The mysterious overvaluation of KRW in the 1990s†

Existing theories on real exchange rates predict a significant undervaluation of the Korean won (KRW) in the early and mid-1990s. The paper demonstrates why this expectation did not materialize and instead an unprecedentedly large degree of overvaluation took place. Focusing on three variables, namely, financial repression, devaluation pass-through, and policy exhibitionism, the paper examines how the unraveling of the developmental state eventually gave rise to the 1990s’ overvaluation. It argues that the policy exhibitionism of the new civilian government amplified the influence of Chaebol on monetary policies, which in turn created a strong appreciative force to KRW. It also contends that the increasing exchange rate pass-through onto the prices of imported intermediate goods explains why Chaebol did not desire to tame the excessive appreciative trend despite its detrimental effect on their exports. The paper offers policy implications for other state-led, emerging economies.     

“It Was Like I Lost Everything”: The Harmful Impacts of Homeless-Targeted Policies

In response to housing crises across the country, many localities are implementing homeless-targeted policies that attempt to regulate public space by prohibiting sitting, lying, sleeping, and storing property in public places such as parks and sidewalks. We term these sociospatial control policies. Our research investigates the direct impacts of such policies in the city of Honolulu, which had become notorious for legal measures targeting homeless residents. We interviewed members of 70 households living in temporary shelters in public spaces, all of whom had experienced enforcement of city ordinances, such as receiving citations or being forcibly moved by city agents. Our data revealed three interconnected ways that enforcements of sit–lie and nuisance policies harmed homeless households. (a) Our respondents described feeling dehumanized and treated unfairly by city agents. We therefore argue that enforcement catalyzed both civic and social exclusion. (b) Second, the city’s confiscation of property spurred material hardship and posed obstacles to work, education, and access to services. And, finally, (c) respondents’ narratives revealed that enforcements provoked lasting worry, fear, anxiety, and despair.     

Regional lobbying and Structural funds: Do regional representation offices in Brussels deliver?

In recent years regional representation offices have proliferated in Brussels. Among the many aims of these offices are influencing the allocation and securing the transfer of European Structural and Cohesion funds. However, our knowledge about whether they have succeeded in this goal is limited. In this paper, we assess whether regional offices in Brussels have managed to affect the commitment and payment of Structural and Cohesion funds beyond the officially stated economic criteria of eligibility. The paper uses a custom-made survey of Brussels offices, complemented by economic, institutional, and political data. The results of the analyses for 123 regions over the period 2009–13 highlight that the capacity – proxied by the budget and staff of the office – of the regional offices to influence the commitment and payment of Structural and Cohesion funds has been negligible, when not outright negative. Regional lobbying in Brussels does not lead to more funds or to an easier disbursement of regional development funds.     

Fiscal Policy Learning from Crisis: Comparative Analysis of the Baltic Countries

The experience of a major crisis is often expected to lead to policy learning but the empirical evidence about this is limited. The goal of the paper is to explore comparatively whether the crisis of 2008–2010 has led to fiscal policy learning by civil servants in the three Baltic countries. Despite some differences in the crisis experience, the finance ministry officials in all three countries have identified the same lesson from the crisis: fiscal policy should be counter-cyclical and help to stabilize the economy. The paper also discusses how various factors have influenced policy learning, including the acknowledgment of failure, blame shifting, and analytical tractability.     

Bureaucratic Authority and Mimesis: The Eurasian Economic Union’s Multiple Integration Logics

Regional economic integration in the post-Soviet space stands in a complex relation with the European Union’s integration process. Multiple competing internal logics of integration, as well as the EU model are drivers of Eurasian regionalism. The Eurasian Economic Union illustrates how bureaucracies mobilise their technocratic authority in a process of mimesis that reconciles multiple internal and external integration logics: selective learning from the EU and successful incorporation of internal integration logics produce an organisational design and output that member states support to varying extents.     

The Impact of Advertising and Media on the Arab Culture: The Case of the Arab Spring,Public Spheres,and Social Media

The Arab world has experienced some unprecedented social movements, labeled by the media as the Arab Spring. The purpose of this paper is to investigate the role of public policy, advertising, media, and public spheres on the Arab Spring. The media and economic policies enacted in the Arab world in the 1990s played a significant role in changing consumer culture in the Arab region, resulting in significant changes in public policy. Two studies were conducted to test how the change in consumer culture along with new public polices in the region contributed to the uprisings.     

Prospect theory,operational code analysis,and risk-taking behaviour: a new model of China’s crisis behaviour

Integrating prospect theory and operational code analysis, this paper introduces an innovative approach to studying the decision making of Chinese leaders during crises. The unique contribution of this paper is to adopt the methodology of operational code analysis to measure the domain of actions of policy makers in the application of prospect theory. We suggest that leaders’ operational code beliefs can help us to identify in which domain of actions (gains or losses) leaders are located during crises. Xi Jinping experienced two notable foreign policy crises in 2014, the ‘oil rig’ crisis with Vietnam and the ‘P-8 crisis’ with the United States, which are examined in detail to illustrate Xi’s operational code beliefs and risk-taking behaviour of ‘confident accommodation’ behaviour during crises. To test the process validity of integrating operational code analysis and prospect theory, Hu Jintao’s operational code beliefs and crisis behaviour in 2011–2012 are then compared to Xi’s beliefs and decisions in this study of China’s crisis behaviour.     

The political strategy of external aid

When creating a process of international aid, the definition of a political strategy is critically important. In theory, a government able to deliver services and goods to its population and to guarantee participation in decision-making might not need the presence of international aid. International aid should bridge an existing gap between a government and its own population by adopting a relevant political strategy. This viewpoint proposes a reference framework for international cooperation actors to define their basic political strategy and provides a comprehensive framework for situating different political strategies into a wider approach.     

Network Governance as a Mechanism for Responding to Internet Violence

Jones, Hesterly and Borgatti (1997) proposed a general theory of network governance (GTNG), identifying conditions under which network governance is likely to develop and detailing four social mechanisms that protect and promote resource exchange and collaborative action within a network. This article applies their theory to the emerging problem of swatting—internet-based spoofing attacks that compel a SWAT response to a selected innocent victim. As this problem has not been addressed through traditional policy or law enforcement mechanisms, networks have emerged to respond to these attacks. The author details the parallels between these emergent networks and Jones et al.’s theoretical framework.