Rafiq Dossani emphasizes the importance of acknowledging Gujarat's past as it looks to the future
The Japanese economy has been stagnating for almost two decades. During this event, Takeo Hoshi will describe the findings of a report that he co-authored with Anil Kashyap of the Booth School of Business at the University of Chicago, the National Bureau of Economic Research (NBER), and the Federal Reserve Bank of Chicago. In the report, Hoshi and Kashyap utilized the neoclassical growth model in order to try to explain the causes of this stagnation and to identify policy choices that might help restore growth. Their focus was intentionally on longer-term issues, rather than the immediate challenges that are associated with the fallout from the global recession.
Looking at financial globalization and the collapse of the fixed exchange rate regime they found that by the end of the 1970s Japan could not rely on an undervalued currency to boost its exports. It had to rearrange its production system and other economic institutions to cope with globalization to reduce its reliance on external demand.
Japan's population structure was shifting and becoming increasingly elderly. Aging meant slower growth of the labor force. Declining fertility combined with aging eventually reduced the domestic saving that supported economic expansion during the rapid economic growth period.
Finally, monetary and fiscal policy performed poorly. The Bank of Japan consistently undershot its inflation objective. The government pursued massive fiscal stimulus during the 1990s and 2000s, so much so that Japan went from having the best debt position amongst advanced economies to the worst.
Hoshi is a Pacific Economic Cooperation Professor in international economic relations at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He is also a research associate at the Tokyo Center for Economic Research, and is on the board of directors for Union Bank. His major research area is the study of the financial aspects of the Japanese economy, especially corporate finance and governance.
He is a recipient of the 2011 Reischauer International Education award, the 2006 Enjoji Jiro Memorial Prize, and the 2005 JEA-Nakahara Prize. Among his many publications is Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), which received the Nikkei Award for the Best Economics Books in 2002.
Philippines Conference Room
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.
About the event
On Tuesday, March 1, SPRIE and Alibaba.com hosted “Entrepreneurship in the Global Marketplace,” a seminar featuring noted venture capitalists, entrepreneurs and executives. The seminar was the first in a series being conducted at several California universities under the auspices of the Schwarzenegger Emerging Entrepreneur Initiative.
Famed venture capitalist Tim Draper kicked off the event, sharing his insight on trends and strategies relevant to global business. Multiple facets of China’s role in supporting and enabling entrepreneurial ventures were spotlighted, including the presentation of new research on the rise and global impact of Chinese e-commerce, a talk by an executive from Chinese e-commerce giant Alibaba.com, and lessons from a diverse set of entrepreneurs whose businesses depend on international trade. Additional perspectives were shared by China- and U.S.-based VCs.
This event was one of many being held at Stanford University during Entrepreneurship Week 2011, including compelling lectures, workshops, mentoring sessions, a job fair, and more. See full details at the Stanford Entrepreneurship Week website.
About the hosts
The Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) is dedicated to advancing the understanding and practice of innovation and entrepreneurship in leading high technology regions in the global economy. Through and international and interdisciplinary research, publications, executive education, and conferences, SPRIE impacts the arenas of academia, policy, and business.
Bechtel Conference Center
Using research from the SPRIE-Project on Japanese Entrepreneurship (SPRIE-STAJE), representatives from the U.S. and Japanese governments met initially in Tokyo on May 27, 2010 to consider ways to foster an environment to promote new businesses and job creation. On November 13, 2010, the White House and the Prime Minister's Office formally launched the U.S.-Japan Dialogue to Promote Innovation, Entrepreneurship and Job Creation, elevating it to a policy-level dialogue in cooperation with SPRIE-STAJE. This dialogue aims to build on the conversation among Stanford's academic experts, prominent business people, and government officials about how to foster innovation through entrepreneurship. A roundtable discussion features the importance of innovation and entrepreneurship with leading Stanford academic experts, government officials, and business leaders. This will be followed by a panel discussion by experts from the U.S. and Japan on collaborative opportunities in pioneering smart grids for energy production, transmission, and distribution.
Featured speakers include:
Jen-Hsun Huang Engineering Center
Mackenzie Conference Room
3rd Floor
China is on the move. An ascendant middle class with increasing amounts of disposable income and lesiure time is creating a massive consumer market. Tourism is one of the fastest growing segments, fueled by travel within China and by the tens of millions of Chinese travelling overseas.
Most of these consumers are online, and travel search sites like Qunar.com are a popular resource for them to get the best deals.
SPRIE is pleased to welcome Fritz Demopoulos, CEO of Qunar, to share his insights into China's travel market, and his frontline experience as an online entrepreneur in China.
Fritz Demopoulos has been involved in the Chinese internet and media industries for over a decade. As Founder and CEO of Qunar, Fritz had grown the company from a start-up to an industry leader with over 35 million monthly unique visitors. Qunar--which means "where are you going?" in Mandarin--is venture-backed by Tenaya Capital, Mayfield, GSR and Granite Global Ventures.
Prior to Qunar, Fritz was the SVP of Business Development at Netease.com (Nasdaq: NTES), one of China's leading internet portals and online game companies. Fritz was also the CEO and Cofounder of sports portal Shawei.com, venture backed by Intel, IDG and Softbank. Shawei was acquired by Tom.com in 2000.
Fritz began his career in China with The News Corporation Limited where he was involved with a range of News Corp companies including ChinaByte, a joint venture between News Corp and People's Daily. Based in Beijing, Fritz is a native of Los Angeles and was educated at UCLA.
Philippines Conference Room
Young Muk Jeon is a corporate affiliate visiting fellow at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for 2011. Jeon has more than 20 years of experience in financial markets since he joined Samsung Life Insurance Co. Ltd. Prior to coming to Shorenstein APARC, he worked as head of the Global Investment Team. The team is responsible for the company's general account investment, including global fixed income, public and private equities, as well as liquidity accounts. Jeon participated in the Investment Relationship Road Show for IPO of Samsung Life Insurance Co. Ltd., in which he covered all of the investment issues and questions related to Samsung Life's asset management. As of May 2010, Samsung Life is listed on the Korean stock market.
Jeon earned his bachelor's degree in business administration from Yonsei University in Korea, and received his MBA from the University of Pennsylvania's Wharton School.
Today is the last day of the Year of the Tiger in Vietnam. Tomorrow is the Year of the Cat (while in China it is Year of the Rabbit).
There was so much talk about Vietnam being an Asian Tiger in the past. Now, there is a growing concern about the country getting into the "middle-income trap." There is a real risk that the country might turn out to be just a cat and not a tiger.
The Party is aware of that threat and is struggling to find the right path to accelerated prosperity for the people while maintaining political monopoly.
This talk will be from the perspective of a man on the ground and will try to separate the smoke from the fire and find the heat.
Mr. Kien Duk Trung Pham is currently the Chairman of Red Bricks Group, a private investment firm. He is the founder of the Vietnam Foundation and the Vice Chairman of the VietNamNet Media Group, the leading multi-channel media company in Vietnam. Prior to VietNamNet he was the founding executive director of the Vietnam Education Foundation.
In business, Mr. Pham was a market development executive in Fortune 500 companies as well as an entrepreneur in technology and consulting startups. In government, he served in the executive branch under Presidents Reagan and Bush, as well as in the U.S. Senate. He has established nonprofit foundations to assist college students, orphans, and the handicapped in Vietnam. Mr. Pham is publicly recognized for his leadership and management abilities.
Mr. Pham is active in international affairs. In 1986, he was chosen a Young Leader by the American Council on Germany, and in 1992 a U.S.-Japan Leadership Fellow by the Japan Society. In 1993, he was elected as a term-member of the Council on Foreign Relations and a participant in the American Assembly. Mr. Pham was the founder and chairman of the Vietnam Forum Foundation, a U.S. nonprofit organization that provides college scholarships, schools, and orphanage support in Vietnam. He was also a Board member of the Vietnam Assistance for the Handicapped, a leading humanitarian program to help war victims. In 1996, Mr. Pham was a recipient of the "Never Fear, Never Quit" Award.
Mr. Pham grew up in Saigon, Vietnam. In 1977, at the age of 19, he led his family on a high sea escape and came to the United States where they settled in Colorado. Mr. Pham became a factory worker, learned English, and later attended college on scholarship. He received a BS in marketing and international business from the University of Colorado at Boulder, and won a scholarship to study in England. His graduate degrees, earned concurrently at Stanford University, include an MBA in international and organizational management, an MA in international economics, and a special diploma in public policy management. In 1990, Stanford University named Mr. Pham among of the "Most Outstanding Alumni" in the school's 100 years of history. Mr. Pham is former White House Fellow and a recipient an honorary JD degree from Pfeiffer University.
Daniel and Nancy Okimoto Conference Room
"I would like to invite my colleagues, students, friends, and supporters to celebrate what we have worked together to achieve over the last decade and I ask you all to join me in continuing this record of achievement in the decade to come."
Gi-Wook Shin
Stanford KSP Director
Gi-Wook Shin came from the University of California, Los Angeles to Stanford University in 2001 to establish a program in Korean studies. "Naturally, I had mixed feelings—of excitement and hope, but also of anxiety and uncertainty," says Shin. "Looking back, I made the right decision." The Stanford Korean Studies Program (KSP), today a thriving and vibrant program at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC), recently held a series of major events to celebrate its tenth anniversary in February 2011.
Stanford KSP is unique among other Korean studies programs in its interdisciplinary, social science-based research focus on contemporary Korea. The U.S.-Korea relationship, particularly policy issues, is strongly emphasized in the program's research and publishing activities. Stanford KSP is instrumental in the success of Shorenstein APARC's two initiatives—the Korea-U.S. West Coast Strategic Forum and the New Beginnings policy study group—aimed at improving policy-making decisions in the two countries.
The program is grateful for the strong and generous support it has received from individuals, corporations, and foundations since the very beginning. In 1999, an endowment was established for the professorship that Shin holds, the Tong Yang, Korea Foundation, and Korea Stanford Alumni Chair of Korean Studies, which was followed closely by funding for two more Korea chairs. In 2004, Dr. Jeong H. and Cynthia Kim provided funding to establish a professorship named after former U.S. Secretary of Defense William J. Perry. Dr. Kim is President of Bell Labs at Alcatel-Lucent and a member of the Freeman Spogli Institute for International Studies Advisory Board. A search is currently underway to fill this important position. The Korea Foundation then donated funds in 2005 to establish a third professorship, which is currently held by Yumi Moon of the Department of History.
Stanford KSP has successfully established two annual professional fellowship
programs, the Pantech Fellowship for Mid-Career Professionals and the Koret
Fellowship, something unparalleled by other Korean studies programs. The
program's faculty, fellows, and visiting scholars—most of whom teach courses and
speak at public events—greatly contribute to the intellectual vigor of the Stanford
community. Paul Y. Chang, PhD '08, an assistant professor at Yonsei
University's Underwood International College, says, "The program provided the ideal context to
engage with passionate scholars and develop my research program."
Stanford KSP's visitors find themselves, in turn, rewarded by the experience of
being at Shorenstein APARC. Former Korean Minister of Unification Jongseok Lee,
a visiting scholar from 2008 to 2009, says, "While enjoying every bit of life at Stanford . . . I worked hard in the
office from early morning to late evening, as if I were a graduate student
preparing his final dissertation . . . It was a truly meaningful and memorable
year." Stanford KSP maintains strong ties with its former students,
fellows, visiting scholars, and other affiliates, in part through the Stanford
Shorenstein APARC Forum in Korea, an organization that has grown since 2003 to
boast a roster of over 100 members.
In addition to the interaction with Stanford
KSP's faculty and visitors, Stanford students benefit greatly from numerous social
science and language courses, internship and overseas seminar opportunities,
and the ever-growing Korean-language library collection supported by the
program. Social science courses cover such topics as the Korean economy, the
politics of the Korean Peninsula, modern Korean history, and many others.
Through the Stanford Language Center, students may take a rigorous,
comprehensive offering of beginning- through advanced-level Korean-language
courses. An internship program
co-sponsored with the Center for East Asian Studies provides students with the
valuable opportunity to live and work in Korea each summer. Since its
establishment in 2005, Stanford's Korean-language library collection has expanded
to include a total of 41,300 print volumes and 13 electronic databases.
On an annual basis, Stanford KSP offers innovative and impactful programs
addressing current, policy-relevant issues and events, as well as historical
factors with contemporary relevance, that are shaping the future of the Korean
Peninsula and the U.S.-Korea relationship. Conferences and workshops bring together leading Korea
scholars with policymakers and other subject experts, including business leaders and international
journalists, for productive and meaningful dialogue, research, and publishing activities. Stanford KSP's popular,
long-time seminar series and
special events afford members of the Stanford community and the general public
the opportunity to listen to and
engage with distinguished political figures and prominent scholars.
Stanford KSP celebrated its tenth anniversary on February 23 with a special
public seminar examining the state and prospects of science, technology, and
economics in Korea and Northeast Asia. The next
day, it held its annual Koret Conference, a major event bringing
together prominent Korea experts to discuss the future of North Korea. The
anniversary activities concluded that evening with a dinner and reception
to honor the generosity of Stanford KSP's long-time donors.
Proud of the program's accomplishments to date and optimistic about the future,
Shin says, "I would like to invite my colleagues, students, friends, and
supporters to celebrate what we have worked together to achieve over the last decade
and I ask you all to join me in continuing this record of achievement in the
decade to come."
It takes guts to lead. Technical skill requirements vary across the private, public, and social sectors, but the essentials of good leadership needed to move any organization forward are the same. In all three sectors, Gita Wirjawan has exercised leadership and achieved results. Based on his knowledge and experience, he will offer advice on how to survive and be effective in one, two, or all three of these dynamic environments--how to succeed wherever your passion takes you.
Gita Wirjawan has been closely and causally linked to Indonesia's rising profile as a dynamic emerging-market economy. As head of his country's Investment Coordinating Board since 2009, he has traveled the world stimulating capital inflows. At home he has worked to improve the policy climate for productive investment. His efforts have contributed to boosting Indonesia's ratings as a place to invest and its current six-percent annual rate of economic growth. His own career in business has included founding and managing a successful private equity fund, Ancora Capital, and serving as a former lead executive in the Indonesian affiliates of JP Morgan and Goldman Sachs. In the social sector he has championed education through his Ancora Foundation, whose grants have enabled talented young Indonesians to study at the world's leading universities. A graduate of Harvard's JFK School of Government, he is a classically trained pianist and a jazz buff proficient on several instruments. Another company he founded, Omega Pacific, has produced more than a dozen albums by young Indonesian musicians.
This event is co-sponsored with the Stanford Graduate School of Business, Center for Global Business and the Economy
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Shorenstein APARC
Stanford University
Encina Hall, Room C335
Stanford, CA 94305-6055
Qiulin Chen is a postdoctoral fellow of Shorenstein APARC and a member of the center's Asia Health Policy Program. His main interest of research is health economics and public finance, focusing on policy and outcome comparison of health care systems and Chinese health reform. His dissertation focused on performance comparison between public (or governmental) and private health care financing, between local and central government responsibility on health care, between contracted and integrated health care system. In particular, his dissertation examined under Chinese-style decentralization, known as fiscal decentralization with political centralization, how economic competition affect local government's behaviour on health investment, and why public contracted system obstructs health performance and provides one channel of such effects in terms of preventive care and public health. He is currently involved in a comparative research project on demographic change in East Asia based on the National Transfer Accounts data and analysis.
Chen's recent publication is "The changing pattern of China's public services" (with Ling Li and Yu Jiang) in Population Aging and the Generational Economy: A Global Perspective (Ronald Lee and Andrew Mason, editors), forthcoming 2011. Before studying in Stanford, he has published more than 10 papers in academic journals in Chinese, such as Jing Ji Yan Jiu (Economic Research) and Zhong Guo Wei Sheng Jing Ji (Chinese Health Economics), and 5 book chapters. He has participated in about 20 research projects, such as A Design of Framework for Healthcare Reform in China which is commissioned by the State Council Working Party on Health Reform, Strategy Planning Study of "Healthy China 2020" which is commissioned by the Minister of Health, and Health Challenge in the Aging Society and It's Policy Implication funded by Chinese National Natural Science Foundation.
Chen earned his Ph.D. in Economics from Peking University in 2010, and earned a B.A. in Business Administration from Nanjing University in 2001. From 2004 through 2008, he was Executive Assistant of the Director of the China Centre for Economic Research at Peking University (CCER). He is also a postdoctoral fellow of National School of Development at Peking University (Its predecessor is CCER).