A legitimate paradox: Neo-liberal reform and the return of the state in Korea

This article examines the neo-liberal reforms that the Kim government implemented in post-crisis Korea. It argues that by embracing the reforms, the state, paradoxicaliy, re-legitimised itself in the national political economy. The process of enacting the reforms completed the power shift from a collusive state-chaebol alliance towards a new alliance based on a more populist social contract - but one that nonetheless generally conformed to the tenets of neo-liberalism. Kim and his closest associates identified the malpractices of the chaebols as the main cause of the crisis, so reforming the chaebols would be the key to economic recovery. Combining populism and neo-liberalism, they drew on support from both domestic and international sources to rein in, rather than nurture, the chaebols.

Conditional risk, return and contagion in the banking sector in Asia

This paper investigates risk and return in the banking sector in three Asian markets of Taiwan, China and Hong Kong. The study focuses on the risk-return relation in a conditional factor GARCH-M framework that controls for time-series effects. The factor approach is adopted to incorporate intra-industry contagion and an analysis of spillovers between large banks and small banks. Finally, the study provides evidence on these relations before and after the Asian financial crisis of 1997. The results are generally consistent across the markets and with expectations.

The return to schooling: Estimates from a sample of young Australian twins

This study uses a sample of young Australian twins to examine whether the findings reported in [Ashenfelter, Orley and Krueger, Alan, (1994). 'Estimates of the Economic Return to Schooling from a New Sample of Twins', American Economic Review, Vol. 84, No. 5, pp.1157-73] and [Miller, P.W., Mulvey, C and Martin, N., (1994). 'What Do Twins Studies Tell Us About the Economic Returns to Education?: A Comparison of Australian and US Findings', Western Australian Labour Market Research Centre Discussion Paper 94/4] are robust to choice of sample and dependent variable. The economic return to schooling in Australia is between 5 and 7 percent when account is taken of genetic and family effects using either fixed-effects models or the selection effects model of Ashenfelter and Krueger. Given the similarity of the findings in this and in related studies, it would appear that the models applied by [Ashenfelter, Orley and Krueger, Alan, (1994). 'Estimates of the Economic Return to Schooling from a New Sample of Twins', American Economic Review, Vol. 84, No. 5, pp. 1157-73] are robust. Moreover, viewing the OLS and IV estimators as lower and upper bounds in the manner of [Black, Dan A., Berger, Mark C., and Scott, Frank C., (2000). 'Bounding Parameter Estimates with Nonclassical Measurement Error', Journal of the American Statistical Association, Vol. 95, No.451, pp.739-748], it is shown that the bounds on the return to schooling in Australia are much tighter than in [Ashenfelter, Orley and Krueger, Alan, (1994). 'Estimates of the Economic Return to Schooling from a New Sample of Twins', American Economic Review, Vol. 84, No. 5, pp. 1157-73], and the return is bounded at a much lower level than in the US. (c) 2005 Elsevier B.V. All rights reserved.

'Nothing good ever came out of Japan': Race-mixing and the limits of diaspora

This paper argues that postcolonial notions of diaspora are premised on immigrant subjectivities and standpoints which do not fully apprehend the mixed-race / bi-racial experience and the local effect of cultural hybridity in Western settings. The paper was prompted by a recent conversation with Dee, the daughter of a Japanese warbride. As a child Dee recalled being told by her friend's mother that 'nothing good ever came out of Japan'. The significance of constant interpolations into 'Asianness' by statements such as these; by the 'where do you come from?' question and by more blatant discriminations are inadequately addressed by traditional and postcolonial notions of diaspora. 'Roots' and 'routes' imagery feature prominently in discussions of diaspora and hybridity which aim to decolonise culture and identity in deconstructive moves that highlight their flexible, multiple, contractedness. While it has been argued that even these conceptualisations are problematic because they privilege orders of explanation, theory and standpoint that are forced back into line with traditional notions of discrete 'races', cultures, ethnicities and identities, cultural studies and postcolonial theorists do not appear to find this contradiction overly troubling. Lodged in bodies that do not easily conflate to neat either/or cultures, politics and genetics, race-mixing also defies and yet return us to culture and biology. However, I argue that their refractions though the same tired old orders of racial, ethnic, cultural and national differentiation prevent us from disregarding the discursive effects of racism and racialisation.