Geochemistry and foraminiferal stable isotoe record of sediment core SCS90-36

Changes in the Southeast Asia monsoon winds and surface circulation patterns since the last glaciation are inferred using multiple paleoceanographic indicators including planktic foraminifer faunal abundances, fauna and alkenones sea-surface temperature (SST) estimates, oxygen and carbon isotopes of planktic and benthic foraminifers, and sedimentary fluxes of carbonates and organic carbon obtained from deep-sea core SCS90-36 from the South China Sea (SCS) (17°59.70'N, 111°29.64'E at water depth 2050 m). All these paleoceanographic evidences indicate marked changes in the SCS ocean system over the last glacial toward the Holocene. Planktic foraminiferal faunal SST estimates show stable warm-season SST of 28.6°C, close to the modern value, throughout the glacial-interglacial cycle. In contrast, cold-season SST increases gradually from 23.6°C in the last glacial to a mean value of 26.4°C in the Holocene with a fluctuation of about 3°C during 13-16 ka. SST estimates by UK'37 method reveal less variability and are in average 1-3°C lower than the fauna-derived winter-season SST. These patterns reveal that the seasonality of the SST is not only higher by about 3-4°C in the glacial, but also a function of the winter season SST. Sedimentation rates decrease from the last glacial-deglacial stage to the Holocene due to a reduction in supply of terrigenous components, which led to an increase of carbonate contents. Total organic carbon (TOC) contents of primarily marine sources decrease from the last glacial-deglacial to the Holocene. The last deglaciation is also characterized by high surface productivity as indicated by increased ketones abundances and high mass accumulation rates (MAR) of the TOC and carbonates. The gradient of planktic foraminifer ocygen and carbon isotopes of between surface dwellers and deep dwellers increases significantly toward Termination I and Holocene, and is indiscernibly small in the carbon isotope gradient of between 14 and 24 ka, revealing a deep-mixing condition in surface layers prior to 10 ka. The glacial-interglacial fluctuation of the carbon isotope value of a benthic foraminifer is 0.61%. which is significantly larger than a global mean value. The large carbon isotope fluctuation indicates an amplification of marginal-sea effects which is most likely resulted from an increase in surface productivity in the northern SCS during the last glacial-deglacial stage. The multiple proxies consistently indicate that the last glacial-deglacial stage winter monsoon in the Southeast Asia was probably strengthened in the northern SCS, leading to a development of deep-mixing surface layer conditions and a more efficient nutrient cycling which supports more marine organic carbon production.

Business Cycles of Non-mono-cultural Developing Economies: The Case of ASEAN Countries

Based on analyses of actual data, we reveal that many Asian developing economies own economic structural features of "non-mono-cultural economy" and the "large primary good sector", which have not been discussed in developing economies RBC literature. We also examine the input-output tables to develop a model reflecting actual developing economies' structures. Referring to the analyses, we construct RBC models of ASEAN countries. Based on the model, we find that approximately half of GDP volatility is attributable to domestic productivity shocks, and the remaining half is attributable to price shocks.

The Evolution of the "One China" Concept in the Process of Taiwan's Democratization

This paper investigates how Taiwan's "one China" concept evolved during the democratization process that occurred under the leadership of former President Lee Teng-hui. The author argues that there was a crucial evolution of the "one China" concept and that the transformation of the concept resulted from changes in Taiwan's internal political circumstances. The evolution of the concept creates a real possibility that the "status quo" sought by the ROC in the Taiwan Strait both during and after the Cold War might be destroyed. In addition, any further evolution of the "one China" concept will surely make the "status quo" of Taiwan untenable, in that it would induce Taiwan to seek de jure instead of de facto independence, possibly initiating a conflict between the PRC and the ROC. To prevent such a conflict in the Taiwan Strait, the international community must persuade the ROC not to go beyond the "status quo" and to stay within the framework of de facto independence. At the same time, both the PRC and the ROC should be urged to maintain an open conduit of communication for productive talks on the reunification of China.

Institutional Development of Capital Markets in Nine Asian Economies

This paper is conducting a comparative analysis of the development of securities markets in nine Asian economies: Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and China. This study focuses on two aspects: the history and institutional development of securities market, such as legal systems, payment systems, etc. From the analyses, this paper reveals several common features of the development of securities markets in nine Asian economies. First, most economies had an informal capital market in the early period of their history. Second, the background of the foundation of their official markets was influenced by experiences of colonization. Third, most governments recognized the importance of the capital market for economic development and had a positive attitude in promoting the market. Fourth, statistics clearly showed that most economies experienced several booms in their capital market from the late 1980s.

Thailand's Economic Cooperation with Neighboring Countries and Its Effects on Economic Development within Thailand

Thailand's economic cooperation with neighboring countries, including not only trade and investment but also economic assistance, is tied inseparably to regional development within Thailand. Assistance to develop infrastructure along economic corridors, for example, promotes Thai regional development. This study examines the trade and investment relationships between Thailand and its neighboring countries, as well as related economic policies of Thailand. The study also examines the type of economic assistance being extended, and the resulting regional development taking place. And lastly, the study considers policies for further cooperation by Thailand and the implications this has for Japanese economic cooperation.

Evaluation of Non-Survey International IO Construction Methods with the Asian-Pacific Input-Output Table

This paper presents four non-survey methods to construct a full-information international input-output table from national IO tables and international import and export statistics, and this paper tests these four methods against the semi-survey international IO table for nine East-Asian countries and the USA, which is constructed by the Institute of Developing Economies in Japan. The tests show that the impact on the domestic flows of using self-sufficiency ratios is small, except for Singapore and Malaysia, two countries with large volumes of smuggling and transit trade. As regards the accuracy of the international flows, all methods show considerable errors, of 10%-40% for commodities and of 10%-70% for services. When more information is added, i.e. going from Method 1 to 4, the accuracy increases, except for Method 2 that generally produces larger errors than Method 1. In all, it seems doubtful whether replacing the semi-survey Asian-Pacific IO table with one of the four non-survey tables is justified, except when the semi-survey table itself is also considered to be just another estimate.