Protectionism
0
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
takeo_hoshi_2018.jpg PhD

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
CV
-

From 18 to 20 November 2012 Phnom Penh in Cambodia will be the summit capital of the world. President Obama and the heads of nearly 20 other countries will gather there for a series of high-level meetings organized by the Association of Southeast Asian Nations (ASEAN). Events will include the ASEAN Summit, the ASEAN Plus Three Summit, and the East Asia Summit (EAS). Obama will attend the EAS and the US-ASEAN Leaders Summit as well.

Here at Stanford the issues at stake in these summits will be assessed in conversation among the ambassadors to the United States from five ASEAN member countries—Indonesia, Malaysia, the Philippines, Singapore, and Viet Nam—and the president of the US-ASEAN Business Council. How will the ASEAN Community planned for 2015 affect economy, security, and democracy in Southeast Asia? What are China’s intentions in East Asia?  How should ASEAN respond to Chinese behavior? Will a Code of Conduct in the South China Sea be announced in Phnom Penh? What can we expect from Indonesia’s leadership of the Asia-Pacific Economic Cooperation (APEC) forum in 2013? Is protectionism in Southeast Asia on the rise? Has Europe’s recent experience discredited economic regionalism? Is the US-backed Trans-Pacific Strategic Economic Partnership (TPP) good or bad for Southeast Asia? Should the controversial American “rebalance” toward Asia be rebalanced? How reversible are the reforms in Myanmar (Burma)? What changes inside ASEAN will make the organization more effective? What is the single change in US policy that each ambassador would most like to see?


Bechtel Conference Center

H.E. Dino Patti Djalal Indonesian Ambassador to the US Speaker
H.E. Datuk Othman Hashim Malaysian Ambassador to the US Speaker
H.E. Jose Cuisia, Jr. Philippine Ambassador to the US Speaker
H.E. Ashok Kumar Mirpuri Singaporean Ambassador to the US Speaker
H.E. Nguyen Quoc Cuong Vietnamese Ambassador to the US Speaker
Alexander Feldman President of the US-ASEAN Business Council Speaker
0
Senior Fellow Emeritus at the Freeman Spogli Institute for International Studies
Affiliated Faculty, CDDRL
Affiliated Scholar, Abbasi Program in Islamic Studies
aparc_dke.jpg PhD

At Stanford, in addition to his work for the Southeast Asia Program and his affiliations with CDDRL and the Abbasi Program in Islamic Studies, Donald Emmerson has taught courses on Southeast Asia in East Asian Studies, International Policy Studies, and Political Science. He is active as an analyst of current policy issues involving Asia. In 2010 the National Bureau of Asian Research and the Woodrow Wilson International Center for Scholars awarded him a two-year Research Associateship given to “top scholars from across the United States” who “have successfully bridged the gap between the academy and policy.”

Emmerson’s research interests include Southeast Asia-China-US relations, the South China Sea, and the future of ASEAN. His publications, authored or edited, span more than a dozen books and monographs and some 200 articles, chapters, and shorter pieces.  Recent writings include The Deer and the Dragon: Southeast Asia and China in the 21st Century (ed., 2020); “‘No Sole Control’ in the South China Sea,” in Asia Policy  (2019); ASEAN @ 50, Southeast Asia @ Risk: What Should Be Done? (ed., 2018); “Singapore and Goliath?,” in Journal of Democracy (2018); “Mapping ASEAN’s Futures,” in Contemporary Southeast Asia (2017); and “ASEAN Between China and America: Is It Time to Try Horsing the Cow?,” in Trans-Regional and –National Studies of Southeast Asia (2017).

Earlier work includes “Sunnylands or Rancho Mirage? ASEAN and the South China Sea,” in YaleGlobal (2016); “The Spectrum of Comparisons: A Discussion,” in Pacific Affairs (2014); “Facts, Minds, and Formats: Scholarship and Political Change in Indonesia” in Indonesian Studies: The State of the Field (2013); “Is Indonesia Rising? It Depends” in Indonesia Rising (2012); “Southeast Asia: Minding the Gap between Democracy and Governance,” in Journal of Democracy (April 2012); “The Problem and Promise of Focality in World Affairs,” in Strategic Review (August 2011); An American Place at an Asian Table? Regionalism and Its Reasons (2011); Asian Regionalism and US Policy: The Case for Creative Adaptation (2010); “The Useful Diversity of ‘Islamism’” and “Islamism: Pros, Cons, and Contexts” in Islamism: Conflicting Perspectives on Political Islam (2009); “Crisis and Consensus: America and ASEAN in a New Global Context” in Refreshing U.S.-Thai Relations (2009); and Hard Choices: Security, Democracy, and Regionalism in Southeast Asia (edited, 2008).

Prior to moving to Stanford in 1999, Emmerson was a professor of political science at the University of Wisconsin-Madison, where he won a campus-wide teaching award. That same year he helped monitor voting in Indonesia and East Timor for the National Democratic Institute and the Carter Center. In the course of his career, he has taken part in numerous policy-related working groups focused on topics related to Southeast Asia; has testified before House and Senate committees on Asian affairs; and been a regular at gatherings such as the Asia Pacific Roundtable (Kuala Lumpur), the Bali Democracy Forum (Nusa Dua), and the Shangri-La Dialogue (Singapore). Places where he has held various visiting fellowships, including the Institute for Advanced Study and the Woodrow Wilson International Center for Scholars. 



Emmerson has a Ph.D. in political science from Yale and a BA in international affairs from Princeton. He is fluent in Indonesian, was fluent in French, and has lectured and written in both languages. He has lesser competence in Dutch, Javanese, and Russian. A former slam poet in English, he enjoys the spoken word and reads occasionally under a nom de plume with the Not Yet Dead Poets Society in Redwood City, CA. He and his wife Carolyn met in high school in Lebanon. They have two children. He was born in Tokyo, the son of U.S. Foreign Service Officer John K. Emmerson, who wrote the Japanese Thread among other books.

Selected Multimedia

Date Label
Donald K. Emmerson Director, Southeast Asia Forum, Shorenstein Asia-Pacific Research Center Moderator Stanford University
Conferences
Authors
News Type
News
Date
Paragraphs

Newly printed “no smoking” signs went up across China when the government rolled out a nationwide public indoor smoking ban in May 2011. A sticky gray layer of smoke residue now coats many signs, representing the challenges China’s growing tobacco-control movement faces against a multibillion-dollar government-run industry and deeply embedded social practices.

How has the cigarette become so integrated into the fabric of everyday life across the People’s Republic of China (PRC)?

To get to the heart of this question, historians, health policy specialists, sociologists, anthropologists, business scholars, and other experts met Mar. 26 and 27 in Beijing for a conference organized by Stanford’s Asia Health Policy Program. They examined connections intricately woven over the past 60 years between marketing and cigarette gifting, production and consumer demand, government policy and economic profit, and many other dimensions of China’s cigarette culture.

Anthropologist Matthew Kohrman, a specialist on tobacco in China, led the conference, which was held at the new Stanford Center at Peking University. In an interview, he spoke about the history of China’s cigarette industry, cigarettes and society, and the tobacco-control movement.

The early years

Tobacco first entered China through missionary contact in the 1600s, says Kohrman, but it was not until the early 20th century when cigarettes began gaining popularity. The first cigarette advertising was a “confused tapestry” of messages as marketers figured out what spoke to the public. “There were just as many images of neo-Confucian filial piety as there were of cosmopolitan ‘modern women,’” says Kohrman.

Through improved marketing and aggressive factory building, British American Tobacco and Nanyang Brothers, China’s two largest pre-war firms, helped increase the demand for cigarettes. The Sino-Japanese War (1937–1945) disrupted the cigarette supply, but their popularity had taken hold. Some cigarette firms shifted during the war to the relative safety of southwest China, where tobacco production has remained concentrated ever since.

Post-1949

After the founding of the PRC in 1949, the tobacco industry was nationalized and strong relationships between the central government and cigarette manufacturers in the provinces were formed. Cigarettes also began to be viewed as a part of everyday life. “Ration coupons for cigarettes were issued alongside grain, sugar, and bicycle coupons,” says Kohman. “The Maoist regime legitimized cigarettes as the right of every citizen."

During the Deng Xiaoping era (1978–1997), China’s cigarette industry really took off as manufacturers competed with one another for foreign currency to purchase cutting-edge European equipment and newer varieties of tobacco seed stock. Increased production and the return of full-scale advertising fueled greater consumer demand, and manufacturers began producing more and more varieties of cigarette. Vendors displayed glass cases filled with a colorful patchwork of cigarette packs bearing names like Panda, Double Happiness, and Red Pagoda.

The tobacco industry remained under government control as other industries privatized in the 1980s and 1990s. Party-state management of the cigarette became even more centralized in the early 1980s with the creation of the China Tobacco Monopoly Administration and its parallel external counterpart, the China Tobacco Corporation.

Since 1949, provincial protectionism has marked the cigarette market. It is now possible to purchase Beijing cigarettes in Kunming, Chengdu brands in Shanghai, and so on, but to distribute cigarettes in another province, a manufacturer must cut a deal with provincial government officials. Provincial administrations are loath to cut such deals because central government policy dictates that the portion of cigarette sales tax which does not go to the central government always is channeled to the finance bureau of the province of original production. China’s 2001 entry into the World Trade Organization opened the market ever so slightly to international brands like Marlboro and Kent, but domestic brands continue to dominate because of fierce protectionism.

...If it chooses to do so, China is in a position to lead and change the landscape in a very profound way.
-Matthew Kohrman, Professor of Anthropology, Stanford

A new era

In 2003, the World Health Organization established the first global health treaty, the Framework Convention on Tobacco Control (FCTC). Although the United States still has not yet ratified the FCTC, China signed the treaty in 2003 and ratified it in 2005. Kohrman says China’s tobacco industry giants fear competition from international cigarette brands more than they worry about tobacco-control measures related to the FCTC.

Nonetheless, the FCTC ushered in a new era of public health research about tobacco and has helped increase public awareness about the dangers of smoking. New restrictions have been imposed on print and television advertising for cigarettes, and international organizations, such as the Bloomberg Family Foundation, have begun funding anti-tobacco work in China.

A big challenge to tobacco-control campaigns, says Kohrman, is the sheer amount of money that tobacco companies have available for marketing. “In 2010, China’s tobacco industry posted profits in excess of U.S. $90 billion—that’s huge. Tobacco control research and advocacy now annually receive a few million dollars, and much of that is coming through outside funders, which have very specific projects in mind.”

China’s tobacco advertisers have adapted to the new restrictions that prevent them from openly promoting cigarettes in the media. They have instead moved to point-of-sale and soft-marketing tactics, including misinformation campaigns about the “dangers” of quitting smoking. “The actual expenditure on marketing probably hasn’t dropped very much,” says Kohrman.

Cigarettes and society

Strong marketing and the legitimization of cigarettes as a part of everyday life have led to the deep integration of cigarettes into Chinese society. While only 3 to 4 percent of women in China smoke, cigarettes are an important part of male identity and social mobility. The wide range of cigarette brands has led to the growth of high-end varieties favored by businessmen and politicians, with some brands costing as much as $50 a pack. The custom of cigarette gifting has existed in China for decades, and it is difficult for a young man to turn down a package of cigarettes from a senior colleague or supervisor.

There is also the fact that nicotine is highly addictive, and quitting is difficult in an environment where smoking cigarettes is socially sanctioned. Kohrman says, “When you take an incredibly addictive substance like nicotine and throw it into the mix of all of these norms and customs, it creates a pretty toxic brew.”

The future?

Tobacco control presents a formidable challenge in China, one that requires understanding the historical context and complex dimensions of the cigarette industry. “Cigarettes have been insinuated into so many aspects of daily life across China, and the market for this product has now become so closely enmeshed with matters of government finance and operations,” says Kohrman.

What happens in China could have implications for the entire world. “There’s a tobacco-induced human annihilation unfolding right now in almost every country and questions about how society and Big Tobacco are enmeshed, and how cigarette culture and government finance have become mutually supportive are pivotal,” says Kohrman. “Every country except Bhutan has legalized cigarette sales and is subject to many of the same general issues as China—only in China they’re on a much larger scale. But if it chooses to do so, China is in a position to lead and change the landscape in a very profound way.”   

Hero Image
PandaCigarettes NEWSFEED
Premium Chinese cigarette brand Panda for sale in a duty-free shop at Dubai's airport.
Flickr/Bernard Oh
All News button
1
-

For the last decade, China has been at the forefront of pushing for regional economic integration, e.g. ASEAN-China FTA, Hong Kong-China CEPA, and China-Taiwan ECFA. Could this process culminate into a movement toward a European Union-style economic bloc? What are the implications of this development for US economic welfare? US unions have long viewed the cheap goods from China as harmful to US workers; and some US economists have recently blamed the cheap credit from China for the 2008 implosion of the US financial system. The present escalation of Chinese and US rhetoric on the exchange rate is worryingly akin to the mutual pawing on the ground before the great leap forward at each other. What is the sensible solution? There is no sign that the impasse over the Doha Round of trade negotiations would be resolved in the medium-term.  It is very surprising that China has adopted a near hands-off approach on this issue because it has been the biggest beneficiary of the open multilateral trading system. Has China's failure to help strengthen the WTO framework emboldened protectionism, much to its own detriment and the world's? In this seminar, Professor Woo will examine China's strategy of external economic engagement, including the recently signed ECFA between Beijing and Taipei. Woo argues that part (and only part) of the reason why China does not already have a coherent strategy could be that its present governance institutions create disincentives to move quickly to embrace such a strategy.  

 

Wing Thye Woo is Professor of Economics at U.C. Davis, Yangtze River Scholar at the Central University of Finance and Economics in Beijing, Director of the East Asia Program within The Earth Institute at Columbia University, and Nonresident Senior Fellow at the Brookings Institution. He received an M.A. in Economics from Yale University, and an M.A. and a Ph.D. in Economics from Harvard University. He has advised the U.S. Treasury Department, the IMF, World Bank, and the United Nations. Professor Woo has published extensively, and his current research focuses on the economic issues of East Asia, international financial architecture, comparative economic growth, state enterprise restructuring, fiscal management, and exchange rate economics.

Philippines Conference Room

Wing Thye Woo Professor of Economics Speaker University of California at Davis
Seminars
Authors
News Type
News
Date
Paragraphs
"Freedom and solidarity and partnership belong together," German Chancellor Angela Merkel told a capacity crowd at Stanford on April 15 in her only public speech during a four-day visit to the United States. "They must be indivisible for us to master the challenges ahead." Merkel was introduced by Stanford President Emeritus Gerhard Casper who said the Chancellor was considered to be "among the most powerful, most thoughtful, and most principled stateswomen and statesmen in the world." In her speech, Merkel chose to address "21st century responsibilities which can only be successfully met by acting together," with a focus on the common global security challenge, addressing the international financial and economic crisis effectively, and meeting the challenge of climate change and global warming, which she termed "one of the great challenges of mankind."

Twenty years have passed since the Berlin Wall fell and Angela Merkel – then a budding politician who grew up in communist East Germany – first saw the potential and promise of a free world.

Now the chancellor of Germany, Merkel says freedom can only flourish with international cooperation aimed at making the world safer, cleaner and more economically stable.

"Freedom and solidarity and partnership belong together," Merkel told a capacity crowd at Stanford's Dinkelspiel Auditorium on Thursday after being introduced by President Emeritus Gerhard Casper. "They must be indivisible for us to be able to master the challenges ahead."

But Merkel's speech – the only one she delivered during a four-day trip to the United States – showed that those alliances often come at a cost. Speaking hours after four German troops were killed in fighting in Afghanistan, Merkel expressed her condolences while calling the war a "mission that guarantees our freedom and security."

"It is a sad experience for us in Germany," she said. "It is an experience we share with you in the United States."

With polls showing the war becoming increasingly unpopular in Germany, Merkel said she accepts and respects "doubts" about whether the conflict is necessary or right. But her commitment to fighting the war is unwavering.

She told the audience at Dinkelspiel that the fallout of the international financial crisis "will be with us for a long time to come." But strengthening global trade agreements, steering away from protectionism and bolstering innovation will put financial markets back on the right course, she said.

European financial woes are a volatile topic in Germany right now. The country has offered to pitch in about $11 billion for a Greek economic rescue package, a move that has sparked criticism of Merkel's government.
The bailout poses a serious political risk, as Merkel’s political party faces regional elections in Germany's biggest state on May 9. The party of Christian Democrats must win in order to maintain its majority in the Bundesrat, parliament's upper house.

Merkel did not directly address the Greek economic situation during her speech, but she did stress the need for countries to work together and share responsibility for strengthening the world's financial future.
"We need a new global financial architecture," she said. "We need rules that prevent a whole community of nations from being damaged because individuals have made mistakes."

She said the players behind the world's largest markets have to take an interest in emerging economies and "sit down and reflect together with them" how to establish a strong and prosperous global economy.

A scientist by training, Merkel earned a doctorate in physics and worked as a chemist at a scientific academy in East Berlin. While she was a student, Stanford "was just a far, far-away scientific paradise unreachable from behind the Iron Curtain." And when the Berlin Wall came down, she found herself pulled to a life of politics.

But first, she and her husband celebrated their newfound freedom by doing what they had long dreamed of. They visited California. The chancellor reminisced about the trip as she concluded her speech at Dinkelspiel, standing in front of a backdrop displaying Stanford's German motto: Die Luft der Freiheit weht.

The wind of freedom blows.

Jonathan Rabinovitz contributed to this report.

Hero Image
casper merkel small L.A. Cicero
All News button
1
-

In recent decades, nationalism has become a bad word among many liberal Western scholars, who have highlighted the political agendas and usages of nationalist discourse, frequently associating it with fascism, patriarchy, conservatism and protectionism. Unlike many Western countries in which right-wing groups have attempted to monopolize nationalism, in the Koreas, it has been associated primarily with the ‘left’: in South Korea, with anti-authoritarian democratic movements, and in North Korea, where nationalism has been one of the founding principles of the Communist Party. Dennis Hart argues, however, that there are multiple nationalisms on the Korean peninsula that cannot necessarily be subsumed under simple left-right rubric: some are more open and inclusive, some more grassroots-based and self-affirming, and others more aggressive, exclusive, state-driven, and exceptionalist. What both Koreas have shared in their respective official nationalist discourses, however, has been the state-led effort to show their citizens that they are the only legitimate representative of ‘true’ Korean identity, and that the other Korea is a pretender or puppet state. Needless to say, both sides have targeted history in their attempts to compete for hegemony over Korean nationalist discourse. In this lecture, Dennis Hart juxtaposes North and South Korean state narratives to show how the same historical moments and events are remembered (in other words, appropriated and mobilized) by each state in different ways. Also discussed are how people of North and South Korea respond to or protest against the state narratives of the nation, and how they struggle to articulate alternative memories and by extension alternative nationalisms.

Dennis Hart is the associate director of the Asian Studies Center at the University of Pittsburgh, and an affiliate professor in the Graduate School of Public and International Affairs. He received his PhD in political science from the University of Washington. Professor Hart’s research and teaching interests include nationalism, culture and identity, and politics in North and South Korea.

He is currently working on a pair of book projects: Politics and Culture in North and South Korea, which will be published by Routledge Press, and Letters from the Empire, a collection of political essays.

Daniel and Nancy Okimoto Conference Room

Dennis Hart Asian Studies Center Speaker University of Pittsburgh
Seminars
Subscribe to Protectionism