Genomic Approaches to Developing Molecular Markers Linked to Grey Leaf Spot Resistance Loci in Ryegrasses

Ryegrass grey leaf spot (GLS), which is also called ryegrass blast, is caused by Magnaporthe oryzae (anamorph Pyricularia oryzae). It is a serious disease in ryegrasses including perennial ryegrass (Lolium perenne L.) and Italian ryegrass (L. multiflorum Lam.). Heavily infected young seedlings die within days, and grass stands can be seriously damaged by the disease. Thus, the development of GLS-resistant cultivars has become one of the most important objectives in ryegrass breeding. This chapter provides an overview of the current information regarding molecular marker development in the breeding of GLS-resistant ryegrass cultivars. It focuses on the pathology of GLS, heritability and breeding of GLS resistance, and development of molecular markers linked to a major ryegrass GLS resistance gene

"Macroeconomic Implications of Term Structures of Interest Rates under Stochastic Differential Utility with Non-Unitary EIS"

This paper proposes a continuous-time term-structure model under stochastic differential utility with non-unitary elasticity of intertemporal substitution (EIS, henceforth) in a representative-agent endowment economy with mean-reverting expectations on real output growth and inflation. Using this model, we make clear structural relationships among a term structure of real and nominal interest rates, utility form and underlying economic factors (in particular, inflation expectation). Notably, we show that, if (1) the EIS is less than one, (2) the agent is comparatively more risk-averse relative to timeseparable utility, (3) short-term interest rates are pro-cyclical, and (4) the rate of expected inflation is negatively correlated with the rate of real output growth and its expected rate, then a nominal yield curve can have a low instantaneous riskless rate and an upward slope.

Macroeconomic Implications of Term Structures of Interest Rates under Stochastic Differential Utility with Non-Unitary EIS ( Forthcoming in "Asia-Pacific Financial Markets" , vol.16-3231-263, 2009; Revised in July 2009 )

This paper proposes a continuous-time term-structure model under stochastic differential utility with non-unitary elasticity of intertemporal substitution (EIS, henceforth) in a representative-agent endowment economy with mean-reverting expectations on real output growth and inflation. Using this model, we make clear structural relationships among a term structure of real and nominal interest rates, utility form and underlying economic factors (in particular, inflation expectation). Notably, we show that, if (1) the EIS is less than one, (2) the agent is comparatively more risk-averse relative to timeseparable utility, (3) short-term interest rates are pro-cyclical, and (4) the rate of expected inflation is negatively correlated with the rate of real output growth and its expected rate, then a nominal yield curve can have a low instantaneous riskless rate and an upward slope. Keywords: Stochastic differential utility; Non-unitary EIS; Term structure of interest rates; Inflation expectation.

Financial Cooperation in East Asia: Its Future Directions

After looking back the achievements of financial cooperation in Asia, this paper argues its future direction. Despite recent financial turmoil of "Euro", the financial integration in Europe still has the aspects from which we should learn. The other aspect of the financial integration besides the single currency is to develop the good market infrastructure at regional scale. In this respect, Euro has attained good achievement. Financial service has improved much in Europe, which supports the promotion of trade and investment. In Asia, economic integration has progressed in trade and production, while cross border financial service is far behind. There remain many impediments in the financial services. In order to improve them, the priority should be put on the development of financial infrastructureFinancial cooperation, The single currency, Financial integration

The Japanese Financial Sector's Transition from High Growth to the 'Lost Decades': A Market Economy Perspective

This paper looks at Japan's experience in transforming its financial system. While the country is considered a model of successful Asian economic development, it has encountered many difficulties as introducing market economy. During the 1960s and 1970s, Japan experienced high economic growth, contributed by its regulated financial sector. Cooperation among the government, banks and corporations created a strong system, in which main banks played an important role. They supported companies and, sometimes, in addition to their role in the corporate governance of client enterprises, they also rescued troubled companies. In addition, banks extended loans to businesses in promising sectors, thereby assuming risks similar to those taken by venture capitalists. However, during the 1970s and 1980s, Japan's financial system, under pressure from the changing economic environment, was compelled to adjust. Economic growth led to changes in the money flow, as Japanese big business began to lose its appetite for borrowing. Instead, there developed circumvented financing outside the domestic market that, with the growing bond market and accumulation of other financial assets, led to financial liberalization.In the late 1980s, this liberalization resulted in a combination of loose monetary conditions after the Plaza Agreement, an economic boom, and the bursting of the asset bubble. Then, between 1991 and 2000, Japan experienced a "lost decade." Now, in order to pull itself out of its economic malaise, Japan continues to focus on market orientation in a bid to achieve economic reform but, so far, this has been little benefit. One of the main challenges Japan still faces is developing a new set of institutional complementarities.Institutional Complementarities, Network Capitalism, Personalized System

A Financial System Perspective on Japan's Experience in the Late 1980s

This paper revisits the events of the 1980s bubble in Japan in light of the lessons learned from the subprime crisis in the United States. Our focus is on the role played by sectoral developments in the financial system in Japan. We highlight the transformation of a subset of non-financial firms (the large manufacturing firms) from being net debtors to the banks to becoming net creditors to the banks, thereby becoming part of the financial intermediary sector. In this way, large manufacturing firms in Japan played the role of surrogate wholesale banks that increased the overall supply of credit to the economy. When good borrowers already had credit and yet loose monetary conditions encouraged greater credit supply, credit availability to marginal borrowers and to real estate-related sectors increased. We discuss the role of market conditions and monetary policy in this development.Balance sheet, Commitment, Credit supply, Financial liberalization, Financial system perspective, Japan, Subprime crisis