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Financial Regionalism in East Asia: Regional Surveillance Cooperation and Enforcement Problem
정헌주 인하대학교 국제관계연구소 2009 Pacific Focus Vol.24 No.3
Since the Asian financial crisis in 1997, many financial cooperative arrangements among ASEAN plus Three countries have been formed to facilitate policy coordination and to prevent another crisis from adversely affecting East Asia. This paper focuses on regional surveillance cooperation which has been regarded as a pre-requisite for deeper financial cooperation including bilateral swap arrangements under Chiang Mai Initiatives. Although East Asian states acknowledged the significance of regional surveillance mechanism in the midst of the crisis that could facilitate information sharing and frank discussion of potential risks in the region, it showed little progress until very recently. What explains this unsuccessful regional surveillance cooperation given initial enthusiasm and widely-acknowledged need for it? This article takes seriously domestic implementation capacities and enforcement problems on a regional level. It argues that member states are discouraged from exchanging frank views on other states’ financial conditions because they expect that even non-intrusive policies would not necessarily be successfully implemented in those countries where sufficient domestic regulatory and supervisory capacities are lacking. Moreover, regional surveillance cooperation had troubles in enforcement: the norm of non-interventionism, lack of independent regional agencies and staff that could monitor and enforce compliance, and lack of transparency. In these circumstances, current surveillance mechanisms are likely to become a stumbling block for deeper financial integration in East Asia until serious efforts are made to tackle problems with enforcement.
Why Help North Korea? Foreign Aid to North Korea and Its Determinants, 2002–2018
정헌주,박건우,지명근,Timothy S. Rich 인하대학교 국제관계연구소 2021 Pacific Focus Vol.36 No.2
Since North Korea solicited international assistance due to famine in 1995, the international community has provided billions of dollars of aid to the country. Despite multiple challenges from donors’ perspectives, bilateral donors continue to extend aid grants that play a significant role in sustaining North Korea’s dysfunctional economy. Nevertheless, there are great variations among bilateral donors in terms of aid amounts to North Korea. This article investigates the determinants of donors’ aid allocation decision to North Korea and finds that dyadic factors – diplomatic ties, foreign policy similarities, and bilateral trade volume – are significantly associated with some donors’ aid allocation to this country. It shows that, consistent with their aid allocations elsewhere, Nordic Plus donors have different aid policies toward North Korea compared to those of non-Nordic Plus donors. This article suggests the need for donors’ concerted efforts to make changes in North Korean economy and society.
Financial Regulatory Reform in South Korea Then and Now
정헌주 한국학술연구원 2009 Korea Observer Vol.40 No.4
International best practices for financial regulation emphasize the significance of regulatory independence for prudential regulation and effective coordination for resolution of problems in financial system. These two, though not mutually exclusive, have been at odds with each other in the Korean context where coordination takes place not among equals but with top executives having the clear upper hand. This paper takes a closer look at South Korea’s financial regulatory reforms since the 1997 crisis and argues that South Korea’s financial regulation had oscillated between these two goals and the balance between regulatory independence and effective coordination had been tipped in the favor of the latter. The analysis shows that despite the initial pledge to regulatory independence and departure from the past practices, regulatory independence has been frequently compromised, leading to a reversal to old practices: strong political and bureaucratic influence on financial regulation.
정헌주 한국학술연구원 2015 Korea Observer Vol.46 No.4
This paper examines how inter-Korean dialogue under the Sunshine Policy of Kim Dae-jung transformed South Korean politics by employing the concept of heresthetics coined by William Riker. It argues that Kim Dae-jung as a heresthetician disrupted South Korean politics based on stable regional cleavage by adding a new dimension of policy toward the North. Specifically, Kim Dae-jung’s sunshine policy not only garnered electoral support in the 2000 general election but also posed a dilemma for his coalition partner, Kim Jong-pil. It was a dilemma in the sense that Kim Jong-pil had little choice but to defect or maintain the coalition; however, any choice would lead him and his party to eventual demise in a political game structured by Kim Dae-jung. Moreover, his heresthetics had lasting effects on Korean politics such as the creation of a larger coalition that supports cooperation with North Korea. This paper suggests the need for further research to rediscover Korean presidents’ political strategies and their long-term effects from a variety of perspectives including Riker’s heresthetics.
지역체제 수준에서의 공적개발원조 배분에 관한 탐색적 연구
정헌주,송지혜,남수정,이상아 계명대학교 국제학연구소 2022 국제학논총 Vol.35 No.-
According to the existing works on the determinants of aid allocation, foreign aid is distributed to enhance donors’ political and economic interests and/or to address recipients’ socio-economic needs. Unlike these works that focus mainly on the state level or inter-state level of analysis, this study examines what factors at the level of regional system affect allocation of foreign aid by aid-providing countries and multilateral institutions. It finds that a recipient country’s relative positions in the region in terms of its trade volume, military spending, and infant mortality have positive and statistically significant relationship with the share of foreign aid it receives in the total aid volume provided for the region. The result also shows that a recipient’s economic position in the region is significantly associated with aid allocation of multilateral institutions while it is not significantly associated with that of aid-giving countries.