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32. Japanese Economic Stagnation: Still in Neutral
- Author:
- Edward Lincoln
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- One of the discouraging problems in Northeast Asia over the past decade has been the lengthy malaise in the Japanese economy and the inability of government, business, and the public to forge effective solutions. In the decade since 1992, the average annual real (inflation-adjusted) economic growth rate has been only one percent—positive but very low and punctuated by four recessions in which gross domestic product (GDP) fell for at least two consecutive quarters. The financial sector is weighed down under an enormous amount of non-performing loans that has only grown larger over time. Meanwhile, Japan has become the first industrial country since the 1930s to experience deflation—a decline in the overall price level.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- Japan, Asia, and Northeast Asia
33. Chinese State, Chinese Society: Facing a New Century
- Author:
- Jae Ho Chung and Zhang Ye
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- The Sixteenth Congress of the Chinese Communist Party (CCP) was convened during November 8-15, 2002. The Congress reconfirmed the Party's strong commitment to the three key tasks of achieving modernization, accomplishing national unification, and safeguarding world peace and development. The outgoing CCP General Secretary Jiang Zemin, on behalf of the Fifteenth Central Committee, emphasized the need for further political changes at the grassroots and presented the target of quadrupling China's gross domestic product (GDP) by 2020. Jiang also projected that China's armed forces would possess fewer but better troops “ with Chinese characteristics. ”
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- China and Asia
34. Crisis on the Korean Peninsula
- Author:
- Richard Bush, Dean Nowowiejski, and Tomatsu Nakano
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Most signs during the late summer and early fall of 2002 pointed to progress on the Korean peninsula. North Korean leader Kim Jong Il had finally grasped, it appeared, the need for international moderation and domestic reform. The United States seemed ready to respond in kind. But with the visit to Pyongyang in October of U.S. Assistant Secretary of State James Kelly – the first high-level contact since the Bush Administration came into office – the situation quickly unraveled. Instead of offering the “bold initiative” that was reportedly in the works, Kelly confronted his interlocutors with evidence that their government had mounted a new, clandestine uranium-based nuclear program. The North Koreans refused to disavow the program and insisted on their right to nuclear weapons. Kelly responded that the United States would not engage the DPRK unless and until it abandoned the program. The status of the 1994 U.S.-DPRK Agreed Framework, which had capped North Korea's plutonium-based program in return for international assistance in meeting its civilian energy needs, was uncertain at best. The Korean Peninsula Energy Development Organization (KEDO), the mechanism for providing that aid, stopped heavy fuel oil shipments to North Korea at the end of 2002 at American insistence.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- United States, Asia, Korea, and Sinai Peninsula
35. Brookings Northeast Asia Survey, 2002-03
- Author:
- Catharin Dalpino and Richard Bush
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- This is the third edition of the Northeast Asian Survey, sponsored by the Center for Northeast Asian Policy Studies of the Brookings Institution. Following this review of developments in the region during 2002, the bulk of the volume is composed of essays that provide mid-term perspectives on internal dynamics in China, Hong Kong, and Japan, on the crisis on the Korean peninsula, and on relations between China and Taiwan and on China and Southeast Asia. All the authors have been affiliated with the Brookings Institution during the 2002-03 year. Most were CNAPS Visiting Fellows or Brookings Federal Executive Fellows.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- China, Taiwan, Asia, Southeast Asia, Hong Kong, and Northeast Asia
36. Financial Conglomerates: The Future of Finance?
- Author:
- Robert Litan and Richard Herring
- Publication Date:
- 04-2003
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- In 1999, after nearly twenty years of debate, the U.S. Congress finally passed legislation permitting bank affiliations with all sorts of other financial enterprises, and vice versa. In this step, the United States joined many other countries — especially in Europe and, more recently, Japan — in allowing the operation of financial conglomerates. But are financial conglomerates the wave of the future in finance? And if so, how are they to be regulated? These were the two central questions addressed in the fifth annual conference of the Brookings-Wharton Papers on Financial Services, an annual volume published by the Brookings Institution Press. The conference, held in October 2002 in Washington, D.C., convened financial services experts from around the world. The papers presented at the conference suggest, generally, that while the future may see more financial conglomerate activity than it has in the past, there still will be a role for specialist, or "monoline" financial companies. As for regulation, there is no settled model: some nations will pursue consolidated supervision, with authority over entire conglomerates vested in a single authority (often the central bank), while others will still regulate the pieces of diversified financial enterprises along structural lines.
- Topic:
- Economics, Government, Industrial Policy, and International Trade and Finance
- Political Geography:
- United States, Europe, and Washington
37. The Spatial Distribution of Entrepeneurial Support Networks: Evidence from Semiconductor Initial Public Offerings from 1996-2000
- Author:
- Martin Kenney and Donald Patton
- Publication Date:
- 03-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Theory and recent research demonstrates that entrepreneurship is a spatially and socially embedded activity. In certain regions, dense support networks of institutions dedicated to assisting entrepreneurial start-ups have been established and a wide variety of authors have given credit to these networks for supporting regional entrepreneurship (Kenney and von Burg 1999; Saxenian 1994; Bahrami and Evans 2000). As Marshall (1890) recognized many, but not all, industries exhibit a strong clustering effect (see also, e.g., Storper and Walker 1988; Porter 1990; 1998). Research on these networks has been hampered by a lack of empirical data that contains spatial variables and identifies the relationship between various actors (i.e., venture capitalists, law firms and investment bankers) and the start-up firm. Thus research has been qualitative and anecdotal or when quantitative limited to certain industries usually biotechnology.
- Topic:
- Economics, International Trade and Finance, and Non-Governmental Organization
- Political Geography:
- United States
38. Enron's Missed Opportunity: Enron's Refusal to Build a Collaborative Market Turned Bandwidth Trading Into a Disaster
- Author:
- Andrew Schwartz
- Publication Date:
- 02-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Why did Enron fail? The easy answer is that Enron was a fraud, a Ponzi scheme designed to enrich scoundrels. But beneath the off-balance sheet transactions and partnerships that have drawn such intense scrutiny, Enron's efforts to reduce complex products into tradable commodities represented one of the most promising ideas of the past twenty-five years. Enron's failure was due in part to a business strategy that regarded competitors as ruthless and uncompromising. That mentality led the company to reject the very real possibility that rivals could, working together, create the new markets that in turn would open up profit opportunities for all. Enron's brilliant vision of the New Economy didn't go far enough; it required a New Economy business model that emphasized cooperation among competitors.
- Topic:
- Economics, Emerging Markets, and International Trade and Finance
- Political Geography:
- United States
39. Non-Cooperative Dynamics of Multi-Agent Teams
- Author:
- Robert L. Axtell
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Results on the formation of multi-agent teams are reviewed and extended. Conditions are specified under which it is individually rational for agents to spontaneously form coalitions in order to engage in collective action. In a cooperative setting the formation of such groups is to be expected. Here we show that in non-cooperative environments—presumably a more realistic context for a variety of both human and software agents—self-organized coalitions are capable of extracting welfare improvements. The Nash equilibria of these coalitional formation games are demonstrated to always exist and be unique. Certain free rider problems in such group formation dynamics lead to the possibility of dynamically unstable Nash equilibria, depending on the nature of intra-group compensation and coalition size. Yet coherent groups can still form, if only temporarily, as demonstrated by computational experiments. Such groups of agents can be either long-lived or transient. The macroscopic structure of these emergent 'bands' of agents is stationary in sufficiently large populations, despite constant adaptation at the agent level. It is argued that assumptions concerning attainment of agent-level (Nash) equilibrium, so ubiquitous in conventional economics and game theory, are difficult to justify behaviorally and highly restrictive theoretically, and are thus unlikely to serve either as fertile design objectives or robust operating principles for realistic multi-agent systems.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States and Latin America
40. Spatial and Temporal Patterns in Civil Violence: Guatemala 1977-1986
- Author:
- Timothy R. Gulden
- Publication Date:
- 02-2002
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- This paper examines detailed records from the civil conflict in Guatemala between 1977 and 1986. It reveals a number of novel patterns which support the use of complex systems methods for understanding civil violence. It finds a surprising, non-linear relationship between ethnic mix and killing; thereby inviting analysis based on group dynamics. It shows the temporal texture of the conflict to be far from smooth, with a power spectrum that closely resembles that of other, better understood, complex systems. The distribution of incident sizes within the data seems to fall into two distinct sets, one of which, corresponding to "regular" conflict, is Zipf distributed, the other of which includes acts of genocide and is distributed differently. This difference may indicate that that agents of the state were proceeding under different types of orders. These results provide an empirical benchmark for the modeling of civil violence and may have implications for conflict prevention, peace keeping, and the post-conflict analysis of command structures.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Latin America, Central America, and Guatemala