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56511. 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

56512. 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

56513. 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

56514. China's Accession to and Implementation of International Environmental Accords 1978 - 95

Author:
Michel Oksenberg and Elizabeth Economy
Publication Date:
02-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
China's performance in numerous environmental areas—emission of greenhouse gases, use of ozone-depleting substances, reduction of sulphur dioxide emissions, or exploitation of fishing grounds in the western Pacific—will help determine the success of various global and regional environmental protection efforts. And as the World Bank's recent study Clear Water, Blue Skies: China's Environment in the New Century documents, the quality of life within China will be greatly affected by efforts to protect air, water, and soil, all of which are under heavy assault.
Topic:
Environment and International Cooperation
Political Geography:
China and Asia

56515. Integration on the Basis of Strength: China's Impact on East Asian Security

Author:
Wu Xinbo
Publication Date:
02-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
China is perhaps the most important variable in East Asian security, not only because of its growing power but also because of the great uncertainty over its future. Therefore, to assess China's impact on regional security, one question should be tackled first: what will China look like in the future? There are three different schools of thought concerning China's future: the “implosion" school holds that China, unable to cope with a wide array of social, economic, and political challenges created by its rapid economic growth, will follow in the footsteps of the former Soviet Union and “implode" the “expansion" school argues that as China gradually builds up its material strength, Beijing will wield its weight and seek to establish hegemony in the region; and the “integration" school believes that as China's economy further merges with the world economy, Beijing's internal and external behaviors will slowly but inevitably conform to international norms, and China will become a more responsible and more cooperative member of the world community.
Topic:
International Relations, Security, and Defense Policy
Political Geography:
China, Israel, Beijing, East Asia, Asia, and Soviet Union

56516. 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

56517. The Japan-America Security Alliance: Prospects for the Twenty-First Century

Author:
Daniel Okimoto
Publication Date:
01-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
By almost any criterion of success—be it cost–effectiveness, risk–reward ratio, multiplier effects, or sheer longevity, the Japan America Security Alliance (JASA) stands out as one of the most successful alliances in twentieth century history. For the United States, chief architect of a global network of military relationships, JASA is arguably the most important of its many bilateral alliances. In terms of historic impact, JASA is comparable to the North Atlantic Treaty Organization (NATO), a multilateral alliance that restructured the European security landscape in 1949. For nearly a half–century, JASA and NATO have functioned as the bedrock on which the Cold War security systems of Asia and Europe have been constructed.
Topic:
Security
Political Geography:
United States, Japan, America, Europe, and Asia

56518. The Emerging EU Tax Policy

Author:
Karel Lannoo
Publication Date:
05-1998
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The agreement reached in the Council of EU Finance Ministers (Ecofin) on 1 December 1997 on taxation policy can be considered as a landmark in EU direct tax harmonisation. The Council agreed on a package of measures to combat harmful tax competition in the EU, including a code of conduct on corporate taxation and elements which should enable the Commission to draft a new proposal for a directive on the taxation of income from savings. The Council invited the Taxation Policy Group to continue its work and instituted a Review Group to assess harmful tax competition. The first and, until now, last EU measures in the area of direct taxation date back to 1990. These abolished double taxation between enterprises of the same group.
Topic:
Government and Political Economy
Political Geography:
Europe

56519. MILOSEVIC: DÉJÀ VU ALL OVER AGAIN?

Publication Date:
12-1998
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
In the past few weeks the Belgrade authorities have sacked a number of key public officials. The two most prominent were security chief Stanisic and head of the army general staff Perisic. The firings triggered much speculation in the international media about the stability of Yugoslav President Slobodan Milosevic's regime. According to one interpretation, the sackings signal a fundamental weakness in government ranks, with Milosevic moving pre-emptively to oust potential rivals to his authority. Alternatively, the sackings may represent an attempt by the Yugoslav President to further consolidate his power base and to effectively rule with the backing of Yugoslavia's military and security establishments. Both Stanisic and Perisic were seen as Milosevic's opponents on several key policies, notably Belgrade's handling of relations with the Kosovo Albanians. Both Perisic and Stanisic, reportedly moderates not favouring the use of severe force against the Kosovars, have been replaced by Milosevic "yes-men" regarded as proponents of a violent resolution of the Kosovo question. If this is even in part the case, Stanisic's and Perisic's sackings do not necessary reflect a weakness in Milosevic's rule. Instead, the sackings may only signal Milosevic's resolve to return to force as a means of regional problem solving.
Topic:
Security, Diplomacy, Government, and Politics
Political Geography:
Eastern Europe, Kosovo, and Yugoslavia

56520. To Build A Peace: Recommendations For The Madrid Peace Implementation Council Meeting

Publication Date:
12-1998
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Three years after the Dayton Peace Agreement (DPA) ended the war in Bosnia and Herzegovina (Bosnia), the country has many of the trappings usually associated with statehood such as a common flag, currency, vehicle licence plate and passport. However, these and other breakthroughs have generally required disproportionate amounts of time and effort on the part of the international community and have all too often been rammed through in spite of Bosnia's domestic institutions. Despite visible progress towards many of the goals contained within the DPA, therefore, Bosnia's peace still gives the impression that it is built on shifting sands. Moreover, although critical to the peace process, the scale of the international presence, which increasingly resembles a protectorate, is in some ways counter-productive to Bosnia's long-term future. On the one hand, domestic institutions and politicians have to a large extent given up responsibility for governing their own country. On the other, the massive international stake has led key international players to declare the peace process a success, irrespective of how it is actually evolving. The international presence is also extremely expensive, costing some $9 billion a year.
Topic:
Conflict Prevention, Politics, and Treaties and Agreements
Political Geography:
Bosnia, Herzegovina, and Eastern Europe