Information technology for development of small and medium-sized exporters in Latin America and East Asia

Includes bibliography

Export performance, technological upgrading and foreign direct investment strategies in the Asian newly industrializing economies: with special reference to Singapur

Includes bibliography

Dynamic Effects of Currency Depreciation on Stock Market Returns during the Asian Financial Crisis

The current international integration of financial markets provides a channel for currency depreciation to affect stock prices. Moreover, the recent financial crisis in Asia with its accompanying exchange rate volatility affords a case study to examine that channel. This paper applies a bivariate GARCH-M model of the reduced form of stock market returns to investigate empirically the effects of daily currency depreciation on stock market returns for five newly emerging East Asian stock markets during the Asian financial crisis. The evidence shows that the conditional variances of stock market returns and depreciation rates exhibit time-varying characteristics for all countries. Domestic currency depreciation and its uncertainty adversely affects stock market returns across countries. The significant effects of foreign exchange market events on stock market returns suggest that international fund managers who invest in the newly emerging East Asian stock markets must evaluate the value and stability of the domestic currency as a part of their stock market investment decisions.

Calcareous nannofossils and planktic foraminiferal assemblages of ODP Hole 198-1210A

Calcareous nannofossil and planktic foraminiferal assemblages from ODP Hole 1210A in the northwestern Pacific Ocean were used to reconstruct surface-water conditions for the past 500 kyr. Stratigraphic control was provided by calcareous nannofossil events that are thought to be synchronous over a broad range of latitudes. Calcareous nannofossil and planktic foraminiferal assemblages and abundance patterns indicate the unlikelihood of long term (Milankovitch-scale) latitudinal shifts of the Kuroshio Extension over the last 500 kyr and illustrate two successive surface water-mass states, one that prevailed prior to 300 ka and one that existed after 300 ka. The relative abundance of very small placoliths and the absolute abundance of the upper photic zone (UPZ) coccolith species decrease abruptly at approximately 300 ka. The relative abundance of the lower photic zone (LPZ) species Florisphaera profunda greatly increases at the same time, although intervals during which the relative abundance of this taxon is very low or absent also occur prior to 300 ka. The absolute abundance of planktic foraminifera gradually increased after the 300-ka boundary, including peaks of Globoconella inflata. These assemblage and abundance changes suggest significant modifications to the surface water-mass structure. Surface water was weakly stratified prior to 300 ka, but alternated between intensely stratified and vertically mixed after 300 ka. Changes in the surface water-mass structure suggest an intensification of the East Asian summer and winter monsoon after 300 ka.

Stable carbon and oxygen isotope ratios of foraminifera in surface sediments of the South China Sea

The relationship between planktonic and benthic foraminiferal stable-isotope values and oceanographic conditions and factors controlling isotopic variations are discussed on the basis of oxygen and carbon isotopic analyses of 192 modern surface and Last Glacial Maximum (LGM) samples from the South China Sea (SCS). The harmonic variation of benthic delta18O in surface sediments with water depth and temperature implies that the temperature is the main factor influencing benthic delta18O variations. Planktonic delta18O fluctuates with sea surface temperature (SST) and salinity (SSS). The N-S temperature gradient results in planktonic delta18O decreasing from the northeast to the south. Cool, saline waters driven by the winter monsoon are interpreted to have been responsible for the high delta18O values in the northeast SCS. The East Asian monsoons not only bring nutrients into the South China Sea and maintain high nutrient concentration levels at the southwestern and northeastern ends, which cause depleted delta13C both in planktonic (surface) and benthic (bottom) samples but also reduce planktonic/benthic delta18O differences. The distribution of delta18O and delta13C in the surface and LGM samples are strikingly similar, indicating that the impact of SST and SSS has been maintained, and nutrient inputs, mainly from the northeastern and southwestern ends, have been controlled by monsoons since the LGM. Comparisons of the modern and LGM delta18O indicate a difference of about 3.6 °C in bottom-water temperature and a large surface-to-bottom temperature gradient during the LGM as compared to today.

Particle flux studies of sediment traps from the northern and equatorial Indian Ocean

The Asian monsoon system governs seasonality and fundamental environmental characteristics in the study area from which two distinct peculiarities are most notable: upwelling and convective mixing in the Arabian Sea and low surface salinity and stratification in the Bay of Bengal due to high riverine input and monsoonal precipitation. The respective oceanography sets the framework for nutrient availability and productivity. Upwelling ensures high nitrate concentration with temporal/spatial Si limitation; freshwater-induced stratification leads to reduced nitrogen input from the subsurface but Si enrichment in surface waters. Ultimately, both environments support high abundance of diatoms, which play a central role in the export of organic matter. It is speculated that, additional to eddy pumping, nitrogen fixation is a source of N in stratified waters and contributes to the low-d15N signal in sinking particles formed under riverine impact. Organic carbon fluxes are best correlated to opal but not to carbonate, which is explained by low foraminiferal carbonate fluxes within the river-impacted systems. This observation points to the necessity of differentiating between carbonate sources for carbon flux modeling. As evident from a compilation of previously published and new data on labile organic matter composition (amino acids and carbohydrates), organic matter fluxes are mainly driven by direct input from marine production, except the site off Pakistan where sedimentary input of (marine) organic matter is dominant during the NE monsoon. The explanation of apparently different organic carbon export efficiency calls for further investigations of, for example, food web structure and water column processes.

Planktic foraminifera from ODP Hole 117-723B

Upwelling occurs during the summer off the coast of Oman when the Asian monsoon produces strong southwest winds in the northern Arabian Sea. Ekman transport driven by the southwest monsoon winds upwells cool nutrient-rich waters along the coast which contrast with the warmer, less productive waters offshore. The spatial pattern of foraminifers in the sediments corresponds with the coastal environmental gradient. The upwelling species Globigerina bulloides dominates the sediment assemblage on the continental margin, while Globigerinita glutinata is more abundant offshore, creating a coastal gradient in fauna. We reconstructed the upwelling faunal gradient using high resolution oxygen isotope stratigraphy to correlate between Hole 723B on the Oman Margin, and a core from the Owen Ridge (RC2761), adjacent Site 722. A gradient similar in magnitude to the present, implying upwelling conditions similar to today existed during each interglacial time during the late Pleistocene interval from 0 to 300 k.y. The gradient was reduced or absent during glacial times implying diminshed southwest winds along the coast of Oman, not strong enough to produce an environmental gradient between the coast and offshore sites.

Early - Late Miocene palaeoclimate data and palaefloras of 48 samples from Southern China

Southern China, especially Yunnan, has undergone high tectonic activity caused by the uplift of Himalayan Mountains during the Neogene, which led to a fast changing palaeogeography. Previous study shows that Southern China has been influenced by the Asian Monsoon since at least the Early Miocene. However, it is yet not well understood how intense the Miocene monsoon system was. In the present study, 63 fossil floras of 16 localities from Southern China are compiled and evaluated for obtaining available information concerning floristic composition, stratigraphic age, sedimentology, etc. Based on such reliable information, selected mega- and micro-floras have been analysed with the coexistence approach to obtain quantitative palaeoclimate data. Visualization of climate results in maps shows a distinct spatial differentiation in Southern China during the Miocene. Higher seasonalities of temperature and precipitation occur in the north and south parts of Southern China, respectively. During the Miocene, most regions of Southern China and Europe were both warm and humid. Central Eurasia was likely to be an arid center, which gradually spread westward and eastward. Our data provide information about Miocene climate patterns in Southern China and about the evolution of these patterns throughout the Miocene, and is also crucial to unravel and understand the climatic signals of global cooling and tectonic uplift.

Chronology and stable carbon isotopic ratios of sediments from the Western Pacific Warm Pool region

Instrumental data suggest that major shifts in tropical Pacific atmospheric dynamics and hydrology have occurred within the past century, potentially in response to anthropogenic warming. To better understand these trends, we use the hydrogen isotopic ratios of terrestrial higher plant leaf waxes (DDwax) in marine sediments from southwest Sulawesi, Indonesia, to compile a detailed reconstruction of central Indo-Pacific Warm Pool (IPWP) hydrologic variability spanning most of the last two millennia. Our paleodata are highly correlated with a monsoon reconstruction from Southeast Asia, indicating that intervals of strong East Asian summer monsoon (EASM) activity are associated with a weaker Indonesian monsoon (IM). Furthermore, the centennial-scale oscillations in our data follow known changes in Northern Hemisphere climate (e.g., the Little Ice Age and Medieval Warm Period) implying a dynamic link between Northern Hemisphere temperatures and IPWP hydrology. The inverse relationship between the EASM and IM suggests that migrations of the Intertropical Convergence Zone and associated changes in monsoon strength caused synoptic hydrologic shifts in the IPWP throughout most of the past two millennia.

Pollen record and calculated holocene vegetation and climate dynamics from Sihailongwan Maar Lake, NE China

High-resolution palynological analysis on annually laminated sediments of Sihailongwan Maar Lake (SHL) provides new insights into the Holocene vegetation and climate dynamics of NE China. The robust chronology of the presented record is based on varve counting and AMS radiocarbon dates from terrestrial plant macro-remains. In addition to the qualitative interpretation of the pollen data, we provide quantitative reconstructions of vegetation and climate based on the method of biomization and weighted averaging partial least squares regression (WA-PLS) technique, respectively. Power spectra were computed to investigate the frequency domain distribution of proxy signals and potential natural periodicities. Pollen assemblages, pollen-derived biome scores and climate variables as well as the cyclicity pattern indicate that NE China experienced significant changes in temperature and moisture conditions during the Holocene. Within the earliest phase of the Holocene, a large-scale reorganization of vegetation occurred, reflecting the reconstructed shift towards higher temperatures and precipitation values and the initial Holocene strengthening and northward expansion of the East Asian summer monsoon (EASM). Afterwards, summer temperatures remain at a high level, whereas the reconstructed precipitation shows an increasing trend until approximately 4000 cal. yr BP. Since 3500 cal. yr BP, temperature and precipitation values decline, indicating moderate cooling and weakening of the EASM. A distinct periodicity of 550-600 years and evidence of a Mid-Holocene transition from a temperature-triggered to a predominantly moisture-triggered climate regime are derived from the power spectra analysis. The results obtained from SHL are largely consistent with other palaeoenvironmental records from NE China, substantiating the regional nature of the reconstructed vegetation and climate patterns. However, the reconstructed climate changes contrast with the moisture evolution recorded in S China and the mid-latitude (semi-)arid regions of N China. Whereas a clear insolation-related trend of monsoon intensity over the Holocene is lacking from the SHL record, variations in the coupled atmosphere-Pacific Ocean system can largely explain the reconstructed changes in NE China.

Late Miocene palaeoflora and palaeoclimate of Lincang (China)

The Miocene Lincang leaf assemblage is used in this paper as proxy data to reconstruct the palaeoclimate of southwestern Yunnan (SW China) and the evolution of monsoon intensity. Three quantitative methods were chosen for this reconstruction, i.e. Leaf Margin Analysis (LMA), Climate Leaf Analysis Multivariate Program (CLAMP), and the Coexistence Approach (CA). These methods, however, yield inconsistent results, particularly for the precipitation, as also shown in European and other East Asian Cenozoic floras. The wide range of the reconstructed climatic parameters includes the Mean Annual Temperature (MAT) of 18.5-24.7 °C and the Mean Annual Precipitation (MAP) of 1213-3711 mm. Compared with the modern Lincang climate (MAT, 17.3 °C; MAP, 1178.7 mm), the Miocene climate is slightly warmer, wetter and has a higher temperature seasonality. A detailed comparison on the palaeoclimatic variables with the coeval Late Miocene Xiaolongtan flora from the eastern part of Yunnan allows us to investigate the development and interactions of both South Asian and East Asian monsoons during the Late Miocene in southwest China, now under strong influence of these monsoon systems. Our results suggest that the monsoon climate has already been established in southwest Yunnan during the Late Miocene. Furthermore, our results support that both Southeast Asian and East Asian monsoons co-occurred in Yunnan during the Late Miocene.

Mineral content, major oxides and trace elements concentrations in clay from different IODP Holes of 331-C0013, 331-C0017, East China sea shelf and different Taiwan rivers

The Okinawa Trough (OT) in the East Asian continental margin is characterized by thick terrigenous sediment and ubiquitous volcanic-hydrothermal activities. In this study, the clays collected during IODP Expedition 331 to the middle OT (Iheya North Knoll) were analyzed for mineralogical and geochemical compositions. By comparing with the clays from the East China Sea shelf and surrounding rivers, we examine different clay origins. The hydrothermal field in the mid-OT is dominated by Mg-rich chlorite, while the recharge zone has clay mineral assemblages similar to the shelf and rivers, showing high content of illite, subordinate chlorite and kaolinite and scarce smectite. Compared to the terrigenous clays, the hydrothermal clays in the OT have high concentrations of Mg, Mn and Zr but low Fe, Na, K, Ca, Ba, Sr, P, Sc and Ti, while the hydrothermal clays in the mid-ocean ridge are relatively enriched in Fe and V and depleted in Al, Mg, Zr, Sc and Ti. Different fractionation patterns of rare earth elements also register in the terrigenous and hydrothermal clays, diagnostic of variable clay origins. We infer that the OT hydrothermal clay was primarily formed by the chemical alteration of detrital sediments subject to the hydrothermal fluids. The remarkably different compositions of hydrothermal clays between the sediment-rich back arc basin like OT and the sediment-starved ocean ridge suggest different physical and chemical processes of hydrothermal fluids and fluid-rock/sediment reactions under various geologic settings.

Radiocarbon datings and temperature reconstructions of sediment core GeoB10038-4 off SW Sumatra

Surface and thermocline conditions of the eastern tropical Indian Ocean were reconstructed through the past glacial-interglacial cycle by using Mg/Ca and alkenone-paleothermometry, stable oxygen isotopes of calcite and seawater, and terrigenous fraction performed on sediment core GeoB 10038-4 off SW Sumatra (~6°S, 103°E, 1819 m water depth). Results show that annual mean surface and thermocline temperatures varied differently and independently, and suggest that surface temperatures have been responding to southern high-latitude climate, whereas the more variable thermocline temperatures were remotely controlled by changes in the thermocline temperatures of the North Indian Ocean. Except for glacial terminations, salinity proxies indicate that changing intensities of the boreal summer monsoon did not considerably affect annual mean conditions off Sumatra during the past 133,000 years. Our results do not show a glacial-interglacial pattern in the thermocline conditions and reject a linear response of the tropical Indian Ocean thermocline to mid- and high-latitude climate change. Alkenone-based surface temperature estimates varied in line with the terrigenous fraction of the sediment and the East Asian winter monsoon proxy records at the precession band suggestive of monsoon (sea level) to be the dominant control on alkenone temperatures in the eastern tropical Indian Ocean on sub-orbital (glacial-interglacial) timescales.

Planktonic foraminifera Mg/Ca-based temperatures and planktonic foraminiferal cenus counts of core GeoB10065-7 (Lombok Basin, Indonesia)

Modern variability in upwelling off southern Indonesia is strongly controlled by the Australian-Indonesian monsoon and the El Niño-Southern Oscillation, but multi-decadal to centennial-scale variations are less clear. We present high-resolution records of upper water column temperature, thermal gradient and relative abundances of mixed layer- and thermocline-dwelling planktonic foraminiferal species off southern Indonesia for the past two millennia that we use as proxies for upwelling variability. We find that upwelling was generally strong during the Little Ice Age (LIA) and weak during the Medieval Warm Period (MWP) and the Roman Warm Period (RWP). Upwelling is significantly anti-correlated to East Asian summer monsoonal rainfall and the zonal equatorial Pacific temperature gradient. We suggest that changes in the background state of the tropical Pacific may have substantially contributed to the centennial-scale upwelling trends observed in our records. Our results implicate the prevalence of an El Niño-like mean state during the LIA and a La Niña-like mean state during the MWP and the RWP.

Climate and total tree cover reconstructions based on the 43.7-kyr fossil pollen record from Khoe (NW Sakhalin Island) and modern climate variables of 236 modern surface pollen sampling sites

A late Quaternary pollen record from northern Sakhalin Island (51.34°N, 142.14°E, 15 m a.s.l.) spanning the last 43.7 ka was used to reconstruct regional climate dynamics and vegetation distribution by using the modern analogue technique (MAT). The long-term trends of the reconstructed mean annual temperature (TANN) and precipitation (PANN), and total tree cover are generally in line with key palaeoclimate records from the North Atlantic region and the Asian monsoon domain. TANN largely follows the fluctuations in solar summer insolation at 55°N. During Marine Isotope Stage (MIS) 3, TANN and PANN were on average 0.2 °C and 700 mm, respectively, thus very similar to late Holocene/modern conditions. Full glacial climate deterioration (TANN = -3.3 °C, PANN = 550 mm) was relatively weak as suggested by the MAT-inferred average climate parameters and tree cover densities. However, error ranges of the climate reconstructions during this interval are relatively large and the last glacial environments in northern Sakhalin could be much colder and drier than suggested by the weighted average values. An anti-phase relationship between mean temperature of the coldest (MTCO) and warmest (MTWA) month is documented during the last glacial period, i.e. MIS 2 and 3, suggesting more continental climate due to sea levels that were lower than present. Warmest and wettest climate conditions have prevailed since the end of the last glaciation with an optimum (TANN = 1.5 °C, PANN = 800 mm) in the middle Holocene interval (ca 8.7-5.2 cal. ka BP). This lags behind the solar insolation peak during the early Holocene. We propose that this is due to continuous Holocene sea level transgression and regional influence of the Tsushima Warm Current, which reached maximum intensity during the middle Holocene. Several short-term climate oscillations are suggested by our reconstruction results and correspond to Northern Hemisphere Heinrich and Dansgaard-Oeschger events, the Bølling-Allerød and the Younger Dryas. The most prominent fluctuation is registered during Heinrich 4 event, which is marked by noticeably colder and drier conditions and the spread of herbaceous taxa.