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41. China Brief, Understanding Chinaís North Korea Policy

Author:
Frank Ching, You Ji, Willy Lam, and Eric Teo
Publication Date:
03-2004
Content Type:
Policy Brief
Institution:
The Jamestown Foundation
Abstract:
The two rounds of six-party talks in Beijing on the Korean nuclear standoff have demonstrated China.s unusual support for a multilateral solution to the conflict. This is symbolic of the country.s new diplomacy under Hu Jintao and Wen Jiabo. As is typical, Beijing is seeking to maximize its diplomatic gains for reasons related to national prestige and regional stability. What is new, however, is that the two leaders are trying to achieve these goals by having China act as a status quo power rather than through revisionist behavior. This change is vividly reflected in the fact that China has proven more willing to cooperate with the United States and is more determined to pressure North Korea. This brief article attempts to evaluate some of the domestic and international factors that are driving China to sponsor the six-party talks. conflicts on the Peninsula.with severe security implications for China. In the last few years two schools of thought have emerged in Beijing with respect to Chinese policy toward the DPRK. The first of these is the .buffer zone. school. It argues that, Pyongyang.s ill intentions and unpredictable adventurism notwithstanding, North Korea.s very existence remains of great strategic value to a China whose worst security nightmare is that of another Korean war. Moreover, any regime change that might occur in the DPRK as a result of war could bring the deployment of U.S. troops to positions close to the Sino-Korean borders. And taking into consideration a possible showdown between China and the United States in the Taiwan Strait, this could result in a hostile military presence right on China.s doorstep. Indeed, it was precisely this worst case scenario that China fought a war fifty-four years ago to prevent.
Topic:
International Relations, Government, and Political Economy
Political Geography:
United States, China, Israel, Taiwan, Beijing, North Korea, Korea, and Pyongyang

42. Disorderly adjustments to exchange rate misalignments: The experience of Korea'

Author:
Takuji Kinkyo
Publication Date:
08-2004
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
This paper analyzes Korea's exchange rate dynamics before and during the crisis of 1997-98 by estimating the long-run fundamental exchange rate and the associated error correction model. The analysis suggests that although Korea's exchange rate was substantially overvalued before the crisis, the subsequent exchange rate dynamics could not fully be accounted by the need to correct misalignments. It was found that there was a large deviation from the short-run fundamental value of exchange rates, indicating the presence of “overshooting of the overshooting equilibrium” during the crisis. The findings have important policy implications for crisis management in emerging market economies.
Topic:
International Relations, Development, Economics, and International Political Economy
Political Geography:
Korea

43. Transmission channels of capital flow shocks: why Korean crisis was so severe'

Author:
Takuji Kinkyo
Publication Date:
08-2004
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
The Asian crisis highlighted the vulnerability of emerging market economies faced by sudden capital flow reversals. An important question that has critical implications for crisis management is how negative shocks in capital inflows were transmitted to economic activities, transforming financial instability into fully-fledged crises. Using VARs, this paper analyzes the transmission mechanism of capital flow shocks during the Korean crisis of 1997-98. Although it is commonly believed that severe economic contractions were caused by credit crunch, the analysis suggests that the major constraint for production was a steep rise in prices of imported inputs due to sharp exchange rate depreciations.
Topic:
International Relations, Development, Economics, and International Political Economy
Political Geography:
Asia and Korea

44. The Nonproliferation Regime under Siege

Author:
George Bunn
Publication Date:
09-1999
Content Type:
Working Paper
Institution:
Center for International Security and Cooperation
Abstract:
The nuclear nonproliferation regime was challenged in 1998 by nuclear-weapon tests in India and Pakistan, by medium-range missile tests in those countries and in Iran and North Korea, by Iraq's defiance of UN Security Council resolutions requiring it to complete its disclosure of efforts to acquire weapons of mass destruction, and by the combination of “loose nukes” and economic collapse in Russia. Additional threats to the regime's vitality came in 1999 from the erosion of American relations with both China and Russia that resulted from NATO's 1999 bombing of Yugoslavia—with additional harm to relations with China resulting from U.S. accusations of Chinese nuclear espionage and Taiwan's announcement that it was a state separate from China despite its earlier acceptance of a U.S.-Chinese “one China” agreement. Major threats to the regime also came from the continued stalemate on arms-control treaties in the Russian Duma and the U.S. Senate, from a change in U.S. policy to favor building a national defense against missile attack, and from a Russian decision to develop a new generation of small tactical nuclear weapons for defense against conventional attack.
Topic:
International Relations, Arms Control and Proliferation, Economics, Government, and Nuclear Weapons
Political Geography:
Pakistan, Russia, United States, China, Europe, Iran, South Asia, Middle East, Israel, East Asia, Asia, and Korea

45. 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