• Strategy21
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• s.32
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• pp.192-221
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• 2013

In order to deal with the current economic crisis, the U.S. government, as a part of its austerity fiscal policy, implemented a budget sequester. The sequester will hit the U.S. defense budget the hardest, and as a result will most likely put the security of the international community in jeopardy. The U.S. will have to cut 46 billion dollars from its original 525 billon defense spending in 2013. And by the year 2022, will have to cut 486.9 billion dollars. Such an astronomical decrease in the U.S. defense spending will inevitably burden the friendly nations. According to recent studies, pirate related incidents in Somalia, where piracy is most active, has declined from its 226 incidents to 76 incidents per year in 2012, a 66% drop from previous years'. However, piracy threats as well as those related to firearms still remain and thus participants of anti-piracy operations, namely the U.S., U.K., France, Canada, NCC, EUNAVFOR, and NATO, are facing a problem of declining forces. Considering the current situation as well as rising expectations from the international community, Republic of Korea, a supporter of NCC's maritime security operation, not to mention its foremost duty of securing its sea, is at a stage to re-examine its operational picture. Such action will be a good opportunity for Republic of Korea to build the trust and live up to the international community's expectation. To quote from the network theory, although in relation to other friendly nations participating in the anti-piracy operation, Republic of Korea currently remains at a single cell level, this opportunity will certainly develop Korea to a 'node' nation in which power and information would flow into. Through this expansion of operational capability, Republic of Korea will be able to exert more influence as a more developed nation. Currently however, not only is the single 4,500 ton class destroyer deployed in Somalia a limited unit to further expand the scale and amount of force projection in the area, but also the total of six 4,500 ton class destroyers ROK feet possess is at a high fatigue degree due to standard patrolling operations, midshipman cruise and the RIMPAC exercise. ROK fleet therefore must consider expanding the number of ships deployed along with either deploying combat support ships or constructing logistics support site in the African region. Thus, by expanding its operational capabilities and furthermore by abiding to the rightful responsibilities of a middle power nation, Republic of Korea will surely earn its respect among the members of the international community.

• International Area Studies Review
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• v.20 no.1
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• pp.105-125
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• 2016

The expansionary monetary policy was practiced after 2001 in Japan to treat the deflation spiral, and reduced only the nominal interest rates and domestic household demand. One of the most serious factors for this failure was the change of private sector's expectancy. This paper has studied the effect of Japanese monetary policy in 21c., with empirical research based on a renewed macroeconomic model and the VAR. The empirical analysis shows that the effect of monetary policy on the national income during 2001.01-2015.03 is weaker than that of 1985.01-1994.04. Money volume has a diminutive effect on the growth of GDP within a short term after 2001. The change in the expectations of the private sectors might have been the cause of ineffectiveness of the expansive monetary policy. Economic agents learned from the past Japanese financial crisis that an expansive monetary policy increased the inflation rate and caused the 'bubbles to burst' afterwards. The VAR analysis says that the effectiveness of monetary policy on the economic depression declined over the past 20 years and the expansion of money volume has no influence on exchange rate and net export. This means that the expansive monetary policy lost its effect on net export and national income steadily. Monetary policy makers have to recognize this fact, and to consider another anti-cycle political instrument, i.e. the fiscal policy with government debt.

• Korean Business Review
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• v.22 no.2
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• pp.35-59
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• 2009

The drive for sustainable economic growth for the sub Saharan African region continues to occupy a central place in the debate of how to move the region forward. For decades, governments, policy makers, Non Governmental Organizations and world bodies including the World Bank, IMF, ADB, USIAD and the European Union have engaged policies aimed at bringing solutions to the horrendous poverty crisis to nations of this region. Despite these noble actions and intents, poverty and underdevelopment has prevailed in countries of the region such as Cameroon. Cameroon is mainly an agricultural economy with its products facing declining prices and competition from synthetic substitutes resulting to deficits of balance of trades. This has resulted to borrowing and debt. At the same time, it is a country blessed with an abundance of tourist resources. From the literature review, tourism potency to economic growth is overwhelming. This research was motivated by the quest to find answers to questions such as; why development policies during the last two decades not succeeded in achieving Economic growth in countries of this region particularly Cameroon and why the country/ region still beleaguered by poverty and debt despite haven implemented various economic development plans. In recent years, the role of tourism has become increasingly recognized in its role of economic growth and poverty alleviation. This study attempts to unveil tourism's contribution to economic growth and to push for Tourism development as an al ternative economic growth alternative to Cameroon. Previous economic policies have ignored to tie economic growth within the country's socio-economic, geo-political and environmental circumstances. Findings from this work suggest that any sound economic policy can not afford to ignore the country's stock of both human and fiscal capital. Findings presented herewith validate Tourism as a feasible indigenous economic growth alternative that helps bringing employment, capital investment and protect the environmental ruin.