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In this book Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution.

The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang."

Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.


"This book is a fascinating analysis of the past, present, and future of the Japanese financial system. It sheds a great deal of light on Japan's current troubles and their potential solution." 

-Ben S. Bernanke, Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, Princeton University

 

"Hoshi and Kashyap crystallize much of their high-quality research in this book. Corporate Financing and Government in Japan tells of the rise and fall of banking dominance over Japanese corporations with historical accounts, economic theory, and summaries of empirical analysis. The book will be an authoritative read for a wide-ranging audience, including college students, MBA students, and scholars in the field." 

-Takatoshi Ito, Professor, Hitotsubashi University

 

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The MIT Press
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Takeo Hoshi
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Some of the most pressing issues in the contemporary international order revolve around a frequently invoked but highly contested concept: sovereignty. To what extent does the concept of sovereignty -as it plays out in institutional arrangements, rules, and principles -inhibit the solution of these issues? Can the rules of sovereignty be bent? Can they be ignored? Do they represent an insurmountable barrier to stable solutions or can alternative arrangements be created? Problematic Sovereignty attempts to answer these and other fundamental questions by taking account of the multiple, sometimes contradictory, components of the concept of sovereignty in cases ranging from the struggle for sovereignty between China and Taiwan to the compromised sovereignty of Bosnia under the Dayton Accord.

Countering the common view of sovereignty that treats it as one coherent set of principles, the chapters of Problematic Sovereignty illustrate cases where the disaggregation of sovereignty has enabled political actors to create entities that are semiautonomous, semi-independent, and/or semilegal in order to solve specific problems stemming from competing claims to authority.

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Columbia University Press in "Problematic Sovereignty: Contested Rules and Political Possibilities"
Authors
Coit D. Blacker
Condoleezza Rice
Stephen D. Krasner
Number
0231121792
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In recent years, Korea has seen remarkable developments in the broadband Internet access business. This presentation looks into what Korea's broadband Internet usage is like now in comparison with other countries, and explains the major factors contributing to such development from three viewpoints: government, private sector, and social backgrounds. The seminar will also include discussing challenges that the Korean broadband Internet industry is facing: how to convert high usage of Internet to e-business, and strategic issues from a broadband Internet service provider's standpoint. This program is free and open to the public. Lunch will be provided for those who **RSVP before noon on Wednesday, March 6th** to Okky Choi. Tel: (650) 724-8271 or Email: okkychoi@stanford.edu

Encina Hall, Central Wing, third floor, Philippines Conference Room

Kyoung-Lim Yun Visiting Fellow, A/PARC Speaker Hanaro Telecom
Seminars
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The recent decades have witnessed the rise of new scholarship in Korea, which tries to "rewrite" the modern Korean history between the late 1940s and the early 1950s. It seeks to challenge and overcome the so-called "revisionist" approaches to the modern Korean history, but it is definitely far from endorsing or returning to the previous "traditional" viewpoints. Claiming itself to be a "third wave" in the study of modern Korean history, this presentation re-examines the postwar U.S.-Korean policy in general, discusses the American governing of South Korea from practical points of view, and puts forth the social history of the modern Korea under the U.S. occupation and during the Korean war.

Encina Hall, Central Wing, third floor, Philippines Conference Room

Sang-In Jun Professor Speaker Hallym University, Korea
Seminars
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High-level talks between the United States and North Korea began under the previous Bush administration, and continued throughout the 1990s. These negotiations succeeded in mothballing the North's nuclear reactor and, with immense help from President Kim Dae-Jung's "sunshine policy," were on the brink of another major breakthrough a year ago. Although little diplomacy movement has occurred since the new Bush administration took office, and much has changed elsewhere in the world since the terrorist attacks on September 11th, conditions remain conducive to a rapprochement between Washington and Pyongyang, and a final, formal end to the Korean War. This program is free and open to the public. Lunch will be provided for those who **RSVP before noon on Wednesday, January 16th** to Okky Choi. Tel: (650) 724-8271 or Email: okkychoi@stanford.edu

Encina Hall, Central Wing, third floor, Philippines Conference Room

Bruce Cumings Professor Speaker University of Chicago
Seminars
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Larry Diamond, Senior Fellow, The Hoover Institution and Professor of Political Science & Sociology, Stanford University. A specialist on democratic development, Professor Diamond is studying public opinion in Taiwan, where he will serve as an official observer of the parliamentary election. He is co-editor of Journal of Democracy. Phillip C. Saunders, Director, East Asia Nonproliferation Program, Monterey Institute of International Studies. Professor Saunders studies Sino-US relations and East Asian security issues. He is the author of Project Strait Talk: Security and Stability in the Taiwan Strait. Thomas Gold, Professor of Sociology, University of California, Berkeley A specialist on the democratic transition in Taiwan, Professor Gold is the author of "The Waning of the Kuomintang State on Taiwan," in State Capacity in East Asia. He will be an official observer of Taiwan's parliamentary elections. Taiwan politics were turned upside-down in March 2000, when the Kuomintang was defeated in the presidential election, ending 55 years of one-party rule. Now, polls show the KMT is likely to lose its parliamentary majority in the December 2001 elections, a development which would dismay Beijing, sideline one of Asia's oldest political movements, trigger profound realignments in Taiwan's internal politics, and transform relations between Taiwan, China, and the United States. The election results and their implications will be discussed in a roundtable discussion with the three panelists. A buffet lunch will be served.

Encina Hall, third floor, AP Scholars Conference Room

CDDRL
Stanford University
Encina Hall, C147
616 Jane Stanford Way
Stanford, CA 94305-6055

(650) 724-6448 (650) 723-1928
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Mosbacher Senior Fellow in Global Democracy at the Freeman Spogli Institute for International Studies
William L. Clayton Senior Fellow at the Hoover Institution
Professor, by courtesy, of Political Science and Sociology
diamond_encina_hall.png MA, PhD

Larry Diamond is the William L. Clayton Senior Fellow at the Hoover Institution, the Mosbacher Senior Fellow in Global Democracy at the Freeman Spogli Institute for International Studies (FSI), and a Bass University Fellow in Undergraduate Education at Stanford University. He is also professor by courtesy of Political Science and Sociology at Stanford, where he lectures and teaches courses on democracy (including an online course on EdX). At the Hoover Institution, he co-leads the Project on Taiwan in the Indo-Pacific Region and participates in the Project on the U.S., China, and the World. At FSI, he is among the core faculty of the Center on Democracy, Development and the Rule of Law, which he directed for six and a half years. He leads FSI’s Israel Studies Program and is a member of the Program on Arab Reform and Development. He also co-leads the Global Digital Policy Incubator, based at FSI’s Cyber Policy Center. He served for 32 years as founding co-editor of the Journal of Democracy.

Diamond’s research focuses on global trends affecting freedom and democracy and on U.S. and international policies to defend and advance democracy. His book, Ill Winds: Saving Democracy from Russian Rage, Chinese Ambition, and American Complacency, analyzes the challenges confronting liberal democracy in the United States and around the world at this potential “hinge in history,” and offers an agenda for strengthening and defending democracy at home and abroad.  A paperback edition with a new preface was released by Penguin in April 2020. His other books include: In Search of Democracy (2016), The Spirit of Democracy (2008), Developing Democracy: Toward Consolidation (1999), Promoting Democracy in the 1990s (1995), and Class, Ethnicity, and Democracy in Nigeria (1989). He has edited or coedited more than fifty books, including China’s Influence and American Interests (2019, with Orville Schell), Silicon Triangle: The United States, China, Taiwan the Global Semiconductor Security (2023, with James O. Ellis Jr. and Orville Schell), and The Troubling State of India’s Democracy (2024, with Sumit Ganguly and Dinsha Mistree).

During 2002–03, Diamond served as a consultant to the US Agency for International Development (USAID) and was a contributing author of its report, Foreign Aid in the National Interest. He has advised and lectured to universities and think tanks around the world, and to the World Bank, the United Nations, the State Department, and other organizations dealing with governance and development. During the first three months of 2004, Diamond served as a senior adviser on governance to the Coalition Provisional Authority in Baghdad. His 2005 book, Squandered Victory: The American Occupation and the Bungled Effort to Bring Democracy to Iraq, was one of the first books to critically analyze America's postwar engagement in Iraq.

Among Diamond’s other edited books are Democracy in Decline?; Democratization and Authoritarianism in the Arab WorldWill China Democratize?; and Liberation Technology: Social Media and the Struggle for Democracy, all edited with Marc F. Plattner; and Politics and Culture in Contemporary Iran, with Abbas Milani. With Juan J. Linz and Seymour Martin Lipset, he edited the series, Democracy in Developing Countries, which helped to shape a new generation of comparative study of democratic development.

Download full-resolution headshot; photo credit: Rod Searcey.

Former Director of the Center on Democracy, Development and the Rule of Law
Faculty Chair, Jan Koum Israel Studies Program
Date Label
Larry Diamond Senior Fellow, Hoover Institution Panelist Professor of Political Science and Sociology, Stanford University
Phillip C. Saunders Director, East Asia Nonproliferation Program Panelist Monterey Institute of International Studies
Thomas Gold Professor of Sociology Panelist University of California at Berkeley
Workshops
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Professor Wang Jisi is director and a senior researcher of the Institute of American Studies at the Chinese Academy of Social Sciences (CASS) in Beijing. He is concurrently director of the Institute of International and Strategic Studies at the Party School of the Central Committee, the Communist Party of China, a guest professor of Peking University and Tsinghua University, and president of the Chinese Association for American Studies. He is also a member and advisor to many prestigious research institutions in the United States. He is now teaching a course on "China Under Reform" for the fall semester, 2001, as a Freeman Professor of Asian Studies at Claremont McKenna College in California. Wang Jisi's formal education was interrupted by the Cultural Revolution. In the ten years between 1968 and 1978 he did various sorts of labor as a herdsman, peasant, and factory worker in Inner Mongolia and central China. He entered Peking University in 1978 and obtained his MA degree in 1983. Professor Wang's scholarly interests cover international relations theory, U.S. foreign policy, Chinese foreign policy, and China-U.S. relations. He has published numerous works in these fields, including a recent volume in Chinese entitled "Lonely at the Top: U.S. Global Strategy and Position in the Post-Cold War World." His articles in English include "Building a Constructive Relationship between the United States, China, and Japan" (1998), "China's New Identity and Peace in Northeast Asia" (2000), "The Internet in China: A New Fantasy?" (2000), and "Hot Peace - Not a New Cold War - between China and the United States" (2001).

Philippines Conference Room

Wang Jisi Director Speaker Institute of American Studies, Chinese Academy of Social Sciences
Seminars
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How has the largely American war in Afghanistan--the terrorist attacks of 11 September, the counterattack that began on 7 October, and the retreat of Taliban forces since 13 November--affected the foreign policy environment now facing Northeast and Southeast Asian states? Is this the beginning of Cold War II? Has terrorism replaced communism as the enemy of a new and enduring global alliance led by the United States? How do East Asian governments see themselves in relation to this anti-terrorist coalition? As enthusiasts eager to defend or promote democracy in politics and moderation in religion? As joiners hoping to elicit American support for the repression of "terrorism" inside their own countries, e.g., in Tibet, Aceh, and the Sulu archipelago? As bystanders skeptical of American motives and resentful of American influence, but resigned to their inability to curb American hegemony? As balancers eager to organize East Asia into a region able to defend itself against unchecked American power? Matters relevant to the answering of such questions include: disappointing economic trends in much of East Asia; the likely impact of the compromises reaching at the recent World Trade Organization meeting in Qatar; the status and implications of the proposed free trade area between China and the Association of Southeast Asian Nations (ASEAN); changing affinities and tensions among ASEAN members; military progress or failure in the effort to destroy Al Qaeda; and the possible involvement of East Asian contingents in a UN-brokered arrangement for the stabilization of Afghanistan. Simon SC Tay teaches international law at the National University of Singapore. He was selected for three terms as a Nominated Member of the Singapore Parliament. His many publications include A New ASEAN in a New Millennium (2000); Preventive Diplomacy and the ASEAN Regional Forum (1999); and "Towards a Singaporean Civil Society," in Southeast Asian Affairs 1998. He also writes stories and poems; his 1991 book, Stand Alone, was short-listed for the Commonwealth Prize. In 2000 the World Economic Forum named him a "global leader of tomorrow."

Daniel and Nancy Okimoto Conference Room

Simon SC Tay Chairman Speaker Singapore Institute of International Affairs
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While Islam is commonly portrayed as a Middle Eastern religion, the majority of the world's Muslims reside in Asia. Indonesia is home to the world's largest Muslim population, with India following close behind. Millions of Muslims are scattered throughout South, Southeast, Central and Northeast Asia. In the wake of the horrific terrorists attacks on September 11th, many non-Muslims have mistakenly identified Islam with political violence. The need to distinguish moderate Islam practiced by the Muslim majority in Asia and the radical extremism used by terrorists has never been greater. In an effort to create a more comprehensive understanding of these complex issues and address misconceptions linking Islam and terrorism, the Asia Society and the Shorenstein Forum will convene a panel of experts to explore Muslim thought and practice in several key Asian countries, namely Pakistan, Indonesia, Malaysia and China. Among the questions that will be addressed by the panel is how recent events will impact the future of Islam in Asia and what role extremist and other groups may play in this process.

A.P. Giannini Auditorium, Bank of America Building

Barbara Metcalf Professor of History Panelist University of California at Davis
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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.

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Donald K. Emmerson Professor Panelist Asia/Pacific Research Center, Stanford University
Karim Raslan Attorney and syndicated columnist Panelist Kuala Lumpur, Malaysia
Jacqueline Armijo-Hussein Mellon Fellow Panelist Department of Religious Studies, Stanford University
Barbara Crossette Correspondent and former Bureau Chief Moderator New York Times
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