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471. ROK Military Transformation and ROK-US Security and Maritime Cooperation: MD, PSI and Dokdo Island

Author:
Taewoo Kim
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
In the last decade the ROK-U.S. alliance has soured as the two ideologically slanted predecessor administrations of Kim Dae Jung and Roh Moo Hyun brandished 'idealist policy experiments' over issues critical to the alliance. Under the banner of 'autonomy,' the Roh administration initiated the 2007 decision to separate operational control (OPCON) and dismantle the Combined Forces Command (CFC) by 2012. The Defense Reform 2020 was a decisive masterpiece to placate the conservative realists critical to the Roh's leftist experiments. The task of redressing the vestige of distortions belongs to the newly elected Lee Myung Bak, who already began restoration of the bilateral relations since the two summits in 2008, which promised to forge a 'strategic alliance.' If the 2007 agreement over OPCON and CFC is irreversible, the Lee administration has no other choice but to formulate a new security cooperation while utilizing the Defense Reform as the highway leading to military transformation and upgraded ROK-U.S. cooperation in that regard. The rationale is that the U.S. will remain a critical partner even after the transfer of OPCON in all defense areas such as collaboration upon a Korean contingency, purchase of new weapon systems, and interoperability. There are other critical issues that need mutual adjustment and understanding. For South Korea, more active participation in the Proliferation Security Initiative (PSI) is worth a try. The U.S. needs to understand South Korea's hesitation to fully participate in the U.S.-initiated TMD. Technically, the proximity to North Korea's high speed ballistic missiles may nullify the South's missile defense efforts. Politically, such participation will irritate China and Russia. Particularly, U.S. recognition of Japan's claim over Dokdo (Takesima) island, if any, will pour cold water on ROK-U.S.-Japan trilateral maritime cooperation, and dishearten 'ordinary South Koreans' who pin high expectations on the 'strategic alliance.'
Topic:
Security
Political Geography:
Russia, Japan, China, South Korea, and Island

472. The Japan Fallacy: Today's U.S. Financial Crisis Is Not Like Tokyo's "Lost Decade"

Author:
Richard Katz
Publication Date:
03-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The financial crisis of 2008 need not usher in a replay of Japan's "lost decade" of the 1990s. The current crisis is the result of correctable policy mistakes rather than deep structural flaws in the economy.
Topic:
Economics and Political Economy
Political Geography:
United States and Japan

473. Linkage Diplomacy: Economic and Security Bargaining in the Anglo-Japanese Alliance, 1902-23

Author:
Christina L. Davis
Publication Date:
03-2009
Content Type:
Journal Article
Journal:
International Security
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
How do states use economic-security linkages in international bargaining? Governments can provide economic benefits as a side payment to reinforce security cooperation and use close security ties as a source of bargaining leverage in economic negotiations. Domestic political pressures, however, may constrain the form of linkage. First, economic side payments are more likely to be chosen in areas that will not harm the key interests of the ruling party. Second, involvement by the legislature pushes governments toward using security ties as bargaining leverage for economic gains. Evidence from negotiations between Britain and Japan during the Anglo-Japanese alliance of 1902 to 1923 supports the constraining role of domestic politics. Economic-security linkages occurred as Britain gave favorable economic treatment to Japan in order to strengthen the alliance. Economic competition between the allies, however, made it difficult for Britain to grant asymmetrical economic benefits. In tariff negotiations where business interests had more influence in the domestic policy process, the alliance was used as leverage to force reciprocity.
Topic:
Security, Diplomacy, Economics, and Government
Political Geography:
Britain and Japan

474. The Future of the Chiang Mai Initiative: An Asian Monetary Fund?

Author:
C. Randall Henning
Publication Date:
02-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In September 1997, at the outset of the last global financial crisis, the Japanese Ministry of Finance proposed the creation of an Asian Monetary Fund. Although this particular proposal was scuttled, the idea of a common regional fund on which East Asian governments might draw in times of financial turmoil survives. The region's disaffection from the International Monetary Fund (IMF), stemming from the 1997–98 crisis, sustains this idea and a desire on the part of individual countries to self-insure with large holdings of foreign exchange reserves. East Asian governments and central banks have created a set of bilateral swap arrangements (BSAs) dubbed the Chiang Mai Initiative (CMI) and are negotiating among themselves to build these BSAs into a more comprehensive facility. Some Asian officials hope that such a facility could underpin exchange rate cooperation and monetary integration in the region, although such proposals remain for the moment long-term visions.
Topic:
Economics, International Cooperation, International Trade and Finance, Regional Cooperation, and Financial Crisis
Political Geography:
Japan, Israel, and Asia

475. Forget Bretton Woods II: the Role for U.S.-Japan-China Trilateralism

Author:
Yoichi Funabashi
Publication Date:
04-2009
Content Type:
Journal Article
Journal:
The Washington Quarterly
Institution:
Center for Strategic and International Studies
Abstract:
In this age of globalization, nations rise and fall in the world markets day and night. Europe, Germany in particular, may at first have indulged in a certain amount of schadenfreude to observe the abrupt fall from grace of the U.S. financial system. But not for long. As of November 2008, the euro zone is officially in a recession that continues to deepen. Germany's government was compelled to enact a 50 billion euro fiscal stimulus package. The Japanese economy, though perhaps among the least susceptible to the vagaries of the European and U.S. economies, followed soon after, with analysts fearing that the downturn could prove deeper and longer than originally anticipated. The U.S.—Europe—Japan triad, representing the world's three largest economies, is in simultaneous recession for the first time in the post-World War II era. China, meanwhile, is suddenly seeing its 30-year economic dynamism lose steam, with its mighty export machine not just stalling but actually slipping into reverse.
Topic:
Economics, Globalization, and Government
Political Geography:
United States, Japan, China, Europe, and Germany

476. Criss-Crossing Globalization: Uphill Flows of Skill-Intensive Goods and Foreign Direct Investment

Author:
Arvind Subramanian and Aaditya Mattoo
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
This paper documents an unusual and possibly significant phenomenon: the export of skills, embodied in goods, services or capital from poorer to richer countries. We first present a set of stylized facts. Using a measure which combines the sophistication of a country's exports with the average income level of destination countries, we show that the performance of a number of developing countries, notably China, Mexico and South Africa, matches that of much more advanced countries, such as Japan, Spain and USA. Creating a new combined dataset on FDI (covering greenfield investment as well as mergers and acquisitions) we show that flows of FDI to OECD countries from developing countries like Brazil, India, Malaysia and South Africa as a share of their GDP, are as large as flows from countries like Japan, Korea and the US. Then, taking the work of Hausmann et al (2007) as a point of departure, we suggest that it is not just the composition of exports but their destination that matters. In both cross-sectional and panel regressions, with a range of controls, we find that a measure of uphill flows of sophisticated goods is significantly associated with better growth performance. These results suggest the need for a deeper analysis of whether development benefits might derive not from deifying comparative advantage but from defying it.
Topic:
Development, Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:
United States, Japan, Malaysia, India, South Africa, Brazil, Spain, and Korea

477. Leaders and laggards, on the way down and up

Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
With the economies of most countries having passed their troughs, it is a good time to take stock of some of the main features of the crisis so far and to assess what the upturn may look like. In this article, we look back at how the different countries have fared in this crisis and how monetary and fiscal authorities have responded to the crisis. We then turn to the nascent recovery to compare and contrast the upturn across countries. Finally, we highlight some of the main legacies of this crisis. Exposure to financial services, housing booms, consumer debt and trade with the US were seen as factors that would make some countries suffer deeper downturns than others. In the event, the downturn has surprised by how quickly it has spread across countries. So the most affected countries turned out to be the most exposed to the world economy such as Germany, Italy, Japan and Eastern Europe. All major central banks have responded with aggressive cuts in interest rates and adopted wide-ranging unconventional measures. This has helped stabilise financial markets, but the goal of getting credit flowing to the non-financial economy has not yet been achieved. Governments have also responded to the crisis with large fiscal stimulus packages. These packages have helped contain the collapse in activity and contributed to some countries exiting the recession in 2009Q2. Whether these packages will be enough to get the world economy back on a sustainable growth path is still uncertain though. Beyond the short term, where fiscal stimulus and the stock cycle will boost growth, the recovery is expected to be sluggish and bumpy in most places. History suggests that recoveries from financial crises tend to be slower than others, and the repair of household and corporate balance sheets will be a drawn out process. In addition, with large amounts of spare capacity around the world, demand for investment will be weak for some time to come. Furthermore, the nascent upturn has already put pressure on oil and commodity prices. If this continues, it will hamper growth in net importer economies. These factors will combine with country-specific features that determine their potential growth. We forecast the recovery to be most drawn out in Italy, Japan and Germany as these countries are hit by weak demand for investment goods and are characterised by relatively low potential growth. One main legacy of this crisis is the likelihoo d of years of fiscal austerity, to bring public deficits back under control. Another legacy may be in changes to the regulation of financial services, although do date little progress has been made in this area. In addition, EMU has so far proved a resilient entity during the crisis, so that the euro could gain a more prominent role on the world stage, depending on how it fares in the upturn.
Topic:
Economics, Globalization, and Markets
Political Geography:
Japan, Europe, Germany, and Italy

478. The Rise and Fall of KEDO: A Case of Multilateral Engagement with North Korea

Author:
Joel Wit, Robert Carlin, and Charles Kartman
Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Weatherhead East Asian Institute, Columbia University
Abstract:
When the South Korean fast ferry Hankyoreh sailed out of North Korean waters into the cold wind and waves of the East Sea on the morning of 8 January 2006, it carried a sad and somber group of South Korean workers, ROK officials, and personnel from the Korean Peninsula Energy Development Organization (KEDO). These were all that remained of a decade long multinational effort transforming what in 1994 had been only a paper notion into a modern construction complex of steel and concrete. KEDO's profile on the North Korean landscape was unmistakable, its impact on Pyongyang profound. Yet, real knowledge and understanding about the organization in public and official circles in South Korea, Japan, and the United States was terribly thin at the beginning, and rema ins so to this day.
Topic:
Communism, Diplomacy, International Cooperation, and Nuclear Weapons
Political Geography:
United States, Japan, South Korea, and North Korea

479. The Default Power

Author:
Josef Joffe
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Every ten years, it is decline time in the United States. In the late 1950s, it was the Sputnik shock, followed by the "missile gap" trumpeted by John F. Kennedy in the 1960 presidential campaign. A decade later, Richard Nixon and Henry Kissinger sounded the dirge over bipolarity, predicting a world of five, rather than two, global powers. At the end of the 1970s, Jimmy Carter's "malaise" speech invoked "a crisis of confidence" that struck "at the very heart and soul and spirit of our national will." A decade later, academics such as the Yale historian Paul Kennedy predicted the ruin of the United States, driven by overextension abroad and profligacy at home. The United States was at risk of "imperial overstretch," Kennedy wrote in 1987, arguing that "the sum total of the United States' global interests and obligations is nowadays far larger than the country's power to defend them all simultaneously." But three years later, Washington dispatched 600,000 soldiers to fight the first Iraq war -- without reinstating the draft or raising taxes. The only price of "overstretch" turned out to be the mild recession of 1991. Declinism took a break in the 1990s. The United States was enjoying a nice run after the suicide of the Soviet Union, and Japan, the economic powerhouse of the 1980s, was stuck in its "lost decade" of stagnation and so no longer stirred U.S. paranoia with its takeover of national treasures such as Pebble Beach and Rockefeller Center. The United States had moved into the longest economic expansion in history, which, apart from eight down months in 2001, continued until 2008. "Gloom is the dominant mood in Japan these days," one Asian commentator reported in 1997, whereas "American capitalism is resurgent, confident and brash." That year, the New York Times columnist Thomas Friedman wrote that "the defining feature of world affairs" was "globalization" and that if "you had to design a country best suited to compete in such a world, [it would be] today's America." He concluded on a triumphant note: "Globalization is us."
Topic:
Globalization
Political Geography:
United States, Japan, and Washington

480. Towards a new climate regime? Views of China, India, Japan, Russia and the United States in the road to Copenhagen

Author:
Linda Jakobson, Anna Korppoo, Johannes Urpelainen, Antto Vihma, and Alex Luta
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
The fifteenth Conference of Parties to be held in Copenhagen in December 2009 has been set as the political deadline for establishing a comprehensive regime to address the dramatic threat of climate change and follow up the Kyoto Protocol. The EU has a convening role in the position formation for the negotiations as the newly elected presidential administration of the US will need all the time available to establish its position for Copenhagen.
Topic:
Climate Change, Energy Policy, and Treaties and Agreements
Political Geography:
Russia, United States, Japan, China, and India