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Diversity and distribution of adeonid bryozoans (Cheilostomata: Adeonidae) in Japanese waters
(2016)
Adeonid bryozoans construct antler-like erect colonies and are common in bryozoan assemblages along the Japanese Pacific coast. The taxonomy of Japanese adeonid species, however, has not been studied since their original descriptions more than 100 years ago. In the present study, adeonid specimens from historical collections and material recently collected along the Japanese coast are examined. Eight adeonid species in two genera were detected, of which Adeonella jahanai sp. nov., Adeonellopsis parvirostrum sp. nov., and Adeonellopsis toyoshioae sp. nov. are described as new species based on the branch width, size and morphology of frontal or suboral avicularia, shape and size of areolar pores, and size of the spiramen. Adeonellopsis arculifera (Canu & Bassler, 1929) is a new record for Japan. Lectotypes for Adeonellopsis japonica (Ortmann, 1890) and Adeonella sparassis (Ortmann, 1890) were selected among Ortmann’s syntypes. Most species of Adeonellopsis around Japan have a southern distribution from Sagami Bay to Okinawa, while A. japonica shows a more northern distribution from Kouchi to Otsuchi. In contrast, Adeonellopsis arculifera was collected only from southwestern Japan. A key to Japanese adeonid species is provided.
PURPOSE: This theoretical study seeks to understand how the development of ‘Transnational Business Feminism’ in response to the 2008 financial crisis, was implemented in 2013 through Japan’s ‘Womenomics’ program. The paper further examines how efficient this said form of neoliberal feminist economic program was in in addressing vulnerabilities in the Japanese financial system during the ongoing Covid-19 pandemic. Finally, it looks at how the pandemic has shifted conversations around the future of gender and finance in Japan through the Environmental, Social and Governance (ESG) framework.
DESIGN/METHOD: Drawing on a variety of sources, this paper uses a case study research methodology as well as statistical data from a variety of sources to draw theoretical conclusions on the specific case of Japan’s economy.
RESULTS/FINDINGS: This paper reveals that the programs implemented by the Japanese government failed to address existing gender inequalities and systemic risk in the Japanese economy, and that women in Japan were hit much harder by the repercussions of the pandemic, in spite of Womenomics policies.
ORIGINALITY/VALUE: This study offers insights into the effectiveness of neoliberal feminist agendas in addressing systemic financial and economic risk, in order to help optimize the potential of ESG.
The Japanese micropterigid moths are revised. Seventeen species in five genera are recognized from Japan, described or redescribed with the male and female genital figures. Of these, two genera, Issikiomartyria HASHIMOTO and Kurolkopteryx HASHIMOTO, and seven species, Issikiomartyria akemiae HASHIMOTO, Issikiomartylia plicata HASHIMOTO, Issihiomartyria distincta HASHIMOTO, Issihiomartyria bisegmentata HASHIMOTO, Kurokopteryx dolichocerata HASHIMOTO, Neomicropteryx hiwana HASHIMOTO, and Neomicropteryx redacta HASHIMOTO, are new to science. A new combination is given: Issikiomartyria nudata (Issuu). Biology and immature structures of the Japanese species are also described together with the keys to genera and to species provided on the basis of the adult characters. Phylogenetic relationships among the Northern Hemisphere genera are analyzed by the cladistic analysis using PAUP* (SWOFFORD, 2002) based on the morphological characters of adults. A monophyly of the Northern Hemisphere genera except for Micropterix is supported by nine apomorphies, but their immediate sister taxon remains unresolved.
A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the dominant mode of financing in all countries, that therefore financial patterns do not differ very much between countries and that those differences which still seem to exist are not at all consistent with the common conviction that financial systems can be classified as being either bank-based or capital market-based. This leads to a puzzle insofar as it calls into question the empirical foundation of the widely held belief that there is a correspondence between the financing patterns of corporations on the one side, and the structure of the financial sector and the prevailing corporate governance system in a given country on the other side. The present paper addresses this puzzle on a methodological and an empirical basis. It starts by demonstrating that the surprising empirical results found by Mayer et al. are due to a hidden assumption underlying their methodology. It then derives an alternative method of measuring financing patterns, which also uses flow-of-funds data, but avoids the questionable assumption. This measurement concept is then applied to patterns of corporate financing in Germany, Japan and the United States. The empirical results are very much in line with the commonly held belief prior to Mayer’s influential contribution and indicate that the financial systems of the three countries do indeed differ from one another in a substantial way.
A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the dominant mode of financing in all countries, that financing patterns do not differ very much between countries and that those differences which still seem to exist are not at all consistent with the common conviction that financial systems can be classified as being either bank-based or capital market-based. This leads to a puzzle insofar as it calls into question the empirical foundation of the widely held belief that there is a correspondence between the financing patterns of corporations on the one side, and the structure of the financial sector and the prevailing corporate governance system in a given country on the other side. The present paper addresses this puzzle on a methodological and an empirical basis. It starts by comparing and analyzing various ways of measuring financial structure and financing patterns and by demonstrating that the surprising empirical results found by studies that relied on net flows are due to a hidden assumption. It then derives an alternative method of measuring financing patterns, which also uses flow-of-funds data, but avoids the questionable assumption. This measurement concept is then applied to patterns of corporate financing in Germany, Japan and the United States. The empirical results, which use an estimation technique for determining gross flows of funds in those cases in which empirical data are not available, are very much in line with the commonly held belief prior to Mayer’s influential contribution and indicate that the financial systems of the three countries do indeed differ from one another in a substantial way, and moreover in a way which is largely in line with the general view of the differences between the financial systems of the countries covered in the present paper.
Initiated by the seminal work of Diamond/Dybvig (1983) and Diamond (1984), advances in the theory of financial intermediation have sharpened our understanding of the theoretical foundations of banks as special financial institutions. What makes them "unique" is the combination of accepting deposits and issuing loans. However, in recent years the notion of "disintermediation" has gained tremendous popularity, especially among American observers. These observers argue that deregulation, globalisation and advances in information technology have been eroding the role of banks as intermediaries and thus their alleged uniqueness. It is even assumed that ever more efficiently organised capital markets and specialised financial institutions that take advantage of these markets, such as mutual funds or finance companies, will lead to the demise of banks. Using a novel measurement concept based on intermediation and securitisation ratios, the present article provides evidence which shows that banking disintermediation is indeed a reality for the US financial system. This seems to indicate that American banks are not all that "unique"; they can be replaced to a considerable extent. Moreover, many observers seem to believe that what has happened in the US reflects a universal trend. However, empirical results reported in this paper indicate that such a trend has not manifested itself in other financial systems, and in particular, not in Germany or Japan. Evidence on the enormous structural differences between financial systems and the lack of unequivocal signs of convergence render any inferences from the American experience to other financial systems very problematic.
In den 1980er und den frühen 1990er Jahren waren japanische Banken die weltweit größten Finanzinstitute und galten als Inbegriff „globaler“ Banken. Der Crash der japanischen Wertpapier- und Immobilienmärkte Anfang der 1990er Jahre und die nachfolgende Rezession waren Anlass zu tiefgreifenden Reformen im japanischen Finanzsystem. Die japanischen Banken waren gezwungen, ihre internationalen Strategien zu reformulieren. Als Konsequenz zogen sie sich aus vielen Märkten zurück und strukturierten ihre internationalen Netzwerke um. Vor dem Hintergrund theoretischer Überlegungen zu der Bedeutung von „Globalität“ und einer empirischen Untersuchung der Entwicklung der Auslandsstellennetze japanischer Banken in den 1980er und 1990er Jahren stellt der vorliegende Beitrag die Globalität japanischer Banken in Frage.
We test the menu cost model of Ball and Mankiw (1994, 1995), which implies that the impact of price dispersion on inflation should differ between inflation and deflation episodes, using data for Japan and Hong Kong. We use a random cross-section sample split when calculating the moments of the distribution of price changes to mitigate the small-cross-sectionsample bias noted by Cecchetti and Bryan (1999). The parameter on the third moment is positive and significant in both countries during both the inflation and deflation periods, and the parameter on the second moment changes sign in the deflation period, as the theory predicts. Keywords: inflation, deflation, menu costs, Hong Kong, Japan JEL Numbers: E31
Die Unterschiede zwischen den jüngst in Europa nachgewiesenen Thamnobryum subserratum, welches unter diesem Namen aus Japan und als Th. allegheniense aus Nordamerika bekannt ist, sowie dem zuvor nur aus dem westlichen Nordamerika bekannten Thamnobryum neckeroides und dem heimischen Thamnobryum alopecurum sind nach der Literatur zusammengestellt und an Hand von Herbarmaterial illustriert. Die Variabilität von Thamnobryum alopecurum ist diskutiert.