Estimates of Total Factor Productivity, the Contribution of ICT, and Resource Reallocation Effects in Japan and Korea

The purpose of our study is to identify the sources of economic growth based on a KLEMS model for Japan and Korea. We also identify the growth contribution of ICT assets and resource reallocation effects in the two economies. Both Japan and Korea enjoyed high TFP growth in ICT-producing sectors but suffered low TFP growth in ICT-using sectors. For Japan, we find that the main factor underlying the Lost Decade is the slow-down in TFP growth. We also found that Korea's TFP growth was slow until the Asian financial crisis of 1997-1999 but then accelerated after the crisis. It seems that before the crisis, Korea was following a catch-up process with developed economies that was predominantly input-led and manufacturing-based, as documented by Timmer (1999) and Pyo (2001). However, through the drastic economic reform undertaken during the crisis, Korea seems to have shifted to a new phase of economic growth since the end of the 1990s. TFP growth rates, especially those in manufacturing sectors, have substantially increased in post-crisis Korea. Both in Japan and Korea, productivity in service sectors is much lower than in manufacturing. The reason probably is excessive regulation and a lack of competition in service sectors. And these factors seem to have impeded introduction of ICT in service industries. As for ICT capital accumulation, the ICT investment/GDP ratio of Korea is higher than that of Japan. Especially, the speed of ICT accumulation in the ICT sector in Korea is much faster than that in Japan. Both in Japan and Korea, the largest component in ICT investment is computing equipment. In the case of resource reallocation across sectors, the reallocation effect of capital input was negligible or negative for most periods both in Korea and Japan. After the financial crisis of 1997-99, the resource allocation effect of capital in Korea remained negative, although the size of the negative effect declined. On the other hand, the reallocation effect of labor input was positive for most periods both in Korea and Japan.

Detection of plutonium with the microwave plasma continuous emissions monitor

The first successful detection of plutonium with a continuous microwave plasma emissions monitor has been demonstrated. Seven plutonium emission peaks in the 362 - 366 nm and 449 - 454 nm ranges were clearly observed. The strongest peak was at 453.62 nm. This peak and five of the other plutonium peaks were easily distinguishable from possible interference from iron emission peaks with a spectrometer resolution of 0.1 nm. 2 refs., 3 figs

The rotation curves of dwarf galaxies: a problem for Cold Dark Matter?

We address the issue of accuracy in recovering density profiles from observations of rotation curves of galaxies. We ``observe'' and analyze our models in much the same way as observers do the real galaxies. We find that the tilted ring model analysis produces an underestimate of the central rotational velocity. In some cases the galaxy halo density profile seems to have a flat core, while in reality it does not. We identify three effects, which explain the systematic biases: (1) inclination (2), small bulge, and (3) bar. The presence of even a small non-rotating bulge component reduces the rotation velocity. In the case of a disk with a bar, the underestimate of the circular velocity is larger due to a combination of non-circular motions and random velocities. Signatures of bars can be difficult to detect in the surface brightness profiles of the model galaxies. The variation of inclination angle and isophote position angle with radius are more reliable indicators of bar presence than the surface brightness profiles. The systematic biases in the central ~ 1 kpc of galaxies are not large. Each effect separately gives typically a few kms error, but the effects add up. In some cases the error in circular velocity was a factor of two, but typically we get about 20 percent. The result is the false inference that the density profile of the halo flattens in the central parts. Our observations of real galaxies show that for a large fraction of galaxies the velocity of gas rotation (as measured by emission lines) is very close to the rotation of stellar component (as measured by absorption lines). This implies that the systematic effects discussed in this paper are also applicable both for the stars and emission-line gas.Comment: ApJ, in press, 30 pages, Latex, 21 .eps figure

Gastric Extremely Well-Diferentiated Intestinal-Type Adenocarcinoma: A Challenging Lesion to Achieve Complete Endoscopic Resection

Extremely well-differentiated tubular adenocarcinomas (EWDAs) of the stomach are characterized by surface maturation and their mimicking of intestinal metaplasia. Endoscopically, intramucosal EWDAs are frequently ill defined with indistinct borders due to the pallor of the neoplastic mucosa and the lack of contrast against the background atrophic and metaplastic mucosa. We evaluated the effectiveness of endoscopic resection for EWDAs after endoscopic submucosal dissection (ESD). Among 872 patients with early gastric cancer, 17 EWDAs were identified (1.9 %). Endoscopically, the flat or depressed type was significantly more common among EWDAs (88.2 %) than among early gastric cancers of other histologies (37.8 %; P < 0.01). The discrepancy between endoscopically estimated tumor size and tumor size as confirmed in pathology reports was significantly greater among EWDAs (18.4 ± 22.0 mm) than among others (5.8 ± 7.5 mm). Involvement of the lateral resection margin was more common (29.4 % vs. 2.5 %; P < 0.05), and complete resection was achieved less often in EWDAs (47.1 % vs. 80.4 %; P = 0.01) compared to the others. EWDAs are associated with higher rates of incomplete resection after ESD, especially along the lateral margins. Pathologists should alert endoscopists when this diagnosis is made, with its associated risks; and endoscopists should pay particular attention to the extent of these tumors during resection

The Impact of Futures Trading on Cash Market Volatility: Evidence from the Tokyo Stock Exchange

This paper has examined Japanese stock market volatility using alternative estimates of volatility and several testing procedures to compare the time periods before and after the introduction of index futures contracts. On the basis of 100 randomly selected stocks, empirical evidence from these texts indicates that futures trading had an insignificant impact on prove volatility in the cash market. The results are generally consistent with what has been reported for the U.S. market