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342. Japanese Economic Stagnation: Still in Neutral
- Author:
- Edward Lincoln
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- One of the discouraging problems in Northeast Asia over the past decade has been the lengthy malaise in the Japanese economy and the inability of government, business, and the public to forge effective solutions. In the decade since 1992, the average annual real (inflation-adjusted) economic growth rate has been only one percent—positive but very low and punctuated by four recessions in which gross domestic product (GDP) fell for at least two consecutive quarters. The financial sector is weighed down under an enormous amount of non-performing loans that has only grown larger over time. Meanwhile, Japan has become the first industrial country since the 1930s to experience deflation—a decline in the overall price level.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- Japan, Asia, and Northeast Asia
343. Chinese State, Chinese Society: Facing a New Century
- Author:
- Jae Ho Chung and Zhang Ye
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- The Sixteenth Congress of the Chinese Communist Party (CCP) was convened during November 8-15, 2002. The Congress reconfirmed the Party's strong commitment to the three key tasks of achieving modernization, accomplishing national unification, and safeguarding world peace and development. The outgoing CCP General Secretary Jiang Zemin, on behalf of the Fifteenth Central Committee, emphasized the need for further political changes at the grassroots and presented the target of quadrupling China's gross domestic product (GDP) by 2020. Jiang also projected that China's armed forces would possess fewer but better troops “ with Chinese characteristics. ”
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- China and Asia
344. Crisis on the Korean Peninsula
- Author:
- Richard Bush, Dean Nowowiejski, and Tomatsu Nakano
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Most signs during the late summer and early fall of 2002 pointed to progress on the Korean peninsula. North Korean leader Kim Jong Il had finally grasped, it appeared, the need for international moderation and domestic reform. The United States seemed ready to respond in kind. But with the visit to Pyongyang in October of U.S. Assistant Secretary of State James Kelly – the first high-level contact since the Bush Administration came into office – the situation quickly unraveled. Instead of offering the “bold initiative” that was reportedly in the works, Kelly confronted his interlocutors with evidence that their government had mounted a new, clandestine uranium-based nuclear program. The North Koreans refused to disavow the program and insisted on their right to nuclear weapons. Kelly responded that the United States would not engage the DPRK unless and until it abandoned the program. The status of the 1994 U.S.-DPRK Agreed Framework, which had capped North Korea's plutonium-based program in return for international assistance in meeting its civilian energy needs, was uncertain at best. The Korean Peninsula Energy Development Organization (KEDO), the mechanism for providing that aid, stopped heavy fuel oil shipments to North Korea at the end of 2002 at American insistence.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- United States, Asia, Korea, and Sinai Peninsula
345. Brookings Northeast Asia Survey, 2002-03
- Author:
- Catharin Dalpino and Richard Bush
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- This is the third edition of the Northeast Asian Survey, sponsored by the Center for Northeast Asian Policy Studies of the Brookings Institution. Following this review of developments in the region during 2002, the bulk of the volume is composed of essays that provide mid-term perspectives on internal dynamics in China, Hong Kong, and Japan, on the crisis on the Korean peninsula, and on relations between China and Taiwan and on China and Southeast Asia. All the authors have been affiliated with the Brookings Institution during the 2002-03 year. Most were CNAPS Visiting Fellows or Brookings Federal Executive Fellows.
- Topic:
- Economics, International Political Economy, and International Trade and Finance
- Political Geography:
- China, Taiwan, Asia, Southeast Asia, Hong Kong, and Northeast Asia
346. Whither Europe?
- Author:
- Barry Eichengreen
- Publication Date:
- 05-2003
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies (IES), UC Berkeley
- Abstract:
- Where I live, on the West Coast of the United States, and teach, at the University of California, Europe seems far away. Geographically we are closer to Latin America and Asia. Ethnically, Californians of Hispanic and Asian-American descent are increasingly numerous. Within 20 years, residents of European origin will be a minority; already they are a minority of the undergraduates enrolling at Berkeley. Economically as well, we look to Asia. It is in California where the largest number of container ships arriving from Asia are unloaded, and it is across the Pacific, and in China in particular, that most of those containers originate.
- Topic:
- Economics and Political Economy
- Political Geography:
- United States, China, Europe, Asia, California, and Latin America
347. Institutions for Fiscal Stability (Financial Integration in Europe and Asia)
- Author:
- Barry Eichengreen and Yung Chul Park
- Publication Date:
- 01-2003
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies (IES), UC Berkeley
- Abstract:
- One of the most striking aspects of Europe's recent development has been the growth and integration of financial markets. Bond markets have grown explosively since the advent of the euro. Cross border transactions in government bonds have risen sharply with the emergence of the German bund as a benchmark asset, while the volume of corporate bond issues has grown even more dramatically. Securities markets are consolidating around London and Frankfurt, which are competing for the mantle of Europe's dominant financial center. This rapid market integration has raised questions about the viability of Europe's traditional model of bank-based financial intermediation, causing commercial and investment banks to respond with a wave of mergers and acquisitions.
- Topic:
- Economics and Political Economy
- Political Geography:
- Europe, Asia, London, and Germany
348. A Decomposition Analysis of Regional Poverty in Russia
- Author:
- Anthony Shorrocks and Stanislav Kolenikov
- Publication Date:
- 10-2003
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- This paper applies a new decomposition technique to the study of variations in poverty across the regions of Russia. The procedure, which is based on the Shapley value in cooperative game theory, allows the deviation in regional poverty levels from the all- Russia average to be attributed to three proximate sources; mean income per capita, inequality, and local prices. Contrary to expectation, regional poverty variations turn out to be due more to differences in inequality across regions than to differences in real income per capita. However, when real income per capita is split into nominal income and price components, differences in nominal incomes emerge as more important than either inequality or price effects for the majority of regions.
- Topic:
- Economics and Poverty
- Political Geography:
- Russia, Europe, and Asia
349. Quo Vadis? Inequality and Poverty Dynamics across Russian Regions
- Author:
- Ruslan Yemtsov
- Publication Date:
- 09-2003
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- This paper analyses regional data on inequality and poverty in Russia during 1994-2000 using published series from the regionally representative Household Budget Survey. The paper finds that the share of inequality in Russia coming from the between-regions component is large (close to a third of the total inequality), growing, and accounts for most of the increase in national inequality over 1994-2000. The paper demonstrates an absence of interregional convergence in incomes across Russian regions using various techniques. On the other hand, the paper finds evidence of convergence in inequality within regions, trended towards an internationally high level. Based on these two findings, the paper projects dynamics of inequality and poverty in Russia over a ten-year time horizon. The projections show that if the observed trend continues, by 2010 the absolute majority of Russia's poor will be concentrated in a few permanently impoverished regions, while relatively more affluent regions will become virtually free of poverty. Finally, the paper relates fluctuations in inequality within regions to a set of factors classified into four broad categories: endowments and initial conditions, preferences, policies, and shocks. Among these factors short-run fluctuations of the unemployment rate are revealed as significant and strong signals of inequality.
- Topic:
- Demographics, Economics, and Poverty
- Political Geography:
- Russia, Europe, and Asia
350. Externalities in Rural Development: Evidence for China
- Author:
- Martin Ravallion
- Publication Date:
- 07-2003
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- The paper tests for external effects of local economic activity on consumption and income growth at the farm household level using panel data from four provinces of post-reform rural China. The tests allow for nonstationary fixed effects in the consumption growth process. Evidence is found of geographic externalities, stemming from spillover effects of the level and composition of local economic activity and private returns to local human and physical infrastructure endowments. The results suggest an explanation for rural underdevelopment arising from underinvestment in certain externality-generating activities, of which agricultural development emerges as the most important.
- Topic:
- Development and Economics
- Political Geography:
- China and Asia
351. Social and Economic Decline as Factors in Conflict in the Caucasus
- Author:
- Svetlana Glinkina and Dorothy Rosenberg
- Publication Date:
- 02-2003
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- We argue that the conflicts in the Caucasus are the result of the abrogation by the elite of the earlier, Soviet era, social contract. This process was accompanied by the collapse of the formal economy; evidenced by huge national income compression, falling public goods provision, and growing inequality and poverty. In the absence of state provision of basic amenities and governance, ordinary people are compelled to fall back on kinship ties. Declining standards of governance facilitate state-sponsored corruption and criminality in a setting where the shadow economic activity is increasingly important to individual survival strategies. Oil pipelines and the right to control the transit of goods both legal and illegal also underlie conflict in the region. Criminality has replaced ethnicity as the major motivation for conflict and conflict per se has become a lucrative source of income.
- Topic:
- Economics, Ethnic Conflict, and Poverty
- Political Geography:
- Russia, Europe, Asia, and Soviet Union
352. Emerging Third Stage Peri-Urbanization: Functional Specialization in the Hangzhou Peri-Urban Region
- Author:
- Douglas Webster, Jianming Cai, Binyi Luo, and Larisa Muller
- Publication Date:
- 10-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Hangzhou Municipality is the provincial capital of Zhejiang, on China's east coast. It forms part of the Yangtze River Delta (YRD) region. Hangzhou was “opened up” in the mid-1980s, following Deng Xiaoping's visit to the South, resulting in an almost immediate flood of foreign and domestic investment in manufacturing. This initial investment was significantly in the peri-urban areas, i.e., outside the built-up area. The authors have been following development in the Hangzhou extended urban region, with emphasis on peri-urbanization processes, since 2000. A previous APARC discussion paper describes findings of preliminary field research on the Hangzhou–Ningbo Corridor, conducted in August 2000 and March 2001. The present paper zooms in on two peri-urban clusters in the Hangzhou extended urban region, and assesses their development over time. The goal of the research is to better understand how a peri-urban region changes—particularly in terms of firm evolution, labor characteristics, and spatial dynamics—as it becomes more economically and demographically mature. This paper also examines such changes in the context of the increasing cost structures and emerging competitors, primarily from other areas in China, that the Hangzhou peri-urban region now faces.
- Topic:
- Demographics, Economics, and Industrial Policy
- Political Geography:
- China, Asia, and Maryland
353. Spatial and Temporal Patterns of Urban Dynamics in Chengdu, 1975–2002
- Author:
- Douglas Webster, Jianming Cai, Binyi Luo, Annemarie Schneider, and Karen C. Seto
- Publication Date:
- 10-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Chengdu, the provincial capital of Sichuan, has undergone rapid transformation during China's post-reform period between 1978 and 2003. One of the leading cities in southwest China, Chengdu is second only to Chongqing in population. Chengdu anchors one end of the Chongqing-Chengdu urban corridor, the fourth most populous urban cluster in China. Although the upgrading of Chongqing Municipality to the equivalent of provincial status in 1997 has increased the city's profile and potential as an administrative, land transportation, and manufacturing center, it is expected that Chengdu's regional and strategic importance as a service and high-tech center will increase in the future. With increased economic specialization among Chinese cities, it is expected that Chengdu and Chongqing cities will increasingly complement each other in terms of function, both enhancing their developmental prospects as a result. Further, the development of western China is a major objective of the Tenth Five Year Plan. The “Go West” policy was introduced in 1999.
- Topic:
- Economics, Government, and Politics
- Political Geography:
- China, Asia, Chongqing, and Chengdu
354. Tax Reforms for Enhancing the Stable Development of the Chinese Financial System
- Author:
- Lawrence J. Lau and Guijuan Wang
- Publication Date:
- 09-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- The Chinese economy has had the highest rate of growth in the world in the past two decades. However, despite its rapid growth and the significant improvements in its financial system, serious risks and problems still exist in both the commercial banking sector and the stock market, that may potentially threaten the stable development and growth of the entire economy. In this paper, these risks and problems in the stock market and the commercial banking sector are identified. Possible solutions are then discussed. Finally, tax reforms are proposed that have the effects of (1) eliminating the double taxation on cash dividends from corporate profits; (2) encouraging the substitution of new equity for existing debt by corporations, which can lower the P/E ratios without lowering the stock prices and improve quality of commercial bank assets by reducing the probability of new nonperforming loans; and (3) attracting new and longer-term investors, both domestic and foreign, to the Chinese stock market. It is also shown that the proposed tax reforms will not result in a significant reduction in total fiscal revenue.
- Topic:
- Economics and Government
- Political Geography:
- China and Asia
355. The Politics of China's Shareholding System
- Author:
- Mary Comerford Cooper
- Publication Date:
- 06-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- This paper considers two questions. First, why did the Chinese government establish stock markets? Second, how have political interests shaped the key features of these markets? Based on both interviews and statistical analysis, the paper argues that China's top Party-State leaders attempted to create stock market institutions that allow the state to maintain control over listed companies, and over “the market” as a whole.
- Topic:
- Economics and Government
- Political Geography:
- China, Israel, East Asia, and Asia
356. Local Governments and the Chinese Stock Market
- Author:
- Mary Comerford Cooper
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- This paper examines a key aspect of the politics of stock markets in China—the distinct differences in interests between central government leaders and local governments. Central government leaders have a powerful incentive to promote macroeconomic stability and good performance of the stock market. Local leaders, for their part, are less concerned with the overall performance of the stock market than with gaining access to the stock market for companies under their own jurisdiction. The paper demonstrates that company listing brings tangible economic benefits to municipalities. Listed companies are associated with higher levels of gross domestic product (GDP), budgetary revenue, and industrial and commercial tax revenue. Therefore, it is not surprising that local officials put substantial effort into lobbying for the right to list additional companies on the national stock exchanges.
- Topic:
- Communism, Democratization, Economics, and Government
- Political Geography:
- China and Asia
357. Sociological Dimensions of China's Economic Transition: Organization, Stratification, and Social Mobility
- Author:
- Andrew G. Walder
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Despite skepticism about official economic statistics, there is little doubt that China since 1978 has undergone an economic transformation of historic proportions. This outcome stands in stark opposition to arguments that were once widely accepted in several scholarly communities, and which are still highly influential even today. In the early 1980s there was wide agreement that “partial” reform, under a single party dictatorship that sought indefinitely to preserve public ownership, was a recipe for failure. China specialists, students of comparative economic systems, and economists who advised governments and international agencies about postcommunist restructuring in Eurasia were initially in broad agreement on this point.
- Topic:
- Economics, Government, and Politics
- Political Geography:
- China and Asia
358. International Organizations and Democratization: Testing the Effect of GATT/WTO Membership
- Author:
- Mary Comerford Cooper
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Does the World Trade Organization promote democracy? A large part of the heated and protracted debate over China's application for WTO membership revolved around this question. Prior to China's WTO accession in December 2001, this debate had dragged on for nearly fifteen years. While one side argued that WTO membership would promote democratization in China, others argued that the wealth generated through economic integration would provide the resources to maintain authoritarian rule. Only time will tell whether WTO accession will contribute to pressures for democratization in China. In the meantime, however, this paper examines the empirical basis for these competing claims about the effects of GATT/WTO memberships on domestic political systems. Based on statistical analysis of a global data set, this paper concludes that members of the international trade regime are more likely than nonmembers to be democracies. However, there is little evidence that WTO membership in itself can promote democratic transition. Instead, it appears to be the case that democratic countries are more likely to seek to join the WTO.
- Topic:
- Communism, Democratization, Economics, and Government
- Political Geography:
- China and Asia
359. Politics and Property in Transitional Economies: A Theory of Elite Opportunity
- Author:
- Andrew G. Walder
- Publication Date:
- 04-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Command economies gave communist-era elites administrative control and material privilege but severely restricted money income and private wealth. Markets and privatization inject new value into public assets and create unprecedented opportunities for elite insiders to extract incomes or assume ownership. These opportunities vary with the extensiveness of regime change and the barriers to asset appropriation. Within these limits, they further vary with the concentration and form of economic assets and structural changes induced by reform. Elite advantages are smallest where regime change is extensive and barriers to asset appropriation are high, and in small-scale economies that grow rapidly. In China, there has been no regime change and privatization has been delayed and slow. In the rural economy, elites keep their posts as a source of economic advantage, while low entry barriers to household enterprise and rapid growth have created new entrepreneurial elites. After two decades, rural officials nonetheless enjoy large net income advantages that grow along with the expansion of labor markets and private entrepreneurship. These are not generic outcomes of market reform, but the product of market reform in distinctive political and structural conditions.
- Topic:
- Communism, Economics, Government, and International Trade and Finance
- Political Geography:
- China and Asia
360. The Paradox of Korean Globalization
- Author:
- Gi-Wook Shin
- Publication Date:
- 01-2003
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Some months ago a Stanford freshman came to ask for help on his project on Korea. At the time, I thought he was a Korean American, given that his command of both English and Korean is excellent. To my surprise, I learned that he was educated until high school in Korea and had never been to the United States before coming to Stanford. He surprised me further when he told me about his high school, the Korean Minjok Leadership Academy (KMLA). Located in a remote area of Kwangwon province—arguably the more underdeveloped region in South Korea—KMLA aspires to be Korea's version of Eton. The school's goal is to produce Korea's future leaders, and to instill in them a strong national identity (see its website at http://www.minjok.hs.kr). Fascinated by what he told me, I made a visit to his high school in fall 2002.
- Topic:
- Economics, Globalization, and Nationalism
- Political Geography:
- United States, America, Asia, and Korea