Age determination and age tie-points of sediment cores from the Timor Sea

The evolution of the Australian monsoon in relation to high-latitude temperature fluctuations over the last termination remains highly enigmatic. Here we integrate high-resolution riverine runoff and dust proxy data from X-ray fluorescence scanner measurements in four well-dated sediment cores, forming a NE-SW transect across the Timor Sea. Our records reveal that the development of the Australian monsoon closely followed the deglacial warming history of Antarctica. A minimum in riverine runoff documents dry conditions throughout the region during the Antarctic Cold Reversal (15-12.9 ka). Massive intensification of the monsoon coincided with Southern Hemisphere warming and intensified greenhouse forcing over Australia during the atmospheric CO2 rise at 12.9-10 ka. We relate the earlier onset of the monsoon in the Timor Strait (13.4 ka) to regional changes in landmass exposure during deglacial sea-level rise. A return to dryer conditions occurred between 8.1 and 7.3 ka following the early Holocene runoff maximum.

Analysis of ferromanganiferous sedimentary rocks from Timor

Seven manganese nodules, eight ferromanganiferous shales from the Cretaceous Wai Bua Formation of Timor, and a pelagic limestone with four ferromanganese enriched layers from the Middle Eocene of Timor have been analysed. The nodules are compared with modern deep-sea nodules, and the ferromanganiferous shales are contrasted with relatively shallow marine manganiferous shales. The conclusion is reached that these rocks from Timor were probably deposited in a bathypelagic environment. There is a total absence of any indication that volcanic material has contributed to these deposits. The chemical composition of the ferromanganiferous rocks are discussed and some indications of biogenic influences are noted. The Middle Eocene pelagic limestone is compared with a similar modern sediment described from the Easter Island Rise in the Pacific.

Basalt density, basement age, and intrusive/extrusive relations from DSDP Legs 2 through 7, 9, and 14

Densities of layer 2 basalt recovered during the Deep Sea Drilling Project have been found to decrease steadily with age, a finding ascribed to progressive submarine weathering in the context of sea-floor spreading. The least-squares solution for 52 density measurements gives a rate of decrease in density of (Delta p)/(Delta t) = -0.0046 g per ccm m.y. = -16 percent per 100 m.y., which is in excellent agreement with earlier estimates based on observed chemical depletion rates of dredged oceanic basalt. Weathering of sea-floor basalt, should it penetrate to any considerable depth in layer 2, will decrease layer 2 seismic refraction velocities, act as a source of geothermal heat, and substantially influence the chemistry of sea water and the overlying column of sediment.

Australia's Foreign Economic Policy: a 'State-Society Coalition' Approach and a Historical Overview

This paper aims to explain the historical development of Australia's foreign economic policy by using an analytical framework called a 'state-society coalition' approach. This approach focuses on virtual coalitions of state and society actors that share 'belief systems' and hold similar policy ideas, goals and preferences, as basic units (policy subsystems) of policy making. Major policy changes occur when a dominant coalition is replaced by another. The paper argues that, in Australia, there have been three major state-society coalitions in the foreign economic policy issue area: 'protectionists', 'trade liberalisers' and 'optional bilateralists'. The rise and fall of these coalitions resulted in distinctive shifts of Australia's foreign economic policy in the 1980s towards unilateral and multilateral liberalisation and in the late 1990s towards bilateral trade and investment arrangements.

Winner-Take-All Contention of Innovation under Globalization: A Simulation Analysis and East Asia's Empirics

This paper sets out to examine how innovation enhances export competitiveness: The proposition that export volume becomes enhanced as more productivity-enhancing innovation is captured by the exporting economy is the focus of this study. From a Schumpeterian perspective, innovation can be characterized by continuous creation and subsequent diffusion of newer technologies on the basis of the exporters' existing capital stock. Then we highlight the theoretical possibility that concentration of innovative activities in a small group of "winner" economies would lead to larger shares of "winner" economies' exports of innovation-active commodities than those commodities for which technology involved is already mature. The world's export data corroborates this theoretical prediction overall, and a focus upon East Asia has revealed the region's increasing resort to technology-intensive commodity sectors, which has presumably been enabled through attracting technology-bearing inward foreign direct investment. Considering the overall gains from innovation, acceleration of full "cycle" of innovation and imitation might be a desirable option.

Trade, Exchange Rates, and Macroeconomic Dynamics in East Asia: Why the Electronics Cycle Matters

Against the background of increasing regional trade and investment, there is growing interest in monetary and macroeconomic policy coordination in East Asia. Although there is a sizable literature on macroeconomic linkages among East Asian countries and the potential merit of policy coordination in the region, the existing studies tend to examine these issues exclusively in terms of macroeconomic variables and do not consider how these aggregate variables are influenced by one prominent feature of a number of East Asian economies: their heavy dependence on the electronics industry. Although active engagement in the global electronics industry has been a powerful growth engine for the Asian countries, it has also left their economies vulnerable to cyclical fluctuations in the world electronics market. As the cycle of the global electronics industry exerts profound impacts on the medium-term dynamics of the Asian economies, it is imperative to take an explicit account of its influence when studying the way in which the regional economies are linked to one another and how this relationship can be altered by a specific policy initiative. We illustrate the importance of this point by examining recent studies on: (1) trade competition between China andother Asian countries and the role of the Chinese renminbi therein; and (2) the effect offluctuations in the yen/dollar exchange rate on the regional economies.

Trade, Foreign Investment and Myanmar's Economic Development during the Transition to an Open Economy

Throughout the 1990s and up to 2005, the adoption of an open-door policy substantially increased the volume of Myanmar's external trade. Imports grew more rapidly than exports in the 1990s owing to the release of pent-up consumer demand during the transition to a market economy. Accordingly, trade deficits expanded. Confronted by a shortage of foreign currency, the government after the late 1990s resorted to rigid controls over the private sector's trade activities. Despite this tightening of policy, Myanmar's external sector has improved since 2000 largely because of the emergence of new export commodities, namely garments and natural gas. Foreign direct investments in Myanmar significantly contributed to the exploration and development of new gas fields. As trade volume grew, Myanmar strengthened its trade relations with neighboring countries such as China, Thailand and India. Although the development of external trade and foreign investment inflows exerted a considerable impact on the Myanmar economy, the external sector has not yet begun to function as a vigorous engine for broad-based and sustainable development.

The Effect of Exchange Rate Volatility on International Trade: The Implication for Production Networks in East Asia

This paper is an empirical investigation of the relationship between exchange rate volatility and international trade, focusing on East Asia. It finds that intra-East Asian trade is discouraged by exchange rate volatility more seriously than trade in other regions because intermediate goods trade in production networks, which is quite sensitive to exchange rate volatility compared with other types of trade, occupies a significant fraction of trade. In addition, this negative effect of volatility is mainly induced by the unanticipated volatility and has an even greater impact than that of tariffs.

Empirical global value chain analysis in electronics and automobile industries :An application of Asian international input-output tables

This study aims to examine the international value distribution structure among major East Asian economies and the US. The mainstream trade theory explains the gains from trade; however, global value chain (GVC) approach emphasises uneven benefits of globalization among trading partners. The present study is mainly based on this view, examining which economy gains the most and which the least from the East Asian production networks. Two key industries, i.e., electronics and automobile, are our principle focus. Input-output method is employed to trace the creation and flows of value-added within the region. A striking fact is that some ASEAN economies increasingly reduce their shares of value-added, taken by developed countries, particularly by Japan. Policy implications are discussed in the final section.

The Taiwan Strait Crisis of 1954-55 and U.S.-R.O.C Relations

On September 3, 1954, Chinese artillery began shelling Quemoy (Jinmen), one of the Kuomintang-held offshore islands, setting off the first Taiwan Strait Crisis. This paper focuses on the crisis and analyzes the following three questions: (1) What was the policy the U.S. took towards the Republic of China (R.O.C), especially towards the offshore islands, to try to end the Taiwan Strait Crisis? (2) What were the intentions of the U.S. government in trying to end the Taiwan Strait Crisis? And (3) how should U.S. policy towards the R.O.C. which led to solving the Taiwan Strait Crisis be positioned in the history of Sino-American relations? Through analysis of these questions, this study concludes that the position the U.S. took to bring an end to crisis, one which prevented China from “liberating Taiwan” and the Kuomintang from “attacking the mainland,” brought about the existence of a de facto “two-China” situation.