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321. Japan — LDP Prognosis

Author:
Caspar Fithin
Publication Date:
04-2001
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
The ruling Liberal Democratic Party (LDP) will elect a new president on April 24. Given that the LDP is the largest party in parliament, its president will also become the country's prime minister. While the media and the public are demanding genuine leadership from the government, the LDP's structure militates strongly against forthright policy-making.
Topic:
Economics, Government, Political Economy, and Politics
Political Geography:
Japan and East Asia

322. Japan — Monetary Easing

Author:
Caspar Fithin
Publication Date:
03-2001
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
The Bank of Japan (BoJ) announced a new approach to monetary policy which effectively targets money supply growth and inflation on March 19. The BoJ has indicated that the immediate consequence of its measures to boost financial system liquidity will be to push short-term interest rates back to zero or virtually zero. It has pledged to maintain rates at this level until deflationary pressures are reversed and the consumer price index becomes positive. The BoJ's actions have the potential to lead to a revival in share prices, corporate activity and bank lending. If the initiative results in a sustained weakening of the yen, the economy may also benefit from stronger export growth. However, the effect of all of these measures will be blunted unless they are accompanied by the structural reforms which the government has for some time foreshadowed, but which have suffered from delay and indecision.
Topic:
Economics, Government, and International Trade and Finance
Political Geography:
Japan and East Asia

323. Verifying the Agreed Framework

Author:
Michael May, Nancy Suski, Robert Schock, William Sailor, Wayne Ruhter, Ronald Lehman, James Hassberger, Zachary Davis, George Bunn, and Chaim Braun
Publication Date:
04-2001
Content Type:
Working Paper
Institution:
Center for International Security and Cooperation
Abstract:
The Agreed Framework (AF) between the United States of America and the Democratic People's Republic of Korea (DPRK), signed in Geneva on October 21, 1994, has become the centerpiece of recent US efforts to reduce the threat of conflict with North Korea. In particular, it seeks to bring the DPRK into compliance with its obligations under the nuclear Non-Proliferation Treaty (NPT) not to acquire nuclear weapons. The AF document sets goals, outlines programs, initiates a US-led nuclear-power consortium, and notes linkages. The AF refers to a wider range of diplomatic and international security initiatives, such as the NPT and the agreement on denuclearization of the Korean Peninsula, and is meant to reinforce others, including those related to the reconciliation of the two Koreas.
Topic:
Arms Control and Proliferation and Nuclear Weapons
Political Geography:
United States, Israel, East Asia, and Korea

324. Finance and Changing US-Japan Relations: Convergence Without Leverage—Until Now

Author:
Adam S. Posen
Publication Date:
08-2001
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In the postwar era, US-Japan economic relations have been characterized by substantial tensions, yet this has not damaged the underlying security relationship or critically harmed the multilateral economic framework. In fact, these two economies have become more integrated over time even as these tensions played out. These tensions, however, have required an enormous expenditure of political capital and officials' time on both sides of the Pacific and have led to foregone opportunities for institution building and policy coordination. They have deepened since Japan “caught up” with the United States around 1980, and Japanese and US firms began increasingly to compete for profits and market share in the same sectors. Moreover, as both the US and Japanese economies continue to mature – both in terms of the age of their populations and their industrial mix – they will likely face even greater tensions between them over allocating the management and costs of industrial adjustment.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
United States, Japan, Israel, and East Asia

325. Rating Banks in Emerging Markets: What Credit Rating Agencies Should Learn From Financial Indicators

Author:
Liliana Rojas-Suarez
Publication Date:
05-2001
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The rating agencies' and bank supervisors' records of prompt identification of banking problems in emerging markets has not been satisfactory. This paper suggests that such deficiencies could be explained by the use of financial indicators that, while appropriate for industrial countries, do not work in emerging markets. Among the conclusions, this paper shows that the most commonly used indicator of banking problems in industrial countries, the capital-to-asset ratio, has performed poorly as an indicator of banking problems in Latin America and East Asia. This is because of (a) severe deficiencies in the accounting and regulatory framework and (b) lack of liquid markets for bank shares, subordinated debt and other bank liabilities and assets needed to validate the “real” worth of a bank as opposed to its accounting value.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
East Asia and Latin America

326. Unchanging Innovation and Changing Economic Performance in Japan

Author:
Adam S. Posen
Publication Date:
05-2001
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The Toyota Commemorative Museum of Industry and Technology gives its visitors much to ponder. Established at the site in Nagoya where in 1911 Sakichi Toyoda founded his automatic loom factory (the basis of the family fortune, which later funded his son Kiichiro's development of automobile production), the museum was opened on June 11, 1994, the 100th anniversary of Toyoda's birth. It is a popular stop on field trips for Japanese schoolchildren, who are required to study in the 3rd grade the automobile industry. The messages, which Toyota wishes to instill in its young visitors, are the importance of “making things” and of “creativity and research.” And confronting all museum visitors upon entry, having central place in the vast and largely empty first room of the exhibits, is Sakichi Toyoda's one-of-a-kind vertical circular loom.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
Japan, Israel, and East Asia

327. Foreign Direct Investment in China: Effects on Growth and Economic Performance

Author:
Edward M. Graham and Erika Wada
Publication Date:
04-2001
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
By almost all accounts, foreign direct investment (FDI) in China has been one of the major success stories of the past 10 years. Starting from a base of less than $19 billion in 1990, the stock of FDI in China rose to over $300 billion at the end of 1999. Ranked by the stock of inward FDI, China thus has become the leader among all developing nations and second among the APEC nations (only the United States holds a larger stock of inward FDI). China's FDI consists largely of greenfield investment, while inward FDI in the United States by contrast has been generated more by takeover of existing enterprises than by new establishment, a point developed later in this paper. The majority of FDI in China has originated from elsewhere in developing Asia (i.e., not including Japan). Hong Kong, now a largely self-governing “special autonomous region” of China itself, has been the largest source of record. The dominance of Hong Kong, however, is somewhat illusory in that much FDI nominally from Hong Kong in reality is from elsewhere. Some of what is listed as Hong Kong-source FDI in China is, in fact, investment by domestic Chinese that is “round-tripped” through Hong Kong. Other FDI in China listed as Hong Kong in origin is in reality from various western nations and Taiwan that is placed into China via Hong Kong intermediaries. Alas, no published records exist to indicate exactly how much FDI in China that is nominally from Hong Kong is in fact attributable to other nations.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
United States, Japan, China, Israel, East Asia, Asia, and Hong Kong

328. A Foreign Policy Report Card on the Clinton-Gore Administration

Author:
Jonathan G. Clarke
Publication Date:
10-2000
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The foreign policy record of the Clinton-Gore administration deserves a less than stellar grade. At the end of the Cold War, there was an extraordinary opportunity to build a new relationship with a democratic Russia; restructure U.S. security policy in both Europe and East Asia to reduce America's burdens and risk exposure; and revisit intractable Cold War–era problems, such as the frosty relations with Cuba, Vietnam, and North Korea. The administration's performance must be judged within the context of such an unprecedented opportunity for constructive change.
Topic:
International Relations and Foreign Policy
Political Geography:
Russia, United States, China, Europe, Israel, East Asia, Asia, North Korea, and Vietnam

329. The Japanese Network State in U.S. Comparison: Does Embeddedness Yield Resources and Influence?

Author:
Jeffrey Broadbent
Publication Date:
07-2000
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Scholars describe the East Asian—Japanese and South Korean—state as a network state that guides the private sector by means of embedded relationships (i.e., informal persuasive ties). In theoretical terms, these embedded ties represent informally institutionalized social capital. This study refines the network state thesis by comparing embedded ties with tangible resource exchanges in their effects upon political influence among political (organizational) actors in Japanese and U.S. labor politics. The network state thesis predicts that in Japan embedded ties should channel the flow of tangible resources (e.g., vital information, political support), and that embedded third party brokers should mediate this flow. Embedded ties have generally pervaded the Japanese polity, whereas in the United States, they have remained concentrated within the labor sector. In Japan, the embedded ties form a “bow tie” pattern: the Ministry of Labor (MOL) bridges a structural hole between corporatistic business and labor. The presence of embedded third parties predicts the dyadic exchange of information. Political support, by contrast, forms a distinct, nonembedded network, centered on political parties. Tensions between the embedded network and the instrumental political support network help explain characteristics of Japanese politics, such as the relative slowness of its response to financial crisis.
Topic:
Industrial Policy and Politics
Political Geography:
United States, Japan, Israel, East Asia, and South Korea

330. A New Beginning: Recasting the U.S.-Japan Economic Relationship

Author:
Bruce Stokes
Publication Date:
07-2000
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The time is ripe for a bold new initiative to recast the U.S.-Japan economic partnership for the 21st century. A new Japan is emerging. Foreign investment is on the rise. Tokyo is deregulating and restructuring its economy. A new generation of Japanese entrepreneurs and venture capitalists has arrived on the stage.
Topic:
Economics and Political Economy
Political Geography:
United States, Japan, Israel, East Asia, Asia, and North Africa