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From the moment Corporate Affiliates Program Visiting Fellows step onto the Stanford campus, they enter a different world. Many consider it to be the experience of a lifetime.

Visiting Fellows gain leading-edge professional knowledge through courses, lectures, and visits to pioneering Bay Area companies. They also engage in a nine-month research project under the guidance of a Stanford scholar advisor. Each day is packed with activity, yet many Visiting Fellows even find time to indulge in a hobby and travel.

Shorenstein APARC recently caught up with three 2012–13 Visiting Fellows to talk about their first quarter at Stanford.

For Sanat Deshpande of Reliance Life Sciences, the Corporate Affiliates Program has given him a chance to study at a university again after twelve years of professional life. Of his first visit to the United States, he says, “Overall, this has been an excellent experience. Not only do I have the flexibility to focus on my work, but also to enjoy life.”

Saiko Nakagawa, who works for Japan’s Ministry of Finance, attended the University of California, San Diego, for graduate school ten years ago. Returning to an academic environment for her means having a chance to immerse herself in learning about her field. “The best thing about this program is that I have one entire year to focus and to manage my own time,” she says. “It is like an academic sabbatical.”

Wei Shi, a Visiting Fellow from the Industrial and Commercial Bank of China, says,This first visit to the United States is an honor for me.” He thrives in Stanford’s creative atmosphere, and appreciates the access to research resources like specialized databases in the Graduate School of Business library. “Stanford is also a very diverse place,” Wei adds. “I have had a chance to meet many new people and encounter new ideas.”

Stay tuned to the Corporate Affiliates Program website throughout the academic year for more snapshots of Visiting Fellows’ life at Stanford.

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On the path to the "Dish" in the Stanford foothills. Corporate Affiliates Program Visiting Fellows find the Stanford campus to be a vibrant, creative environment filled with many new things and ideas to explore.
Linda A. Cicero / Stanford News
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Stanford, with strong expertise in Japan’s economics and politics, is poised to become a U.S. leader in Japan Studies.

Takeo Hoshi, the Henri H. and Tomoye Takahashi Senior Fellow in Japanese Studies, has joined the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) as the director of its Japan Studies Program (JSP). He will also serve as a professor of finance (by courtesy) in Stanford’s Graduate School of Business. JSP is one of Shorenstein APARC’s five dynamic research programs.

Hoshi is no stranger to Shorenstein APARC, having taken part in a number of Center-sponsored events, including the February 2012 conference about reforming Japan’s energy industry after the Fukushima nuclear disaster. He plans to build JSP into the strongest program of its kind in the United States. “I want to make Shorenstein APARC the first place that researchers, policymakers, business practitioners, and students visit to understand more about the Japanese economy and politics,” he says. “I look forward to working with everyone at Shorenstein APARC (and beyond) to achieve this goal.”

Hoshi, who began his appointment in December 2012, comes to Stanford from the Graduate School of International Relations and Pacific Studies (IR/PS) at the University of California, San Diego. He spent nearly twenty-five years conducting research and teaching at IR/PS, where he served as the Pacific Economic Cooperation Chair and as Associate Dean.

Hoshi’s research focuses on the financial aspects of Japan’s economy, and he has written extensively on corporate finance, banking, and monetary policy. He received the 2011 Reischauer International Education Award from the Japan Society of San Diego and Tijuana, and, among many other awards for his scholarship, his co-authored book Corporate Financing and Governance in Japan won the Nikkei Award for the Best Economics Books of 2002.

“We are honored to welcome Professor Takeo Hoshi as JSP’s new faculty director,” says Shorenstein APARC director Gi-Wook Shin. “I am confident he will take Japan Studies at Stanford in a strong, new direction, and succeed in attracting the very best research talent and students to the university.”

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A "floating" crane at a Haneda Airport runway construction site, Tokyo, August 2008.
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The road to the 18th Party Congress was contentious, leading to its delayed convocation. Nevertheless, the processes of generational turnover in China’s leadership at the Chinese Communist Party’s 18th National Congress extended patterns of formal politics that trace their roots to Deng Xiaoping’s political reforms of the 1980s, that advanced in the Jiang Zemin era in the 1990s, and that matured under outgoing General Secretary Hu Jintao in the 2000s.  As such, the transition in the party leadership at the 18th Congress marked another step forward in the institutionalization of Chinese leadership politics.

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Alice Lyman Miller is a research fellow at the Hoover Institution and teaches in the Departments of History and Political Science at Stanford. She is also a senior lecturer in the Department of National Security Affairs at the U.S. Naval Postgraduate School in Monterey, California.

Prior to coming to Stanford in 1999, Miller taught at the School of Advanced International Studies (SAIS) at Johns Hopkins University in Washington, D.C. from 1980–2000. From 1974–90, Miller worked in the Central Intelligence Agency as a senior analyst in Chinese foreign policy and domestic politics, and branch and division chief, supervising analysis on China, North Korea, Indochina, and Soviet policy in East Asia. Miller has lived and worked in Taiwan, Japan, and the PRC, and she speaks Mandarin Chinese.

Miller's research focuses on foreign policy and domestic politics issues in China and on the international relations of East Asia. She is editor and contributor to the Hoover Institution’s China Leadership Monitor, which has since 2001 offered online authoritative assessments of trends in Chinese leadership politics to American policymakers and the general public. Miller has published extensively on policy issues dealing with China, including several articles and book chapters, as well as two books: Science and Dissent in Post-Mao China: The Politics of Knowledge (University of Washington Press, 1996), and, with Richard Wich, Becoming Asia: Change and Continuity in Asian International Relations Since World War II (Stanford University Press, 2011). She is currently working on a new book, tentatively entitled The Evolution of Chinese Grand Strategy, 1550–Present, that brings a historical perspective to bear on China's rise in the contemporary international order.

Miller graduated from Princeton University in 1966, receiving a B.A. in Oriental Studies. She earned an M.A. and a Ph.D. in history from George Washington University in 1969 and 1974.  Formerly H. Lyman Miller, she transitioned in 2006.

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Alice Miller Research Fellow Speaker Hoover Institution
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The ability of governments to raise revenue to finance spending varies greatly across the industrialized democracies. Despite the prediction of the globalization thesis, variation in budget deficits and public debt has actually increased. While a developed literature has attempted to explain fiscal performance, there has been little attention to the role of that the welfare state might have.  Meanwhile, the welfare state literature has focused on welfare spending with less attention to how such spending is financed.  This presentation shows that the two are linked.  Governments can use taxes not only as a source of revenue but also as a means to achieve redistributive goals directly by targeting tax relief to specific groups.  Using quantitative data and a case study of Japan and Sweden, this study shows how governments combine welfare and tax policies, i.e., the “tax-welfare mix,” shapes their long-term extractive capacity.

Gene Park is an assistant professor in the department of political science at Loyola Marymount University (LMU).  Prior to arriving at LMU, he taught at Baruch College, City University of New York. Previously, Dr. Park was Shorenstein Fellow at Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center and a visiting scholar at the Japanese Ministry of Finance’s Policy Research Institute.  He specializes in comparative political economy and has an area interest in Japan.  His research focuses on the politics of public spending and taxation.  He is the author of Spending without Taxation: FILP and the Politics of Public Finance in Japan (Stanford University Press, 2011). He is currently working on a comparative study of fiscal consolidation and a comparative study of state extractive capacity.

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Encina Hall E301
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Gene Park is a Shorenstein Postdoctoral Fellow at Shorenstein APARC for 2007-2008. Park is currently working on a book that analyzes how a large government system for mobilizing and allocating financial capital, the Fiscal Investment Loan Program, has influenced budget politics and the internal coalitional dynamics within the ruling Liberal Democratic Party (LDP).

His work has appeared in the journals Governance and Asian Survey, and he co-authored an article for the edited volume, The State after Statism (Harvard University Press). Dr. Park received a Fulbright scholarship to study in Japan. He has been a visiting scholar at the Japanese Ministry of Finance's Policy Research Institute and Sophia University in Tokyo.

Dr. Park completed his Ph.D. in 2007 in political science at University of California, Berkeley. He also holds a Masters in City and Regional Planning from Berkeley, and a B.A. in Philosophy from Swarthmore College.

Gene Park Assistant Professor in the department of Political Science Speaker Loyola Marymount University (LMU)
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This paper examines how diversely organized capitalist societies evolve by analyzing the transformation of Japan’s financial system since the 1990s. The banking, securities and insurance, as well as the postal financial institutions changed significantly, but are hardly converging to Anglo-American or ‘liberal market’ models. The authors contend that Japan’s new financial system is best characterized as syncretic, with new, traditional and hybrid forms of practices, organizations and norms coexisting. Syncretism in industry was driven by a distinctive pattern of interest group politics we call syncretization. Strong political leadership, facing serious electoral threats, shifted the policy logic from gradual incremental reforms following traditional interest group dynamics, to rapid reforms that excluded the traditionally powerful interest groups most affected by these reforms. We support the notion that diverse industry outcomes can be complementary to broader political economic reforms that take Japan away from its traditional model, part of a broader ‘convergence towards diversity.’

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Kenji E. Kushida
Kaoru (Kay) Shimizu
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In an International Economy article, Daniel C. Sneider explores the troubling history of China-Japan tension. He concludes that China and Japan have every reason to pull back from
the brink of conflict—and most importantly, the United States serves a crucial role in reminding both nations of the need for peace and stability in this vital region. But the economics of the global supply chain cannot wipe away the cumulative effect of the “poisoned well” of a history of hostility. Japanese Premier Abe may wish to put the past aside and be, as he says, “forward looking.” But a failure to address the past is likely to lead to repeating it.

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Former Henri H. and Tomoye Takahashi Senior Fellow in Japanese Studies at the Freeman Spogli Institute for International Studies
Former Professor, by courtesy, of Finance at the Graduate School of Business
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Takeo Hoshi was Henri and Tomoye Takahashi Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), Professor of Finance (by courtesy) at the Graduate School of Business, and Director of the Japan Program at the Shorenstein Asia-Pacific Research Center (APARC), all at Stanford University. He served in these roles until August 2019.

Before he joined Stanford in 2012, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at University of California, San Diego (UCSD), where he conducted research and taught since 1988.

Hoshi is also Visiting Scholar at Federal Reserve Bank of San Francisco, Research Associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER), and Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). His main research interest includes corporate finance, banking, monetary policy and the Japanese economy.

He received 2015 Japanese Bankers Academic Research Promotion Foundation Award, 2011 Reischauer International Education Award of Japan Society of San Diego and Tijuana, 2006 Enjoji Jiro Memorial Prize of Nihon Keizai Shimbun-sha, and 2005 Japan Economic Association-Nakahara Prize.  His book titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001) co-authored with Anil Kashyap (Booth School of Business, University of Chicago) received the Nikkei Award for the Best Economics Books in 2002.  Other publications include “Will the U.S. and Europe Avoid a Lost Decade?  Lessons from Japan’s Post Crisis Experience” (Joint with Anil K Kashyap), IMF Economic Review, 2015, “Japan’s Financial Regulatory Responses to the Global Financial Crisis” (Joint with Kimie Harada, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda), Journal of Financial Economic Policy, 2015, “Defying Gravity: Can Japanese sovereign debt continue to increase without a crisis?” (Joint with Takatoshi Ito) Economic Policy, 2014, “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (with Anil Kashyap), Journal of Financial Economics, 2010, and “Zombie Lending and Depressed Restructuring in Japan” (Joint with Ricardo Caballero and Anil Kashyap), American Economic Review, December 2008.

Hoshi received his B.A. in Social Sciences from the University of Tokyo in 1983, and a Ph.D. in Economics from the Massachusetts Institute of Technology in 1988.

Former Director of the Japan Program at the Shorenstein Asia-Pacific Research Center
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North Korea has smuggled monarchy through the front door of its communist system. Korea's millennia-long history of kings and queens means that the people of the DPRK have only known monarchy or dictatorship (Japanese, 1910-45; the Kim family's, 1945--present); ordinary people frequently refer to their leader as "wang," or king. Unlike with Kim Jong Il (who resembled his mother, not his father), the regime has gone out of its way to identify Kim Jong Un with his grandfather--and the grandson, in turn, has adopted the characteristic public style of Kim Il Sung. Many American commentators mistakenly assume that when the leader dies, North Korea will be like the Soviet Union after Stalin, or China after Mao. In fact it has gone through two stable leadership transitions, in 1994 and 2011, and given Kim Jong Un's youth, there may not be another one for many years.

This event is co-sponsored by Center for East Asian Studies, Department of East Asian Languages and Cultures, Department of History and Korean Studies Program

Please register at http://ceas.stanford.edu/events/event_detail.php?id=3147.

For questions and details, please contact Ms. Marna Romanoff at romanoff@stanford.edu

Building 200 - Room 307,
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Bruce Cumings Gustavus F. and Ann M. Swift Distinguished Service Professor in History and the College and Chair of the Department of History Speaker the University of Chicago
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