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Begin New Search Topic International Trade and Finance Political Geography Asia

331. The Growth of Broadband Internet Connections in South Korea: Contributing Factors

Author:
Kyounglim Yun, Heejin Lee, and So-Hye Lim
Publication Date:
09-2002
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
In recent years, Korea has seen a remarkable diffusion in broadband Internet connections. This paper explores the actions and factors contributing to this diffusion from three viewpoints: public sector, private sector, and social. We suggest that the matching of demand and supply is the most important factor in the fast diffusion of broadband in Korea. In particular, fierce infrastructure competition has led to quality services at a low fixed price. We also consider two challenges that lie ahead: take-up of retail e-commerce applications, and the need to bridge the digital divide.
Topic:
Economics, International Trade and Finance, and Science and Technology
Political Geography:
Asia, South Korea, and Korea

332. Foreign Penetration of Japan's Investment-Banking Market: Will Japan Experience the "Wimbledon Effect"?

Author:
Nicole Pole
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Foreign banks have long faced difficulties in attempting to enter certain Japanese financial markets. This is due partly to regulatory practices and partly to specific Japanese socioeconomic conditions, for instance the system of relationship banking. While retail banking is still a sector in which almost no foreigners have been able to succeed, some foreign financial institutions have been able to gain market share in investment and wholesale banking.
Topic:
Economics and International Trade and Finance
Political Geography:
Japan, Israel, East Asia, and Asia

333. Chinese and Indian Engineers and their Networks in Silicon Valley

Author:
Rafiq Dossani
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
In recent years, Asian immigrants have played an important role in Silicon Valley's growth, as suppliers of both engineering and entrepreneurial talent. Given their relatively large numbers, the Indian and Chinese communities' contributions have been particularly noted. The Indians' presence became more marked toward the last few years of the century, bolstered by arrivals working on the Year 2000 (Y2K) problem. The Chinese, by contrast, had older roots set down amid long-standing political, economic, and educational links with Taiwan. Both communities have formed extensive ethnic professional networks, with large memberships and well-attended, regular "networking" events, such as monthly meetings and special interest group sessions. The popularity of these events suggests that members find them valuable. While some of the value is probably noneconomic, the avowedly economic mission (see below) and long-term popularity of these gatherings means that most members primarily derive economic benefits. These networks and their members are the subject of this paper. The author acknowledges the collaboration of Professor AnnaLee Saxenian of the University of California, Berkeley, in the design of and data collection for the survey which forms part of this paper. The survey was partially funded by the Public Policy Institute of California.
Topic:
International Trade and Finance and Science and Technology
Political Geography:
United States, India, Taiwan, Asia, California, and Berkeley

334. China's Trade Opening: Implications for Regional Stability

Author:
Howard M. Krawitz
Publication Date:
08-2002
Content Type:
Working Paper
Abstract:
In late 2001, China entered the World Trade Organization (WTO), a dramatic step that marks not only the end of a 15-year odyssey for Beijing but also the beginning of a new phase in the country's internal development and its relations with the outside world. It may sound odd to suggest that joining the WTO—an organization focused on rules of conduct for trade and commerce—will influence not only China's economy but also its political, military, and social development, as well as its interaction with the United States. Yet China's efforts to play by WTO rules could affect its internal development far more extensively than has been the case with many new member nations.
Topic:
Security and International Trade and Finance
Political Geography:
United States, China, and Asia

335. East Asia: Currency Cooperation

Publication Date:
05-2002
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Former IMF First Deputy Managing Director Stanley Fischer expressed support for regional currency arrangements in a speech at the Hong Kong Monetary Authority on May 21. East Asian nations continue to discuss swap arrangements and other forms of cooperation in the hope of defending local currencies. Fischer endorsed the swap plans while throwing critical light on currency 'management' schemes. Such schemes could result in perverse consequences for regional economies.
Topic:
Economics, International Organization, and International Trade and Finance
Political Geography:
Asia and Hong Kong

336. South-East Asia — Investment Lessons

Publication Date:
02-2002
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
This week's piece focuses on mixed successes of intra-regional mergers and acquisitions in South-east Asia. Large South-east Asian firms have been enthusiastic investors within the region, with mixed results. Successful intra-regional investment is important for developing a greater domestic demand structure in the region and reducing reliance on external demand.
Topic:
International Political Economy and International Trade and Finance
Political Geography:
South Asia, Asia, and Southeast Asia

337. International Bank Lending. Water Flowing Uphill?

Author:
John Hawkins
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is a net flow of funds from emerging economies to banks in advanced economies. This paper looks at this phenomenon, starting by setting out the relevant data, and then looking at factors influencing these flows. These include both cyclical influences (both 'push' and 'pull') and structural changes within the banking industry. There is some evidence that international lenders are now discriminating more between the various emerging economies.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Asia

338. How Optimal are the Extremes? Latin American Exchange Rate Policies During the Asian Crisis

Author:
Ricardo Ffrench-Davis and Guillermo Larraín
Publication Date:
01-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
During the Asian crisis, intermediate exchange rate regimes vanished. It has been argued that those regimes were no longer useful and only the extremes remained valid. The paper analyses three foreign exchange regimes: Argentina (pegged), Chile (band) and Mexico (float). The Argentinean currency board delivered low financial volatility while it was credible, but even then it displayed high real volatility. Mexican float performed well in periods of instability isolating the real sector. The Chilean band delivered a mixed outcome as compared to Argentina and Mexico. This is linked apparently to a loss in the band's credibility, associated to policy mismanagement and an over-appreciation in the biennium before the crisis. Optimal exchange rate regimes vary across time and the conjuncture. Exit strategies are part of the election of the optimal system, including a flexible policy package rather than a single rigid policy tool.
Topic:
Development and International Trade and Finance
Political Geography:
Asia, Argentina, South America, Latin America, Mexico, and Chile

339. Ratings since the Asian Crisis

Author:
Helmut Reisen
Publication Date:
01-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance has changed since the Asian Crisis and whether rating agencies have modified the determinants for their rating decisions. It also provides an analysis on recent suggestions by the Basel Committee on Banking Supervision, as these are very important for gauging the future role of sovereign ratings for foreign debt finance in developing countries. While the explanatory power of conventional rating determinants has declined since the Asian crisis, recent rating performance for Argentina and Turkey can still be qualified as lagging the markets, as variables of financial-sector strength and the endogenous effects of capital flows on macroeconomic variables seem to remain underemphasized in rating assessments. The market impact of sovereign ratings is predicted to decline as agencies have started to modify their country ceiling policy and as market participants try to exploit bond trading opportunities arising from the lagged nature of ratings. The paper presents theory and evidence to suggest that the Basel II Accord will destabilise private capital flows to the developing countries, if the current proposal to link regulatory bank capital to sovereign ratings is maintained: Assigning fixed minimum capital to bank assets whose risk weights are in turn determined by market-lagging cyclically determined ratings will reinforce the tendency of the capital ratio to work in a pro-cyclical way.
Topic:
Development, Economics, and International Trade and Finance
Political Geography:
Turkey, Asia, and Argentina

340. Managing Asia Pacific's Energy Dependence on the Middle East: Is There a Role for Central Asia?

Author:
Kang Wu and Fereidun Fesharaki
Publication Date:
06-2002
Content Type:
Policy Brief
Institution:
East-West Center
Abstract:
The Middle East is Asia Pacific's largest energy supplier, satisfying a demand for oil that must keep pace with the region's continued economic growth. This dependence on the Middle East has caused Asia Pacific to join the United States and other Western nations in the hunt for alternative suppliers. Central Asia, located between the Middle East and Asia Pacific and already an oil and gas exporter, is an attractive possibility. With energy production projected to rise rapidly over the next decade, Central Asia is poised to become a major player in the world energy market. But the land-locked region's options for transporting oil and gas to Asia Pacific markets are limited and problematic. Passage via pipeline east through China presents construction challenges; south through Iran, or through India and Pakistan via Afghanistan, is fraught with political difficulties. Not until geopolitics become more favorable to the south-bound options, or technologies make the China route possible, will Asia Pacific be able to tap the energy resources of Central Asia.
Topic:
Security and International Trade and Finance
Political Geography:
Pakistan, Afghanistan, United States, China, Iran, Middle East, and Asia