Stanford University

Financial Reform: Implications for China’s State-Owned Enterprises

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Financial reform is one of the key priorities identified at the Third Plenum in November while state-owned enterprises got little mention.  But will financial reform possibly lead to a fundamental reform of state-owned companies?

Nicholas R. Lardy, Anthony M. Solomon Senior Fellow, joined the Peterson Institute for International Economics in March 2003. Previously, he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.

Lardy is a member of the Council on Foreign Relations and is a member of the editorial boards of the China Quarterly, Journal of Asian Business,China Review, and China Economic Review. He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.

This event is co-sponsored with CEAS and is part of the China under Xi Jinping series.

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Nicholas R. Lardy Anthony M. Solomon Senior Fellow Speaker Peterson Institute for International Economics
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Former ambassador explores U.S.-Asia relations at Stanford

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Stephen W. Bosworth, a former diplomat and expert on Korea, will spend the winter quarter at Stanford as a visiting lecturer.

Bosworth was a United States ambassador to three countries: South Korea (from 1997 to 2001); the Philippines (from 1984 to 1987); and Tunisia (from 1979 to 1981).

He was the President Barack Obama’s Special Representative for North Korea Policy between 2009 and 2011 and held several other senior positions at the State Department. He was a dean of the Fletcher School of Law and Diplomacy at Tufts University and is currently a senior fellow at Harvard’s Belfer Center for Science and International Affairs.

At Stanford, he will be a Payne Distinguished Lecturer at the Freeman Spogli Institute for International Studies, in residence at FSI’s Walter H. Shorenstein Asia-Pacific Research Center.

Prior to his arrival at Stanford University, Bosworth also served as the Director of Policy Planning, Principal Deputy Assistant Secretary of State for Inter-American Affairs, and Deputy Assistant Secretary for Economic Affairs, among other senior level positions at the State Department. Bosworth co-authored Chasing the Sun, Rethinking East Asian Policy in 2006, and focuses on U.S.-Asia foreign policy, energy security and inter-governmental relations.

The Payne lectureship, named after Frank and Arthur Payne, presents prominent speakers chosen for their international reputation as leaders who emphasize visionary thinking, a broad grasp of a given field, and the capacity to engage the larger community in important issues. Former FBI Director Robert Mueller is also spending this academic year as a Payne lecturer.

Bosworth will deliver three public lectures at Stanford. His first talk will focus on his extensive experience in the diplomatic service. The public lecture and reception will take place in the Bechtel Conference Center in Encina Hall on Feb. 3. The two other lectures will address negotiations and relations between North Korea and the U.S. management of its alliance with Japan and South Korea.

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A Career In and Around US Foreign Policy — Reflections and Observations

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Ambassador Bosworth looks back on a career spanning five decades and foreign service assignments in Panama, Madrid, Paris, Tunis, Manila, Seoul and Washington.  Drawing on his involvement in issues ranging from control of the Panama Canal to the Arab oil embargo, North Korea's nuclear weapons program, the Asian financial crisis, the end of the Marcos regime in the Philippines, and how to deal with the opportunities and challenges of the rise of China, Bosworth tries to identify some basic principles and guidelines for the conduct of American foreign policy and relates stories about his personal experiences with leaders foreign and domestic.

Stephen W. Bosworth is a Senior Fellow at The Belfer Center for Science and International Affairs at the John F. Kennedy School of Government, Harvard University.  He is also the Chairman of the U.S.-Korea Institute at the Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS).  From 2001-2013, he served as Dean of The Fletcher School of Law and Diplomacy at Tufts University, where he now serves as Dean Emeritus.  He has also served as the United States Ambassador to the Republic of Korea from 1997-2001.

From 1995-1997, Mr. Bosworth was the Executive Director of the Korean Peninsula Energy Development Organization [KEDO], an inter-governmental organization established by the United States, the Republic of Korea, and Japan to deal with North Korea.  Before joining KEDO, he served seven years as President of the United States Japan Foundation, a private American grant-making institution.  He also taught International Relations at Columbia University’s School of International and Public Affairs from 1990 to 1994.  In 1993, he was the Sol Linowitz Visiting Professor at Hamilton College.  He has co-authored several studies on public policy issues for the Carnegie Endowment and the Century Fund, and, in 2006, he co-authored a book entitled Chasing the Sun, Rethinking East Asian Policy.

A public reception will follow the seminar in the Encina Hall Lobby.

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Stephen W. Bosworth

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Stephen W. Bosworth was a Payne Distinguished Lecturer at the Walter H. Shorenstein Asia-Pacific Research Center in Freeman Spogli Institute for International Studies. He was a Senior Fellow at The Belfer Center for Science and International Affairs at the John F. Kennedy School of Government, Harvard University. He was also the Chairman of the U.S.-Korea Institute at the Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS). From 2001-2013, he served as Dean of The Fletcher School of Law and Diplomacy at Tufts University, where he then served as Dean Emeritus. He also served as the United States Ambassador to the Republic of Korea from 1997-2001.

From 1995-1997, Bosworth was the Executive Director of the Korean Peninsula Energy Development Organization [KEDO], an inter-governmental organization established by the United States, the Republic of Korea, and Japan to deal with North Korea. Before joining KEDO, he served seven years as President of the United States Japan Foundation, a private American grant-making institution. He also taught International Relations at Columbia University’s School of International and Public Affairs from 1990 to 1994. In 1993, he was the Sol Linowitz Visiting Professor at Hamilton College. He co-authored several studies on public policy issues for the Carnegie Endowment and the Century Fund, and, in 2006, he co-authored a book entitled Chasing the Sun, Rethinking East Asian Policy. 

Ambassador Bosworth had an extensive career in the United States Foreign Service, including service as Ambassador to Tunisia from 1979-1981 and Ambassador to the Philippines from 1984-1987. He served in a number of senior positions in the Department of State, including Director of Policy Planning, Principal Deputy Assistant Secretary of State for Inter-American Affairs, and Deputy Assistant Secretary for Economic Affairs. Most recently, from March 2009 through October 2011, he served as U.S. Special Representative for North Korea Policy for the Obama Administration. 

He was the recipient of many awards, including the American Academy of Diplomacy’s Diplomat of the Year Award in 1987, the Department of State’s Distinguished Service Award in 1976 and again in 1986, and the Department of Energy’s Distinguished Service Award in 1979. In 2005, the Government of Japan presented him with the Order of the Rising Sun, Gold and Silver Star. 

Bosworth was a graduate of Dartmouth College where he was a member of the Board of Trustees from 1992 to 2002 and served as Board Chair from 1996 to 2000. He was married to the former Christine Holmes; they have two daughters and two sons.

Stephen W. Bosworth Payne Distinguished Lecturer, Shorenstein Asia-Pacific Research Center, Freeman Spogli Institute for International Studies Speaker Stanford University
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Stephen W. Bosworth

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Payne Distinguished Lecturer, Shorenstein Asia-Pacific Research Center, Freeman Spogli Institute for International Studies
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Stephen W. Bosworth was a Payne Distinguished Lecturer at the Walter H. Shorenstein Asia-Pacific Research Center in Freeman Spogli Institute for International Studies. He was a Senior Fellow at The Belfer Center for Science and International Affairs at the John F. Kennedy School of Government, Harvard University. He was also the Chairman of the U.S.-Korea Institute at the Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS). From 2001-2013, he served as Dean of The Fletcher School of Law and Diplomacy at Tufts University, where he then served as Dean Emeritus. He also served as the United States Ambassador to the Republic of Korea from 1997-2001.

From 1995-1997, Bosworth was the Executive Director of the Korean Peninsula Energy Development Organization [KEDO], an inter-governmental organization established by the United States, the Republic of Korea, and Japan to deal with North Korea. Before joining KEDO, he served seven years as President of the United States Japan Foundation, a private American grant-making institution. He also taught International Relations at Columbia University’s School of International and Public Affairs from 1990 to 1994. In 1993, he was the Sol Linowitz Visiting Professor at Hamilton College. He co-authored several studies on public policy issues for the Carnegie Endowment and the Century Fund, and, in 2006, he co-authored a book entitled Chasing the Sun, Rethinking East Asian Policy. 

Ambassador Bosworth had an extensive career in the United States Foreign Service, including service as Ambassador to Tunisia from 1979-1981 and Ambassador to the Philippines from 1984-1987. He served in a number of senior positions in the Department of State, including Director of Policy Planning, Principal Deputy Assistant Secretary of State for Inter-American Affairs, and Deputy Assistant Secretary for Economic Affairs. Most recently, from March 2009 through October 2011, he served as U.S. Special Representative for North Korea Policy for the Obama Administration. 

He was the recipient of many awards, including the American Academy of Diplomacy’s Diplomat of the Year Award in 1987, the Department of State’s Distinguished Service Award in 1976 and again in 1986, and the Department of Energy’s Distinguished Service Award in 1979. In 2005, the Government of Japan presented him with the Order of the Rising Sun, Gold and Silver Star. 

Bosworth was a graduate of Dartmouth College where he was a member of the Board of Trustees from 1992 to 2002 and served as Board Chair from 1996 to 2000. He was married to the former Christine Holmes; they have two daughters and two sons.

Is a new round of economic reform kicking off in China?

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After the critical Third Plenum meeting in Beijing last November, China indicated impending changes to its economic and security policy in a 60-point resolution. Now the challenge is determining just how the Chinese government will attempt to implement its directives, leaving analysts to ask how significant and in what direction reform will go. As economic growth remains a priority, China will consider initiating realistic, long-standing policy changes to maintain its status as a global leader.

Barry J. Naughton, So Kuanlok professor of Chinese economy in the School of International Relations and Pacific Studies at the University of California, San Diego, considered this question and related topics during his visit to the Walter H. Shorenstein Asia-Pacific Research Center on January 9, 2014. His lecture was the first in a series on the meaning of the reforms coming out of the recent Third Plenum of the 18th Party Congress.

After introducing the context of the Third Plenum, Naughton evaluated what the resolution signals and offered his view on what it all adds up to.  He posed the questions: did the Third Plenum succeed? and should we understand the place of the Third Plenum in China’s future development?

Naughton put forth a guarded, but optimistic view of the November resolution by pointing out that while individual reforms might not seem major, putting all the reforms together, there is a lot of substance.  He stressed the breadth of the document, its inclusion of measurable policy targets, and its willingness to tackle the most complex and controversial subjects. However, Naughton also warned that the large agenda is one of the risks. 

Focusing on the need for further SOE reform, Naughton ended his talk with a proposal. He argued that, indeed, the reform agenda is plausibly achievable if new institutions are created to implement economic restructuring. This could include the abolition of existing supervisory organizations and the creation of competing wealth management agencies assigned with the task of turning the remaining unreformed SOEs into modern joint-stock corporations. Naughton proposed that a national wealth-restructuring task force be created to address these major problems facing China.

Having recently spent time at Tsinghua University in Beijing, Naughton draws from extensive hands-on experience with China’s political economy. Many of his publications, including his book The Chinese Economy: Transitions and Growth, remain standards in the canon of scholarship on China. Most recently, Naughton is the editor of Wu Jinglian: Voice of Reform in China released in 2013 by the MIT Press.

Co-sponsored with the Center for East Asian Studies, the Stanford China Program series, entitled “China under Xi Jinping,” will engage distinguished academics, policymakers, and thought leaders in discussion throughout the next few months. Noted experts will provide thoughtful conversation on the new era initiated under Xi’s leadership.

Jean C. Oi, director of the China Program, says of the series “The 3rd Plenum of the 18th Party Congress unveiled details of the reforms to come under Xi Jinping’s rule of China.  But how significant are they?  Are the proposed reforms sufficient to tackle the challenges that China faces?  Can they be achieved?  Are they contradictory?  These questions are all the more pressing given Xi Jinping’s seemingly divergent policy directions in the economic and political realms.  This series brings leading scholars to help untangle the 3rd Plenum reforms and shed light on where Xi Jinping is taking China.” 

The event series “China under Xi Jinping” will be reoccurring throughout spring, please refer to the Stanford China Program calendar of events to learn more and RSVP.

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Abenomics: Evaluation of the First Year

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A year has passed since the Japanese government embarked on the new economic policy package called “Abenomics” with three “arrows”: aggressive monetary easing, flexible fiscal policy, and a growth strategy. The package is designed to bring the Japanese economy out of 20 years of stagnation and 15 years of deflation, and put it on a sustainable growth path. How effective has the policy package been during the first year of the Abe administration?  Will it succeed in bringing sustainable growth to Japan?  Professor Takatoshi Ito, a prominent expert on the Japanese economy, tackles these questions.

Takatoshi Ito, Professor at Faculty of Economics and Dean of Graduate School of Public
Policy, University of Tokyo, has taught extensively both in the United States and Japan,
including at University of Minnesota, Hitotsubashi University, and Harvard University.
He held visiting professor positions at Harvard University (1986-87 and 1992-94), Stanford
University (as National Fellow; 1984-85); Columbia Business School (fall semester, 2009),
and Tun Ismail Ali Chair Professor at University of Malaya (summer semester, 2008). His
public sector experiences include Senior Advisor in the Research Department, IMF
(1994-97); Deputy Vice Minister for International Affaires at Ministry of Finance
(1999-2001); and a member of the Prime Minister’s Council of Economic and Fiscal
Policy (2006-08). He is an author of many books including The Japanese Economy (MIT
Press), The Political Economy of the Japanese Monetary Policy (MIT Press), and
Financial Policy and Central Banking in Japan (MIT Press), and more than 50
refereed academic journal articles on international finance and the Japanese economy,
including ones in American Economic Review and Econometrica. He has distinguished
academic and research appointments such as President of the Japanese Economic
Association in 2004; Fellow of Econometric Society, since 1992; Research Associate at
National Bureau of Economic Research since 1985; and Faculty Fellow, Centre for
Economic Policy Research, since 2006. His research interest includes capital flows and
currency crises, microstructures of the foreign exchange rates, and inflation targeting. He
contributes frequently op-ed columns and articles to Financial Times, Nihon Keizai Shinbun,
Mainichi Shinbun, and Toyo Keizai Weekly.

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Takatoshi Ito Speaker University of Tokyo
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A War of Words: Allied Captivity and Swiss Neutrality in the Pacific, 1941-1945

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This talk explores the work of Swiss diplomats and Red Cross delegates to explain the experience of Allied POWs and civilian internees in the Pacific War. As the only foreigners allowed into both POW and internee camps, and the only ones to work in Japan as well as Allied countries, they were uniquely positioned to record the flow of information between the two sides, the attempts to deliver material and financial aid, and the intensifying exchange of recrimination and threats. Washington and Tokyo made claims and counter-claims about the observance or non-observance of the Geneva Conventions. Both sides threatened and carried out reprisals and made their observance of international law conditional on the conduct of the enemy. While life was far worse for Allied captives than for their Japanese counterparts, it was not because of a deliberate policy of cruelty. Instead, senior Japanese officials never developed clear policy guidance for POWs and failed to provide adequate logistical and administrative support. The few Japanese officials who oversaw the camp system lacked any authority over individual commanders. Even so, the Swiss may well have helped prevent a bad situation from becoming even worse.


Sarah Kovner is a graduate of Princeton University (A.B.) and Columbia University (Ph.D), associate professor of history at the University of Florida, and is currently a Chauncey Fellow in International Security Studies at Yale. She works on modern Japanese history, international history, and the history of war and society. Kovner's first book, Occupying Power: Sex Workers and Servicemen in Postwar Japan, won the Southeast Conference Association for Asian Studies book prize. It is available in paperback from Stanford University Press. She is now writing a history of Allied prisoners in the Pacific War.

 

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Sarah Kovner Associate Professor of History Speaker University of Florida
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Chinese Military Aerospace and Maritime Development: Short-Range Tailwinds, Long-Range Headwinds

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By any measure, China’s economy and defense budget are second only to those of the United States. Yet tremendous uncertainties persist concerning China’s military development and national trajectory, and areas with greater information available often conflated misleadingly. Fortunately, larger dynamics elucidate both areas. Particularly since the 1995-96 Taiwan Strait Crisis, China has made rapid progress in aerospace and maritime development, greatly facilitating its military modernization. The weapons and systems that China is developing and deploying fit well with Beijing’s geostrategic priorities. Here, distance matters greatly: after domestic stability and border control, Beijing worries most about its immediate periphery, where its unresolved disputes with neighbors and outstanding claims lie primarily in the maritime direction. Accordingly, while it would vastly prefer pressuring concessions to waging war, China is already capable of threatening potential opponents’ military forces should they intervene in crises over islands and maritime claims in the Yellow, East, and South China Seas and the waterspace and airspace around them. Far from mainland China, by contrast, it remains ill-prepared to protect its own forces from robust attack. Fortunately for Beijing, the non-traditional security focus of its distant operations makes conflict unlikely; remedying their vulnerabilities would be difficult and expensive. Despite these larger patterns, critical unknowns remain concerning China’s economic development, societal priorities, industrial efficiency, and innovation capability. Dr. Erickson will examine these and related issues to probe China’s development trajectory and future place in the international system. 

 

The views expressed by Dr. Erickson are his alone, and do not represent the policies or estimates of any organization with which he is affiliated.

 

Dr. Andrew S. Erickson is an Associate Professor in the Strategic Research Department at the U.S. Naval War College and a core founding member of the department’s China Maritime Studies Institute (CMSI). He is an Associate in Research at Harvard University’s John King Fairbank Center for Chinese Studies (2008-). Erickson also serves as an expert contributor to the Wall Street Journal’s China Real Time Report (中国实时报), for which he has authored or coauthored 25 articles. In spring 2013, he deployed in the Pacific as a Regional Security Education Program scholar aboard USS Nimitz (CVN68), Carrier Strike Group 11.

Erickson received his Ph.D. and M.A. in international relations and comparative politics from Princeton University and graduated magna cum laude from Amherst College with a B.A. in history and political science. He has studied Mandarin in the Princeton in Beijing program at Beijing Normal University’s College of Chinese Language and Culture and Japanese language, politics, and economics in the year-long Associated Kyoto Program at Doshisha University.

Erickson’s research, which focuses on Asia-Pacific defense, international relations, technology, and resource issues, has been published widely in English- and Chinese-language edited volumes and in such peer-reviewed journals as China Quarterly, Asian Security, Journal of Strategic Studies, Orbis, Asia Policy (forthcoming January 2014), and China Security; as well as in Foreign Affairs, The National Interest, The American Interest, Foreign Policy, Joint Force Quarterly, China International Strategy Review (published in Chinese-language edition, forthcoming in English-language edition January 2014), and International and Strategic Studies Report (Center for International and Strategic Studies, Peking University). Erickson has also published annotated translations of several Chinese articles on maritime strategy. His publications are available at <www.andrewerickson.com> and <www.chinasignpost.com>.

This event is co-sponsored with CEAS and is part of the China under Xi Jinping series.

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Andrew Erickson Associate in Research Speaker John King Fairbank Center for Chinese Studies, Harvard University
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Aung Zaw named 2013 Shorenstein Journalism Award recipient

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FOR MORE INFORMATION, CONTACT: Lisa Griswold

STANFORD, California – Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) is pleased to announce Aung Zaw as the 2013 recipient of the Shorenstein Journalism Award. Zaw has been selected for his leadership in establishing independent media in Myanmar (Burma) and his dedication to integrity in reporting on Southeast Asia. 

Launched in 2002, the Shorenstein Journalism Award recognizes outstanding journalists who are leaders in constructing a new role for reporting on Asia, including incorporation of Internet-based journalism and social media. The award was originally designed to honor distinguished American journalists for their work on Asia, but since 2011, Shorenstein APARC re-envisioned the award to encompass distinguished Asian journalists who pave the way for press freedom, and have aided in the growth of mutual understanding between Asia and the United States. Shorenstein APARC is delighted to recognize Zaw as the first Burmese recipient of the award.

Aung Zaw’s commitment to independent journalism flows from his long involvement in the struggle against authoritarian military rule in Myanmar and his engagement in the movement for democracy in that Southeast Asian nation. For two decades, Aung Zaw was an active participant in the resistance to military rule and the push for greater press freedom. In 1988, he participated in the mass protests of students, monks, housewives and ordinary citizens against the regime of General Ne Win.

Zaw was arrested, interrogated, and held in the Insein prison for his pro-democracy activities. Upon release, Zaw continued to work with the resistance movement until the military staged a coup in September of that year, whereupon he was forced into exile in neighboring Thailand. From there, he wrote political commentaries for various media outlets and launched The Irrawaddy magazine with a group of fellow Burmese exiles.

Upon the selection of Aung Zaw as the 2013 Shorenstein Journalism Award recipient, jury member Nayan Chanda of Yale University’s Center for the Study on Globalization said:

 “In the darkness that descended over Burma in the years following the brutal military crackdown on the democracy movement, former student leader Aung Zaw was one of the few who kept a flickering lamp burning from exile. Nothing was more important than to get news out of the country where fear stalked and jails overflowed with detainees. From his exile perch in Thailand, Aung Zaw published The Irrawaddy which emerged as an important news magazine not only for a muzzled Burma, but it also covered stories from all over Southeast Asia that were often left out by mainstream media. Aung Zaw's contribution to bringing original news and analysis from Southeast Asia to the world cannot be overestimated.” 

The Irrawaddy newsmagazine is published in both English and Burmese and features in-depth analysis and interviews with experts from Myanmar and contributors from around the world. As the first independent publication in Myanmar, The Irrawaddy remains a significant resource for current news on the dynamic political and economic environment. In 2012, Zaw returned to his homeland of Myanmar for the first time in 24 years and established a local office for The Irrawaddy in Yangon. This past year, the Burmese government lifted the ban on major media, allowing for readership and distribution of The Irrawaddy throughout the country.

In addition to managing The Irrawaddy, Zaw is a contributor for the New York Times, International Herald Tribune, The Guardian, Bangkok Post, The Nation, and several other publications based in Europe. He has been featured on interviews on CNN, BBC, and Al Jazeera. He is the author of Face of Resistance and has written publications distributed through the Irrawaddy Publishing Group, including ten-installments of The Dictators, a series that analyzes the lives and careers of Myanmar’s main military chiefs and their cohorts.

In 2010, Zaw was awarded the prestigious Price Claus Award for Journalism, which honors journalists who reflect progressive approaches to culturally focused journalism in developing countries. Zaw is currently a visiting scholar at Graduate School of Journalism at the University of California, Berkeley.

On March 6, 2014, Zaw will visit Stanford University to take part in a lunchtime panel discussion on the future of democracy in Myanmar. Zaw will receive the award at a dinner ceremony where he will deliver a talk on his work as a journalist and the role of the media in democratization of Myanmar. 

ABOUT THE AWARD

The Shorenstein Journalism Award honors a journalist not only for their distinguished body of work, but also for their promotion of free, vibrant media and for the future of relations between Asia and the United States. The award, which carries a prize of $10,000, is presented to a journalist who consistently creates innovative approaches to unravel the complexities of Asia to readers, among them the use of the Internet and how it can act as a catalyst for change.

The award was named after Walter H. Shorenstein, the philanthropist, activist, and businessman who endowed two institutions that are focused respectively on Asia and the press. The Shorenstein Asia-Pacific Research Center in the Freeman Spogli Institute for International Studies at Stanford University and the Joan Shorenstein Center on Press, Politics, and Public Policy in the Kennedy School of Government at Harvard University. The award honors Shorenstein’s legacy and endows rising journalists with a grant to continue their work.

Originally created to identify journalists based in the U.S. reporting on Asia, the Shorenstein Journalism Award now also recognizes Asian journalists who report on Asian affairs with readers in the U.S. and Asia. Past recipients have included: Barbara Demick of the Los Angeles Times (2012), Caixin Media of Caixin Weekly/Caijing Magazine (2011), Barbara Crossette of The Nation (2010), Seth Mydans of the New York Times (2009), Ian Buruma (2008), John Pomfret (2007), Melinda Liu of Newsweek and The Daily Beast (2006), Nayan Chanda (2005), Don Oberdofer (2004), Orville Schell(2003), and Stanley Karnow (2002). 

For the 2013 award, the distinguished selection jury includes:

Nayan Chanda is the director of publications and the editor of YaleGlobal Online Magazine at the Yale Center for the Study of Globalization. For nearly thirty years, Chanda was at the Hong Kong-based magazine, Far Eastern Economic Review. He writes the ‘Bound Together’ column in India’s BusinessWorld and is the author of Bound Together: How Traders, Preachers, Adventurers and Warrior Shaped Globalization. Chanda received the Shorenstein Journalism Award in 2005.

Susan Chira is the assistant managing editor for news and former foreign editor of the New York Times. Chira has extensive experience in Asia, including serving as Japan correspondent for the Times in the 1980s. During her tenure as foreign editor, the Times twice won the Pulitzer Prize for international reporting (2009 and 2007).

Donald K. Emmerson is a well-respected Indonesia scholar and director of Shorenstein APARC’s Southeast Asia Forum and a research fellow for the National Asia Research Program. Frequently cited in international media, Emmerson also contributes to leading publications, such as Asia Times and International Business Times.

Orville Schell is the Arthur Ross director at the Asia Society of New York’s Center on U.S.-China Relations and former jury member for the Pulitzer Prize for international reporting. Schell has written extensively on China and was awarded the 1997 George Peabody Award for producing the groundbreaking documentary the Gate of Heavenly Peace. He received the Shorenstein Journalism Award in 2003.

Daniel C. Sneider is the associate director for research at Shorenstein APARC and was a research fellow at the National Bureau for Asian Research. Sneider frequently contributes to publications such as Foreign Policy, Asia Policy, and Slate and has three decades of experience as a foreign correspondent and editor for publications including the Christian Science Monitor and the San Jose Mercury News.

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Educational Tracking, Residential Sorting, and Intergenerational Economic Mobility: Evidence from South Korea

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Abstract: I examine how the shift from an exam to a district based high school assignment rule impacts intergenerational mobility and residential inequality. A stylized model predicts that under district assignment, household income relative to one’s ability becomes a stronger predictor of achievement, and higher income households sort towards and increase housing prices in the better school districts. I test predictions utilizing a unique policy change from South Korea in the 1970s. High school admission had traditionally been exam based in South Korea. However, between 1974 and 1980 the central government shifted several cities to a school district based system. I find that the reform increased intergenerational income elasticity from 0.15 to 0.31, and that higher income households migrated to the reform cities. I next examine whether school districting altered residential land prices within a city using a first differenced boundary discontinuity design. By focusing on the immediate years before and after the creation of school districts in Seoul, I find that residential land prices increased by about 13% point more on average and by about 26% point across boundaries in the better school district. In sum, I find that the shift from a merit to a location based student assignment rule decreases intergenerational mobility and increases residential inequality.

Professor Lee's research intersects the fields of economic development, political economy, urban economics and public economics, and regionally focuses on Korea and East Asia. Some of his recent research on Korea examines the impact of economic sanctions on the urban elites in North Korea and the impact of education policy on intergenerational mobility in South Korea. His research also examines entrepreneurship and urban growth, the efficacy of disaster aid delivery, and the relationship between aid and trade. Professor Lee is a member of the US-Korea Scholar-Policymaker Nexus Program organized by the Mansfield Foundation and the Korea Foundation. He received his PhD in economics from Brown University, master of public policy from Duke University, and bachelor degree in architecture from Seoul National University. As he made the transition from architecture to economics, he worked as an architecture designer and real estate development consultant.

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Yong Suk Lee Assistant Professor of Economics, Williams College Speaker
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