The varieties of financial statecraft and middle powers: assessing South Korea’s strategic involvement in regional financial cooperation

In recent years, the financial statecraft literature has expanded from a focus on great powers to encompass the behavior of emerging powers. While offering an important corrective, the literature does not yet adequately address the full variety of the emerging powers’ strategies of financial statecraft. In particular, we argue that regional middle powers behave differently from regional great powers even when they have similar capacities at the global level. For instance, both India and South Korea are categorized as emerging powers in the financial statecraft literature and deploy regional strategies to reduce their financial vulnerability. Yet their financial statecraft strategies have clearly differed in practice. India has sought to challenge the global status quo and influence its neighbors, while South Korea has pursued more modest and defensive goals. Drawing on the middle power literature, we posit that middle powers’ relative position within their home regions explains such differences among the financial statecraft of emerging powers. To demonstrate the utility of this approach, we examine South Korea’s financial statecraft in the Asia-Pacific region. We find that its position as a regional middle power effectively explains its patterns of bilateral and regional cooperation in the monetary sphere.The Academy of Korean StudiesAccepted manuscrip

No One Left Behind? COVID-19 and the Shortcomings of the Global Financial Safety Net for low- and middle-income countries

In this paper, we summarize the findings of the Freie Universität Berlin / Boston University / UNCTAD Global Financial Safety Net (GFSN) tracker on crisis finance since the onset of the COVID-19 pandemic. The GFSN is commonly known as the set of institutions on the global, regional and bilateral level that provide balance of payments finance to countries in temporary financial distress. We show that, when grouping the countries in different income classes, provision of liquidity is highly unequal. Essentially, high-income countries are insured by the GFSN more adequately than low-income countries. At the same time, we find that the dynamics of liquidity and solvency risk similarly differ between different income levels. The group of low and middle-income countries is exposed to an increasing risk of rising debt service payments that is likely to rise further over the course of upcoming phases of the COVID-19 pandemic and recovery. We find that the current GFSN does not allow support for all income country groups to respond adequately to a global liquidity crisis, as demonstrated by the COVID-19 pandemic. While the liquidity needs of low and middle-income countries (LICs and MICs) are not catered for by the GFSN to the same extent as are other income groups, especially advanced high-income countries (HICs) are awash with third-party crisis financial resources in relative terms, with upper MICs in a middle position. Addressing a temporary liquidity crisis quickly and comprehensively can prevent it from transforming into a solvency crisis. We argue that inequality in the GFSN is a potential source of solvency problems for countries that have less choice and access to voluminous disbursement of emergency liquidity with adequate policy conditionality

Experience of Pleasure and Emotional Expression in Individuals with Schizotypal Personality Features

Difficulties in feeling pleasure and expressing emotions are one of the key features of schizophrenia spectrum conditions, and are significant contributors to constricted interpersonal interactions. The current study examined the experience of pleasure and emotional expression in college students who demonstrated high and low levels of schizotypal personality disorder (SPD) traits on self-report questionnaires. One hundred and seventeen subjects with SPD traits and 116 comparison controls were recruited to participate. Cluster analyses conducted in the SPD group identified negative SPD and positive SPD subgroups. The negative SPD group exhibited deficient emotional expression and anticipatory pleasure, but showed intact consummatory pleasure. The positive SPD group reported significantly greater levels of anticipatory, consummatory and total pleasure compared to the control group. Both SPD groups reported significantly more problems in everyday memory and greater levels of depressive and anxiety-related symptoms

Fueling Global Energy Finance: The Emergence of China in Global Energy Investment

Global financial investments in energy production and consumption are significant since all aspects of a country’s economic activity and development require energy resources. In this paper, we assess the investment trends in the global energy sector during, before, and after the financial crisis of 2008 using two data sources: (1) The Dealogic database providing cross-border mergers and acquisitions (M&As); and (2) The “fDi Intelligence fDi Markets” database providing Greenfield (GF) foreign direct investments (FDIs). We highlight the changing role of China and compare its M&A and GF FDI activities to those of the United States, Germany, UK, Japan, and others during this period. We analyze the investments along each segment of the energy supply chain of these countries to highlight the geographical origin and destination, sectoral distribution, and cross-border M&As and GF FDI activities. Our paper shows that while energy accounts for nearly 25% of all GF FDI, it only accounts for 4.82% of total M&A FDI activity in the period 1996–2016. China’s outbound FDI in the energy sector started its ascent around the time of the global recession and accelerated in the post-recession phase. In the energy sector, China’s outbound cross-border M&As are similar to the USA or UK, located mostly in the developed countries of the West, while their outbound GF investments are spread across many countries around the world. Also, China’s outbound energy M&As are concentrated in certain segments of the energy supply chain (extraction, and electricity generation) while their GF FDI covers other segments (electricity generation and power/pipeline transmission) of the energy supply chain

Oxytocin-Augmented Social Cognitive Skills Training in Schizophrenia

Impairments in social cognition are common in schizophrenia and predict poor functional outcome. The purpose of this proof-of-concept randomized, parallel group clinical trial was to assess whether intranasal oxytocin (OT), given before social cognitive training, enhances learning of social cognitive skills. Twenty seven male outpatients with schizophrenia participated in a 6-week (12 session) training on social cognitive skills. Training focused on three domains: facial affect recognition, social perception, and empathy. Subjects were randomly assigned (double blind) to receive either intranasal OTor placebo 30 min before each session. Participants did not receive OT between sessions or on the day of assessments. We evaluated scores on social-cognition measures, as well as clinical symptoms and neurocognition, at baseline, 1 week following the final training session, and 1 month later. Our prespecified primary outcome measure was a social-cognition composite score comprised of five individual measures. There were main effects of time (indicating improvement across the combined-treatment groups) on the social-cognition composite score at both 1 week and 1 month following completion of training. Subjects receiving OT demonstrated significantly greater improvements in empathic accuracy than those receiving placebo at both posttreatment and 1 month follow up. There were no OT-related effects for the other social cognitive tests, clinical symptoms, or neurocognition. This study provides initial support for the idea that OT enhances the effectiveness of training when administered shortly before social cognitive training sessions. The effects were most pronounced on empathic accuracy, a high-level social cognitive process that is not easily improved in current social cognitive remediation programs