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In this session of the Shorenstein APARC Corporate Affiliate Visiting Fellows Research Presentations, the following will be presented:

 

Minoru Aosaki, "Banking System and Sovereign Risk in Japan"

After the financial crisis of 2008, European financial markets have experienced sharp increases of sovereign risk. This adversely affected the solvency of banking institutions as they suffered losses from their sovereign holdings and deterioration in their funding conditions. Meanwhile, Japan's sovereign market remained stable, but market participants were cautious as the country’s debt-to-GDP ratio is the highest in the world, and its banking sector holds as much as 44% of domestic sovereign debt. The question is how Japanese policy makers should address the sovereign risk in the banking system. In pursuit of this question, Aosaki compares the market environment in Japan and the Euro Area, examining the reasons banks hold sovereign bonds and the channels that connect sovereign risk with the banking system.

Prashant Pandya, "Cell-based Therapies -- Current Trends and Future Prospects"

Stem cells have been the subject of considerable excitement and debate over the last decade. Stem cell therapy is emerging as a potentially revolutionary new way to treat disease and injury, with wide-ranging medical benefits. Stem cell research provides the opportunity to advance our understanding of human biology and treatment of various diseases. In Pandya’s research, he shares his experience about major challenges related to the commercial development of stem cell therapies and key technology drivers. This research is based on consultations with several prestigious regulatory agencies—including the U.S. Food and Drug Administration, European Medicines Agency, and Therapeutic Goods Administration of Australia—as well as interviews with 45 CEOs and senior scientists of large and small biotech companies and professors from leading universities across five countries. Pandya’s research reveals that there are many intriguing aspects of stem cells still remaining to be elucidated. Stem cells have the potential to treat an enormous range of diseases and conditions that plague millions of people and offer exciting promise for future therapies. But significant technical hurdles remain that will only be overcome through years of intensive research, and successful commercialization of cell-based therapies requires more than proving safety and efficacy to regulators. Ultimately the therapy must be commercially viable.

Ramnath Ramanathan, "Designing Toxicology Studies for Small Interfering Ribo Nucleic Acid"

The field of medicine has improved drastically over the period of time. Medical treatment has evolved from using plant extracts to chemical drugs to stem cell and gene therapies. Discovery of small interfering Ribo Nucleic Acid (siRNA) was one of the most important recent breakthroughs in the field of medicine. This was due to siRNA’s capability of posttranscriptional gene silencing by destruction of mRNA and thereby reducing the protein synthesis. Though the efficacy studies conducted in vitro and in animal models are promising, there have also been circumstances where there were adverse effects including mortality of animals treated with siRNA. Since RNA interference is a relatively new technique, it is very important to understand the toxicity involved before using it as a therapy. For this purpose, toxicology studies have to be designed in order to address all questions on the safety aspects of siRNA. In addition to the traditional toxicity studies, several other tests will have to be conducted. These additional studies will have to address issues specific to siRNA therapy such as immune activation, formation of tetraplex DNA, down regulation of non-target mRNA, interaction with cellular proteins, etc. Through Ramanathan’s work, he has designed a battery of toxicology studies to understand the side effects so that only relatively safe therapy is tried on humans during clinical trials. Ramanathan will present his findings.

 


Philippines Conference Room

Minoru Aosaki Speaker Ministry of Finance, Japan
Prashant Pandya Speaker Reliance Life Sciences
Ramnath Ramanathan Speaker Reliance Life Sciences
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On March 22, REAP hosted the first ever conference held at Stanford’s brand new Center at Peking University. Focusing on the promise of new technologies to raise education and health outcomes in China, the conference drew about 140 individuals from academia, industry, and the policymaking community to the center’s tasteful garden level atrium. 

For a full account of the event, including conference agenda, speakers, powerpoint presentations, and press coverage, please click here.

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Center for International Security and Cooperation

CISAC
Stanford University
Encina Hall, C220
Stanford, CA 94305-6165

(650) 725-6468 (650) 723-0089
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Senior Fellow, Freeman Spogli Institute for International Studies, Emeritus
Research Professor, Management Science and Engineering, Emeritus
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Siegfried S. Hecker is a professor emeritus (research) in the Department of Management Science and Engineering and a senior fellow emeritus at the Freeman Spogli Institute for International Studies (FSI). He was co-director of CISAC from 2007-2012. From 1986 to 1997, Dr. Hecker served as the fifth Director of the Los Alamos National Laboratory. Dr. Hecker is an internationally recognized expert in plutonium science, global threat reduction, and nuclear security.

Dr. Hecker’s current research interests include nuclear nonproliferation and arms control, nuclear weapons policy, nuclear security, the safe and secure expansion of nuclear energy, and plutonium science. At the end of the Cold War, he has fostered cooperation with the Russian nuclear laboratories to secure and safeguard the vast stockpile of ex-Soviet fissile materials. In June 2016, the Los Alamos Historical Society published two volumes edited by Dr. Hecker. The works, titled Doomed to Cooperate, document the history of Russian-U.S. laboratory-to-laboratory cooperation since 1992.

Dr. Hecker’s research projects at CISAC focus on cooperation with young and senior nuclear professionals in Russia and China to reduce the risks of nuclear proliferation and nuclear terrorism worldwide, to avoid a return to a nuclear arms race, and to promote the safe and secure global expansion of nuclear power. He also continues to assess the technical and political challenges of nuclear North Korea and the nuclear aspirations of Iran.

Dr. Hecker joined Los Alamos National Laboratory as graduate research assistant and postdoctoral fellow before returning as technical staff member following a tenure at General Motors Research. He led the laboratory's Materials Science and Technology Division and Center for Materials Science before serving as laboratory director from 1986 through 1997, and senior fellow until July 2005.

Among his professional distinctions, Dr. Hecker is a member of the National Academy of Engineering; foreign member of the Russian Academy of Sciences; fellow of the TMS, or Minerals, Metallurgy and Materials Society; fellow of the American Society for Metals; fellow of the American Physical Society, honorary member of the American Ceramics Society; and fellow of the American Academy of Arts and Sciences.

His achievements have been recognized with the Presidential Enrico Fermi Award, the 2020 Building Bridges Award from the Pacific Century Institute, the 2018 National Engineering Award from the American Association of Engineering Societies, the 2017 American Nuclear Society Eisenhower Medal, the American Physical Society’s Leo Szilard Prize, the American Nuclear Society's Seaborg Medal, the Department of Energy's E.O. Lawrence Award, the Los Alamos National Laboratory Medal, among other awards including the Alumni Association Gold Medal and the Undergraduate Distinguished Alumni Award from Case Western Reserve University, where he earned his bachelor's, master's, and doctoral degrees in metallurgy.

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Siegfried S. Hecker Co-Director of CISAC and Professor (Research), Department of Management Science and Engineering; FSI Senior Fellow Speaker
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Philip Taubman is affiliated with the Center for International Security and Cooperation at Stanford University. Before joining CISAC in 2008, Mr. Taubman worked at the New York Times as a reporter and editor for nearly 30 years, specializing in national security issues, including United States diplomacy, and intelligence and defense policy and operations. He served as Moscow bureau chief and Washington bureau chief, among other posts. He is author of Secret Empire: Eisenhower, the CIA, and the Hidden Story of America's Space Espionage (2003), The Partnership: Five Cold Warriors and Their Quest to Ban the Bomb (2012),  In the Nation's Service: The Life and Times of George P. Shultz (2023), as well as co-author (with his brother, William Taubman) of McNamara at War: A New History (2025).

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Philip Taubman Consulting Professor, CISAC Moderator
Sen. Sam Nunn Former U.S. Senator from Georgia and Co-Chairman and Chief Executive Officer of the Nuclear Threat Initiative Speaker
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Beyond North Korea: Future Challenges to South Korea's Security (Shorenstein APARC, 2011) takes a broad, long-term look at the security of South Korea. A recent International Affairs review calls it: "an excellent examination of the dynamism that characterizes contemporary South Korea."
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Windmills in Yeongdeok, South Korea, Jun. 2011. Energy is one of many factors related to South Korea's security.
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Karl Eikenberry is the Payne Distinguished Lecturer at the Freeman Spogli Institute for International Studies. Within FSI he is an affiliated faculty member with the Center on Democracy, Development, and the Rule of Law (CDDRL) and the Center for International Security and Cooperation (CISAC), and an affiliated researcher with the Europe Center. Before coming to Stanford, he served as U.S. Ambassador to Afghanistan from May 2009 to July 2011, where he led the civilian side of the surge directed by President Obama to reverse Taliban momentum and help set the conditions for transition to full Afghan sovereignty.

Prior to his appointment as Chief of Mission in Kabul, Ambassador Eikenberry had a 35-year career with the U.S. Army, retiring with the rank of Lieutenant General in 2009.  His operational posts include service in the continental U.S., Hawaii, Korea, Italy, and Afghanistan, where he served as Commander of the American-led Coalition Forces from 2005-2007.

Ambassador Eikenberry also served in various political-military positions, including service as Deputy Chairman of the North Atlantic Treaty Organization (NATO) Military Committee in Brussels.

His military awards include the Defense Distinguished and Superior Service Medals, Legion of Merit, Bronze Star, Ranger Tab, Combat and Expert Infantryman badges, and master parachutist wings. He has received numerous civilian awards as well.

Amb. Eikenberry is a graduate of the U.S. Military Academy, holds master's degrees from Harvard University in East Asian Studies and Stanford University in Political Science, and was a National Security Fellow at the Kennedy School of Government at Harvard.

He is a trustee of the International Institute for Strategic Studies and a member of the Council on Foreign Relations and the Council of American Ambassadors. He recently received the George F. Kennan Award for Distinguished Public Service from the National Committee on American Foreign Policy. He has published numerous articles on U.S. military training, tactics, and strategy and on Chinese military history and Asia-Pacific security issues.

Koret Taube Conference Center
Gunn SIEPR Building
366 Galvez Street

Karl Eikenberry Payne Distinguished Lecturer; Retired United States Army Lieutenant General; Former United States Ambassador to Afghanistan Speaker
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Donald K. Emmerson
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This year's Jakarta International Defense Dialogue, a gathering of Southeast Asia security specialists and military officials, focused on the theme: Military Operations Other than War. Donald K. Emmerson shares his insights from the event, which took place Mar. 21 to 23.
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Sunset over Jakarta, Dec. 2008.
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After stirring international media attention and drawing criticism from its neighbors and the United States, North Korea’s controversial launch of a rocket under the guise of installing an “Earth observation” satellite in orbit took place on Apr. 13.

David Straub, associate director of Stanford’s Korean Studies Program, assesses the likely responses of the United States and other concerned countries, and provides historical context for the actions of North Korea’s leadership.

How is the launch going to impact North Korea’s relations with the United States and other countries?

We have already “been there, done that.” This will be the third North Korean test of a long-range rocket in six years. Shortly after the launches in 2006 and 2009, the North Koreans tested their first nuclear devices. The concern is that they will again use the expected international condemnation of their launch as a pretext for conducting another nuclear test.

But sometimes experience changes perspective. The United States and other countries will want to try to respond to the rocket test in a way that complicates any North Korean effort to justify a new nuclear test.

The international community really cannot remain silent, because United Nations Security Council (UNSC) Resolution 1874, which was passed in 2009, forbids North Korea from conducting precisely this kind of launch. I anticipate the UNSC will meet to discuss the situation but will not be able to issue a formal resolution. It will probably wind up issuing only a UNSC presidential statement criticizing the launch. China is the main obstacle. It does not approve of North Korea’s activities, but it is more concerned that putting great pressure on North Korea will result in instability. 

The United States, South Korea, and Japan will continue to consult and coordinate closely with one another. They may take additional measures to collect intelligence about North Korea’s nuclear and missile programs. They may also look to bolster their cooperation on missile defense, and take further steps to restrict North Korea’s access to nuclear- and missile-related materials and technology. They may apply additional economic sanctions to show their disapproval of North Korea’s actions.

Do you think the launch is going make it more difficult for North Korea to conduct trade and obtain aid and development assistance?

North Korea’s behavior now is part and parcel of its behavior over the past several decades. For the North Korean regime, the wellbeing of its people is clearly a secondary priority compared to its own survival.

At least since the end of the cold war, North Korea has faced a dilemma: Open up or fail, or open up and fail. In other words, it needs to open up to receive outside investment and technology if it is ever to have a successful economy. If it does not do that, the regime is unsustainable over the long run. But North Korea’s leaders fear that opening to the outside world would bring down their regime because it will expose the country’s weaknesses to its people. In order to get out of this dilemma, they have reached for weapons of mass destruction—particularly nuclear devices and the missiles they hope eventually can carry them. That is why there is no indication the North Korean leadership is prepared to completely give up those programs, at least on any terms that the United States, Japan, or South Korea could accept.

This is a long-term challenge for the United States and its allies. We have to see the situation for what it is, and deal with it accordingly. That means we must never “accept” North Korea’s possession of nuclear weapons and long-range missiles. As long as North Korea maintains these programs, we must make it clear that we will not establish diplomatic relations or ease sanctions. But that also does not mean that we should not continue to hold out to North Korea the possibility of a negotiated settlement, should it really be prepared to completely give up these programs.  

What are some of the key things to keep in mind about North Korea’s recent actions and about the country in general?

To understand what North Korea is doing, we have to get back to basics. The fundamental situation stems from the 1945 division of the Korean Peninsula into two separate states. North Korea’s Stalinist-style system developed into a totalitarian dictatorship with a personality cult, and it has been spectacularly unsuccessful, especially compared to its rival state South Korea.

The leaders in North Korea are reasonably well-informed and intelligent people. They saw what happened to the Soviet Union and its satellite states in the late 1980s and early 1990s, and decided it would not happen to them. For them, the lesson was: Do not open up or even receive aid, unless it is completely controlled to minimize outside influences. Most of the North Korean elite believes their regime is the legitimate Korean regime. They also understand that regime collapse could well mean absorption of the North by the South, and the possibility that they could go on trial for crimes against their own people. I anticipate that most of the elite will try very hard to hold the regime together in the coming years, even if it means continuing to pursue nuclear and missile programs and threatening and even attacking South Korea again.

But sooner or later major change is inevitable in such a rigid system. This requires the concerned countries to have a clear-headed analysis of the situation, take a long-term perspective, and consistently implement a principled policy. It is very challenging to do this with so many countries involved. But it can be done. Over the long term, the strengths of democracies far outweigh their weaknesses in dealing with countries like North Korea.  

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Kim Il Sung leads a cheering crowd in a North Korea propaganda painting, Aug. 2011.
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Abstract:
 
Yuen Yuen Ang will present her research on an unorthodox structure of bureaucracy evolved in local China – diverging from the “Weberian” model – where public agents, in firm-liked fashion, receive highly variant compensation pegged to economic performance. Even though petty rents extraction by local agencies is state-sanctioned and rewarding to local bureaucrats in the short term, it is ultimately local development that raises public compensation over the long term. Drawing on the Chinese case, Ang will discuss broader implications of her study for rethinking what good governance consists of; how public bureaucracies are supposed to be incentivized and organized; and “second best” paths to state reform.
 
About the speaker:
 
Yuen Yuen Ang joined the Political Science Department at the University of Michigan Ann Arbor in 2011. Prior to joining Michigan, she taught at Columbia University School of International & Public Affairs (SIPA). She received her Ph.D in Political Science from Stanford University. She studies institutions and political economy of development with a focus on contemporary China. Her current book project examines why China has developed under highly interventionist local states despite a seemingly corrupt and flawed public administration. Her research has been supported by the Andrew W. Mellon Foundation/American Council of Learned Societies and Chiang Ching Kuo Foundation. Ang has done field research in Southern, Northern, and Western provinces of China. She has interviewed over 250 local bureaucrats, covering over 20 sectors of government. 

Philippines Conference Room

Yuen Yuen Ang Assistant Professor Speaker the University of Michigan Ann Arbor

Encina Hall, C148
616 Jane Stanford Way
Stanford, CA 94305

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Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies
Director of the Ford Dorsey Master's in International Policy
Research Affiliate at The Europe Center
Professor by Courtesy, Department of Political Science
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Francis Fukuyama is the Olivier Nomellini Senior Fellow at Stanford University's Freeman Spogli Institute for International Studies (FSI), and a faculty member of FSI's Center on Democracy, Development and the Rule of Law (CDDRL). He is also Director of Stanford's Ford Dorsey Master's in International Policy, and a professor (by courtesy) of Political Science.

Dr. Fukuyama has written widely on issues in development and international politics. His 1992 book, The End of History and the Last Man, has appeared in over twenty foreign editions. His book In the Realm of the Last Man: A Memoir will be published in fall 2026.

Francis Fukuyama received his B.A. from Cornell University in classics, and his Ph.D. from Harvard in Political Science. He was a member of the Political Science Department of the RAND Corporation, and of the Policy Planning Staff of the US Department of State. From 1996-2000 he was Omer L. and Nancy Hirst Professor of Public Policy at the School of Public Policy at George Mason University, and from 2001-2010 he was Bernard L. Schwartz Professor of International Political Economy at the Paul H. Nitze School of Advanced International Studies, Johns Hopkins University. He served as a member of the President’s Council on Bioethics from 2001-2004. He is editor-in-chief of American Purpose, an online journal.

Dr. Fukuyama holds honorary doctorates from Connecticut College, Doane College, Doshisha University (Japan), Kansai University (Japan), Aarhus University (Denmark), the Pardee Rand Graduate School, and Adam Mickiewicz University (Poland). He is a non-resident fellow at the Carnegie Endowment for International Peace. He is a member of the Board of Trustees of the Rand Corporation, the Board of Trustees of Freedom House, and the Board of the Volcker Alliance. He is a fellow of the National Academy for Public Administration, a member of the American Political Science Association, and of the Council on Foreign Relations. He is married to Laura Holmgren and has three children.

(October 2025)

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Francis Fukuyama Olivier Nomellini Senior Fellow Moderator CDDRL
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The John D. and Catherine T. MacArthur Foundation has awarded Stanford’s CISAC a $2.45 million grant to support its mission to reduce the dangers of nuclear weapons. The grant will help CISAC train future nuclear security policy experts and work on projects to significantly decrease the danger of fissile materials being stolen or diverted from Russia's nuclear complex. It will also encourage cooperation between U.S. and Chinese scientists to enhance security in Chinese military and civilian nuclear programs.

“Despite all the attention given to nuclear hot spots like Iran and North Korea, interest in and action on improving nuclear safety and security remains tepid worldwide," said Robert Gallucci, President of the MacArthur Foundation. "MacArthur's grant-making aims to support the people and institutions that can provide us with the research and know-how needed to keep nuclear energy safe and fissile materials out of dangerous hands."

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