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The production and distribution of counterfeit medications has become a significant global public health issue. Though not as rampant in the United States, the Food and Drug Administration (FDA) has seen a 10 fold increase in the number of cases investigated, particularly a rise in illegally imported and diverted medications entering our legitimate drug supply. In order to curb these illegal activities, California and the federal government have introduced various pieces of legislation to address this. In addition, international entities, State Boards of Pharmacy and the FDA have begun promoting utilization of radio frequency identification technology and other technology to effectively track the medication supply. In a recent California survey, pharmacists felt strongly that the presence of counterfeit medications poses a problem in their pharmacy practice, but they still face several challenges in identifying counterfeit medications, counseling their patients, and forging their role in implementing legislative requirements.

This presentation will aim to provide an introduction to the international and domestic counterfeit drugs situation, discuss possible factors facilitating patient exposure to counterfeit medications, examine potential sources for counterfeit medications in the United States, identifiy federal legislation issues, discuss various forms of technology being used to combat counterfeit medications, and recognize the role of pharmacists and the challenges they face in dealing with counterfeit medications.


Speaker Biography:

Dr. Elaine Law is currently a Clinical Pharmacist specializing in Adult General Surgery at UCSF Medical Center and an Assistant Clinical Professor in the UCSF School of Pharmacy. She received a B.S. in Molecular, Cell and Developmental Biology from UCLA, earned a Doctor in Pharmacy from UCSF School of Pharmacy and completed a General Practice Pharmacy Residency at UCSF Medical Center. She holds a Board Certification in Pharmacotherapy and her research interests include roles pharmacists can play in public health issues including counterfeit medications and pharmacist-based immunization programs. She is an advocate of patient care in underserved areas and reaches out regularly to the Tenderloin communities and elderly populations of San Francisco through pharmacy health outreach programs.

Reuben W. Hills Conference Room

Elaine Law Assistant Clinical Professor Speaker UCSF School of Pharmacy
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Japan leads, chased closely by South Korea, with China, on a vastly larger scale, not far behind. Not as mercantilist development states nor as threats to America's high-tech industry, but rather as the world’s most rapidly aging societies.  

A wave of unprecedented demographic change is sweeping across East Asia, the forefront of a phenomenon of longer life expectancy and declining birthrates that together yield a striking rate of aging. Japan already confronts a shrinking population. Korea is graying even more quickly. And although China is projected to grow for another couple of decades, demographic change races against economic development. Could China become the first country to grow old before growing rich? In Southeast Asia, Singapore also is confronting a declining birthrate and an aging society. Increasingly, Asia’s aging countries look to its younger societies, such as Vietnam, Indonesia, and India, as sources of migrant labor and even wives. Those countries in turn face different demographic challenges, such as how to educate their youth for global competition.

The third Stanford Kyoto Trans-Asian Dialogue will focus on demographic change in the region and its implications across a wide range of areas, including economies, societies, and security. Asia’s experience offers both lessons and warnings for North America and Europe, which are facing similar problems. Questions to be addressed include:

  • What are the inter-relationships between population aging and key macroeconomic variables such as economic growth, savings rates, and public and private intergenerational transfers?
  • How and why do policy responses to population aging differ in Japan, South Korea, and across different regions of China?
  • What are the effects of demographic change on national institutions such as employment practices, pension and welfare systems, and financial systems?
  • What policies can or should be pursued to influence future outcomes?
  • How will demographic change affect security in the Asia-Pacific region?
  • How have patterns of migration impacted society and culture in East Asia, in comparative perspective?
  • How will demographic change influence the movement of people across the region and the prevalence of multicultural families?
  • What lessons can Asia, the United States, and Europe learn from each other to improve the policy response to population aging?

The Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) established the Stanford Kyoto Trans-Asian Dialogue in 2009 to facilitate conversation about current Asia-Pacific issues with far-reaching global implications. Scholars from Stanford University and various Asian countries start each session of the two-day event with stimulating, brief presentations, which are followed by engaging, off-the-record discussion. Each Dialogue closes with a public symposium and reception, and a final report is published on the Shorenstein APARC website.

Previous Dialogues have brought together a diverse range of experts and opinion leaders from Japan, South Korea, China, Vietnam, Thailand, Indonesia, Singapore, India, Australia, and the United States. The first Dialogue examined the global environmental and economic impacts of energy usage in Asia and the United States. It also explored the challenges posed by competition for resources and the possibilities for cooperating to develop sustainable forms of energy and better consumption practices. Last year’s Dialogue considered the question of building an East Asian Community similar in concept to the European Union. Participants discussed existing organizations, such as ASEAN and APEC, and the economic, policy, and security implications of creating an integrated East Asia regional structure.

The annual Stanford Kyoto Trans-Asian Dialogue is made possible through the generosity of the City of Kyoto, the Freeman Spogli Institute for International Studies at Stanford University, and Yumi and Yasunori Kaneko.

Kyoto International Community House Event Hall
2-1 Torii-cho, Awataguchi,
Sakyo-ku Kyoto, 606-8536
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Karen Eggleston
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Can social, economic, and policy changes turn a period of growing old-age dependency into one of positive opportunity and growth in China? Qiong Zhang and Asia Health Policy Program director Karen Eggleston explore this challenging question in a recent China Brief article. They look back into several decades of China's history and also consider the current demographic picture of one-child families, gender imbalance, declining fertility rates, and a healthy and prosperous aging population.

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China is now predominantly a country with one-child families.
Stefan Lins
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The Asia Health Policy Program (AHPP) of the Walter H. Shorenstein Asia-Pacific Research Center, in conjunction with the Stanford Center for Population Research (SCPR), announces the availability of 2011–2012 pre-doctoral research assistantships in contemporary Asian demography. The research assistantships support pre-doctoral students working within a broad range of topics related to demographic change in Asia while they provide research assistance to Karen Eggleston, faculty director of AHPP, and Shripad Tuljapurkar, faculty director of SCPR.

DESCRIPTION

Research assistantships are available to Stanford University PhD candidates who have completed three quarters of graduate studies at Stanford and have made progress toward defining original research related to population aging, gender imbalance, inter-generational support, migration and health, or other topics related to demographic change in one or more countries of Asia. A minimum of three quarters of residence and participation in AHPP activities is required. AHPP and SCPR invite applications from a broad range of disciplines, including anthropology, biology, economics, demography, history, law, political science, and sociology.

Students on research assistantships (RAs) receive salary and tuition allowance for up to 10 units (depending on the time commitment) in autumn, winter and spring quarters of the 2011–12 academic year. In the summer, tuition allowance for an RA is usually for three units. The RA may choose to work between 10 hours (25% time) and 20 hours (50% time) per week during the quarters in which they are employed. The research assistance will be an extension of research related to the book co-edited by Eggleston and Tuljapurkar: Aging Asia: The Economic and Social Implications of Rapid Demographic Change in China, Japan, and South Korea. Each RA also receives cubicle space at SCPR.

APPLICATION PROCESS

Applicants should send the following materials to the research assistantship coordinator, Lisa Lee:

  • CV
  • Description of research interests or a detailed dissertation prospectus. The description should be clear and concise, especially to readers outside your discipline, and should not exceed five double-spaced or three single-spaced typewritten pages.
  • Description of previous RA experience and relevant skills, including in quantitative and qualitative analysis. This description should be no longer than one page.
  • Copy of transcripts. Transcripts should cover all graduate work, including evidence of work recently completed.
  • Two letters of recommendation from faculty or advisors, sent directly to AHPP.

Only those applications that contain the complete materials listed above will be considered.

Deadline for receipt of all materials is May 20, 2011.

Please address all materials to:

Lisa Lee, Administrative Associate for AHPP and SEAF
Shorenstein APARC
Stanford University
Encina Hall, Room E301
Stanford, CA 94305-6055

llee888@stanford.edu
(650) 725-2429 (voice)
(650) 723-6530 (fax)

 

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Stanford University has announced the establishment of a new center at Peking University, which will serve as a base for research, teaching, meetings and conferences. One of the first of its kind created by a university on a Chinese campus, SCPKU represents a visionary commitment by Stanford leaders and a group of alumni, parents and friends of the university worldwide. Stanford's location on the Pacific Rim provides an advantage in fostering U.S. China relations and the new center will establish a strategic hub for Stanford's interdisciplinary work on a host of global issues.

SCPKU is an exciting project on many levels. It's a dynamic platform that will facilitate the entry of all seven schools at Stanford into the heart of the contemporary Chinese scene
-Coit Blacker

One of the major donors to the center is Chien Lee,'75, MS'75, MBA'79, an FSI Advisory Board member and Hong-Kong based private investor whose family's foundation is the lead donor to the center.  For Lee, the collaboration between Stanford and the prestigious Peking University is central. "It will be a good partnership," he says. "When you get great people together you can really achieve something."

The SCPKU building will be named for Lee's father, the late Lee Jung Sen, who attended Peking University when it was Yenching University.  Lee's mother Leatrice Lowe Lee was a member of the Stanford class of 1945.

Stanford's relationship with China stretches back to the late 1970's when the university began accepting Chinese graduate students. Students from China have accounted for the largest number of Stanford foreign graduate student enrollment for the past decade.

The project owes much to the gifted leadership and dedication of Jean C. Oi, Andrew G. Walder, and Coit D. Blacker who envisioned a way to bolster Stanford research, training, teaching, and outreach activities in China.  Oi is the William Haas Professor in Chinese Politics, Director of the Stanford China Program, and a Senior Fellow at the Freeman Spogli Institute.  Walder is the Denise O'Leary and Kent Thiry Professor of Sociology, a Senior Fellow at the Freeman Spogli Institute, and the Fisher Family Director of the Division of International, Comparative and Area Studies in the School of Humanities and Sciences.  Blacker is the Director of the Freeman Spogli Institute and the Ken Olivier and Angela Nomellini Professor in International Studies.

As Oi notes, "Stanford has had a strong collaboration with PKU for nearly a decade." The Bing Overseas Studies Program is well established at PKU and hosts roughly 70 Stanford undergraduates on the campus annually. "This project is a natural extension of that relationship," she says.

For Blacker, "SCPKU is an exciting project on many levels. It's a dynamic platform that will facilitate the entry of all seven schools at Stanford into the heart of the contemporary Chinese scene." As he notes, "the new facility will give faculty, graduate students, and undergraduates unprecedented access to their Chinese counterparts at a key moment in the development of relations between our two countries."

The traditional Chinese building will surround a courtyard. Beneath the ground floor, a   state of the art facility two stories deep will feature attractive classrooms, offices, and conference spaces with all modern amenities. The new facility will be administered by the Freeman Spogli Institute.

SCPKU will provide a base of operations for field research, coursework, language study, and internships, allowing faculty and students from across the university to study the region, its peoples and cultures, and issues as they play out on the global scene.

The center will also serve students and faculty whose interests fall outside the traditional definition of "China studies."  Scholars will pursue such topics as energy and energy use, education and educational reform, the rural/urban interface, and problems associated with aging populations. As Blacker points out, "China is a great laboratory for scholars and students working on a wide range of issues."

Gi-Wook Shin, the Director of the Walter H. Shorenstein Asia-Pacific Research Center emphasizes how important it is to have an in country venue to engage Chinese scholars. "It's more convenient for Asians to come to a place in China than to come to California for a conference or seminar that we host," he says. "It's important for Stanford to have a strong presence in China so we can engage Asian people on Asian issues."

The center will be completed in late 2011, with a formal opening planned for 2012.

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Go out there and change the world.
- Tim Draper, Draper Fisher Jurvetson

"Whatever the world looks like now, it will change," said Tim Draper, founder and managing director of Draper Fisher Jurvetson (DFJ), during the keynote session at the March 1 Entrepreneurship in the Global Marketplace seminar, organized by the Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) with sponsorship from Alibaba.com, the first in a series of seminars by the Schwarzenegger Emerging Entrepreneur Initiative. Concluding his remarks, Draper urged the overflow audience: "Go out there and change the world."

Draper and the nine other participants shared different perspectives on entrepreneurship, but a key message underlying all of the presentations was that the world is a dynamic, rapidly changing place where entrepreneurs can succeed by anticipating and responding to global trends. In doing so, many suggested, it is also possible to change the world—for the better. The participants all concurred that China is one of the key places in the world—now and in the future—to do business, representing a challenging but a vast frontier of opportunity.

Global demographic trends are a major factor that venture capitalists consider when making investments. Addressing the worldwide aging phenomenon, which is particularly acute in Asia-Pacific countries such as Japan and China, Draper explained how DFJ has invested in a company that manufactures videogame-like devices designed to improve cognition, noting the growing market for such devices that help keep cognitive health apace with a longer life span. Hans Tung, a partner with the Shanghai-based venture capital firm Qiming Ventures, described how his firm is tracking the large segment of China's population living in small cities away from commercial hubs. These members of the populace, who prefer to shop online where they can find a wider selection of goods than in their local shopping malls, are quickly becoming a driving force in China's e-commerce market.

It is China's e-commerce and other Internet firms—fueled by the explosion of Internet users—that carry increasingly significant weight in China's domestic and the global economy. 
Duncan Clark, a visiting scholar at SPRIE, presented related findings from SPRIE's China 2.0: The Rise of a Digital Superpower research initiative, which is led by Marguerite Gong Hancock, associate director of SPRIE. China 2.0, explores the conditions generating such rapid growth of the Internet, and investigates questions surrounding the possible global implications of it. Clark noted that as China's three largest Internet firms—search engine Baidu, instant-messaging service Tencent, and e-commerce portal Taobao—expand, domestic competition will not only intensify, but move further into the global economic arena. The "big three" firms are already ranked among the top 20 Internet sites in the world based on site traffic. According to Clark, the key question in the future for U.S. companies will be how to partner with Chinese companies in order to insure their own growth.

Riding the global wave of innovation and entrepreneurship, Jonathan Ross Shriftman, co-founder of Solé Bicycle Company, and Ryder Fyrwald, vice president of global operations at the Kairos Society, have discovered opportunities to effect positive change despite a global climate of intense economic competition. Shriftman, a recent University of Southern California (USC) graduate, described the lessons that he has learned through his company's quest to manufacture low-cost, quality fixed-gear bicycles that provide a stylish, alternate form of transportation. Despite funding and language challenges, Shriftman and his partner succeeded in connecting with a manufacturer in China through Alibaba.com, and have sold nearly 800 bicycles to date. Fyrwald, who is still an undergraduate at USC's Marshall School of Business, explained the philosophy behind the Kairos Society, an international network of student entrepreneurs who seek to solve world issues through entrepreneurship and innovation. He cited the example of WaterWalla, a company that has developed, among other technologies, a low-cost water purification device for use by urban slum dwellers.

From the perspective of seasoned venture capitalists Draper and Tung and emerging entrepreneurs Shriftman and Fyrwald, the message at Entrepreneurship in the Global Marketplace was clear: the way to succeed in a rapidly changing world is to react promptly—and creatively—to global trends. And, as Shriftman suggested, it is possible to "do well by doing good," and change the world in a positive way.

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Ryder Fyrwald (left), vice president of global operations at the Kairos Society, and Jonathan Ross Shriftman, co-founder of Sole Bicycle Company.
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Larry Diamond
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After the peaceful mass uprising that toppled one of the world's oldest autocracies, it is now possible to imagine the emergence of a genuine democracy in Egypt-the most important country in the Arab world. The very possibility of it marks an historic turning point for the entire region. However, there is a long and often treacherous distance between the demise of an authoritarian regime and the rise of a democracy.

With no experience of democracy in recent decades, and no apparent government leadership that is committed to bringing it about, Egypt's transition faces more formidable challenges than the transitions that led to democracy in recent decades in countries like Spain, Greece, Argentina, Brazil, Chile, the Philippines, Poland, South Africa, Indonesia, and Ukraine. (Which isn't to say these were easy: We forget how difficult each of these transitions seemed at the time, and how fraught they were with dangers and uncertainties.) With an energized civil society and deep resources of youthful talent, creativity, and mobilizing skill, Egypt has a real chance to get to democracy in the next few years. But doing so will require a keen analysis of the numerous potential traps that could sandbag the process.

The first trap is the Machiavellian opaqueness of the aging generals who are now running the country. Beginning with the Defense Minister (and now junta leader) Mohamed Tantawi, until a few days ago a close ally of the deposed President Mubarak, Egypt's new military rulers cannot be trusted to structure the political process and emergent rules in a way that will favor genuine democracy. Their principal goal, it appears, is to preserve as much of the old order as possible-Mubarakism without Mubarak (the father or the son). This means another round of the old shell game of Arab regimes-what Daniel Brumberg has called "liberalized autocracy." The process of liberalization-which runs in cycles, and which countries like Morocco and Jordan have seen many iterations of-institutes just enough change in the rules and faces to give the appearance of movement toward democracy without any of the dangers (for the ruling elite). But the changes, imposed from above, stop well short of the sweeping institutional transformations that would open wide the political arena (and the functioning of government) while leveling the playing field.

In their initial "communiqués," Egypt's ruling generals show signs of treading down this duplicitous path. Their initial choices have evinced the seductive veneer of democratic change but the closure and control of authoritarian continuity. To begin with, there appears so far to be little consultation with democratic forces in determining the character and pace of transition. Despite opposition demands, emergency rule remains in place, and so do many political prisoners. The military's initial decisions have been unilateral and preemptory. We learn there will be a constitution drafted within two months, followed by a referendum. A respected retired judge will head the process. This will produce "amendments" to the now-suspended authoritarian constitution. But what will be the role for Egyptian opposition and civil society in this process? What will be the scope down the road to draft a completely new, more democratic and legitimate constitution with broad popular participation and support? Will the president to be elected later this year serve another imperial six-year term, or be a caretaker heading a neutral government until a new constitution can be adopted and fresh elections held? At this point, if anyone knows the answers to these questions, it is only the junta.

The military is talking about early presidential and legislative elections, within six months. What could be more democratic than that? But, in fact, after the fall of a longstanding autocracy, it typically takes a lot longer than six months to organize competitive, free, and fair elections. Think of the steps. A neutral and independent electoral administration must be established. This requires not just legal authorization but also new leadership, and recruitment, training, funding, and deployment of new staff and equipment. If Egypt's generals intend to have elections administered by the same Ministry of Interior that shamelessly rigged the vote for Mubarak and his ruling National Democratic Party (NDP), that will be a sure sign that they do not intend to deliver democracy-or are too incompetent and cavalier to care. Then, the next step must be to produce a new register of voters. Experts believe only a quarter of eligible Egyptians are registered to vote today. The exclusion was very useful to perpetuating autocracy but could be deadly for an emerging democracy. That will take months, money, and far-reaching organization to do even reasonably well.

It will be one thing to elect a new president and quite another to choose a new parliament in Egypt's transitional flux. The military now suggests the two elections can be held together within six months. But they will have very different logics and requirements. A presidential election will be much simpler. The old order will no doubt throw up a somewhat more palatable face, perhaps the former Foreign Minister Amr Moussa. The democratic opposition may well rally behind a single candidate (though the regime, no longer able to exclude a democratic alternative, will probably try to fragment the field with as many opposition candidates as possible). Still, voters will be faced with a few principal choices for national leadership, and it won't matter where people vote, so long as they are of voting age and only vote once. This kind of election can be done more roughly and quickly, tossing aside the voter register and just dipping every forefinger in indelible ink after it has marked a ballot for one presidential candidate or another. It will be important in this election-and every future one-to ensure transparency and citizen monitoring of the vote, as well as to have Egypt's judiciary oversee the balloting (as it did in previous elections until the judges got too good at it and Mubarak cut them out). But, otherwise, a presidential election won't be a complicated affair.

By contrast, new parliamentary elections present formidable challenges. First, Egyptians (and hopefully not just the military) must decide what electoral system will be used. This choice can invoke arcane debate, but it may be one of the most important that Egypt makes in pursuit of democracy. If the electoral rules are "majoritarian," in that they make it hard for small minorities to get elected, they will work to the disadvantage of not just small ideological tendencies but also the welter of new, emerging parties and political forces-many of them liberal and secular-that will just be taking shape and starting to test their strength. This will inflate the strength of the only two political forces that now have effective political organizations on the ground-the old ruling party and the Muslim Brotherhood (with a smattering of some of the other older opposition parties). If Egypt retains the current electoral system of two-member districts (with each voter getting two votes), these two established political forces could sweep most of the seats between them, marginalizing the moderates, polarizing the parliament and political system, and dooming democracy from the start. Creating a liberal center in democratic politics requires more than moral and technical support for these parties to function; it also requires rules that enable them to get traction.

A much better-and fairer-alternative would be to elect the new parliament using some form of proportional representation, so that parties would win seats roughly in proportion to their vote shares. That way, new parties could begin to gain a foothold in the political process. Perhaps ironically, the best way to do this might be the way Iraq now does, by using the existing governorates (29 in Egypt) as multimember districts, and having each district then elect a share of seats equivalent to its share of the population. This would allow for very proportional results, with districts generally containing ten to 25 seats, while still enabling some accountability and candidate familiarity at the local level.

A truly democratic parliamentary election in Egypt cannot be pulled off in six months. In fact, it might require well over a year to prepare. But the alternative would be to rush to a vote with a flawed system that would leave Egypt's new democratic forces on the margins not just of legislating but of constitution-making as well.

How a new permanent constitution will be drafted-if it is even intended by the military-also remains a mystery at this point. The worst option would be to have a closed and hurried process dominated from above by the military. But that seems to be what the junta intends for the transitional period. Successful democratic transitions either use an expert but broadly representative constitutional drafting commission, and then a popular referendum to confirm the draft, or an elected constitutional assembly (often acting simultaneously as a parliament), possibly followed also by a popular referendum (as in Iraq). Some have used all of these methods combined. Experience of recent decades underscores the importance for future democratic legitimacy and stability of eliciting extensive public dialogue and broad popular participation in the constitution-making process, with adequate preparation and civic education and widespread media exposure, as in South Africa. A thorough, inclusive, and deliberate process of constitutional drafting and debate can also help to breed a more democratic culture at both the elite and mass levels. A rushed and closed process perpetuates authoritarian mentalities (and, often, authoritarian rules as well).

Prior to all of this is the most basic question of who writes the rules, the timetable, and the mode of transition. Egypt has now entered a classic transition game where the authoritarian regime and the democratic opposition have sharply different interests and little basis for cooperation and trust. As an institution, Egypt's military may not be hated the way Mubarak and his cronies were, but many of the generals were Mubarak's cronies. And the military's core interests are not freedom and democracy for the people, but preserving their own power, wealth, privilege, and impunity. The core lesson of numerous prior transitions is the need for a negotiated way out of this potentially fatal impasse. Democrats want democracy with no guarantees to autocrats. Autocrats want guarantees, with no real democracy.

There is an obvious generic compromise, and every successful negotiated transition-from Spain and Brazil to Poland, South Africa, and Indonesia-has settled on a version of it. The old order gets to hang on to most of its wealth and privilege, along with military autonomy at least for a time. Few, if any, henchmen of the old order are prosecuted for their past crimes, unless it is for the last, desperate excesses of a few diehards trying to hang on during the transition. Real accountability waits for a later day. Democrats get democracy. Autocrats (mostly) retain their wealth and influence, but they cannot bid for power unless they play the democratic game. The Yale political scientist Robert Dahl coined a term for this type of bargain. He called it "mutual security." From the Spanish transition on, the generic bargain became known as a political pact.

Only a negotiated pact between Egypt's surviving authoritarian regime and its emergent democratic forces can steer the transition through the current treacherous straits to calmer and freer waters. For that to happen, Egypt's disparate democratic forces must unify in a broad negotiating front that unites the "outside" opposition of the youthful movements with the "inside" opposition of the "wise persons" and established parties who have so far dominated, on an ad hoc basis, the discussions with the old order.

Opposition unity will give Egypt's democrats strategic leverage; if negotiations stall due to regime intransigence, then the unified opposition can more credibly threaten to turn out people by the millions again in protest. But, if negotiations move forward to ensure the essential conditions for a democratic transition-an end to emergency rule; freedom of organization, expression, and assembly; judicial independence; and new and fair electoral administration-then a unified opposition can guarantee social peace and political stability. Opposition coherence enables clear negotiating priorities to level the playing field and ensure a democratic transition. It will also give the old order a clear set of interlocutors who can credibly commit to deliver popular support behind a difficult compromise agreement. No condition is more important for a successful transition.

The role for the United States and other international actors is not to dictate terms for the transition or structures for the new political order. That is not our place, and Egyptians of every political stripe will resent it. But international actors should offer training to political parties and technical and financial assistance to the new civil society organizations and state institutions needed to make democracy work. For the United States., this will mean millions of dollars in new assistance for democracy in Egypt-but that is a trifle compared to the $68 billion we have invested in dictatorship (even if it was to buy peace). No less importantly, other democracies (including leaders of recent democratic transitions) can encourage Egypt's opposition groups to coalesce and share lessons of the strategies and choices that have led to democratic outcomes. And the Obama administration can make it clear to Egypt's military rulers that nothing less than a real transition to democracy-with broad consultation, serious negotiations, and a new climate of freedom-will return Egypt to stability and a lasting partnership with the United States.

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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.

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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
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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
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Takeo Hoshi Pacific Economic Cooperation Professor in International Economic Relations Speaker Graduate School of International Relations and Pacific Studies, University of California, San Diego
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