In November 2010, the U.S.-Korea Institute at SAIS and Korea Institute of Finance, co-hosted the event, “State of the World Economy, 2011-2012: Whither or Wither?” sponsored by the Asian Studies Program at SAIS and the JoongAng Ilbo. This conference was meant to facilitate the exchange of predictions, as well as the assumptions underpinning those predictions, for the global economy over the next two years among such noted economists as Kevin H. O’Rourke, John B. Taylor, Daniel Rosen, Marcus Noland, and more. Special emphasis was placed on key economies such as China, India, Japan, and South Korea.
This volume contains the speeches and papers (further refined and edited post-conference) presented at that conference, in order to help inform and advise both policymakers and the general public on what may be in store in the coming years.
On March 29, 2011, the U.S.-Korea Institute and SAIS and Center for the Study of the Presidency and Congress cohosted a seminar entitled, “Leadership Matters: The U.S.-ROK Alliance in the Lead Up to 2012.” The Honorable Lee Jae-oh, South Korea’s Minister of Special Affairs and 4 time National Assemblyman delivered the keynote speech for this event, entitled “Global Leadership: A New Vision for the U.S.-ROK Alliance,” highlighting such key issues the KORUS FTA, coordination on North Korea policy, and his vision for creating a Northeast Asian Community of Peace and Prosperity.
On November 16, 2010, CSIS, KEI, and USKI hosted a discussion with Lael Brainard, Under Secretary of International Affairs from the U.S. Treasury. Brainard presented the main objectives behind the American economic growth agenda within the context of the G-20 Summit and how President Obama has invested his efforts in Asia, touching on platforms such as trade.
On November 18, 2010, the U.S.-Korea Institute at SAIS and Korea Institute of Finance, sponsored by the Asian Studies Program at SAIS and JoongAng Ilbo, will host a one-day conference, entitled “State of the World Economy, 2011-2012: Whither or Wither?” in celebration of Korea Institute of Finance’s 20th anniversay, 1991-2011.
This conference will consist of three sessions: Whither the Global Economy; Demand, Deflation, and Debt in the “Locomotive” Economies; and Implications and Future of the Korean Economy; and will feature such noted economists as Kevin O’Rourke, John Taylor, Dan Rosen, Marcus Noland, Roger Leeds, Peter Heller and more. Special addresses will be delivered by the Honorable Han Duk-soo, ROK Ambassador to the United States, and Dr. Chung Duck-koo, Chairman of the North East Asia Research Foundation.
The U.S.-Korea Institute at SAIS annouces the release of the fourth edition of the SAIS U.S. -Korea Yearbook.
Each fall semester at SAIS, the Korea Studies Program offers the course, “The Two Koreas: Contemporary Research and Record,” where students prepare an in-depth report on an issue of importance to Korean affairs in that year. As part of their research, students make a one-week research trip to Seoul to test their ideas with experts and officials. The SAIS U.S.-Korea Yearbook is a compilation of these student papers.
On April 13, 2010, Sam Jaffe and Myung Oak Kim, co-authors of the recently released book, The New Korea: An Inside Look at South Korea’s Economic Rise, discussed how South Korea differed from the United States in its responses to the current recession, and what lessons the United States can learn from South Korea’s handling of the global financial crisis.
In their presentation, Sam and Myung Oak proposed that the true miracle about South Korea was not the rapid economic growth it experienced in the last few decades, but rather the cultural transformations it underwent in the process, changing from an autocratic, inward-looking, ethnically homogeneous society into a democratic society that has embraced multiculturalism and opened up to the outside world.
The traumatizing effect of the 1997 “IMF crisis” taught South Korea some valuable lessons that it was later able to apply successfully to the most recent economic downturn. Jaffe explained that the terms “rubber ball” and “dead cat” bounce are used by Wall Street traders to describe different stock performances. South Korea is like a “rubber ball” because its economy has shown resilience during the current recession. The recent performance of the US economy, however, is described as a “dead cat” bounce because it is still struggling to recover from the crisis. Jaffe argued that there are three main reasons for South Korea’s superior economic performance following the downturn. First, Korea’s culture of job security and aversion to layoffs led Korean companies to implement job-sharing programs, in which instead of one employee being fired and another retained, two people shared the same job and split the hours and wages. Second, the South Korean government drastically devalued the won (the South Korean currency) in order to boost exports and quickly improve the economy. Third, during the IMF crisis, Korean companies focused on strategic long-term planning rather than worrying about the short-term effects of the crisis, which allowed them to not only emerge from the crisis, but to also enjoy tremendous success today. Jaffe stated that he believes that these are all lessons that the U.S. can learn from South Korea in dealing with the current (and future) economic recessions.
As 97 percent of South Korean energy comes from imports, Central Asia is a very important area for developing and securing foreign energy resources. Among the countries in Central Asia, Kazakhstan has shown the highest tangible economic development results. Moreover, Kazakhstan, compared to other Central Asian countries, has the richest natural resources, a superior economy size, and a relatively stable political situation that could increase the speed of political modernization. Kazakhstan is also leading the region in terms of market reforms. read more …
In November 2010, the U.S.-Korea Institute at SAIS and Korea Institute of Finance, co-hosted the event, “State of the World Economy, 2011-2012: Whither or Wither?” sponsored by the Asian Studies Program at SAIS and the JoongAng Ilbo. This conference was meant to facilitate the exchange of predictions, as well as the assumptions underpinning those predictions, for the global economy over the next two years among such noted economists as Kevin H. O’Rourke, John B. Taylor, Daniel Rosen, Marcus Noland, and more. Special emphasis was placed on key economies such as China, India, Japan, and South Korea.
As 97 percent of South Korean energy comes from imports, Central Asia is a very important area for developing and securing foreign energy resources. Among the countries in Central Asia, Kazakhstan has shown the highest tangible economic development results. Moreover, Kazakhstan, compared to other Central Asian countries, has the richest natural resources, a superior economy size, and a relatively stable political situation that could increase the speed of political modernization. Kazakhstan is also leading the region in terms of market reforms. 