Growing knowledge that the climate is changing has far outpaced our knowledge of how these changes might impact economic outcomes that we care about. Does climate change constitute one of the most important development challenges facing humanity over the next century, as is sometimes claimed, or is it a minor concern relative to other determinants of economic prosperity? Our proposed work will use modern econometric techniques and new data to quantify how poverty has responded to historical shifts in
This event is co-sponsored by NHK WORLD, Global Agenda, and the Center on Democracy, Development, and the Rule of Law.
About NHK and Global Agenda
NHK WORLD is NHK's international broadcast service. NHK is Japan’s national public broadcasting corporation and operates international television, radio, and internet services; together, they are known as NHK WORLD.
The aims of NHK WORLD are:
To provide both domestic and international news to the world accurately and promptly
To present information on Asia from various perspectives, making the best use of NHK's global network
To serve as a vital information lifeline in the event of major accidents and natural disasters
To present broadcasts with great accuracy and speed on many aspects of Japanese culture and lifestyles, recent developments in society and politics, the latest scientific and industrial trends, and Japan's role and opinions regarding important global issues
To foster mutual understanding between Japan and other countries and promote friendship and cultural exchange
“Global Agenda” is a new program within NHK WORLD TV where world opinion leaders discuss various issues facing Japan and the rest of the world today.
Symposium Overview
Innovation is essential for economic growth, especially in advanced economies. As the catch-up phase of economic growth is ending or has ended for many Asian economies, they face the challenge of transforming their economic systems to ones that encourage innovations and use those as the most important source for growth. The panel will discuss various issues surrounding the economic system that is favorable for innovations. Silicon Valley, where Stanford University is located, has an ecosystem that is conducive to innovations. The panel will pay special attention to implications for Japan and other Asian economies.
Panelists
William Barnnett, Professor of Business Leadership, Strategy, and Organizations, Stanford Graduate School of Business
Francis Fukuyama, Director, Center on Democracy, Development, and the Rule of Law, Freeman Spogli Insititute for International Studies
Takeo Hoshi, Director, Japan Program, Shorenstein Asia-Pacific Research Center
Kenji Kushida, Research Associate, Japan Program, Shorenstein Asia-Pacific Research Center
Note
This event will be recorded and broadcast worldwide. By registering to attend you hereby grant Stanford University and NHK World permission to use encode, digitize, copy, edit, excerpt, transmit, and display the audio or videotape of your participation in this event as well as use your name, voice, likeness, biographic information, and ancillary material in connection with such audio or videotape. You understand that this event will be broadcast worldwide, which will be available to the general public. This event may also be webcast over one or more websites. By registering to attend you grant, without limitations, perpetual rights for the use and transmission and display of audio or videotape of this event. This permission is irrevocable and royalty free, and you understand that the University and NHK will act in reliance on this permission.
RSVP
RSVP for this event is mandatory as seating is limited. Doors will open at 3:00pm and the event will begin promptly at 3:30pm. Since the event is being recorded, we ask that participants arrive on time.
William Barnnett
Professor of Business Leadership, Strategy, and Organizations- Graduate School of Business
Francis Fukuyama
Director, Center on Democracy, Development, and the Rule of Law- FSI
Takeo Hoshi
Director, Japan Program- Shorenstein APARC
Kenji Kushida
Research Associate, Japan Program- Shorenstein APARC
This paper is examines the evolution of Japan’s capital markets and the related regulatory reforms after the Global Financial Crisis. We start by looking at the importance of capital markets in the Japanese financial system. We study how the size of financial flows through capital markets relative to those through the banking sector changed since the 1980s in Section 2. Then, in Section 3, we look at how Japan’s financial system responded to the Global Financial Crisis. We find that the disruption of the financial system in Japan was small. Section 4 then surveys the financial regulatory changes in Japan since the Global Financial Crisis. While the Japanese regulators tightened the regulation to improve the financial stability as the regulators in the U.S. and Europe did, they also continued the efforts to develop capital markets in Japan. The efforts continue and receive strong endorsement from Abenomics, which put an emphasis on economic structural reform to restore growth in Japan. We examine the capital market policies in Abenomics in Section 5. Section 6 concludes.
2008 witnessed a double shock to the post Cold War order. The North Atlantic financial system suffered a historic crisis, which could be managed only by unprecedented financial intervention by the US state. Weeks before Wall Street imploded, Russia invaded Georgia, a country which earlier in the year had been promised NATO membership. Too little remarked upon at the time, this paper will argue that this conjuncture revealed stark limits to the North Atlantic system of security and financial stability, which since 2013 have come back to haunt us in the on-going Ukrainian crisis.
Adam Tooze is the Kathryn and Shelby Cullom Davis Professor of History at Columbia University.
Note: New Location
CISAC Central Conference Room
Adam Tooze
Kathryn and Shelby Cullom Davis Professor of History
Speaker
Columbia University
Daniel Stegmueller is a Professor of Quantitative Methods in the Social Sciences at the Graduate School of Social and Economic Sciences, University of Mannheim. He is also an associate member of Nuffield College, University of Oxford, and of CAGE, University of Warwick.
His research lies at the intersection of political economy and political behavior. He studies political preferences and choices in advanced industrialized societies, specifically individuals' preferences for redistribution and redistributive voting. He is interested in how these are shaped by social structure and institutions, but also by basic individual characteristics, such as cognitive and non-cognitive skills.
This seminar is part of the Comparative Politics Workshop in the Department of Political Science and is co-sponsored by The Europe Center.
Daniel Stegmueller
Professor of Quantitative Methods in the Social Sciences
Speaker
University of Mannheim
Monica Martinez-Bravo is an associate professor at CEMFI in Madrid, Spain. She received her Ph.D. in economics from MIT in 2010. Her research interests are in the fields of Political Economy and Economic Development.
This seminar is part of the Comparative Politics Workshop in the Department of Political Science and is co-sponsored by The Europe Center.
Encina Hall West, Room 400 (Graham Stuart Lounge)
Monica Martinez-Bravo
Associate Professor
Speaker
CEMFI
Torben Iversen is Harold Hitchings Burbank Professor of Political Economy at Harvard. His research and teaching interests include comparative political economy, electoral politics, and applied formal theory. He is the author of Capitalism, Democracy, and Welfare (Cambridge UP 2005), Contested Economic Institutions (Cambridge UP 1999), and co-author (with Frances Rosenbluth) of Women, Work, and Power: The Political Economy of Gender Inequality (Yale UP, 2010). He is also the co-editor of Unions, Employers and Central Bankers (Cambridge UP 2000) and has published more than three dozen articles in leading journals and edited volumes. His work has won numerous American Political Science Association prizes including the Victoria Schuck Award, Best Book on European Politics and Society Award, the Luebbert Best Article Award, and the Gabriel Almond Best Dissertation Award. He is a former Guggenheim Fellow and National Fellow at the Hoover Institution. He is currently completing a book-length project with David Soskice on the political representation of economic interests in historical perspective.
This seminar is part of the Comparative Politics Workshop in the Department of Political Science and is co-sponsored by The Europe Center.
Torben Iversen
Harold Hitchings Burbank Professor of Political Economy
Speaker
Harvard University
States make war, and wars make states. The second clause of Tilly's dictum assumes that the fiscal effort that states exert to wage war persists over time. This paper investigates the effect of war on long-term fiscal capacity as a function of two types of war financing instruments: taxes and loans. Tax-waged wars are argued to exert lasting effects on state capacity, as new taxes require enhancements of the state apparatus as well as complementary fiscal innovations. Loan-waged wars may not contribute to long-term state capacity, as countries might default once the war is over, thus preempting any persistent fiscal effect. Importantly, the way war is waged might be endogenous. To cope with this possibility, I exploit unanticipated crashes in the nineteenth-century international capital markets, which temporarily banned warring states from borrowing regardless of their (un)observed characteristics. The analysis shows that countries that fought wars while the international credit markets were down have today higher fiscal capacity, measured by income tax ratios as well as the size of the tax administration. Altogether, the paper advances the conditions under which wars exert positive and lasting effects on state building.
Didac Queralt is a junior professor at the Institute of Political Economy and Governance (IPEG) in Barcelona. He received his Ph.D. from the NYU Politics Department in September 2012.
His research lies at the intersection of comparative political economy and international relations, with a focus on the political economy of fiscal capacity building in Europe (East and West) and the Americas. Using formal methods, he investigates tax compliance in scenarios of low fiscal capacity, as well as the replacement of old forms of taxation (e.g. trade taxes) by modern extractive technologies (e.g. income taxation) that result from deliberate investment in the tax administration. He analyzes the theoretical predictions using contemporary data from developing economies in Latin America and Eastern Europe, as well as historical data for European powers in the pre-modern era.
In addition, he investigates the origins of direct taxation in the Western World, both with macro- and micro-data, as well as the electoral politics underlying the expansion of the fiscal state. Currently, he is involved in a quasi-experimental test of the legacy of pre-modern wars on state capacity, and an field experiment on tax progressivity in Colombia,
This seminar is part of the Comparative Politics Workshop in the Department of Political Science and is co-sponsored by The Europe Center.
Encina Hall West, Room 400 (Graham Stuart Lounge)
Didac Queralt
Junior Professor
Speaker
Institute of Political Economy and Governance (IPEG), Barcelona
The fifteenth session of the Korea-U.S. West Coast Strategic Forum, held in Korea on November 17, 2015, convened senior South Korean and American policymakers, scholars and regional experts to discuss North Korea policy and recent developments on the Korean Peninsula. Hosted by the Korea Program at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, the Forum is also supported by the Sejong Institute.
A conference that honored the life and scholarly contributions of Stanford economist Masahiko Aoki was held at Stanford. Dozens of friends, family and community members paid tribute to Aoki, the Henri and Tomoye Takahashi Professor of Japanese Studies and Professor of Economics, emeritus, who died in July at the age of 77.
Eleven renowned economists and social scientists gave talks on Aoki’s extensive fields of research in economic theory, institutional analysis, corporate governance, and the Japanese and Chinese economies at the Dec. 4 conference, which was followed by a memorial ceremony the next day.
“When we contacted people to speak at this conference, few people turned us down,” said Stanford professor Takeo Hoshi. “The reason for this is Masa. It shows how much Masa was respected and how much his work is valued.”
The events were hosted by the Japan Program at the Walter H. Shorenstein Asia-Pacific Research Center, the Freeman Spogli Institute for International Studies (FSI), Graduate School of Business, Department of Economics and the Stanford Institute for Economic Policy Research (SIEPR).
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Aoki came to Stanford in 1967 as an assistant professor, held faculty appointments at Kyoto University and Harvard, and returned to Stanford in 1984. He retired to emeritus status at Stanford in 2005.
Throughout the conference, Aoki was described as an astute professor and colleague, valuable mentor and loyal friend by the many speakers and participants who shared works, stories and multimedia featuring their interactions with Aoki.
Aoki pioneered the field of comparative institutional analysis (CIA) with a team of scholars at Stanford: Avner Greif, John Litwack, Paul Milgrom and Yingyi Qian, among others. CIA analyzes and compares different institutions that evolve to regulate different societies.
Masahiko Aoki (far left) is pictured with colleagues on the Stanford campus in the late 1960s.
“Masa had a good background in looking at the economy as a whole, financial institutions as a whole – not just how numbers or actors economically interact – but also the people who interact within a given institutional framework,” said Koichi Hamada, a professor emeritus at Yale University.
“Masa had a good background in looking at the economy as a whole, financial institutions as a whole – not just how numbers or actors economically interact…”
-Koichi Hamada, Yale University
Aoki applied a systematic lens to everything he studied, a “take society as a total entity” approach, Hamada said.
Aoki grew up in Japan, and developed a deep interest in Japanese politics at an early age. He was actively involved in student movements in the early 1960s, at the heart of which was a campaign against a controversial U.S.-Japan security treaty. China became another great interest of his as the country began to undergo economic transformation and modernization.
Throughout his career, Aoki traveled to Japan and China often, and sought to better inform policy debates by engaging scholars, government leaders and journalists there.
He believed in sharing lessons learned from his own scholarly analyses on what constitute institutions, particularly the “people” aspects – the employees, their cognitive abilities and levels of participation.
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Top left to right: Yingyi Qian of Tsinghau University talks with Avner Greif of Stanford University and Hugh Patrick of Columbia University. / Koichi Hamada of Yale University delivers his remarks titled "Masahiko Aoki: A Social Scientist." Bottom: Reiko Aoki, the wife of Masahiko Aoki, listens in to Kenneth Arrow, a professor emeritus at Stanford University. Credit: Rod Searcey
Aoki was not only a scholar of institutions but also a builder of them.
“Amid a time of diplomatic tensions between China and Japan…Masa was able to bring Japanese, Chinese and American economists together to study and do research,” said Yingyi Qian, dean and professor at the school of economics and management at Tsinghua.
At Stanford, Aoki played a leading role in the creation of the Stanford Japan Center and a multi-day conference that convened annually in Kyoto on issues of mutual concern between Asia-Pacific countries and the United States.
“Masa Aoki’s legacy will serve as an integral guidepost for many years to come. May his soul rest in peace.”
-Kotaro Suzumura, Hitotsubashi University
Earlier this year, Aoki was hospitalized for lung disease. Even at that stage, he worked tirelessly to revise a paper that examines the institutional development of China and Japan in the late 19th to early 20th centuries.
Aoki was also fondly remembered for his mentorship of students at Stanford and other universities he taught at.
“He was an original and unique professor – quite different from others that I’ve met in many respects. He was generous with his time, not hierarchical,” said Miguel Angel Garcia Cestona, who studied for a doctorate at Stanford and now teaches at the Universitat Autonoma de Barcelona.
Garcia Cestona, among other former students, spoke of Aoki as a friend and shared memories of their former professor hosting them at his home.
Stanford professor Takeo Hoshi opens a day-long conference at Stanford celebrating the life and scholarly work of Masahiko Aoki, Dec. 4, 2015. | Rod Searcey
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