THE KOREAN FINANCIAL CRISIS, REFORM AND POSITIVE TRANSFORMATION: IS A SECOND 'HAN RIVER MIRACLE' POSSIBLE?

Norton.Joseph J The Institute of East and West Studies 1998 Global economic review Vol.27 No.2

There is general agreement that the initial onset of the East Asian Financial crisis was made possible by fundamental economic, political and financial market errors and weaknesses, but also that the market reaction to these vulnerabilities (as their extent was revealed) was exaggerated and disproportionate. This is based on a model of "self-fulfilling" crises, under which existing vulnerabilities make a crisis a possibility but not a certainty. Unfortunately, the analyses to date (whether from public or private, domestic or international sources) do not suggest at what point underlying vulnerablilties will move from being the potential for a crisis and the point at which a crisis is a certainty. This article suggests that in the face of potential self-fulfilling crises, countries should act in advance (i.e., to take pre-emptive action) to reduce their potential vulnerabilities, both to an initial crisis and to contagion resulting from the onset of a crisis elsewhere, whether through panic, fundamental problems or the unpredictable potentialities of vulnerabilities. In effect, a main emphasis of this presentation concerns the importance of ongoing and meaningful ("bottom-up") economic, financial and commercial law reform throughout the East Asian region(or other emerging regions) and the related enhancement of legal education in these subject matter areas. In this sense, this article further suggests that, in looking forward, these emerging countries need to consider the critical importance of a law-based, "building block" approach in addressing the long-term implications of the current East Asian financial crisis. "The global financial system has been evolving rapidly in recent years. New technology has radically reduced the costs of borrowing and lending across national borders, facilitating the development of new instruments and drawing in new players. One result has been a massive increase in capital flows... This burgeoning global system has been demonstrated to be a highly efficient structure that has significantly facilitated cross-border trade in goods and services and, accordingly, has made a substantial contribution to standards of living world-wide. Its efficiency exposes and punishes underlying economic weaknesses swiftly and decisively. Regrettably, it also appears to have facilitated the transmission of financial disturbances far more effectively that ever before." -Testimony of Chaiman Alan Greenspan before the Committee on Banking and Financial Services, US House of Representatives, 30 January 1998 Financial sector crises are not a new phenomenon. Examples can be cited with respect to developing countries during the 19th century (Kindleberger 1989), and the Third World Debt Crises of the 1980s (Watson and Regling 1992) and the more recent 1994 Mexican "peso crises" (Norton 1998: Ch. 12; Arner 1996) are 20th century examples involving developing economies. But the realm of financial sector crises are not the sole domain of developing economies: the late 1920s and 1930s Great Depression (Davis 1995), the 1970s United Kingdom "secondary banking crisis"(Hadjiemmanuil 1996: Ch. 1), the 1980s United States savings and loan and bank crisis (Ibid.), and the current and ongoing Japanese financial sector dilemma (Gart 1994) make clear that even developed financial sys For the past two decades, the author and his colleagues at their SMU Institute of International Banking, Finance and development Law (associated with the Centre for Commercial Law Studies at the University of London) have studied financial sector dysfunctions in Latin America, the United States. Central and Eastern Europe, the Peoples Republic of China, and Southern Africa. In this context, the recent Indonesian situation was predictable and perhaps even so was the Thailand situation. However, what was not readily predictable was: (i) financial sector collapse of Korea, an Organisation for Economic Cooperation and Development (OECD) member and the world's 11th most developed economies with relatively sound macro-economic indications, and(ii) the broad financial contagion impact and the international dimension of the East Asian financial crisis. During the latter half of 1997, the author spent considerable time in East Asia trying to "get at the roots" of those expanding crises. In December 1997, he had the opportunity to be in Korea and had the privilege to have a personal meeting with then presidential candidate (and now President) Kim Dae-jung. Without violating any confidences, the author found this a most impressive meeting. Here was a person who undoubtedly would be remembered as one of the great 20th century leaders (along with Mandela in South Africa and Havel in Czechoslovakia) who survived years of persecution in order to struggle for democracy and human rights. But here also was a man who (most probable) would not only be the last leader of Korea in the 20th century, but would also be Korea's first leader in the 21st century. As a presidential candidate, Kim Dae-jung was the first candidate to recognise the seriousness of Korea's financial situation, calling for International Monetary Fund (IMF) discussions. Yet, he was also the only major presidential candidate who did not meet the IMF's demand for signing a pre-election declaration unequivocally committing to the IMF proposed "rescue package". He was willing "to agree in principle", but (rightfully) reserved the post-election right to seek "ongoing consultation" with the IMF. Quite clearly, the President-to-be was not to be "browbeaten" by the overreactions of the short-term markets, by singular self-interests of the international financial community, by the mixed and uncertain agendas of an intenational bureaucracy (i.e., the IMF) seeking its own "raison d'etre", and by the U.S. and Japan seeking various trade and other economic advantages. He realised very clearly that tough reform measures needed to be implemented, but he appeared ready "to stay the course" in devising a long-term "korean solution" for the transformation of the Korean economy and financial markets into a more open, transparent and globally competitive environment-thus, setting the stage for Korea to become a "Top Five" world economy in the first part of the 21st century. Even more remarkably, he saw such major economic reform as a potential galvanising forces for further promoting his long-neglected need for a sound social safety net for all Korean citizens, of greater economic opportunities for small and medium-sized businesses, of the reopening of South Korea-North Korea dialogue, and of broader and deeper regional economic and political cooperation. Here was an individual with both a special historical perspective of the Korean situation and a special vision for Korea in the 21st century. On the basis of this meeting, the author wrote an editorial in the Korea Times on "IMF Package Could be Catalyst for Positive Change in Korea"(Norton 1997). In this editorial, the author proffered certain observations: ●"Crises invariably entail not only challenges but opportunities"; ●"In a real sense, Korea has the opportunity to take the lead and to assert leadership, on a regional basis": ●"The new Korean government ... should shift the emphasis of the IMF financial assistance package not as an end to an era of impressive economic growth, but as a catalyst for a new beginning of positive change for Korea"; ● "Korea should not despair. The longer-term economic fundamentals of Korea remain strong..."; ● "[Ⅰ]t is incumbent upon Korea to develop a 'Korean solution'; ● "[Ⅰ]f true reform is promptly effected... the changes should lead, long-systems for Korea, as Korea prepares to take its rightful place as a major Asian leader in the 21st century"; and ● "In all event, a sound and fresh Korean position should be taken respecting the ultimate implementation of the IMF package and of other possible, sustainable solutions to these fundamental economic issues facing Korea and other asian economies". It is within this backdrop that the author presents this article.

Soft, curved electrode systems capable of integration on the auricle as a persistent brain–computer interface

Norton, James J. S.,Lee, Dong Sup,Lee, Jung Woo,Lee, Woosik,Kwon, Ohjin,Won, Phillip,Jung, Sung-Young,Cheng, Huanyu,Jeong, Jae-Woong,Akce, Abdullah,Umunna, Stephen,Na, Ilyoun,Kwon, Yong Ho,Wang, Xiao- National Academy of Sciences 2015 PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF Vol.112 No.13

<P><B>Significance</B></P><P>Conventional electroencephalogram (EEG) recording systems, particularly the hardware components that form the physical interfaces to the head, have inherent drawbacks that limit the widespread use of continuous EEG measurements for medical diagnostics, sleep monitoring, and cognitive control. Here we introduce soft electronic constructs designed to intimately conform to the complex surface topology of the auricle and the mastoid, to provide long-term, high-fidelity recording of EEG data. Systematic studies reveal key aspects of the extreme levels of bending and stretching that are involved in mounting on these surfaces. Examples in persistent brain–computer interfaces, including text spellers with steady-state visually evoked potentials and event-related potentials, with viable operation over periods of weeks demonstrate important advances over alternative brain–computer interface technologies.</P><P>Recent advances in electrodes for noninvasive recording of electroencephalograms expand opportunities collecting such data for diagnosis of neurological disorders and brain–computer interfaces. Existing technologies, however, cannot be used effectively in continuous, uninterrupted modes for more than a few days due to irritation and irreversible degradation in the electrical and mechanical properties of the skin interface. Here we introduce a soft, foldable collection of electrodes in open, fractal mesh geometries that can mount directly and chronically on the complex surface topology of the auricle and the mastoid, to provide high-fidelity and long-term capture of electroencephalograms in ways that avoid any significant thermal, electrical, or mechanical loading of the skin. Experimental and computational studies establish the fundamental aspects of the bending and stretching mechanics that enable this type of intimate integration on the highly irregular and textured surfaces of the auricle. Cell level tests and thermal imaging studies establish the biocompatibility and wearability of such systems, with examples of high-quality measurements over periods of 2 wk with devices that remain mounted throughout daily activities including vigorous exercise, swimming, sleeping, and bathing. Demonstrations include a text speller with a steady-state visually evoked potential-based brain–computer interface and elicitation of an event-related potential (P300 wave).</P>

Digital Opportunity for Entrepreneurial Women : Policy implication

Norton, Catherine Asian pacific women's information network center 2004 APWIN Vol.6 No.-

As a high human development country, Australia's challenge is to sustain its level of development. Although there is still evidence of a digital divide in Australia, it has different characteristics from developing countries. This paper begins with an examination of the underlying principles that determine the impact of technology. The paper then presents examples of digital opportunities in Australia in four areas (1) government (2) corporations (3) community and (4) small business. The paper explores the current situation in Australia and provides examples of digital opportunities. The paper focuses on the small business sector, which accounts for 96% of Australian business. In particular the paper looks at female entrepreneurs within this sector who account for one third of small business operators. The growing trend for entrepreneurial women to start and develop their own businesses has digital implications. Finally, the paper presents the policy implications for Australia in relation to entrepreneurial women for government, industry and community. It also recommends developing a digital strategy as a business strategy for success.

What Distinguishes Mathematical Experience from Other Kinds of Experience?

( Norton Anderson ) 한국수학교육학회 2016 수학교육연구 Vol.20 No.1

Investigating students` lived mathematical experiences presents dual challenges for the researcher. On the one hand, we must respect that students` experiences are not directly accessible to us and are likely very different from our own experiences. On the other hand, we might not want to rely upon the students` own characterizations of what consti-tutes mathematics because these characterizations could be limited to the formal products students learn in school. I suggest a characterization of mathematics as objectified action, which would lead the researcher to focus on students` operations-mental actions orga-nized as objects within structures so that they can be acted upon. Teachers` and research-ers` models of these operations and structures can be used as a launching point for under-standing students` experiences of mathematics. Teaching experiments and clinical inter-views provide a means for the teacher-researcher to infer students` available operations and structures on the basis of their physical activity (including verbalizations) and to begin harmonizing with their mathematical experience.

Tarsal Amputation

Norton, L Wayne 대한의학협회 1963 대한의학협회지 Vol.6 No.11

미국 의료개혁의 경험과 시사점

( Edward Norton ) 건강보험심사평가원 심사평가정책연구소 2014 HIRA 정책동향 Vol.8 No.3

Interactive Techniques for Visualizing and Analyzing Weather Data using VAPOR

Alan Norton,John Clyne 한국기상학회 2009 한국기상학회 학술대회 논문집 Vol.2009 No.10

Illiberal Democrats versus Undemocratic Liberals: The Struggle Over the Future of Thailand's Fragile Democracy

Elliot Norton 서울대학교행정대학원 2012 Asian Journal of Political Science Vol.20 No.1

This article examines the inter-related factors that underpin the fragility of Thailand’sdemocracy. Uneven economic development, the high levels of income inequality, andunequal access to power and resources are significant drivers of Thailand’s ongoing politicalconflict. Social divides across classes and regions, and populist exploitation of the rural poor’ssense of alienation from the traditional ruling elites, provide a volatile backdrop to nationalpolitics. In addition, Thailand’s unstable political history and the weakness of liberalinstitutions present risks to its democracy. The army, the revered monarch and the judiciarycomprise elites whose periodic interventions in politics and reservations about electoraldemocracy further render the Thai polity fragile. Thailand’s political situation represents a‘slow-burning’ crisis of democracy: a long-term historical confrontation developing slowly,with the fundamental issues unresolved. It is undergoing a period of social turmoil fuelled bya power struggle between competing material interests and by an ideational contest todetermine the country’s constitutive political rules. This can be conceptualised as a strugglefor control of Thailand’s future between a heterogeneous populist-capitalist movement ofilliberal democracy and conservative forces of undemocratic liberalism.

FUTURE POLICY DIRECTIONS FOR DOI MOI IN VIETNAM

Simon Norton and Jill Solomon 연세대학교 동서문제연구원 2000 Global economic review Vol.29 No.2

During the 1980s Vietnam experienced a radical process of industrial and service sector liberalization, known as doi moi. The process was initiated by the government as a means for managing the collapse in overseas financial support occasioned by the demise of its principal supporter, the former Soviet Union. In this paper we focus on the currency and state owned enterprise (SOE) aspects of doi moi. The paper has several aims. First, we examine the effectiveness of the currency policy introduced under doi moi through which the Vietnamese government has attempted to stabilize the VNDong with the overall aim of reversing the dollarization process and restoring confidence in the domestic currency. Second, we discuss possible capital markets instruments which may now be suitable for government financing, such as the suitability of commodity indexed bonds, a debt conversion program and establishment of a private development trust fund. Third, we consider the macroeconomic implications of Vietnam's accession to ASEAN. Lastly, we make a number of recommendations for future macroeconomic policy in Vietnam.

The Case of Banking Reform in Thailand

Joseph J. Norton 東國大學校 大學院 法學科 商事法專攻 2005 商事法 세미나 Vol.19 No.-