The effort to stabilise the financial system in Japan: an outline and the characteristics of the programme for financial revival. Bruegel Working Paper 2015/02, 18 March 2015

This Working Paper provides an overview of the Programme for Financial Revival announced in October 2002 in Japan. The programme aimed to dramatically reduce the large amount of non-performing loans that remained until the end of the 1990s. In addition to solving the problem of bad loans, the Programme for Financial Revival aimed to build a strong financial system. For this purpose, the programme comprised three pillars: 1) creation of a new framework for the financial system, 2) creation of a new framework for corporate revitalisation, 3) creation of a new framework for financial administration. The Japanese experience suggests that despite its delayed introduction, this programme may be considered successful in going some way to drastically reduce non-performing loans and stabilise the financial system. Japan’s financial problems and their resolution since the 1990s provide a number of lessons for other economies, particularly for Europe in relation to the difficulties over the euro.

(Table 1) Ice floe size and other characteristics during aerial observations in Prydz Bay, Antarctica

On the basis of aerial photographs of sea ice floes in the marginal ice zone (MIZ) of Prydz Bay acquired from December 2004 to February 2005 during the 21st Chinese National Antarctic Research Expedition, image processing techniques are employed to extract some geometric parameters of floes from two merged transects covering the whole MIZ. Variations of these parameters with the distance into the MIZ are then obtained. Different parameters of floe size, namely area, perimeter, and mean caliper diameter (MCD), follow three similar stages of increasing, flat and increasing again, with distance from the open ocean. Floe shape parameters (roundness and the ratio of perimeter to MCD), however, have less significant variations than that of floe size. Then, to modify the deviation of the cumulative floe size distribution from the ideal power law, an upper truncated power-law function and a Weibull function are used, and four calculated parameters of the above functions are found to be important descriptors of the evolution of floe size distribution in the MIZ. Among them, Lr of the upper truncated power-law function indicates the upper limit of floe size and roughly equals the maximum floe size in each square sample area. L0 in the Weibull distribution shows an increasing proportion of larger floes in squares farther from the open ocean and roughly equals the mean floe size. D in the upper truncated power-law function is closely associated with the degree of confinement during ice breakup. Its decrease with the distance into MIZ indicates the weakening of confinement conditions on floes owing to wave attenuation. The gamma of the Weibull distribution characterizes the degree of homogeneity in a data set. It also decreases with distance into MIZ, implying that floe size distributes increase in range. Finally, a statistical test on floe size is performed to divide the whole MIZ into three distinct zones made up of floes of quite different characteristics. This zonal structure of floe size also agrees well with the trends of floe shape and floe size distribution, and is believed to be a straightforward result of wave-ice interaction in the MIZ.

Plant species, biomass and environmental characteristics of relevés along the North America Arctic bioclimate gradient

Question: How do interactions between the physical environment and biotic properties of vegetation influence the formation of small patterned-ground features along the Arctic bioclimate gradient? Location: At 68° to 78°N: six locations along the Dalton Highway in arctic Alaska and three in Canada (Banks Island, Prince Patrick Island and Ellef Ringnes Island). Methods: We analysed floristic and structural vegetation, biomass and abiotic data (soil chemical and physical parameters, the n-factor [a soil thermal index] and spectral information [NDVI, LAI]) on 147 microhabitat releves of zonalpatterned-ground features. Using mapping, table analysis (JUICE) and ordination techniques (NMDS). Results: Table analysis using JUICE and the phi-coefficient to identify diagnostic species revealed clear groups of diagnostic plant taxa in four of the five zonal vegetation complexes. Plant communities and zonal complexes were generally well separated in the NMDS ordination. The Alaska and Canada communities were spatially separated in the ordination because of different glacial histories and location in separate floristic provinces, but there was no single controlling environmental gradient. Vegetation structure, particularly that of bryophytes and total biomass, strongly affected thermal properties of the soils. Patterned-ground complexes with the largest thermal differential between the patterned-ground features and the surrounding vegetation exhibited the clearest patterned-ground morphologies.

Petrological and geochemical characteristics of DSDP Hole 37-334 gabbroic cumulates (Table 1)

The gabbronoritic cumulates drilled at DSDP Site 334 (Mid-Atlantic Ridge off the FAMOUS area) are neither crystallization products of the associated basalts, nor from any MORB composition documented along ocean ridges. Their parent melts are richer in SiO2 than MORB at a given MgO content, as attested by the crystallization sequence starting with an olivine+calcic and sub-calcic pyroxene assemblages. These melts are issued from a source highly depleted in incompatible elements, likely residual peridotite left after MORB extraction. To understand the role of water in the genesis of these lithologies whose occurrence in a mid-ocean ridge setting is rather puzzling, we performed a geochemical study on clinopyroxene separates following an analytical protocol able to remove the effects of water rock interactions post-dating their crystallization. Accordingly, the measured isotopic signatures can be used to trace magma sources. We find that Site 334 clinopyroxenes depart from the global mantle correlation: normal MORB values for the 143Nd/ 144Nd ratio (0.51307-0.51315) are associated to highly radiogenic 87Sr / 86Sr (0.7034-0.7067) ratios. This indicates that the parent melts of Site 334 cumulates are issued from a MORB source but that seawater contamination occurred at some stage of their genesis. The extent of contamination, traced by the Sr isotopic signature, is variable within all cumulates but more developed for gabbronorites sensus stricto, suggesting that seawater introduction was a continuous process during all the magmatic evolution of the system, from partial melting to fractional crystallization. Simple masse balance calculations are consistent with a contaminating agent having the characters of a highly hydrated (possibly water saturated) silica-rich melt depleted in almost all incompatible major, minor and trace elements relative to MORB. Mixing in various proportions of contaminated melts similar to the parent melts of Site 334 cumulates with MORB can account for part of the variability in the Sr isotopic signature of oceanic basalts, among other to the short wavelength isotopic "noise" superimposed on regional trends. We conclude that seawater introduction into residual peridotite at shallow depth beneath mid-ocean ridges can lead mantle rocks and their melts to follow complex P-T-fH2O paths that mimic petrogenetic contexts classically attributed to subduction zone environments, like the production of boninitic-andesitic magmas.

Social and economic characteristics of Spanish-origin hired farmworkers in 1973 /

"Revised version of a paper presented to the annual meeting of the Rural Sociological Society, San Francisco, Calif., August 1975."