Post-crisis Exchange Rate Regimes in ASEAN:A New Empirical Test Based on Intra-daily Data (Forthcoming in "Singapore Economic Review". )

The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand, and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing possible estimation biases which the choice of numeraire may cause. It can also contrast exchange rate movements during the time zone when the government intervention is active with those when the intervention is not active. We examine how and when the ASEAN currencies changed their correlations with the U.S. dollar and the Japanese yen. We find significant structural breaks in the correlations during the time zone when East Asian market is open. In the post-crisis period, the first structural break happened when Malaysia adopted the fixed exchange rate and the second break happened when some East Asian countries introduced inflation targeting. The structural breaks suggest strong monetary and real linkages among the ASEAN countries.

"Exchange Rate Regimes in East Asia after the Crisis: Implications from Intra-daily Data"

The purpose of this paper is to investigate what affected the post-crisis exchange rates of five East Asian countries: Singapore, Thailand, Korea, Taiwan, and Malaysia. Based on intra-daily observations, we examine how and when these five East Asian currencies changed their correlations with the U.S. dollar and the Japanese yen. During the time zones when East Asian markets were closed, the East Asian currencies kept strong correlations with the U.S. dollar throughout the pos-crisis period. We, however, find structural breaks in the correlations during the time zones when East Asian markets were open. In the post-crisis period, the first structural break arose when Malaysia adopted the fixed exchange rate. The second structural break occurred when Indonesia and Thailand introduced inflation targeting. The structural breaks suggest strong monetary and real linkage among East Asian countries. After early 2000, the East Asian currencies increased correlations with the U.S. dollar and began reverting back to de facto pegs against the U.S. dollar in terms of their growth rates.

"Post-crisis Exchange Rate Regimes in ASEAN:A New Empirical Test Based on Intra-daily Data"

The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand, and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing possible estimation biases which the choice of numeraire may cause. It can also contrast exchange rate movements during the time zone when the government intervention is active with those when the intervention is not active. We examine how and when the ASEAN currencies changed their correlations with the U.S. dollar and the Japanese yen. We find significant structural breaks in the correlations during the time zone when East Asian market is open. In the post-crisis period, the first structural break happened when Malaysia adopted the fixed exchange rate and the second break happened when some East Asian countries introduced inflation targeting. The structural breaks suggest strong monetary and real linkages among the ASEAN countries.

Relationship between cognitive function and prevalence of decrease in intrinsic academic motivation in adolescents

<p>Abstract</p> <p>Background</p> <p>Decrease in intrinsic motivation is a common complaint among elementary and junior high school students, and is related to poor academic performance. Since grade-dependent development of cognitive functions also influences academic performance by these students, we examined whether cognitive functions are related to the prevalence of decrease in intrinsic academic motivation.</p> <p>Methods</p> <p>The study group consisted of 134 elementary school students from 4th to 6th grades and 133 junior high school students from 7th to 9th grades. Participants completed a questionnaire on intrinsic academic motivation. They also performed paper-and-pencil and computerized cognitive tests to measure abilities in motor processing, spatial construction, semantic fluency, immediate memory, short-term memory, delayed memory, spatial working memory, and selective, alternative, and divided attention.</p> <p>Results</p> <p>In multivariate logistic regression analyses adjusted for grade and gender, scores of none of the cognitive tests were correlated with the prevalence of decrease in intrinsic academic motivation in elementary school students. However, low digit span forward test score and score for comprehension of the story in the <it>kana </it>pick-out test were positively correlated with the prevalence of decrease in intrinsic academic motivation in junior high school students.</p> <p>Conclusions</p> <p>The present findings suggest that decrease in capacity for verbal memory is associated with the prevalence of decrease in intrinsic academic motivation among junior high school students.</p

Low visual information-processing speed and attention are predictors of fatigue in elementary and junior high school students

Background: Fatigue is a common complaint among elementary and junior high school students, and is known to be associated with reduced academic performance. Recently, we demonstrated that fatigue was correlated with decreased cognitive function in these students. However, no studies have identified cognitive predictors of fatigue. Therefore, we attempted to determine independent cognitive predictors of fatigue in these students.Methods: We performed a prospective cohort study. One hundred and forty-two elementary and junior high school students without fatigue participated. They completed a variety of paper-and-pencil tests, including list learning and list recall tests, kana pick-out test, semantic fluency test, figure copying test, digit span forward test, and symbol digit modalities test. The participants also completed computerized cognitive tests (tasks A to E on the modified advanced trail making test). These cognitive tests were used to evaluate motor-and information-processing speed, immediate and delayed memory function, auditory and visual attention, divided and switching attention, retrieval of learned material, and spatial construction. One year after the tests, a questionnaire about fatigue (Japanese version of the Chalder Fatigue Scale) was administered to all the participants.Results: After the follow-up period, we confirmed 40 cases of fatigue among 118 students. In multivariate logistic regression analyses adjusted for grades and gender, poorer performance on visual information-processing speed and attention tasks was associated with increased risk of fatigue.Conclusions: Reduced visual information-processing speed and poor attention are independent predictors of fatigue in elementary and junior high school students