Prospects for Monetary Cooperation in East Asia

The purpose of this paper is to reexamine the exchange rate policy of the Republic of Korea, and its role in promoting financial and monetary cooperation in East Asia in the wake of the 2008 global financial crisis. The Republic of Korea would not actively participate in any discussion of establishing a regional monetary and exchange rate arrangement as it is expected to maintain a weakly managed floating regime. The People’s Republic of China (PRC) has been fostering the yuan as an international currency, which will lay the groundwork for forming a yuan area among the PRC; the Association of Southeast Asian Nations (ASEAN); Hong Kong, the PRC; and Taipei,China. Japan has shown less interest in assuming a greater role in East Asia’s economic integration due to deflation, a strong yen, slow growth, and political instability. Japan would not eschew free floating. These recent developments demand a new modality of monetary cooperation among the Republic of Korea, Japan, and the PRC. Otherwise, ASEAN+3 will lose its rationale for steering regional economic integration in East Asia.exchange rate policy; republic of korea; financial monetary cooperation; east asia; global financial crisis; regional economic integration

Financial contagion in the East Asian crisis

노트 : Book Title: International Financial ContagionBook Chapter: Financial contagion in the East Asian crisi

Structural and Correlation Effects in the Itinerant Insulating Antiferromagnetic Perovskite NaOsO3

The orthorhombic perovskite NaOsO3 undergoes a continuous metal-insulator transition (MIT), accompanied by antiferromagnetic (AFM) order at T_N=410 K, suggested to be an example of the rare Slater (itinerant) MIT. We study this system using ab initio and related methods, focusing on the origin and nature of magnetic ordering and the MIT. The rotation and tilting of OsO6 octahedra in the GdFeO3 structure result in moderate narrowing the band width of the t_{2g} manifold, but sufficient to induce flattening of bands and AFM order within the local spin density approximation (LSDA), where it remains metallic but with a deep pseudogap. Including on-site Coulomb repulsion U, at U_c ~2 eV a MIT occurs only in the AFM state. Effects of spin-orbit coupling (SOC) on the band structure seem minor as expected for a half-filled $t_{2g}^{3}$ shell, but SOC doubles the critical value U_c necessary to open a gap and also leads to large magnetocrystalline energy differences in spite of normal orbital moments no greater than 0.1$\mu_B$. Our results are consistent with a Slater MIT driven by magnetic order, induced by a combination of structurally-induced band narrowing and moderate Coulomb repulsion, with SOC necessary for a full picture. Strong p-d hybridization reduces the moment, and when bootstrapped by the reduced Hund's rule coupling (proportional to the moment) gives a calculated moment of ~1 $\mu_B$, consistent with the observed moment and only a third of the formal $d^3$ value. We raise and discuss one important question: since this AFM ordering is at q=0 (in the 20 atom cell) where nesting is a moot issue, what is the microscopic driving force for ordering and the accompanying MIT?Comment: 9 page

CEO Compensation and Concurrent Executive Employment of Outside Directors: A Panel Data Analysis of S&P 1500 firms

In many advanced countries, most outside directors are executives, active or retired, at other firms; in other words, executives from other companies make executive compensation decisions. This situation may hinder the board of directors (BOD) in their efforts to optimize executive compensation levels objectively. Using a panel data analysis of the S&P 1500 companies, we provide supplemental evidence of whether, and to what extent, the concurrent executive employment of outside directors distorts the executive pay decisions at a given company. An unbiased fixed-effect estimation confirms that a 1.00 increase in CEO pay at outside directors’ primary companies results in an approximate increase of 0.22 in CEO pay at the given company. From a policy perspective, this added agency problem — caused by the BOD and not by management — is noted as difficult to control; although a firm may establish board independence, the inherent concurrent employment of directors on a board continues to exist

Newly designed coil tube for bowel decompression in patients with small bowel obstructions

AbstractBackgroundThe purpose of this study was to clinically evaluate a coil tube that we recently designed for bowel decompression in patients with a small bowel obstruction.MethodsThe coil tube was composed of a stainless steel coil, a polyolefin tube, and a rubber adaptor. The tube was inserted under fluoroscopic guidance in 14 consecutive patients with small bowel obstructions. Technical success was defined as insertion of the distal end of the tube into at least the proximal jejunum, and clinical success was defined as intestinal decompression and relief of obstructive symptoms.ResultsThe technical success rate was 100%. Clinical success was achieved in 12 patients (86%). The clinical failures were a patient with peritoneal carcinomatosis and an ileocolic fistula, and a patient with bezoars following intestinal hemorrhage. No coil-related complications occurred.ConclusionOur newly designed coil tube was safe and effective in patients with bowel decompression associated with a small bowel obstruction. In addition, our tube has several advantages over other currently used tube types

Subpleural Pulmonary Hyalinizing Granuloma Presenting as a Solitary Pulmonary Nodule

AbstractWe introduce a case of pulmonary hyalinizing granuloma presented as a solitary pulmonary nodule located subpleurally. The patient was a 57-year-old man who had abnormal chest roentgenograms showing a solitary pulmonary nodule in the right lower lung field. The nodule was resected for definitive diagnosis and histopathologically proved to be pulmonary hyalinizing granuloma. In previously reported cases, most patients had ill-defined margins and usually bilateral, multiple lesions radiographically. In our case, the subpleural location is an uncommon location of this rare entity

The uncalibrated pulse contour cardiac output during off-pump coronary bypass surgery: performance in patients with a low cardiac output status and a reduced left ventricular function

BACKGROUND: We compared the continuous cardiac index measured by the FloTrac/Vigileo™ system (FCI) to that measured by a pulmonary artery catheter (CCI) with emphasis on the accuracy of the FCI in patients with a decreased left ventricular ejection fraction (LVEF) and a low cardiac output status during off-pump coronary bypass surgery (OPCAB). We also assessed the influence of several factors affecting the pulse contour, such as the mean arterial pressure (MAP), the systemic vascular resistance index (SVRI) and the use of norepinephrine. METHODS: Fifty patients who were undergoing OPCAB (30 patients with a LVEF ≥ 40%, 20 patients with a LVEF < 40%) were enrolled. The FCI and CCI were measured and we performed a Bland-Altman analysis. Subgroup analyses were done according to the LVEF (< 40%), the CCI (≤ 2.4 L/min/m), the MAP (60-80 mmHg), the SVRI (1,600-2,600 dyne/s/cm(5)/m(2)) and the use of norepinephrine. RESULTS: The FCI was reliable at all the time points of measurement with an overall bias and limit of agreement of -0.07 and 0.67 L/min/m(2), respectively, resulting in a percentage error of 26.9%. The percentage errors in the patients with a decreased LVEF and in a low cardiac output status were 28.2% and 22.3%, respectively. However, the percentage error in the 91 data pairs outside the normal range of the SVRI was 40.2%. CONCLUSIONS: The cardiac output measured by the FloTrac/Vigileo™ system was reliable even in patients with a decreased LVEF and in a low cardiac output status during OPCAB. Acceptable agreement was also noted during the period of heart displacement and grafting of the obtuse marginalis branch.ope