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Venture capital investment has become globalized in the business landscape. Scholars
have reported an increasing globalization trend in the VC industry, as measured by VC
investment across national borders (Wright et al., 2005). Aylward (1998) found that Asian
countries/economies (e.g., Singapore, Hong Kong, and India) largely sourced their venture funds internationally. Baygan (2000) demonstrated that European countries experienced increases of cross-border VC flow. Aizenman & Kendall (2008) found that the number/volume of VC deals with international participation has increased in recent years. Finally, according to the Deloitte Touche Tohmatsu 2009 Global Venture Capital Survey, 52% of VCs already invest outside their home countries (Deloitte, 2009). Researchers also examine mechanisms behind this globalization trend: Guler & Guillen (2010) analyze the influence of recipient countries’ institutions on U.S. VC firms’ international investment decision. Aizenman & Kendall analyze the determinants of global VC flow using the gravity model framework. My two studies, both of which examine determinants and patterns of VC investment globalization, are positioned in this stream of research.

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Akie Iriyama
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Ambassador Joon-woo Park, the 2011–12 Koret Fellow and a former senior diplomat from Korea, will give a historical review of Korea-Vietnam bilateral relations, including the effects of Korea's participation in the Vietnam War; bilateral relations today including diplomatic, economic and cultural exchanges; and prospects for future developments and cooperation for East Asian integration.

As a career diplomat, Ambassador Park served in numerous key posts, including those of Ambassador to the European Union and to Singapore and Presidential Advisor on Foreign Affairs. Park worked closely for over 20 years with Ban Ki-moon, the former Korean diplomat who is now the United Nations Secretary-General.

This event is made possible by the generous support from the Koret Foundation.

Oksenberg Conference Room

Shorenstein APARC
Encina Hall C324
616 Serra Street
Stanford University
Stanford, CA 94305-6055

(650) 724-6404 (650) 723-6530
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2011-2012 Koret Fellow
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Joon-woo Park, a former senior diplomat from Korea, is the 2011–12 Koret Fellow with the Korean Studies Program (KSP).

Park brings over 30 years of foreign policy experience to Stanford, including a deep understanding of the U.S.-Korea relationship, bilateral relations, and major Northeast Asian regional issues. In view of Korea’s increasingly important presence as a global economic and political leader, Park will explore foreign policy strategies for furthering this presence. In addition, he will consider possibilities for increased U.S.-Korea collaboration in their relations with China, as well as prospects for East Asian regional integration based on the European Union (EU) model. He will also teach a course during the winter quarter, entitled Korea's Foreign Policy in Transition.

In 2010, while serving as ambassador to the EU, Park signed the EU-South Korea Free Trade Agreement (FTA) in Brussels. That same year he also completed the Framework Agreement, strengthening EU-South Korea collaboration on significant global issues, such as human rights, the non-proliferation of nuclear weapons, and climate change. Park’s experience with such major bilateral agreements comes as the proposed Korea-U.S. FTA is nearing ratification.

Park holds a BA and an MA in law from Seoul National University.

The Koret Fellowship was established in 2008 through the generosity of the Koret Foundation to promote intellectual diversity and breadth in KSP, bringing leading professionals in Asia and the United States to Stanford to study U.S.-Korea relations. The fellows conduct their own research on the bilateral relationship, with an emphasis on contemporary relations, with the broad aim of fostering greater understanding and closer ties between the two countries.

Joon-woo Park 2011-2012 Koret Fellow in Korean Studies Program, Shorenstein APARC Speaker
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Abstract: 

India has been in the throes of four major transformations since the 1980s. They are in the arenas of foreign policy, economic development strategies, the process of social mobilization and the growing challenges to Indian secularism. Exogenous shocks, in considerable measure, explain the dramatic and closely linked changes in the realms of foreign and security policies. The spurt in social mobilization, however, stemmed from mostly domestic sources and specifically the deepening of adult franchise.  It represents one important facet of the maturation of India’s democracy. Finally, the very success of social mobilization, in part, accounts for the assault on Indian secularism. The first two, of course represent conscious policy choices. The second two, however, can be traced to a complex interplay of various social forces. The evolution of these four features of India’s democracy will, in large measure, shape the future of the country in this new century.

Speaker Bio: 

Sumit Ganguly is a professor of political science and holds the Rabindranath Tagore Chair in Indian Cultures and Civilizations at Indiana University, Bloomington. He has previously taught at James Madison College of Michigan State University, Hunter College and The Graduate Center of the City University of New York and the University of Texas at Austin. Professor Ganguly has been a Fellow at the Woodrow Wilson International Center for Scholars in Washington, DC, a Visiting Fellow at the Center for International Security and Cooperation and at the Center on Democracy, Development and the Rule of Law at Stanford University, a Guest Scholar at the Center for Cooperative Monitoring in Albuquerque and a Visiting Scholar at the German Institute for International and Area Studies in Hamburg.

He was also the holder of the Ngee Ann Chair in International Politics at the Rajaratnam School for International Studies at Nanyang Technological University in Singapore in the spring term of 2010.  Additionally, he is a Senior Fellow at the Foreign Policy Research Institute in Philadelphia. Professor Ganguly serves on the editorial boards of Asian Affairs, Asian Security, Asian Survey, Current History, the Journal of Democracy, International Security and Security Studies. A specialist on the contemporary politics of South Asia is the author, co-author, editor or co-editor of 20 books on the region.  

His most recent books are India Since 1980 (with Rahul Mukherji), published by Cambridge University Press and Asian Rivalries: Conflict, Escalation and Limitations on Two-Level Games (with William Thompson) published by Stanford University Press. He is currently at work on a new book, Deadly Impasse: India-Pakistan Relations at the Dawn of a New Century for Cambridge University Press.

His article on corruption in India was just published in the January 2012 issue of the Journal of Democracy, and he is currently writing a new book with Bill Thompson entitled The State of India (for Columbia University Press) which seeks to assess India's prospects and limitations of emerging as a great power.

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Sumit Ganguly Professor of Political Science Speaker Indiana University, Bloomington
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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 region is at the forefront of a trend towards longer life expectancy and declining birthrates, which, combined, 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 few decades, demographic change races against economic development. Could China become the first country to grow old before growing rich? In Southeast Asia, Singapore also confronts 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 their own demographic challenges, such as how to educate their youth for a globally competitive
economy.

Held September 8–9, 2011 in Kyoto, Japan, the third Stanford Kyoto Trans-Asian Dialogue focused 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 face similar problems. Questions addressed included:
 

  • What are the interrelationships 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?
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When Asia’s leaders gather in Honolulu next week for the annual Asia Pacific Economic Cooperation summit, Americans will get a glimpse of the Obama administration’s hyperactive Asia agenda. While America has always been a Pacific nation, the Obama administration is now beginning to match the world’s most populous and economically dynamic region with America’s own brand of energy and leadership.

Before President Barack Obama alights on the tarmac in Honolulu, he will have prepared the way to lead anew in Asia. Among a number of significant “firsts” for our nation in the region are:

  • President Obama in 2009 became the first U.S. president ever to attend a meeting with all 10 leaders of the nations that comprise the Association of South East Asian Nations.
  • The United States in 2010 became the first non-ASEAN country to establish a dedicated Mission to ASEAN in Jakarta.
  • Hillary Clinton was the first secretary of state in a generation to make Asia the destination of her first foreign trip.
  • Secretary Clinton also launched the “Lower Mekong Initiative,” a first-of-its-kind agreement between Cambodia, Laos, Thailand, Vietnam, and the United States to enhance cooperation in the areas of water and forest management, education, and health.

Now, President Obama will arrive in Honolulu to, among other things, attempt to get APEC nations to agree to lower tariffs on renewable energy products. He will also continue to negotiate the so-called Trans-Pacific Partnership, an Obama administration initiative with eight Asian nations, with the objective of shaping a broad-based regional trade pact that would include Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam. Look for announcements of Japanese participation and a framework for the TPP agreement to be announced alongside the APEC summit.

After the APEC summit, President Obama will travel to Bali and attend the East Asia Summit, a fairly new 18-nation security forum—becoming the first U.S. president to attend this annual meeting.

All this activity is especially dramatic following eight years of low-key engagement where Asians griped about missed meetings and America’s strategic attention was focused almost exclusively in the Middle East. But most importantly, there is a well-thought out strategy for re-engagement—a strategy based on renewing long-time allies, engaging seriously newly emerging powers with an eye on preserving stability in the Pacific, while building stronger economic ties to boost American trade, job creation, and long-term economic prosperity at home.

Our stalwart ally Japan was rocked by this year’s devastating earthquake and tsunami, and America is assisting in its recovery. Our alliance remains strong, and Japan continues to be an increasingly active U.S. partner in global affairs.

Relations with South Korea are better than they have ever been. The U.S. Congress just passed a historic free trade agreement, opening the South Korean market for a wealth of American goods. Twice in two years the Obama administration (over Chinese objections) deployed the USS George Washington to the Yellow Sea and the Sea of Japan to conduct exercises with South Korea in response to North Korean aggression. Last month, President Obama welcomed President Lee Myung-bak for a state visit, the first in 10 years by a South Korean president.

President Obama will visit Australia next week to announce a deepened military cooperation pact—building once again on a long-standing alliance. This follows on Secretary of State Clinton’s signing last year of the Wellington Declaration, a roadmap for deepening and expanding the bilateral relationship between the United States and New Zealand.

The Obama administration also is engaging more closely with emerging powers.

The administration in 2010 launched the U.S.-India Strategic Dialogue, which has broadened and deepened relations with New Delhi to include issues from cybersecurity and terrorism to negotiations over a bilateral investment treaty and energy cooperation. Obama also launched the U.S.-Indonesia Comprehensive Partnership, including a series of agreements that will help defense and trade relations. The administration is also working carefully behind the scenes with Myanmar’s new leadership to urge liberalization there.

All of this brings us to China. The flurry of Asian activity makes sense in its own right to further U.S. economic, cultural, and strategic interests, but it is also a component of U.S. policy toward China. The Obama administration’s China policy involves increasing America’s ability to compete with China, working with China where fruitful, and pushing back when China’s actions cross the line. While the U.S.-China relationship is never easy, the administration has avoided major crises and managed to sell Taiwan the largest arm sales packages in any two-year period over the past 30 years without a major breach of relations with Beijing.

Indeed, where cooperation is possible, it is underway. A joint clean energy research center with China is now open, more U.S. Food and Drug Administration officials are based in China to monitor the safety of food and drugs coming to the U.S. market. What’s more, the Obama administration has had some significant success working with Beijing on the nuclear activities of North Korea and Iran, though it has followed a one step forward, two steps back pattern.

The U.S. needs to be engaged in Asia to ensure that China’s rise contributes to stability and prosperity in the region. In 2010, for example, when China made a series of aggressive moves related to the South China Sea, Secretary of State Clinton joined with her counterparts from Southeast Asia, including countries close to China such as Vietnam in what has been called a “showdown,” to make clear their desire for a peaceful, multilateral approach to the conflicting territorial claims there. China backed off its more forward actions and most strident rhetoric.

Similarly, the United States is creating incentives for China to conform to international law and standards. That’s why the Obama administration is negotiating the Trans-Pacific Partnership—a trade pact with high standards to join. The idea is build consensus in the region about a coherent set of regulations that might push China in a helpful direction. TPP rules, for example, are likely to prohibit state-owned enterprises from getting government subsidies not available to privately owned companies, an issue on which Washington has been pushing Beijing hard, with only slow progress to show for it.

These sorts of initiatives are not part of a strategy of “containment” of China, which is not possible or desirable. No Asian country would ever sign up to an anti-China alliance—each, in fact, wants to strengthen its relationship with Beijing. But at the same time, they want America to stick close by. Even if containment were possible, America benefits more from a strong, prosperous China than a weak and resentful one.

Can America afford all this Asian engagement? We have to and we will. The coming years will demand strategic choices. The next time you hear someone complaining about U.S. troops leaving Iraq, remind them that the United States is now investing more wisely and more constructively in the most important region of the world.

Nina Hachigian is a Senior Fellow at the Center for American Progress.

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The Center for American Progress
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Nina L. Hachigian
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Victoria Giaever-Enger
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Jianli Huang visited Stanford University during the spring quarter while serving as the 2010-11 Lee Kong Chian Fellow at the Southeast Asia Forum. Jointly sponsored by Stanford and the National University of Singapore (NUS), the fellowship was established in 2007 to promote scholarship on contemporary Southeast Asia. Huang recently spoke with NUS about his experience at Stanford and about the research that he is conducting on Singapore entrepreneur and philanthropist Lee Kong Chian.
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