304 research outputs found
Did Korekiyo Takahashi Rescue Japan from the Great Depression?
No full textKorekiyo Takahashi is remembered as a wise finance minister saving Japan from the Great Depression, but the role of his policy remains to be rigorously measured, with proper control for other forces also driving the recovery. Vector autoregression analysis of previously unexploited monthly data indicates that while Takahashi’s fiscal expansion was critical in reversing the downswing, the subsequent upswing was sustained by industrial policy promoted by "new bureaucrats" as well as by world recovery. The rise of fascism also aided the rebound by creating a political setting, which generated downward wage shocks.
"Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Banks in Pre-war Japan"
No full textThis paper explores how the Bank of Japan (BOJ) dealt with the trade-off between stability of the financial system and the moral hazard of banks in pre-war Japan. The BOJ concentrated Lender of Last Resort (LLR) loans with those banks that had an established transaction relationship with the BOJ. At the same time, the BOJ carefully selected its transaction counterparts, and did not hesitate to end the relationship if the performance of a counterpart declined. Further, the BOJ was selective in providing LLR loans. Through this policy, the BOJ could avoid the moral hazard that the LLR policy might otherwise have incurred.
Risky health behaviors and behavioral differences of the US youth: quasi-evidence with empirical study: policy implications
No full textThe focus of this paper is to examine the determinants and analyze the effects of risky health behaviors of alcohol and illicit drug use on social violence (drunken driving, riding in a car driven by a drunken driver, and not wearing seatbelts) among youth in the United States. Alcohol and illicit drug use usually lead to social violence as well as a reduction in health status and earnings. Although it is illegal to drink and drive in the U.S., forty-five percent of the traffic accidents among the age group of 14-18 are alcohol-related. Alcohol is a leading factor in deaths related to motor vehicle accidents.
This research defines use of alcohol, tobacco, cocaine, and other illicit drug use as risky health behavior. The use of some substances tend to precede and increase the risk of initiating habitual use of substances among the youth. The data used for this project is drawn from the 1992 and 2017 National Youth Risk Behavior Survey to examine the behavioral difference between two periods. The study examines the relationship between alcohol and illicit drug use and three types of violent behaviors: (1) drunken driving, (2) occupying a car driven by someone who has been drinking, and (3) not wearing seatbelts.
The results show that there is a positive relationship between the risky health behaviors of alcohol and illicit drug uses and social violence (drunken driving, riding in a car driven by a drunken driver, and not wearing seatbelts) among youth. The results suggest that binge drinking, smoking habits, as well as illicit drug use will contribute to the escalation of habitual, high-risk behaviors such as: drunken driving and not using seatbelts, among youth. The results also indicate that youth attitudes toward drunken driving will become more sensitive to multi-consumption habits as they get old. Controlling the consumption of alcohol and drug use at an early age is indeed an important factor in reducing drunken-driving behavior later. Drunken driving behavior is more likely to be a habitual behavior, and to reduce this behavior, access to alcohol and illicit drugs must be restricted among early teens.This audio recording was presented at the first annual Celebration of Undergraduate Research and Creative Activity while the author was an undergraduate student at Rutgers University-Camden
Construction of convex hull classifiers in high dimensions
No full textWe propose an algorithm to approximate each class region by a small number of approximated convex hulls and to use these for classification. The classifier is one of non-kernel maximum margin classifiers. It keeps the maximum margin in the original feature space, unlike support vector machines with a kernel. The construction of an exact convex hull requires an exponential time in dimension, so we find an approximate convex hull (a polyhedron) instead, which is constructed in linear time in dimension. We also propose a model selection procedure to control the number of faces of convex hulls for avoiding over-fitting, in which a fast procedure is adopted to calculate an upper-bound of the leave-one-out error. In comparison with support vector machines, the proposed approach is shown to be comparable in performance but more natural in the extension to multi-class problems
Been There, Done That: The History of Corporate Ownership in Japan
No full textJapan's corporate sector has, at different times in recent history, been organized according to every major model. Prior to World War II, wealth Japanese families locked in their control over large corporations by organizing them into pyramidal groups, called zaibatsu, similar to structures currently found in Canada, France, Korea, Italy, and Sweden. In the 1930s, the military government imposed a centrally planned command economy, with private property rights retained as little more than a legal fiction. The American occupation force replaced this with a widely held corporate sector similar to that of the United Kingdom and United States. A bout of takeovers and greenmail ensued. To defend their positions, Japanese top executives placed small numerous blocks of stock with each others' firms, creating dense networks of small intercorporate blocks that summed to majority blocks in each firm. These networks, called keiretsu, halted hostile takeovers completely. Although their primary functions were to lock in corporate control rights, both zaibatsu and keiretsu were probably also rational responses to a variety of institutional failings. Successful zaibatsu and keiretsu were enthusiastic political rent-seekers, raising the possibility that large corporate groups are better at influencing government than free standing firms. In the case of keiretsu especially, this rent seeking probably retarded financial development and created long-term economic problems.
Defect (p,q) five-branes
No full textAbstractWe study a local description of composite five-branes of codimension two. The formulation is constructed by virtue of SL(2,Z)×SL(2,Z) monodromy associated with two-torus. Applying conjugate monodromy transformations to the complex structures of the two-torus, we obtain a field configuration of a defect (p,q) five-brane. This is a composite state of p defect NS5-branes and q exotic 522-branes. We also obtain a new example of hyper-Kähler geometry. This is an ALG space, a generalization of an ALF space which asymptotically has a tri-holomorphic two-torus action. This geometry appears in the conjugate configuration of a single defect KK5-brane
InfIuences on the protein synthesis of rat liver by adrenal surgery
No full textThe author studied on the protein synthesis of rat liver influenced by adrenal surgery. The rat liver conditions were normal, acute medical toxicosis, treated with anticancer agents, and liver cirrhosis. On these conditions, adrenalectomy, or adreno-portal operation was performed and the nessesity of glucocorticoid and importance of albumin were clarified
A History of Corporate Governance around the World: Family Business Groups to Professional Managers
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