The Efficiency of Location Determination in ChinaS Market Socialist Economic Development

Location theory is often downplayed in the orthodox development economics discipline because the limitations of natural endowments are less restrictive in the wake of mass transformation and industrialization. However, good determination of location-friendly economic development policies has largely been responsible for the development in China. Moreover, these policies have sacrificed the balanced development discipline, which has been regarded as an untouchable rule in the traditional socialist method of development. By first reviving the importance of location theory using the economic development in China as a primary example, this paper then extends location theory to the Korean international development strategy and the East Asian region. While the Chinese regional development strategy was based on economically plausible conditions supported by location theory, Korea's strategy was biased toward a political rationale, which disregarded the logic of the market. The long-term success of government initiated special economic zones depends heavily on finding compatible location elements supported by economic factors. Thus, regional development should be based on rational consideration of economic needs, practical comparative advantages, and diversified promotional stimulations faithful to location theory.This study was supported by the Overhead Research Fund of Seoul National Universit

The Huaqiao Community in Korea: Its Rise, Demise, and Reemergence

This paper attempts describe the fall from grace and the future positive outlook of the Chinese Community (the Huaqiao)¹ in Korea. Many specialists on Diaspora studies seem to recognize the conditions under which the Huaqiao live in Korea as that of misery. due mostly to the oppression exerted upon it by the policies of the Korean government. Considering the existing negative stigma regarding this issue by foreign scholars, this paper tries to test whether the stigmatized argument is objectively concluded or just an unfounded prejudice. By interviewing many local Chinese in Korea and re-migrants in foreign countries, this paper claims that a combination of the transitional attitudes of the Huaqiao themselves, reinforced by suppressive governmental policies, resulted in the relatively poor economic situation of the current Chinese community in Korea. In the future, however, the role of Chinese in Korea is expected to enlarge with the increased importance of Mainland China, even in the face of the reality where most of the Huaqiao in Korea still hold Taiwanese passports

The Korean financial crisis: Causes, impact on FDI, and implications for Central Asia

Through the Asian financial crisis, many key international economic issues have come to the forefront the stability of the international financial system under the IMF, “Asian values”, the universal validity of the Asian Economic Development Model, China's leadership in the regional world economy, Japan's role in the region, and the immunity of Greater China from the current financial crisis. Currently, most Asian countries seem eager to redress structural problems involving the government sector, banking, and corporate governance. In the process of this full scale restructuring, Korea must reevaluate its economic relationship with Central Asia. This paper argues that Korean financial crisis stems basically from the system failure. Furthermore, since a small open economy carries with it intrinsic vulnerabilities, the government should be more careful in securing optimal foreign exchange, opening capital markets based on the economy's absorption capacity. In this respect, the banking industry should be run based on the profitability of capital. Once banking industries are distorted by the practice of government-led policy loans, it is more difficult to correct those customized distortions. The banking industry should play a laglecrv role as the “brain of the economy”, sensing abnormalities of the economy. Moreover, in today's increasingly interdependent global economic system, no single country can solve its problems without close coordination of its policy with the outside world. An early warning system to signal financial instability would help developing economies in modernizing and strengthening their domestic financial institutions and would also work as a supplement to the IMF standby fund. Also, human resource management has proven too important to be neglected. Central Asia could derive lessons from the above Asian “failure”, not the Asian “miracle”, to avoid inappropriate policies and to deepen its economic development.

Characteristics and Geoeffectiveness of Small-scale Magnetic Flux Ropes in the Solar Wind

Magnetic flux ropes, often observed during intervals of interplanetary coronal mass ejections, have long been recognized to be critical in space weather. In this work, we focus on magnetic flux rope structure but on a much smaller scale, and not necessarily related to interplanetary coronal mass ejections. Using near-Earth solar wind advanced composition explorer (ACE) observations from 1998 to 2016, we identified a total of 309 small-scale magnetic flux ropes (SMFRs). We compared the characteristics of identified SMFR events with those of normal magnetic cloud (MC) events available from the existing literature. First, most of the MCs and SMFRs have similar values of accompanying solar wind speed and proton densities. However, the average magnetic field intensity of SMFRs is weaker (~7.4 nT) than that of MCs (~10.6 nT). Also, the average duration time and expansion speed of SMFRs are ~2.5 hr and 2.6 km/s, respectively, both of which are smaller by a factor of ~10 than those of MCs. In addition, we examined the geoeffectiveness of SMFR events by checking their correlation with magnetic storms and substorms. Based on the criteria Sym-H < -50 nT (for identification of storm occurrence) and AL < -200 nT (for identification of substorm occurrence), we found that for 88 SMFR events (corresponding to 28.5 % of the total SMFR events), substorms occurred after the impact of SMFRs, implying a possible triggering of substorms by SMFRs. In contrast, we found only two SMFRs that triggered storms. We emphasize that, based on a much larger database than used in previous studies, all these previously known features are now firmly confirmed by the current work. Accordingly, the results emphasize the significance of SMFRs from the viewpoint of possible triggering of substorms

FDI and regional economic integration: A case of near

NEAR (North East Asia Region) economic integration is reemerging as one of the key issues in the process of recovering from the Asian economic crisis of 1997. Talks are no longer limited to traditional free trade agreements but have expanded to the Yen Bloc, AMF,1 and even RMB bloc, which are discussed informally among academicians and politicians. This paper attempts to show that dynamic intra-regional FDI (foreign direct investment) flow driven by market forces from late 1980s already began to act as an important catalyst to foster increased intra-regional economic integration. Factor exchanges accelerated commodity exchanges due mostly to intra-regional economic dynamism since the breakdown of the Cold-War, forced industrial restructuring caused by shaping new intra-regional division of labor, and market preemption effort seeking market potential in China. This, in turn, might result in what is referred to as “natural interdependence” in the intra-regional countries. This market-driven natural interdependence has stronger probability of evolving into an institutional economic integration if the market opening and crossing FDI proceeds further.