Currently, we are in the process of organizing a small committee to study the economic causes of the current Korean crisis, evaluation of the government and private measures, issues to be resolved, and future prospects and suggestions. We hope that the result of the committee research will become the official KAEA report on the issue.

This year we will continue the membership drive of the KAEA that has been going on over the past several years. We will concentrate on updating the directory, identifying and locating the present and new members. To facilitate the effort, the directory is posted on the KAEA web site, http://econ.tamu.edu/kaea. Anyone can send an e-mail to update the change in the directory information. The web site also has other information such as the KAEA By-Laws, the proceedings of the 1996 KAEA annual meeting, and the current newsletter. The site will be expanded in the future. In particular, a Current Information block will be set up to post any urgent news items, such as the information about the Seoul summer conference this year. Another item that will be useful for the members in the future is a block that posts the research ideas or issues that one is working on. This is to promote co-work among the members. This is still in an infant stage, and any good suggestions are welcome.

We plan to start an informal research institute under the KAEA. The objective is to channel the talents of the KAEA members to the potential funding sources in Korea. We believe that the credentials of the KAEA will help the success probability compared to the individual efforts. This idea was hatched before the current economic crisis in Korea, and the short-run success of this endeavor is pretty much in doubt. However, it is worth starting now. In fact, this may be the best time to start it. Any suggestions are welcome.

News on the 1998 KAEA Annual Meeting

The KAEA organized five regular sessions and one emergency session at the 1998 annual meeting as a part of the ASSA convention. Of those regular sessions, one was the joint session with AEA and the other four was KAEA's own session. Each session presented various issues related to the Korean and the Asia-Pacific economies (see 1998 ASSA programs for detail). Each session had a pretty good attendance rate and stimulated very interesting discussions. With the permission of the ASSA, a special session on the current foreign exchange crisis in Korea had been arranged at the last minute. Professor Bong Soo Lee convinced successfully the need for the special session for the KAEA and received the permission from the session-penurious ASSA. The session was a great success: we had to bring in many extra chairs, and yet could not accommodate everyone. The presenters included Professor Jin Keun Park, the president of Korean Economic Association (KEA), and Professor Hak Yong Rhee, the president-elect of the KEA. They provided insightful information of current economic crisis in Korea, and lively questions, criticisms and suggestions were followed.

In the ASSA secretaries meeting, the new secretary of AEA reports that total number of session in AEA meetings keeps growing (549 this year in Chicago) and he expressed some concerns about the available convention sites due to the size expansion. Therefore, he plans to reduce total number of sessions by 10% for the next year to approximately 490 and another 10% year after. Even though KAEA had productive and lively session for this meeting, the report from the Secretary of AEA indicated that KAEA had an attendance below average of overall AEA sessions. Therefore, we are forced to reduce the number of sessions for 1999 and 2000 meetings. KAEA is allocated to 4 sessions for both of these meetings. To keep KAEA's fair share in the future, we need help from all KAEA members to attend KAEA sessions regularly and register as a KAEA member if possible.

Call for Papers for the Joint 1998 KEA/KAEA Conference in Seoul

The Korea America Economic Association (KAEA) will hold the 8th International Joint Conference with the Korea Economic Association (KEA) on August 19 -20, 1998, at the Graduate School of International Studies, Korea University, in Seoul. Regular members of the KAEA who paid their dues are invited to submit papers. The KAEA is interested in a broad range of paper topics. Empirical and theoretical papers are welcome. However, given a recent developments in Korean economy, the KAEA is in particular interested in papers that address issues related to current Korean economic situations from various perspectives [e.g., the role of Chaebol in the Korean economic crisis].

Guidelines for the submission are as follows:

1. Submit three copies of a paper by April 1, 1998. Complete papers are preferred. Detailed abstracts will also be considered but with less probability of being accepted. Analytical papers are preferred to non-analytical newspaper-type essays. The paper acceptance will be announced around April 30, 1998.

2. Please show the title of paper, author(s)' name(s), address and affiliation, telephone and fax numbers, and e-mail address on the first (cover) page, followed by an abstract on the second page.

3. A two-member review committee will blindly review papers without showing the first (cover) page.

4. About 20 papers including a few invited papers will be selected based on their analytical quality and their relevance to the theme of the conference and the topical appropriateness of papers to the possibility of forming a session. The main theme of the conference (according to the KEA as of last December) is, "Advancements and Information Infra -Structure of Korean Economy." Specific themes include information technology, environments, economic reforms, productivity enhancement, and managerial technology. The KEA has not changed the main theme as of now, though they may do so soon. If there is any change, it will be posted on the KAEA web site. We are negotiating with the KEA to increase the number of papers invited from the KAEA.

5.The conference is expected to provide the KAEA presenters with lodging and an honorarium per paper to partially cover their airfare. The details will be announced as they become available.

6.Please submit papers to: Prof. Bong-Soo Lee, Department of Finance, College of Business Administration, University of Houston, Houston, Texas 77204-6282, USA.

Call for Papers for the 1999 KAEA Annual Meeting in New York

The 1999 annual meeting of the Korea America Economic Association (KAEA) as a part of the ASSA convention will be held in New York, January 3-5, 1999. The program will consist primarily of contributed papers. Members of the KAEA are invited to submit papers. The KAEA is interested in a broad range of paper topics. The KAEA is particularly interested in papers that address issues related to the Korean economic situations from various perspectives.

Guidelines for the submission are as follows:

1.Submit three copies of a paper by May 1, 1998. Complete papers are preferred. Detailed abstracts will also be considered but with less probability of being accepted. Analytical papers are preferred to non-analytical newspaper-type essays. The paper acceptance will be announced around June 15, 1998.

2.Please show the title of paper, author(s)' name(s), address and affiliation, telephone and fax numbers, and e-mail address on the first (cover) page, followed by an abstract on the second page.

3.Papers will be selected based on their scientific analytical quality and their relevance to the interest of KAEA.

4.All submissions should be mailed to: Prof. Byung-Joo Lee, Department of Economics, University of Notre Dame, Notre Dame, IN 46556, USA.

Miscellaneous News

Please register as a member of KAEA. You can complete the enclosed membership application or send an e-mail to Byung-Joo Lee to receive membership application via e-mail.

Send your professional activities and any news items also to Byung-Joo Lee to share with other KAEA members.

Directory of 1998 KAEA Executive Members

President: Hae-Shin Hwang (409-845-7301,hwang@econ.tamu.edu)

President-Elect: Semoon Chang (334-460-6156, schang@jaguar1.usouthal.edu)

Vice President: Bong-Soo Lee (713-743-4781, blee@rics1.cba.uh.edu )

Secretary General: Byung-Joo Lee (219-631-6837, lee.81@nd.edu )