel, and East Asia

10. The Syndrome of the Ever-Higher Yen, 1971-95: American Mercantile Pressure on Japanese Monetary Policy

Author:
Ronald McKinnon, Kazuko Shirono, and Kenichi Ohno
Publication Date:
12-1996
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
From 1971 through mid-1995, the yen continually appreciated against the U.S. dollar because the Japanese and American governments were caught in a mutual policy trap. Repeated threats of a trade war by the United States caused the yen to ratchet up in 1971-73, 1977-78, 1985-87, and 1993 to mid-1995. While temporarily ameliorating commercial tensions, these great appreciations imposed relative deflation on Japan without correcting the trade imbalance between the two countries. Although resisting sharp yen appreciations in the short run, the Bank of Japan validated this syndrome of the ever-higher yen by following a monetary policy that was deflationary relative to that established by the U.S. Federal Reserve System. The appreciating yen was a forcing variable in determining the Japanese price level. After 1985, this resulted in great macroeconomic instability in Japan--including two endaka fukyos (high-yen-induced recessions).
Topic:
Economics, International Political Economy, and International Trade and Finance
Political Geography:
United States, Japan, America, Israel, and East Asia