Journal of Asia-Pacific Studies 2021 KCI Impact Factor : 0.88

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pISSN : 1225-8539 / eISSN : 2671-5171
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2015, Vol.22, No.4

  • 1.

    Analysis on the Cohabitation of Developmentalism and Neoliberalism in Korea: Changes in the Korean Developmental State since the 1990s and Varieties of Developmental-Neoliberal Mixes

    Park Sang-young | 2015, 22(4) | pp.5~40 | number of Cited : 23
    Abstract PDF
    This article aims to analyze the continuing cohabitation of developmentalism and neoliberalism in the Korean state since the 1990s. Three different kinds of developmental-neoliberal mixes are discussed. First, ‘residual’ mix is the temporary coexistence of developmentalism and neoliberalism as a series of radical neoliberal reforms in Korea have transformed the nature of the Korean developmental state into a neoliberal state since the 1990s while most of institutional legacies of the Korean developmental state are fading away. Second, ‘path-dependent’ mix is a somewhat long-term and stable combination of developmentalism and neoliberalism mainly due to the strong path-dependence of the Korean developmental state institutions. Third, ‘synthetic’ mix is a hybrid mixture of developmentalism and neoliberalism as the two elements constantly interact and interpenetrate with each other, giving rise to something that belongs to neither of them. In this paper, these three mixes of developmentalism and neoliberalism in relation to the Korean state and its changes since the 1990s are discussed with a focus on their causes of origin, institutional outcomes, and theoretical implications. This paper suggests that we understand the currently existing mixes of developmentalism and neoliberalism in the Korean state not so much as one homogeneous and passing phenomenon but as a set of diverse phenomena with distinct internal dynamics.
  • 2.

    Policy Preference and Socioeconomic Characteristics of Korean Voters and Non-voters: Evidence from the 2012 Korean Parliamentary and Presidential elections

    Sung-youn Kim | 2015, 22(4) | pp.41~67 | number of Cited : 8
    Abstract PDF
    An important question about voter turnout in representative democracies is whether voters and non-voters differ in their policy preferences and socioeconomic backgrounds. However, while a number of studies have investigated various aspects of voter turnout in Korean elections, few have systematically examined the difference between voters’ and non-voters’ political preference. This study investigates the political preference and socioeconomic characteristics of voters and non-voters in the 2012 parliamentary election and presidential election. Specifically, using “EAI panel studies 2012” I compare the ideological orientation, issue preferences, issue priority, basic political attitudes, and socioeconomic characteristics of voters and non-voters. The results show that there was little difference in political preference between voters and non-voters. In addition, different from the findings of previous studies, it turned out that age, income, and education level are positively related to voting participation. The paper also provides a discussion of major implications of the results.
  • 3.

    Analyzing the Goal and Effectiveness of the E-Government Project in China

    CHUNG JONGPIL , Lee, Jangwon | 2015, 22(4) | pp.69~94 | number of Cited : 0
    Abstract PDF
    The E-government project in China is said to be motivated by two main objectives: 1) creating an online network and infrastructure for the central and local governments, thus improving government functions as well as administrative efficiency and transparency, and 2) expanding monitoring measures, thus controlling and ultimately preventing the bureaucratic corruption that has plagued governmental bodies since the reformation. This project, however, represents no genuine step toward reform but is rather a measure taken to strengthen the Communist party’s authoritarian governance system. This paper examines the Chinese government’s informatization policy, focusing on the goals, results, and implications of the e-government project.
  • 4.

    Movement of Mega-FTA in the East Asia Region and Reestablishment of Relations Between Korea and Japan

    김봉길 | 2015, 22(4) | pp.95~127 | number of Cited : 0
    Abstract PDF
    This study examines structural characteristics of international trade and the division of labor in East Asia region to suggest policy implications for new cooperative relationships between Korea and Japan in conjunction with movements towards creating a mega FTA in the East Asia region. In situation when the formation of new trade rules in the East Asia region proceeds at full speed towards the mega-FTA, it is a main issue how Korea and Japan build close relationships with respect to TPP and RCEP. Korea and Japan should deepen the understanding of the ongoing structural changes in the new trade regime, so that both countries could play an important role in its formation process. In addition, Korea and Japan should seek for a new way to build up close cooperative relationships, and establish a strategy for this purpose. Due to the close inter-connection in the East Asia region through the intra-regional production network and the supply chains, Japan and Korea should utilize their geopolitical superiority for integrating RCEP and TPP. To achieve that goal, Korea should participate in TPP and build up a close cooperation relationship with Japan. In particular, due to the strategic importance of TPP and RCEP for establishing the new international trade rule in the world, we will know how the strategic alliance of Korea and Japan could pull the integration of TPP and RCEP. As for the Mega-FTA, because it has a significant impact on regional security in the East Asia region, Korea and Japan must make a political decision to rebuild the cooperation system between them. To achieve this goal in the future, Korea and Japan should make more effort for improving their relationships, and it will be very important to find a way to take advantage of the multilateral cooperation framework.
  • 5.

    The Failure of Carl Shoup’s Tax Reform and Formation of Low Burden Tax System in Japan

    Eun Min Su | 2015, 22(4) | pp.129~163 | number of Cited : 0
    Abstract PDF
    After the second world war, America dispatched Shoup mission to Japan for financial strategy. Most of money doctors represented American financial interests, and they often sought to strengthen tax systems in order to expedite the repayment of creditors. But tax experts such as shoup believed promoting equitable tax distribution, fiscal capacity, democracy could work together. Greater tax equity and a government more committed to social justice, they confirmed, could increase public confidence in government and, thereby, strengthen the fiscal capacity, in turn contributing forming democracy. Although shoup and his collegues demanded base-broadening tax reforms because of ways in which those reforms can promote horizontal equity, economic efficiency, trust in government, and a vibrant public sector, Shoup’ plan failed after america changed strategy to reverse course and japan government revised economic strategy. Since then, dependency to corporation tax, tax relief to individual savings, deficiency of taxation consensus, high dependency to debt for governmental finance have been proceed to direction shoup did not want. As a result, tax system based to direct taxation have been maintained to present, especially low burden tax system which allowed various tax exemption and deduction, and depended deficit financing have been developed.
  • 6.

    The Impact of US Macroeconomic Information on World Stock Market Returns: Evidence from Asia-Pacific

    Il-Hyun Yoon | 2015, 22(4) | pp.165~189 | number of Cited : 0
    Abstract PDF
    This study examines the impact of the US macroeconomic information on stock market returns in Asia-Pacific countries in the age of economic globalization. Macroeconomic indicators used for analysis are consumer price index, industrial production index, initial jobless claims, total nonfarm payrolls, 10-year treasury maturity rate, civilian unemployment rate, trade-weighted US Dollar index and JPY/USD exchange rate. GARCH model estimation is employed to investigate the effect of changes in these variables on stock market returns in Asia-Pacific countries using monthly data of the period from July 1997 to September 2015. The results show that all stock market returns in sample countries are affected by one or more variables from the US. Both trade-weighted US Dollar and Japanese Yen are the factors that affect stock markets in Asia-Pacific region most extensively. As to volatility spillover effect, the volatility in consumer price index is found to be transmitted into the stock markets in several countries.
  • 7.

    Estimating Time-Varying Correlations Between Dollar Index and Non-Deliverable Forward in Asian Markets

    Yoon Byung Jo | 2015, 22(4) | pp.191~214 | number of Cited : 0
    Abstract PDF
    This paper tries to estimate the dynamic conditional correlation(DCC) model with GJR in order to find asymmetric, heteroscedasticity and time varying correlations in Asian NDF(Non-Deliverable Forward) markets. Liquid NDF markets could serve international portfolio investors by affording them an otherwise unavailable means to hedge foreign exchange risk. Asia’s NDF turnover accounts for the overwhelming majority of global NDF turnover. Using Dollar Index and seven major Asian NDF(1M) rates such as Korea, China, India, Indonesia, Malaysia, Philippines, Taiwan from 11/3/2005 to 6/18/2015, this study finds the evidence time-varying correlations in addition to the asymmetric. According to the main estimated results of this paper, NDF market integration among Asian countries seems to have been increasing gradually since Quantitative Easing.