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81. Investment Power in Africa: Where from and where to?

Author:
Anton Eberhard and Katharine Nawaal Gratwick
Publication Date:
03-2013
Content Type:
Journal Article
Journal:
Georgetown Journal of International Affairs
Institution:
Georgetown Journal of International Affairs
Abstract:
Economic and social development depends critically on infrastructure, for which electricity may be among the most important inputs. Sub-Saharan Africa (SSA) has among the lowest rates of electricity access in the world - less than 30 percent. Furthermore, excluding South Africa, SSA is the only region for which per capita consumption of electricity is falling. The total installed capacity in the region amounts to less than South Korea's, and this limited supply is costly and unpredictable, imposing heavy tolls on social and economic development. It has been estimated that about 7,000 megawatts (MW) need to be added each year (2005-2015) to meet suppressed demand and provide additional capacity for electrification expansion. Such an investment would cost approximately $27 billion per year. Presently, funding to the electricity sector (for capital expenditure) is estimated at just $4.6 billion a year; hence, an annual funding gap of more than $20 billion exists. Public sources - utility income and fiscal transfers - contribute only about one-half of current capital investments, highlighting the urgent need for increased private investment, including public-private partnerships. Across Sub-Saharan Africa, the push towards private investment in electrical generation dates to the early 1990s, but the journey has not been smooth. Significant lessons may be identified, including: understanding the limited pool of investments, together with the importance of public stakeholders in equity and debt alike; the increasing application of partial risk guarantees (PRGs) to mobilize finance; and the emergence of more non-OECD partners. We note a number of success stories, including Kenya, South Africa and (potentially) Nigeria, whose policy innovations have replication potential in other Sub-Saharan African countries and beyond.
Topic:
Economics
Political Geography:
Kenya, Africa, South Korea, South Africa, and Nigeria

82. Asia's Uncertain Future: Korea, China's Aggressiveness, and New Leadership - Full Issue

Author:
Gilbert Rozman
Publication Date:
09-2013
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
For over twenty years, the Korea Economic Institute of America (KEI) invited leading Korea and Asia scholars and experts from around the world to its annual academic symposium. Starting in 2012, KEI embarked on a new initiative to revamp this series by partnering with the Association of Asian Studies (AAS) to incorporate the symposium into the AAS annual conference. To this end, KEI organized four conference panels, advertised KEI’s outreach work to over 3,000 conference participants at AAS, and raised the profile of the Institute on a global stage. As before, KEI edited, compiled and published the research papers presented by the distinguished speakers at the symposium as part of its Joint U.S.-Korea Academic Studies series. Part of this new endeavor is the involvement of Dr. Gilbert Rozman, the Musgrave Professor of Sociology at Princeton University. As the Editor-in-Chief for this Joint U.S.- Korea Academic Studies volume, his knowledge and work with the authors is visible throughout this publication. Dr. Rozman also helped KEI organize four timely and topical panels at the AAS conference. His involvement is part of KEI’s constant effort to bring our subscribers high quality and informative resources on issues impacting the U.S.-Republic of Korea relationship. The events and actions in Northeast Asia continue to have important implications for the future of the region. Many of these interactions have both bilateral and multilateral effects, which our authors examine in four themes. The rise of the Asia-Pacific region is characterized by both an increase in cooperation and competition among countries, and our experts look at this dynamic through key bilateral relationships. Moreover, economics has been a vital driver of cooperation in Asia, and this volume examines this continuing trend with the development of the China-Japan-Korea trilateral relationship and the possibility of a free trade agreement among the three countries. We have a section that further analyzes the national identity aspects of the U.S.-China relationship and how national identity issues are often at the core of how other countries view themselves in the region compared to that huge bilateral relationship. Lastly, one section looks at the ever-looming question of reunification on the Korean Peninsula. As you can see, all of these are important areas for understanding and succeeding in an Asia-Pacific century.
Topic:
International Relations, Security, Foreign Policy, Economics, Politics, Bilateral Relations, and Leadership
Political Geography:
China, Asia, South Korea, North Korea, Korea, and United States of America

83. The Microeconomics of North–South Korean Cross-Border Integration

Author:
Stephan Haggard and Marcus Noland
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Economic integration between North and South Korea occurs through three modalities: traditional arm's-length trade and investment, processing on commission (POC) trade, and operations within the Kaesong Industrial Complex (KIC). In order, these three modalities are characterized by decreasing exposure of South Korean firms to North Korean policy and infrastructure. Through a survey of 200 South Korean firms operating in North Korea, the authors find that these modalities of exchange matter greatly in terms of implied risk. For example, firms operating in the KIC are able to transact on significantly looser financial terms than those outside it. The authors find that direct and indirect South Korean public policy interventions influence these different modalities of exchange and thus impact entry, profitability, and sustainability of South Korean business activities in the North. In effect, the South Korean government has substituted relatively strong South Korean institutions for the relatively weak Northern ones in the KIC, thus socializing risk. As a result, the level and type of cross-border integration observed in the survey is very much a product of South Korean public policy.
Topic:
Conflict Resolution, Economics, International Trade and Finance, and Infrastructure
Political Geography:
South Korea and North Korea

84. The Quality of Official Development Assistance Assessment 2009: Is Aid Quality Improving?

Author:
Nancy Birdsall, Homi Kharas, and Rita Perakis
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
This report presents the results of the second edition of the Quality of Official Development Assistance (QuODA) assessment, with a focus on the changes that have occurred in donor performance since the first edition. These results were released in summary form in November, 2011, just before the Fourth High Level Forum on Aid Effectiveness in Busan, South Korea.
Topic:
International Relations, Development, Economics, Humanitarian Aid, Poverty, and Foreign Aid
Political Geography:
South Korea

85. US Agricultural Exports to ASEAN Grow - But Face Competition

Author:
Michael McConnell
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
East-West Center
Abstract:
ASEAN countries have long been an important international market for US agricultural exports. The United States, in 2011, exported almost $9.6 billion of agricultural products to ASEAN, making it the sixth-largest export destination for US farmers, ranchers, and agribusinesses—behind Japan ($14 billion) and just behind the European Union ($9.6 billion), but well ahead of South Korea ($7 billion). Moreover, the value of agricultural trade between the United States and ASEAN almost doubled between 2007 and 2011, with the top four ASEAN markets in 2011 for the United States being Indonesia ($2.8 billion), the Philippines ($2.1 billion), Vietnam ($1.7 billion), and Thailand ($1.3 billion). With a population of 614 million and strong economic growth, it is expected that ASEAN will continue to be an important market for US agricultural products. However, the United States is likely to face increasing competition, particularly from China, Australia, and New Zealand, all of which have free trade agreements (FTAs) with ASEAN.
Topic:
Agriculture, Demographics, Economics, International Trade and Finance, Markets, and Food
Political Geography:
United States, China, Europe, East Asia, South Korea, Australia, Southeast Asia, and New Zealand

86. Rising South Korea: A Minor Player or a Regional Power?

Author:
David Shim and Patrick Flamm
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
South Korea’s rising status in regional and global affairs has received much attention in recent years. But in academic, media and policy debates South Korea is usually regarded as a mere middle power that, due to its geopolitical situation, has only limited leeway in its foreign policy. Accordingly, it must constantly maneuver between its larger neighbors: China, Japan and Russia. However, this perspective neglects the fact that the same geopolitical constraint also applies to other states in the region. No country can easily project its power over others. We use the concept of “regional power” as a template to discuss South Korea’s rising stature in regional and global politics. We argue that Seoul seems quite capable of keeping up with other assumed regional powers. Hence, we not only provide a novel account of South Korea’s foreign policy options but also go beyond current approaches by asking about the (undetermined) possibilities for Seoul’s regional relations.
Topic:
Foreign Policy, Economics, and Power Politics
Political Geography:
Russia, Japan, China, Israel, and South Korea

87. From “Cardinal Sin” to Policy Agenda? The Role of Capital Controls in Emerging Market Economies

Author:
June Park
Publication Date:
04-2012
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Korea’s economic development since the 1980s has occurred in the context of capital controls and a strong governmental role in achieving sustained growth. The experiences of two financial crises—the Asian financial crisis (1997–98) and the global financial crisis (2008–09)—confirm the impression of a highly responsive state, although different pictures emerge as to how the Korean government sought to abolish or deploy capital controls in accordance with global consensus and intellectual trends in international political economy. Contrary to the policies of financial liberalization by the Korean government in the aftermath of the Asian financial crisis, the Korean government shifted to a policy direction favoring capital controls following the global financial crisis, as seen in recent Group of 20 proclamations. However, given the necessity of capital inflows for an outward-oriented economy such as Korea’s, which is heavily dependent on foreign capital inflows for investment, it is questionable to what extent Korea can effectively take advantage of capital controls, what the goals of such controls should be, whether there will be strong political backing for implementation of such policies, and what political risks the current government faces in implementing new capital controls. This paper seeks to provide answers to these questions by examining Korea’s initiatives for capital controls in light of its history and the surge of capital inflows to emerging market economies since the global financial crisis.
Topic:
Development, Economics, Markets, and Domestic Policy
Political Geography:
Asia and South Korea

88. The Dollar’s Influence in East Asia: Benevolent or Overbearing? A Comparative Answer in the U.S. Economic Aid and the Dollar Standard

Author:
Gloria Koo
Publication Date:
04-2012
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
There is no doubt that the United States has been a dominant economic power in the world. U.S. troops are deployed in the various corners of the world, and their military presence is often a strong force in propping up the status quo or a peaceful co-existence, possibly and hopefully more peaceful than otherwise. The U.S. has held an important role in the international system as a military power. But also in an economic sense, the U.S. has been a dominant leader. As a major consumer market and an investor, U.S. influence on the global economy is significant to say the least. This is especially true in East Asia. Through military alliance and economic aid, the U.S. crafted close relationships with East Asian countries and influenced their domestic policymaking. For example, as a provider of military and economic stability, the U.S. wielded much influence on domestic macroeconomic policies of Korea and Taiwan during the early industrialization years of 1950s-60s. The economic aid came with conditions, and Korea and Taiwan complied. Although explicit economic aid stopped in the late 1960s, other forms of assistance, for example loans, grants and technology transfers continued, and more importantly security alliances remained strong. The U.S. still holds much influence over Korea and Taiwan, as a military ally and a major trade partner. In the present day, Korea and Taiwan closely peg their currencies to the U.S. dollar and hold large currency reserves in dollars. As a result, macroeconomic stability of Korea and Taiwan depends largely on the stability of the dollar. In this way, the dollar’s influence on Korea and Taiwan is quite significant. Similar to but also different from the way that Korea and Taiwan depended on U.S. economic aid, they again depend on the dollar to anchor economic stability.
Topic:
International Relations, Economics, Investment, Currency, and Economic Stability
Political Geography:
Taiwan, Asia, South Korea, and United States of America

89. Asia at a Tipping Point: Korea, The Rise of China, and the Impact of Leadership Transitions

Author:
Gilbert Rozman
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
For over twenty years, the Korea Economic Institute (KEI) invited leading Korea and Asia scholars and experts from around the world for its annual academic symposium. Each year, KEI partnered with a leading university in the United States and organized a three-day conference covering Korea’s economy, politics, foreign affairs, and regional affairs. The event was held at a university campus and was open to the local academic community to participate in this world-class Korea conference. Starting in 2012, KEI embarked on a new initiative to reenergize this series and partner with the Association of Asian Studies (AAS) to incorporate the symposium within the AAS annual conference. To this end, KEI organized four conference panels, advertised KEI’s outreach work to over 3,000 conference participants at AAS, and raised the profile of the institute on a global stage. As before, KEI edited, compiled and published the research papers presented by the distinguished speakers at the symposium as part of our Joint U.S.-Korea Academic Studies series. A new addition to our endeavor is the involvement of Dr. Gilbert Rozman, the Musgrave Professor of Sociology at Princeton University, who worked tirelessly as the Editor-in-Chief for this Joint U.S.-Korea Academic Studies volume and consulted with us on forming the most reputable conference panels for this new initiative. His involvement not only raised the profile of this academic symposium series, but also heightened the quality and rigor of the volume for our subscribers’ benefit. This year’s volume is particularly rich with the dramatic leadership transitions within the Asia-Pacific region, the growing uncertainty of North Korea’s future, and the growing influence of China and South Korea globally. This year’s presenters covered a breadth of issues ranging from the political and security dynamics around the Korean peninsula and in Northeast Asia to increasingly contentious national identity and migration issues to the future of Asia-Pacific economic integration. Scholars from the U.S., South Korea, Japan, and China all contributed to this compilation. I trust you will not be disappointed by the scholarship and insights of these chapters.
Topic:
International Relations, Security, Foreign Policy, Economics, and Domestic Politics
Political Geography:
Russia, Japan, China, Asia, South Korea, North Korea, Korea, and United States of America

90. From Preponderance of Power to Balance of Power? South Korea in Search of a New North Korea Policy

Author:
Jihwan Hwang
Publication Date:
12-2011
Content Type:
Working Paper
Institution:
East Asia Institute (EAI)
Abstract:
The global and East Asian orders of power are now represented by China's economic, military, and diplomatic rise and America's decline. The result is often called Chimerica or G2, leading to U.S.-China competition in every aspect of the international agenda. After the Bush administration's foreign policy in the first years of the millennium, when many scholars and policy makers focused on U.S. unipolarity or at least its preponderance of power after the collapse of the Soviet Union and the end of the Cold War, the current state of affairs is a great change. While U.S.-China relations represent a set of the most important variables in world politics, the meaning of China’s rise is much greater in the East Asian regional order. The Korean Peninsula, of course, cannot escape from the influence of its neighbors. Although the world order of the 1990s saw the unprecedented economic prosperity and overwhelming military power of the United States, the recent order has been characterized by the relative decline of the United States and the fast and strong rise of China. The Chinese economy has grown more than 10 percent per year for the last thirty years and is now the world's second-largest economy. Although the Chinese GDP is still only one-third that of the United States, as TABLE 1 shows, it is not at all unheard of to say that China may economically catch up with the superpower by 2030. Moreover, China's trade with Northeast Asian countries is much larger than that of the United States. As TABLE 2 shows, China's exports and imports with South Korea, Japan, and Taiwan are almost twice as large when compared with those of the United States. Given America's economic recession and China's incessant growth, the gap between the two is likely to get much larger. China's increasing economic interdependence with regional powers will have a great effect on the changing balance of power in the region, and will have a much greater effect on the Korean Peninsula. On the other hand, China has also made every effort to build up its military capability. Supported by its strong economic growth, Chinese military spending has been hugely increased, more than 10 percent per year on average. China spent 40 billion U.S. dollars in 2001, but it spent 119 billion in 2010, an increase of almost three times in ten years. TABLE 3 indicates that Chinese military spending is still less than one sixth compared to the American figure, but one must recognize that while the United States plans to cut its military spending in the next decade due to its budget deficit, China is certain to keep increasing its, unless its economy falls into deep trouble in the near future.
Topic:
Foreign Policy, Economics, Military Strategy, and GDP
Political Geography:
China, Asia, South Korea, and North Korea