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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.
Man sieht, schmeckt und riecht sie nicht, doch sie können tödlich sein – nukleare Strahlen sind eine unsichtbare Gefahr. Die schrecklichen und erschreckenden Bilder aus Japan – von der Flutkatastrophe und der Explosion im Atomkraftwerk Fukushima I – hören nicht auf. Diese Katastrophenbilder führen einmal mehr vor Augen, dass wir uns auf viele Risiken, Gefahren und Bedrohungen vorbereiten können; ihre Abwehr und Kontrolle scheint jedoch kaum möglich...
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.
Die Krimkrise dominiert seit Wochen die Medien (und auch dieses Blog). Und sie wird überall anders aufgenommen: In konservativen Kreisen der USA kann man fast schon Freude ob der Möglichkeit eines neuen kalten Kriegs erkennen, während Europa mit sich selbst und seiner Angst vor den möglichen Effekten von Sanktionen hadert. Die Echokammer der Außen- und Sicherheitspolitikgemeinde diskutiert all das seit Beginn der Krise. Dabei verliert man aber schnell außer Augen, welch teils skurrile Blüten die Krimkrise tragen kann. Gott sei Dank gibt es das Internet und in ihm die kleine Insel der japanischen Netzgemeinde, die erkannt hat was wirklich wichtig ist: Die Staatsanwältin der Krim sieht gut aus.
Examination of the type series of Schizotus gibbifrons Lewis 1887 and Pyrochroa higoniae Lewis 1895, together with examination of the historical Lewis collection of Pseudopyrochroa japonica (Heyden 1879), provide hints as to the conspecifi city of these binomials. This evidence, together with concurrent collection events spanning more than 100 years and general anatomy suggests Pseudopyrochroa japonica (Heyden 1879) and Pseudopyrochroa gibbifrons (Lewis 1887) are conspecifi c. Schizotus gibbifrons Lewis is proposed as a new junior synonym of Pyrochroa japonica Heyden, where it joins the established synonym, Pyrochroa higoniae Lewis (1895). Schizotus theresae Pic 1911 is also proposed as a new junior synonym of Pyrochroa basalis Pic 1906, where it joins a long list of synonyms. Complete synonymies are presented for both species.
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. Then we evaluate three concrete proposals that focus on depreciation of the currency as a way to ameliorate the effect of the zero bound and evade a potential liquidity trap. Finally, we investigate the international consequences of these proposals.
The unintended consequences of the debt ... will increased government expenditure hurt the economy?
(2011)
In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of the most relevant recent experience in similar circumstances, namely that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime fiscal stimulation programmes on record, albeit with disappointing results. The explanations provided by the literature and their unsatisfactory empirical record are reviewed. An alternative explanation, derived from early Keynesian models on the ineffectiveness of fiscal policy is presented in the form of a modified Fisher-equation, which incorporates the recent findings in the credit view literature. The model postulates complete quantity crowding out. It is subjected to empirical tests, which were supportive. Thus evidence is found that fiscal policy, if not supported by suitable monetary policy, is likely to crowd out private sector demand, even in an environment of falling or near-zero interest rates. As a policy conclusion it is pointed out that by changing the funding strategy, complete crowding out can be avoided and a positive net effect produced. The proposed framework creates common ground between proponents of Keynesian views (as held, among others, by Blinder and Solow), monetarist views (as held in particular by Milton Friedman) and those of leading contemporary macroeconomists (such as Mankiw).
Glyptostrobus Endlicher is well represented in early Early Cretaceous to Pleistocene deposits in the middle to high latitudes of North America and Eurasia. Although the taxonomy and nomenclature of the genus is complicated, the fossil record indicates Glyptostrobus was represented by a small number of species. The genus first appears in Aptian age deposits from western Canada and Greenland, and achieved a wide distribution early in its evolutionary history. Exchange of Glyptostrobus between Asia and North America occurred across the Spitsbergen and Beringian corridors, which were functional about 110 and 100 million years ago, respectively The Late Cretaceous fossil record of Glyptostrobus shows that the genus had spread into Russia, China and the shores of the Turgai Strait. By the early Tertiary, Glyptostrobus was a prominent constituent of the polar broad-leaved deciduous forests. Paleocene age deposits across western Canada and the United States indicate the genus was present in great abundance in the lowland warm temperate and subtropical forests east of the Rocky Mountains. The broad distribution in North America and Russia during the Paleocene and Eocene indicates that Glyptostrobus grew and reproduced under a diverse range of climatic and environmental conditions, including the cold and unique lighting conditions of the polar latitudes. The presence of Glyptostrobus in Europe indicates the North Atlantic land bridges that extended between North America and Eurasia (Fennoscandia) and Europe during the early Tertiary were used. In Europe, extensive Glyptostrobus dominated swan1ps occupied the Central European Depression during the late Tertiary. Increasing global aridity and cooling, as well as landscape stabilization together with increasing competition for resources and habitat by representatives of the Pinaceae, seem to have forced the genus out of North America, Europe and most of Asia during the Miocene and Pliocene. In Japan, Glyptostrobus persisted until the early Pleistocene. After the early Pleistocene extinction in Japan, Glyptostrobus reappeared in southeastern China. Details of the taxonomic and biogeographic history of Glyptostrobus are examined.
Intangible assets as goodwill, licenses, research and development or customer relations become in high technology and service orientated economies more and more important. But comparing the book values of listed companies and their market capitalization the financial reports seems to fail the information needs of market participants regarding the estimate of the proper firm value. Moreover, with the introduction of Anglo-American accounting systems in Europe and Asia we can observe even in the accounts of companies sited in the same jurisdiction diverging accounting practices for intangible assets caused by different accounting standards. To assess the relevance of intangible assets in Japanese and German accounts of listed companies we therefore measure certain balance sheet and profit and loss relations according to goodwill and self-developed software. We compare and analyze valuation rules for goodwill and software costs according to German GAAP, Japanese GAAP, US GAAP and IAS to determine the possible impact of diverging rules in the comparability of the accounts. Our results show that the comparability of the accounts is impaired because of different accounting practices. The recognition and valuation of goodwill and self-developed software varies significantly according to the accounting regime applied. However, for the recognition of self-developed software, the effect on the average impact on asset coefficients or profit is not that high. Moreover, an industry bias can only be found for the financial industry. In contrast, for goodwill accounting we found major differences especially between German and Japanese Blue Chips. The introduction of the new goodwill impairment only approach and the prohibition of the pooling method may have a major impact especially for Japanese companies’ accounts.