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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.
Amage imajimai sp. nov., a new species of Ampharetidae (Annelida: Polychaeta) from Japanese waters
(2015)
A new polychaete species of the family Ampharetidae, Amage imajimai sp. nov., is described from deep waters of Sagami Bay, Japan. It is characterized by the possession of four pairs of branchiae, twelve thoracic uncinigers, eleven abdominal uncinigers, and the lack of thoracic notopodial cirri. The new species is named in honor of the renowned Japanese polychaetologist Minoru Imajima. An identification key for all Amage species from Japanese waters is provided.
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
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.
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.
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.
Three species of the genus Pseudocandona Kaufmann, 1900 and one of the genus Undulacandona Smith, 2011, collected from freshwater habitats in Japan, are described. The Pseudocandona species, Pseudocandona becca sp. nov., Pseudocandona atmeta sp. nov. and Pseudocandona falcula sp. nov., all belong to the rostrata-group. Previous reports of Pseudocandona rostrata (Brady & Norman, 1889) and Pseudocandona sarsi (Hartwig, 1899) from Japan are reassessed and are subsequently synonymized with Pseudocandona tenuirostris Hiruta & Mawatari, 2013 and Pseudocandona falcula sp. nov. respectively. Undulacandona colymba sp. nov. is only the second to be described in this genus. Like the type species of the genus, it is a stygobiont, collected from groundwater in Shiga Prefecture. Additional records of Candona candida (O.F. Müller, 1776), are presented herein; so far, Japanese records of this species are restricted to the eastern part of Hokkaido.
The paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends. JEL Classification: E52, F01
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.
The artworks of the Peruvian artist Carlos Runcie Tanaka, who has his British and Japanese Roots combined in his surname, refer to pre-Columbian ceramics and traditional Peruvian, Japanese and European practices. He represented Peru in ARCOmadrid 2019, the 12th Havana Biennial, the XXVI Sao Paulo Biennial, the 49th Venice Biennale, and the I Bienal Iberoamericana de Lima. In August, we sat down to talk about music, the past, the present, and the future. We discussed how all references of time can be combined into one material.
By studying pre-Columbian ceramics, researchers have developed several interpretations about the lifestyle and cosmovision of the ancient Peruvian people. Many of the techniques and motifs included in these traditional practices are still being passed on to communities throughout the country today. This ancestral knowledge is a fundamental element of identity. Therefore, ceramic is a material that has made the generation of historical discourse and the preservation of cultural memory possible. At the same time, ceramics are connected to aspects of our daily life. As objects of daily use (such as mugs, plates and bowls) they contribute to the fulfillment of basic needs. They are also included in ritual and funerary practices. In conclusion, the use of ceramics can be understood not only in a practical sense, but in an artistic sense as well.
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the empirical growth literature, we provide evidence in favor of significant mean reversion (ß-convergence) in inflation rates in all considered samples. The evidence on ó-convergence is mixed, however. Observed declines in dispersion are usually associated with decreasing overall inflation levels which indicates a positive relationship between mean inflation and overall inflation rate dispersion. Our findings for the within-distribution dynamics of regional inflation rates show that dynamics are largest for Japanese prefectures, followed by U.S. metropolitan areas. For the combined U.S.-Canadian sample, we find a pattern of within-distribution dynamics that is comparable to that found for regions within the European Monetary Union (EMU). In line with findings in the so-called 'border literature' these results suggest that frictions across European markets are at least as large as they are, e.g., across North American markets. Klassifikation: E31, E52, E58
Interview mit Katerina Teaiwa über ihr Buch zu den Umweltschäden und schweren Menschenrechtsverletzungen auf der Insel Ocean Island (Banaba) aufgrund des Phosphatabbaus durch Besatzungs- und Kolonialmächte.
Japan's quest for energy security : risks and opportunities in a changing geopolitical landscape
(2011)
For much of the 20th century, economic growth was fueled by cheap oil-based energy supply. Due to increasing resource constraints, however, the political and strategic importance of oil has become a significant part of energy and foreign policy making in East and Southeast Asian countries. In Japan, the rise of China’s economic and military power is a source of considerable concern. To enhance energy security, the Japanese government has recently amended its energy regulatory framework, which reveals high political awareness of risks resulting from the looming key resources shortage and competition over access. An essential understanding that national energy security is a politically and economically sensitive area with a clear international dimension affecting everyday life is critical in shaping a nation’s energy future.
It has often been asked whether today´s Japan will be able to move into new and promising industries, or whether it is locked into an innovation system with an inherent inability to give birth to new industries. One argument reasons that the thick institutional complementarities among labour, innovation, and finance among its enterprises and the public sector favour industrial development in sectors of intermediate uncertainty, while it is difficult to move into areas of major uncertainty. In this paper, we present the case of the silver industry or, somewhat more prosaically, the 60+ or even 50+ industry, for which most would agree that Japan has indeed become a lead market and lead producer on the global market. For an institutional economist, the case of the silver industry is particularly interesting, because Japan´s success is based on the cooperation of existing actors, the enterprise and public sector in particular, which helped overcome the information uncertainties and asymmetries involved in the new market by relying on several established mechanisms developed well before. In that sense, Japan´s silver industry presents a case of of what we propose to call successful institutional path activation with the effect of an innovative market creation, instead of the problematic lockin effects that are usually associated with the term path dependence.
Recently, the Bank of Japan outlined a “two perspectives” approach to the conduct of monetary policy that focuses on risks to price stability over different time horizons. Interpreting this as pertaining to different frequency bands, we use band spectrum regression to study the determination of inflation in Japan. We find that inflation is related to money growth and real output growth at low frequencies and the output gap at higher frequencies. Moreover, this relationship reflects Granger causality from money growth and the output gap to inflation in the relevant frequency bands. Keywords: spectral regression, frequency domain, Phillips curve, quantity theory. JEL Numbers: C22, E3, E5
Our most recent podcast: We were able to talk to the Japanese culturalanthropologist Mihara Ryôtarô while he visited Frankfurt in July for a talkon the Coool Japan Initiative [link]. As we have written on K-Pop in the past,we were very interested to talk about this kind of export promotion ofcultural goods as a foreign policy strategy: Do export subsidies of J-Popartifacts really promote Japanese soft power in the region? What are thedangers of promoting certain images of Japanese-ness? And is fried sushireally cool?
This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly and significantly. Quantitative easing translated into a greater and more lasting expansion of M1 relative to nominal GDP. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced the monetary base as a share of nominal income as it had announced in 2001. The Bank was able to exit from extensive quantitative easing within less than a year. Some implications for the current situation in Europe and the United States are discussed.
Two new species of the genus Chrysotus Meigen, 1824 are described: Ch. masunagai Negrobov, Kumazawa, Tago sp. nov and Ch. saigusai Negrobov, Kumazawa & Tago sp. nov. Chrysotus parilis Parent, 1926 is recorded from Japan for the first time. An identification key to all known species of the genus Chrysotus of Japan is presented together with a tree diagram showing relationships among them.
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.
In contrast to the US and recently Europe, Japan appears to be unsuccessful in establishing new industries. An oft-cited example is Japan's practical invisibility in the global business software sector. Literature has ascribed Japan's weakness – or conversely, America's strength – to the specific institutional settings and competences of actors within the respective national innovation system. It has additionally been argued that unlike the American innovation system, with its proven ability to give birth to new industries, the inherent path dependency of the Japanese innovation system makes innovation and establishment of new industries quite difficult. However, there are two notable weaknesses underlying current propositions postulating that only certain innovation systems enable the creation of new industries: first, they mistakenly confound context specific with general empirical observations. And second, they grossly underestimate – or altogether fail to examine – the dynamics within innovation systems. This paper will show that it is precisely the dynamics within innovation systems – dynamics founded on the concept of path plasticity – which have enabled Japan to charge forward as a global leader in a highly innovative field: the game software sector as well as the biotechnology industry.
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.
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.
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).
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.
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.