Dear KAEA Members:

Past leaders of the KAEA and the KAEA's Research Institute (RI) have done an excellent job in developing joint conferences for mutual benefits of KAEA members and Korea's research organizations. The KAEA-RI would like to explore any areas of your interests and fields that may have been overlooked so far. With this in mind, the KAEA-RI would like to survey its members to make sure that KAEA is doing all it can to assist current and future members of the KAEA. I would appreciate it if you could answer the following three questions.

1. Are there any specialties in economics and finance that KAEA can explore for possible joint activities? Please note that joint conferences are currently held with KDI, KIF, Bank of Korea, and Hanns Seidel (new this year on North Korea issue). For example, energy, transportation, and possibly a long-term relation with North Korea's economic scholars come to my mind provided that there are enough KAEA researchers in the fields.
    
2. If the KAEA's executive committee can somehow schedule a one-hour workshop in Chicago, realistically explaining step-by-step how KAEA members can work with attorneys as economic experts (known as forensic economics), how many of you would be interested in attending such workshop?
    
3. Any other suggestions?

Please send your confidential responses to schang@usouthal.edu. Individual responses will be kept in total confidence and will not be made available outside my office, while the summary will be forwarded to the President of the our association for follow-up.

Thank you.
Semoon Chang
Director of KAEA Research Institute

Academic sessions at the 2006 Boston ASSA meeting

The KAEA held three academic sessions at the 2006 ASSA meeting in Boston (Jan 6-8). The topic of the joint session with AEA was the East Asian economic integration. The session was quite successful with more than 90 people attending. Beginning this year, we allocated at least one session to a specific field (not necessarily related to the Korean economy) with junior members as presenters and senior members as discussants. This year's topic was Econometrics and the session was composed of three top frontier papers in this field. This session attracted approximately 20 people. The third session was on the topic of corporate finance which also attracted approximately 20 individuals.

Average attendance at this year's conference was better than at last year's but we still need to increase the number of attendants which is the criteria used by the ASSA board to evaluate the quality of the academic session and in deciding whether to remove some sessions from the affiliated societies at the annual meeting. We encourage our members to participate in the academic sessions at the meeting in order to maintain the three sessions that we currently have been allotted.

2006 Annual Business Meeting

The 2006 Annual Meeting was held on January 7 at the Boston Sheraton Hotel. President Kyoo H. Kim reported the activities of the KAEA in 2005, including the joint conferences with BOK, KDI and KIF, and KAEA sponsoring sessions at the SEA and WEA (joint with KEA) annual meetings.

There were two special recognitions: Professor Hae-shin Hwang received special recognition for his role as a founding director of the KAEA Research Institute. President Kyoo H. Kim also received a plaque for his successful fundraising role in his capacity as the KAEA President.

The 2005 Young Scholar Award with a $2,000 cash prize was awarded to Dr. Jinill Kim at the Federal Reserve Board. This annual award is to recognize young scholars' academic accomplishments and to foster scholarship in economics. Dr. Jinill Kim has published several papers related to macroeconomics and monetary economics in top journals including the Journal of Monetary Economics and the Journal of International Economics. Professors Jay Pil Choi at Michigan State U. and Jinyong Hahn at UCLA served as this year?s selection committee members.

This year, the KAEA starts another award sponsored by the Maekyung Business Newspaper - the Maekyung-KAEA Economist Award. This award is given to the member who has contributed to the academic research on the Korean economy. One of the criteria is a research paper that is directly or indirectly related to the Korean economy which is published in a top economics and/or finance journal. The selection committee for the Young Scholar award, in consultation of the Maekyung Newspaper, selected the award recipient. This year, Professor E. Han Kim of the University of Michigan received this award with a $2,000 cash prize. Representing Maekyung, Executive Managing Director Yong Sung Jang presented the award at the annual meeting.

Before the business meeting, Professor Chae Woong Lee, President of the Korean Economic Association, presented his broad view on the current economic issues in Korea. This forum was continued the following day in the Korean Economic Policy Issues Forum where Dr. Kyungtae Lee, President of the KIEP, Dr. Sung-Tae Roh, President of the KERI, and Dr. Ji-Eun Lee, Research Coordinator of the KIF, presented their views.

Unlike previous years when the annual dinner was held at a Korean restaurant, this year's banquet dinner was held at the Commonwealth Room at the Sheraton Hotel. This served the dual purposes of saving time for travel to the restaurant and attracting more members. Approximately 100 members and their guests showed up for the annual banquet. The dinner speaker was Dr. Young Jin Choi, permanent representative Ambassador of Korea to the United Nations. He spoke about his vision for the future of the Northeast Asia including an inside view on North Korean issues.

Investment Committee

Professor Semoon Chang, Chair of the Investment Subcommittee (members: Semoon Chang, Yung Y. Yang, Chong Soo Pyun), presented the committee's recommendations at the AB/EC (Advisory Board and Executive Committee) meeting. The committee named two guardians - the senior guardian will be Professor Kang Hoon Park of Southeast Missouri State University and the junior guardian will be Professor Kwang Soo Cheong of Johns Hopkins University. Detailed reports will be available later.

ByLaws Subcommittee

There was a consensus at the AB/EC meeting that the current KAEA Bylaws are in need of change, in particular in the sections concerning elections and membership. It was proposed and accepted to form a Bylaws Subcommittee to review, update, and clarify the current Bylaws. The chair of the subcommittee will be Professor In-hyuck Ha at Western Carolina University (2005 treasurer). Names of the other subcommittee members will be available at this website when determined.

Pictures and Articles

Pictures taken at the meeting in Boston in January and the pictures taken at the SEA/KAEA meeting in Washington, D.C. last November. Click on Pictures.

Professor Semoon Chang wrote an article for the Korea Times about the pannel discussion held on January 8, where Kyung Tae Lee, President, Korean Institute for International Economic Policy, Sung-Tae Roh, President, Korea Economic Research Institute, and Ji-Eun Lee, Research Coordinator, Korea Institute of Finance made their presentations. You can read the article at Korea Times.

The newspaper article about the round table discussion for the Maeil Business Daily and the article about the Maekyung-KAEA Economist Award are at Article and at Award.

Last year's SEA/KAEA meeting in Washington, D.C. was a great success.We had two academic sessions and one panel session with banquet. In the panel session, we had Dr. Jong Nam Oh, Executive Director of IMF, Former Minister Seung Woo Chang (currently, Chairman of Korea Investment Holding Company), and Mr. Hyo Shang Khang of Chosen Ilbo (currently, visiting scholar at Harvard University). About 35 people attended the banquet from the D.C. area. Please click here for the pictures taken at the meeting.

To submit a paper to the following conferences, one has to be a lifetime KAEA member or has paid his/her annual membership dues for 2005 and 2006. When you submit your paper, please indicate where to present (BOK, KDI, KIF or KEA-KAEA).

The 2007 convention of the Applied Social Science Association will be held in Chicago, IL, January 5-7, 2007. The KAEA will sponsor three sessions at this annual convention including one joint session with American Economic Association. KAEA members are invited to submit papers for presentation. Both empirical and theoretical papers in a broad range of topics are welcome. Topics related to Korean economy are preferred but papers on other general topics will be considered as well. The KAEA encourages the submission by young KAEA members, including Ph.D. students.

Guidelines for Paper Submission: Abstract of 200-400 words (and a completed paper if available) should be submitted by e-mail only to Sunghyun.kim@tufts.edu.

The Twelfth International Convention sponsored jointly by the Korea-America Economic Association and Korea Economic Association will be held on August 9-10, 2006. The convention's main theme is "Prosperity for All," and the convention's primary topics include globalization, FTA, Korea-American Economic Cooperation, regional integration, Asian monetary union, Inter-Korea issues, and competition and cooperation among South Korea, Japan, and China. However, papers in all areas of economics, either empirical or theoretical, are welcome.( on April 10).

In addition to a modest amount of financial support and lodging in Seoul during the convention to be provided by the KEA, the KAEA will also provide an additional partial support of travel expense (the amount yet to be determined).

Submission: Submit your completed paper with an abstract of 200-400 words, including the JEL code, by e-mail to khpark@semo.edu (Vice President, Professor Kang H. Park). Abstracts only will be considered, but the chance for acceptance is better with the completed papers. Student members of the KAEA may also submit a paper.

More detailed information on the main theme of the convention and the support level will be announced when it becomes available.

The Institute of Monetary and Economic Research at the Bank of Korea and the KAEA will hold a joint conference on August 11, 2006 ( on April 3). Both empirical and theoretical papers on money and banking, either macroeconomic or microeconomic approaches, are welcome.

Submission: Submit your completed paper with an abstract of 200-400 words, including the JEL code, by e-mail to schang@usouthal.edu (Director of the KAEA Research Institute, Professor Semoon Chang). Only completed papers will be considered.

Three papers will be selected for the conference and the selected paper presenters will receive financial support of around $6,000 each. Each paper presenter will be requested to contribute $1,000 to KAEA upon receiving the $6,000 from the Bank of Korea. Unless selected presenters decline to participate or submit a different paper for the 12th KEA-KAEA International Convention, selected papers will also be scheduled for presentation at the 12th KEA-KAEA International Convention. Please note that, following tradition, there will be no additional travel support from KAEA for presentation at the 12th KEA-KAEA International Convention.

The KAEA invites manuscripts for the 2006 KDI-KAEA joint conference to be held on August 8.( on March 20). The conference seeks research papers on (1) analysis of structure change of the Korean economy after the crisis of 1997 and policy implication, (2) changing socio-economic environments and policy direction, and (3) other macroeconomic topics related to Korea.

Each paper selected for presentation will receive travel support of 1,500,000 Korean won. Additional 1,500,000 won will be given to each paper selected for publication in the KDI Journal. Unless selected presenters decline to participate or submit a different paper for the 12th KEA-KAEA International Convention, selected papers will also be scheduled for presentation at the 12th KEA-KAEA International Convention. Please note that, following tradition, there will be no additional travel support from KAEA for presentation at the 12th KEA-KAEA International Convention. Local accommodation will be provided for conference participants from outside of Seoul for the duration of two nights and three days.

Submission: Submit your completed paper with an abstract of 200-400 words, including the JEL code, by e-mail to khpark@semo.edu (Vice President, Professor Kang H. Park). Only completed papers will be considered. Submitted papers will be reviewed by the referees selected by both the KDI and the KAEA

The KAEA will hold a joint seminar with the KIF and the KAFA on Thursday, May 25, 2006( on March 22). The main theme of the seminar is "new role of financial institutions in the financial convergence era." Papers on financial intermediaries, particularly papers related to Korean financial intermediaries or papers attractive to Korean researchers and practitioners in the financial intermediaries, are welcome. Papers on new financial products such as structured financing or derivatives and papers on financial industry performance and optimal strategy, monetary policy and/or exchange rate policy ( on Jan. 22) will be considered if they are related to financial convergence. Each selected paper will receive travel support of 2,000,000 Korean won (net pay after tax about 1.5 million won)( on Jan. 22). Submit your completed papers with an abstract of 200-400 words, including JEL code, by e-mail to khpark@semo.edu (Vice President, Professor Kang H. Park). Only completed papers will be considered. Submitted papers will be reviewed by the referees selected by both the KIF and the KAEA.

The Hans Seidel Foundation Seoul Office and the KAEA will hold a joint conference on May 19, 2006.( on March 20). Both academic and policy oriented papers on North Korean economy and business are welcome. Only completed papers will be considered.

Completed papers should be submitted by e-mail to: Suk Hi Kim, University of Detroit Mercy, kimsuk@udmercy.edu .

The annual meeting of the Southern Economic Association (SEA) will be held in Charleston Place Hotel, Charleston, South Carolina, November 18-21 (Saturday through Tuesday), 2006.

The SEA meeting is large in scope with about 200 organized sessions and is participated by many other associations. The KAEA will sponsor two or three sessions at this meeting, and KAEA members are invited to submit papers/proposals for presentation. We will hold a session particularly for Ph D candidates, so Ph D candidates nearing the completion of their thesis are encouraged to apply. A wide range of topics, both empirical and theoretical, are welcome which do not have to be related to Korea.

Please send a completed paper or a one page abstract in duplicate, with a cover sheet containing the author's name, address, professional affiliation, phone number, and e-mail address, to:

Professor H. Youn Kim, Department of Economics, Western Kentucky University, Bowling Green, KY 42101, Phone: (270) 745-3187, Fax: (270) 745-3190; youn.kim@wku.edu

Also indicate whether you would be willing to serve as a discussant if your paper is accepted for presentation.

Submissions must be received by May 20, and authors of selected papers will be notified by May 30, 2005.

The number of due-paying members is important for the continued recognition from ASSA. As the smallest organization within the ASSA, we rely on your support. Please note that those who wish to participate in any KAEA-sponsored events must pay membership dues for the current year and the last year to qualify. Please send your membership due to KAEA treasurer:

The Lifetime Membership was introduced by the Executive Committee in 2000. The current Executive Committee decided to offer an incentive to the members to become a Lifetime Member. Members who have paid annual membership dues since 2000 will receive a credit equal to their total payments toward the payment of a Lifetime Membership dues. This special offer is valid only till the end of 2006.

Below is the list of the members who paid at least one year annual dues since 2000 (including 2000), their total number (#) of payments since 2000, and the amount of balance ($) to pay to become a Lifetime Member.

Name	#	$	Name	#	$	Name	#	$	Name	#	$
Ahrens, Joachim	1	180	Al-Khazali, Osamah	1	180	Andrea, David	1	180	Auh, Samuelson I.	1	180
Bae, Sang Hoo	1	180	Bae, Sung-Chul	1	180	Beck, Peter M.	2	160	Byoun, Soku	1	180
Cha, Heung-Joo	1	180	Chang, Kiyoung	1	180	Chang, S.j.	1	180	Chang, Sae-Young	1	180
Chang, Yongsung	3	140	Chang, Young Ho	1	180	Che, Yeon-Koo	2	160	Cho, Whewon	1	180
Choi, Chi-Young	1	180	Choi, Jai-Young	1	180	Choi, Kyongwook	1	180	Choi, Yoon K.	1	180
Chun, Hyunbae	3	140	Chung, Kee Ho	1	180	Chung, Sam Y.	1	180	Dhatt, Manjeet	1	180
Gofusova, Katarina	1	180	Gootzeit, Michael	1	180	Ha, Inhyuck "Steve"	4	120	Han, Ki C.	1	180
Hwang, Joon Ho	1	180	Im, Bae-Geun	1	180	Jang, Youngsik	1	180	Jeon, Bang Nam	2	160
Jeon, Doh Shin	2	160	Jeong, Hyeok	1	180	Jin, Jang Cheon	3	140	Juhn, Chinhui	1	180
Jun, Il-Soo	1	180	Jung, Woo Sik	1	180	Kang, Eun	1	180	Kang, Heejoon	5	100
Kang, in Bong	3	140	Kang, Joseph	1	180	Kang, Young Kwon	1	180	Kasoff, Mark J.	1	180
Kim, Chan-Wung	1	180	Kim, Chang Sik	1	180	Kim, Dong Heon	4	120	Kim, Dong Man	1	180
Kim, Dong-Kyoon	1	180	Kim, Doseong	1	180	Kim, Eung Jin	1	180	Kim, Inchul	1	180
Kim, Jae-Young	1	180	Kim, Jaebeom	1	180	Kim, Jaemin	1	180	Kim, Jang Chul	1	180
Kim, Jinill	6	80	Kim, Kenneth	1	180	Kim, Kris (Seyoung)	1	180	Kim, Minseong	1	180
Kim, Moon K.	1	180	Kim, Sei-Wan	6	80	Kim, Sungwoo	1	180	Kim, Tae-Hwan	6	80
Kim, Wi-Saeng	1	180	Kim, Woochan	5	100	Kim, Yoonbai	6	80	Kim, Young Chin	2	160
Kim, Young Sang	1	180	Kim, Young Se	1	180	Kim, Young-Yong	3	140	Kim, Youngjun	3	140
Koo, Hyeng Keun	1	180	Kwon, Illoong	3	140	Lee, Bun Song	4	120	Lee, Donghoon	1	180
Lee, In Kwon	1	180	Lee, Jae Won	2	160	Lee, Jeong-Joon	3	140	Lee, Jong-Wha	2	160
Lee, Jungmin	1	180	Lee, Junsoo	4	120	Lee, Keun	1	180	Lee, Sang Yong (Tom)	2	160
Lee, Sang-Hyup	2	160	Lee, Ted, E.	1	180	Lee, Thomas	1	180	Lee, Yoonsoo	1	180
Lee, Young-Sook	3	140	Lim, Youngil	1	180	Mcgee, Robert	1	180	Min, Ahn-Sik	2	160
Moon, Hyungsik Roger	1	180	Mukherji, Sandip	1	180	Nam, Jouahn	1	180	Nam, Kiseok	3	140
Noland, Marcus	1	180	Oh, Jong-Nam	1	180	Park, Cheolsung	2	160	Park, Choong Whan	1	180
Park, Gonyung	1	180	Park, Hoon	1	180	Park, Jee-Hyeong	6	80	Park, Jong-Heum	3	140
Park, Joon J.	1	180	Park, Jungsoo	3	140	Park, Kang Hoon	6	80	Park, Sangin	1	180
Park, Soo-Bin	3	140	Park, Yoon Shik	1	180	Rembrandt, Scott	1	180	Rhee, Sung-Sup	1	180
Seo, Byeongseon	2	160	Shin, Hung Sik, "Allen"	4	120	Shin, Kilman	6	80	Shin, Tai S.	1	180
Son, Youngseob	1	180	Song, Kyojik	1	180	Song, Kyungchul	1	180	Song, Minjae	1	180
Song, Moon H.	1	180	Song, Unjy	1	180	Suh, Jingyo	1	180	Sung, Jaeyoung	1	180
Sung, Taeyoon	1	180	Whang, Yoon-Jae	1	180	Woo, Jaejoon	2	160	Yang, J. Jimmy	1	180
Yi, Ha-Chin	1	180	Yi, Tai	1	180

News about KAEA members are posted at MEMBER NEWS site. Please send any news that you want to share to Sunghyun Kim (Secretary General) sunghyun.kim@tufts.edu.

Scott Rembrandt, Director of Academic Affairs & Research at KEI, wishes to introduce their University Programs to the KAEA members. The Korea Economic Institute of America has had a close relationship with the KAEA over the years. President Suk H. Kim invited Scott Rembrandt to our meeting last year and invited the KEI's Vice President, James M. Lister, to our meeting this year.

Here is the experience of President Suk H. Kim with KEI's program:

If you are interested in the program, here is the INFORMATION.