(Table 1) Different age analysis from sediment cores XP98-PC-4 and XP98-PC-2

Sea-surface temperatures (SSTs) in the Sea of Okhotsk were reconstructed based on alkenone unsaturation indices in two sediment cores. Alkenone-SSTs were found to range from 3 to 9 °C over the last 85 kyr with higher SST values in warm periods: Holocene and the oxygen isotope stage (OIS) 5a. In the last glacial periods (OIS 4 and 3), average alkenone SST was estimated to be 4 °C, which was 4 °C lower than the Holocene on average. However, alkenone SSTs around the last glacial maximum (LGM) are as high as those of the Holocene. The variation patterns of U37K' in the Okhotsk Sea were found to be similar to those reported in the Sea of Japan [Org. Chem. 32 (2001) 57] over the last 30 kyr, although the SSTs were lower in the Sea of Okhotsk. The higher U37K' values around the LGM may be a rather common phenomenon in semi-closed marginal seas such as the Japan Sea and the Okhotsk Sea, which are both adjacent to the northwestern Pacific. Such an anomaly in the LGM may have been caused by either a seasonal shift of coccolith blooming or a contribution from a different strain or species that produces alkenones

Can FDI promote export diversification and sophistication of host countries? : dynamic panel system GMM analysis

Recent trade literature highlights the importance of export diversification and upgrading in fostering faster and sustainable economic growth. This study investigates the impact of FDI inflow and stock on the level of export diversification and sophistication in host country's export baskets. By utilizing the dynamic panel data model, we find that the five-year lagged FDI inflow correlates positively with both export diversification and sophistication, and FDI stock makes the positive contribution to export sophistication. These findings provide support for the possibility of successful capabilities transfer to and building by local firms. We also find that these positive impacts of FDI exist only in developing countries.

Geographical simulation analysis for logistics enhancement in Asia

This paper presents a simulation of the reduction of several components in trade cost for Asia and examines its impact on the economy. Our simulation model based on the new economic geography embraces seven sectors, including manufacturing and non-manufacturing sectors, and 1,715 regions in 18 countries/economies in Asia, in addition to the two economies of the US and the European Union. The geographical course of transactions among regions is modeled as determined based on firms’ modal choice. The model also includes estimates of some border cost measures such as tariff rates, non-tariff barriers, other border clearance costs, transshipment costs and so on. Our simulation analysis for Asia includes several scenarios involving the improvement/development of routes and the reduction of the above-mentioned border cost. We have shown that the contribution of physical and non-physical infrastructure improvements conducted together is larger than the sum of the contribution by each when conducted independently.

Is there any premium for unobservable quality? : a hedonic price analysis of the Malagasy rice market

This paper examines if consumers pay a premium for unobservable quality in the absence of quality standards and/or quality grading systems and, if so, how they assess that unobservable quality, using a rice retail market in Madagascar as an example. In Madagascar, the lack of quality standards and/or grading systems for rice makes is considered to be one of the causes of the rice market's spatial disintegration. Thus, quality standards and grading systems will be necessary to increase the market's efficiency. We hypothesize that consumers and retailers use product origin and rice name as observable indictors of unobservable quality and test the hypothesis using hedonic price regressions. We find that the interaction terms of product origin and rice name significantly affect the price after controlling for both observable quality and spatial and temporal price variation, but that the contribution of product origin and rice name to rice price variation is smaller than spatial and temporal factors. We thus conclude that consumers pay a premium for unobservable quality throughout Madagascar. This finding implies that quality standards and/or grading systems will work in the Malagasy market and that improving market infrastructure such as roads and storage will make them even more effective.