Japan's Persistent Trade Surplus: Policies for Adjustment

While part of the recent increase in the Japanese trade surplus can be attributed to the Japanese recession, the surplus has widened despite the appreciation of the yen and enactment of policies to open Japanese markets. We review the trade surplus issue in the light of theories of trade and current account adjustment. We evaluate the potential for exchange appreciation and Japanese fiscal policy to reduce the imbalance, estimating their effects using simulations of the NIRA-LINK model of the US-Japan-world economy. The simulations show that moderate use of macropolicies would not be sufficient to eliminate the trade imbalance.Japanese trade surplus, econometric simulations

Why Hasn’t the US Economic Stimulus Been More Effective? The Debate on Tax and Expenditure Multipliers

Recent dissatisfaction with the impact of expenditure stimulus on economic activity in the United States, along with the results of academic research, have once again raised questions about the effectiveness of fiscal stimulus policies and about whether stimulus to a recessionary economy should be in the form of tax cuts or expenditure increases. This paper considers alternative methods for evaluating the impacts of stimulus policy strategies. We discuss conceptual challenges involved in effectiveness measurement, and we review alternative empirical approaches applied in recent studies. We then present our own estimates of policy multipliers based on simulations of the IHS Global Insight model of the US economy. Based on this review and analysis, we address the question of why recent US stimulus programs have not been more effective.United States (US) recession and recovery; fiscal and monetary policy; tax and expenditure multipliers; econometric model forecast simulation.

Will Japan's Current Account Turn to Deficit?

The Japanese current account has been in surplus since 1981, ranging from 1% to more than 4% of GDP. In this paper, we review the macroeconomic forces that have driven the surplus and describe likely changes in the first part of the next century. In coming years, structural change in Japan's economy-population aging, the globalization of production, and financial market reforms-will alter the underlying determinants of the surplus. While the net effect of these forces is difficult to predict, the most likely outcome is a gradual closing of the current account gap. We use large-model simulation analysis to evaluate the potential for specific developments to alter the current account, and we assess their likely impact on the Japanese economy.Japanese current account, forecast

Graph-Sparse LDA: A Topic Model with Structured Sparsity

Originally designed to model text, topic modeling has become a powerful tool for uncovering latent structure in domains including medicine, finance, and vision. The goals for the model vary depending on the application: in some cases, the discovered topics may be used for prediction or some other downstream task. In other cases, the content of the topic itself may be of intrinsic scientific interest. Unfortunately, even using modern sparse techniques, the discovered topics are often difficult to interpret due to the high dimensionality of the underlying space. To improve topic interpretability, we introduce Graph-Sparse LDA, a hierarchical topic model that leverages knowledge of relationships between words (e.g., as encoded by an ontology). In our model, topics are summarized by a few latent concept-words from the underlying graph that explain the observed words. Graph-Sparse LDA recovers sparse, interpretable summaries on two real-world biomedical datasets while matching state-of-the-art prediction performance

Why Is China So Competitive? Measuring and Explaining China’s Competitiveness

This paper evaluates factors responsible for the competitiveness of China in the world economy and relative to its East Asian rivals. China has been highly successful in capturing world export markets. Chinese competitiveness is not just a matter of an undervalued exchange and extremely low labor costs. It reflects primarily the coincidence of favorable cost conditions with improvements in China’s ability to produce products that meet world market specifications. These improvements are closely related to foreign participation in China’s economy through foreign direct investment and joint venture enterprises.China exports, comparative advantage, competitiveness, purchasing power parity, exchange rate, undervaluation, international comparisons, foreign direct investment, joint ventures

Why Is China So Competitive? Measuring and Explaining China’s Competitiveness

This paper evaluates factors responsible for the competitiveness of China in the world economy and relative to its East Asian rivals. China has been highly successful in capturing world export markets. Chinese competitiveness is not just a matter of an undervalued exchange and extremely low labor costs. It reflects primarily the coincidence of favorable cost conditions with improvements in China’s ability to produce products that meet world market specifications. These improvements are closely related to foreign participation in China’s economy through foreign direct investment and joint venture enterprises.China exports, comparative advantage, competitiveness, purchasing power parity, exchange rate, undervaluation, international comparisons, foreign direct investment, joint ventures.

How the Dragon Captured the World Export Markets: Outsourcing and Foreign Investment Lead the Way

This paper explores several theories regarding how China has become highly successful in capturing world export markets. The paper concludes that increased competitiveness is dependant on, but not limited to several factors discussed in detail including, exchange rate undervaluation, low wage rates and excess labor resources. Direct foreign investment which enabled China to produce products that meet world market specifications, brought new technology and foreign management, played a key factor. Reasons for China’s advantage over other East Asian countries are explored. The merits and methods of various measures of China’s competitiveness and comparative competitiveness are also discussed.China exports, comparative advantage, competitiveness, purchasing power parity, exchange rate, undervaluation, devaluation, international comparisons, foreign direct investment, technology

Latitudinal distribution and mitochondrial DNA (COI) variability of Stereotydeus spp. (Acari: Prostigmata) in Victoria Land and the central Transantarctic Mountains

We examined mitochondrial DNA (COI) variability and distribution of Stereotydeus spp. in Victoria Land and the Transantarctic Mountains, and constructed Neighbour Joining (NJ) and Maximum Likelihood (ML) phylogenetic trees using all publicly available COI sequences for the three Stereotydeus species present (S. belli, S. mollis and S. shoupi). We also included new COI sequences from Miers, Marshall and Garwood valleys in southern Victoria Land (78°S), as well as from the Darwin (79°S) and Beardmore Glacier (83°S) regions. Both NJ and ML methods produced trees which were similar in topology differing only in the placement of the single available S. belli sequence from Cape Hallett (72°S) and a S. mollis haplotype from Miers Valley. Pairwise sequence divergences among species ranged from 9.5–18.1%. NJ and ML grouped S. shoupi from the Beardmore Glacier region as sister to those from the Darwin with pairwise divergences of 8%. These individuals formed a monophyletic clade with high bootstrap support basal to S. mollis and S. belli. Based on these new data, we suggest that the distributional range of S. shoupi extends northward to Darwin Glacier and that a barrier to dispersal for Stereotydeus, and possibly other arthropods, exists immediately to the north of this area

Identity at work : exploring strategies for identity work

Orientation: This study explored strategies for identity work that are central to the negotiation and regulation of employee work identity. Research purpose: The main aim of this study was to explore employee narratives and identify the strategies available to them in the process of identity work, as they defined themselves at work. Motivation for the study: As there is a scarcity of research on identity work in South Africa, this study wanted to advance knowledge about identity work and the strategies used for regulating and negotiating an identity at work by exploring these constructs in this context. Research design, approach and method: A qualitative research process formed the basis for this study. Nineteen employees from a global manufacturing company participated in two semi-structured in-depth interviews. Grounded theory was applied to analyse and interpret the data. Main findings: Nine strategies for identity work were identified and categorised into four broad themes (personal philosophies; relationships; career management and negotiating balance). Practical/managerial implications: Employees followed various strategies for defining themselves at work and this may have some implications for employee work engagement and productivity. Contribution/value-add: This study expands on current theoretical knowledge of identity work, and provides insights into the strategies people use to regulate and negotiate their identities at work

Positive leadership:Relationships with employee inclusion, discrimination, and well‐being

The diverse nature of 21st‐century organizations has compelled leaders to minimize discrimination and bring about inclusion amongst their employees. One of the ways this can be achieved is through authentic, respectful, and inclusive leadership. The aim of the present paper was to (1) explore whether the three leadership styles can promote inclusion and curtail discrimination in the South African context and (2) ascertain whether this relationship has any bearing on well‐being across Dutch, German, Icelandic, Indonesian, and South African contexts. To reach these aims, two cross‐sectional studies have been conducted. In Study 1, 569 employees were surveyed, and results indicated that all three leadership styles loaded on a common latent factor (positive leadership) that was positively associated with both inclusion and discrimination. In Study 2, 1,926 employees were surveyed across the five countries. Results indicated that once again, the latent, positive leadership factor was positively associated with both inclusion and discrimination. Furthermore, inclusion, when compared to discrimination seemed to be a stronger mediator in the relationship between positive leadership and well‐being. We propose leadership development that will cultivate positive leadership behaviors for the benefit of employee well‐being and collaboration in increasingly diverse teams