The Student’s Hand: Industrial Education and Racialized Labor in Early Korean Protestantism

In the 1900s American missionaries used the industrial vision of the African American leader Booker T. Washington to instill the idea of economic progress in Koreans. Inspired by this uplift model, the Korean intellectual Yun Ch’i-ho (Yun Ch’iho) and US Southern Methodists founded the Anglo-Korean School in 1906, where students would later produce textile products called “Korea mission cloth” for global sale. This article examines the promotion of manual labor in the intersection of religious propagation and educational reform during the early twentieth century. The author argues that the idealization of industrialization by American and Korean Protestant leaders was a vehicle to both disseminate American discourses of race and institutionalize a system of capitalism in the name of modernizing Korea. This early history of Korean Protestantism has influenced the hierarchical conceptualizations of the white, black, and Asian races, which has been obscured by the benevolent achievements of missionary work.

The Link Between Incomplete Information on the Interbank Network and Counterparty Risk

This paper describes a model in which a network of interbank loans leads to a severe amplification of the previously unanticipated insolvency of one bank. Banks that cannot rule out an indirect hit react by selling assets and hoarding liquidity. While this potentially lowers illiquidity risks, it depresses market liquidity and prices. This leads to a negative externality by which sales to acquire liquidity simultaneously lead to lower global sale proceeds and thus to a greater number of insolvencies inducing deadweight losses. Thus, the distribution of information on the network has a direct impact on welfare by itself. Der Zusammenhang zwischen unvollständigen Informationen über das Banknetzwerk und Adressenausfallrisiken Zusammenfassung In dieser Arbeit wird ein Modell betrachtet, in dem das Netzwerk aus Interbankenkrediten die Folgen der unerwarteten Insolvenz einer einzelnen Bank drastisch verstärkt. Banken, die indirekte Verluste nicht ausschließen können, reagieren mit dem Verkauf von Vermögenswerten und dem Horten von Liquidität. Dies führt zwar potenziell zu ­einer Senkung der Illiquiditätsrisiken, drückt aber die Marktliquidität und Preise. Es kommt zu einem negativen externen Effekt, da die Verkäufe zur Liquiditätsbeschaffung gleichzeitig zu geringeren Verkaufserlösen und damit zu einer größeren Anzahl von Insolvenzen, die Wohlfahrtsverluste mit sich bringen, führen. Demnach hat die Informa­tionsverteilung im Bankennetzwerk einen direkten Einfluss auf die Wohlfahrt. JEL Classification: G01, G11, G21, G33