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291. Report on Allied Contributions to the Common Defense 2003

Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Responsibility Sharing Report presents the Department of Defense's annual assessment of the relative contributions toward the common defense and mutual security by our NATO allies, our Pacific allies (Australia, Japan and the Republic of Korea), and the Gulf Cooperation Council (GCC) nations. The cornerstone of effective alliance relationships is the fair and equitable sharing of the full range of mutual security responsibilities, and the appropriate balancing of costs and benefits.
Topic:
Security, Defense Policy, and NATO
Political Geography:
Japan, Australia/Pacific, and Korea

292. Transmission of Information Across International Equity Markets

Author:
Jon Wongswan
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper provides evidence of transmission of information from the U.S. and Japan to Korean and Thai equity markets during the period from 1995 through 2000. Information is defined as important macroeconomic announcements in the U.S., Japan, Korea, and Thailand. Using high-frequency intraday data, I focus the study on return volatility and trading volume because the implications of new information are much clearer than for returns. I find a large and significant association between emerging-economy equity volatility and trading volume and developed-economy macroeconomic announcements at short-time horizons. This is the first strong evidence of this sort of international information transmission. Previous studies' findings of at most weak evidence may be due to their use of lower frequency data and their focus on developed-economy financial market innovations as the measure of information.
Topic:
Economics and International Trade and Finance
Political Geography:
United States, Japan, Asia, Korea, and Thailand

293. The U.S. - Korea Alliance: Past, Present and Future

Author:
Hakjoon Kim
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
Half a century has passed since the Republic of Korea (ROK) and the United States concluded a mutual defense treaty. Despite occasional disharmonies and even conflicts, cooperation as well as friendship has prevailed in their bilateral relations, and the alliance has proved to be one of the most successful ones in the post World War II period. However, since the advent of the George W. Bush administration in January 2001, the rift between the two allies has become highlighted to the extent that the alliance is seen as being seriously weakened or even irrevocably damaged.
Political Geography:
United States and Korea

294. Chinese-North Korean Relations at a Crossroads

Author:
Samuel S. Kim
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
At the locus of the "last glacier of the Cold War," there is a double paradox at work on the Korean peninsula, structured and symbolized by two competing alliances forged during the heyday of the Cold War: North Korea with China (1961) and South Korea with the United States (1954). The peninsula is currently experiencing an unprecedented crisis of alliance maintenance, even survival. For better or worse, the Democratic People's Republic of Korea (DPRK), or North Korea, is the only country with which the People's Republic of China (PRC) "maintains"—whether in name or in practice—its 1961 Cold-War pact. Yet amidst Chinese worries that the U.S.-DPRK nuclear confrontation may spiral out of control, in March 2003 Beijing established a leading Group on the North Korean Crisis (LGNKC), headed by President Hu Jintao. The LGNKC's mission is to improve assessment of the intelligence "black hole" over Pyongyang's nuclear capabilities and intentions and to formulate a cost-effective conflict management strategy.
Political Geography:
United States, China, Beijing, North Korea, and Korea

295. Russia's Response To The 2002-2003 North Korean Nuclear Crisis

Author:
Peggy Falkenheim Meyer
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
Since he became president of Russia, Vladimir Putin has played an active role on the Korean peninsula, pursuing ties with both North and South Korea. Putin's engagement with both Korean states has contributed to a perception by some that Russia could play an influential role in helping to resolve the second North Korean nuclear crisis that began in October 2002 when a North Korean official admitted that his country has been pursuing a secret uranium enrichment program.
Political Geography:
Russia, South Korea, North Korea, and Korea

296. Nuclear Issues in U.S.-Korea Relations: An Uncertain Security Future

Author:
Young Whan Kihl
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
The security dynamics on the Korean peninsula are changing with the uncertain future associated with the North Korean claim that it now has nuclear weapons and an active program of building a "powerful deterrence force". This dramatic reversal of Pyongyang's nuclear stance, which is more than rhetorical but action-driven, followed its announced withdrawal from the Nuclear Nonproliferation Treaty early in 2003 and its nullification of the 1992 North-South Korean non-nuclear agreement.
Political Geography:
United States, South Korea, Korea, and Pyongyang

297. Brain Drain and Economic Development in the Context of U.S.-Korea Alliance

Author:
Sunwoong Kim and Ju-Ho Lee
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
Most people would acknowledge that the military and economic alliance between the U.S. and South Korea (Korea hereafter) has played a very important role in shaping the modern history in Korea. Among other things, many have pointed out that Korea's savings in military spending in order to deal with the North Korean threat since the Korean War is one of the major benefits of the strong alliance, because the savings that should have been diverted to military expense could be invested for improved economic development. Also, under this security arrangement, Korea has successfully implemented the strategy of export-as-anengine- for-economic-growth by borrowing heavily from the international financial market. Without the U.S.'s security guarantee, international borrowing would have been much more costly. Another important aspect of the strong alliance is that the U.S. has been the major market for Korean exports for several decades.
Political Geography:
United States, South Korea, North Korea, and Korea

298. Can Neo-classical Principles be an Appropriate Paradigm for the Future Economic Development in Korea?

Author:
Jong Won Lee
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
The Korean economy experienced a dramatic transition from one of an unprecedented rate of economic growth to one under the IMF bailout package program. The recent currency crisis has vitiated in a way the success of rapid economic growth in the past, and brought about hardship and agony to Koreans as well, which they have never experienced in recent decades.
Political Geography:
Korea

299. U.S. Services Trade and Investment In South Korea Under The U.S.-ROK Alliance

Author:
Martin H. Sours
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
The Republic of Korea (ROK), hereafter referred to as South Korea or simply Korea, was traumatically introduced to the modern, soon to be globalized, world as a result of the Korean War. One of the lasting effects of this forced modernization was a South Korean national imperative to develop economically as rapidly as possible. This was operationalized by the Park Chung Hee government which signed a peace treaty with Japan in 1965 after Park seized power.
Political Geography:
United States, South Korea, and Korea

300. North Korea's Unofficial Market Economy and its Implications

Author:
Sungwoo Kim
Publication Date:
03-2003
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
Amidst the rigid command economy of North Korea, there exists an unofficial yet flourishing market economy, currently operated through Jung Ma Dung, or literally a market place. Of course, a market place is a common feature of even the poorest country in the world and does not require special scrutiny. Yet to North Koreans who have been hitherto completely accustomed to government rationing for all their economic necessities, an economic activity for personal profit is a completely new and almost revolutionary concept. More importantly, the market place in the north has been gradually developed, with strenuous public oppression at the beginning, by a dire need for physical survival of its ordinary people. Without precedence and knowledge, they established, purely through trial and error, every aspect of the market place best suited for the existing peculiarities and constraints of its economy. Now the market place is so widely and firmly established, with the participation of practically everybody in North Korea, ranging from high government officials to common soldiers, that no power, including the leadership itself, can completely shut it down without causing a major revolt, especially by starving and desperate soldiers with weapons to wield, reminiscent of the October Revolution in czarist Russia.
Political Geography:
Russia, North Korea, and Korea