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

EARL KIM 12 CAPRICES FOR SOLO VIOLIN: SURVEY OF HIS INNOVATIVE SOLO VIOLIN WRITING VIA HIS TWELVE LOVE LETTERS

The purpose of this project is to bring Kim’s caprices into the mainstream violin literature through a three-prong approach by examining each caprice via musical analysis, technical analysis, and by investigating its pedagogical merit. After inspecting each caprice through three different lenses mentioned above, the paper will organize the twelve caprices around a tripartite structure; serial, atonal, and free tonal. The work opens with a six-measure Motto. While the relationship between the Motto and the rest of the work is not immediately clear, thorough musical and formal analysis will provide insight into the work’s cohesion. This project will also examine pedagogically what specific technical challenges lay in selected caprices and how to solve thorny problems. The caprices are truly innovative in a sense that they present opportunities to understand non-tonal polyphonic writing on what is supposed to be a monophonic instrument while expanding the tradition of the Violin Caprice

Financial contagion in the East Asian crisis

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

Concert recording 2018-02-24

[Track 1]. Etudes-caprices, op. 18. No. 1 Moderato - Allegro moderato - Tempo I [Track 2]. No. 2 Andante - Agitato e vigoroso - Motlo andante / Henri Wieniawski -- [Track 3]. Sonata for two violins, op. 56. I. Andante cantabile [Track 4]. II. Allegro [Track 5]. III. Commodo (quasi allegretto) [Track 6]. IV. Allegro con brio / Sergei Prokofiev -- [Track 7]. Duetti per due violini. 1. Béle [Track 8]. 3. Yossi [Track 9]. 5. Maja [Track 10]. 6. Bruno [Track 11]. 7. Camilla [Track 12]. 10. Giogio Federico [Track 13]. 11. Valerio [Track 14]. 18. Piero [Track 15]. 19. Annie [Track 16]. 20. Edoardo [Track 17]. 21. Flamma [Track 18]. 22. Vinko [Track 19]. 24. Aldo [Track 20]. 25. Carlo [Track 21]. 26. Henri [Track 22]. 27. Alfredo [Track 23]. 28. Igor [Track 24]. 29. Alfredo [Track 25]. 30. Massimo [Track 26]. 31. Mauricio [Track 27]. 32. Maurice [Track 28]. Lorin [Track 29]. 34. Lele / Luciano Berio -- [Track 30]. Sonata for two violins, op. 15. I. Allegro risoluto [Track 31]. II. Lento assai [Track 32]. III. Vivo e giocoso / Mikós Rozsa

Bankruptcy of Lehman Brothers: Determinants of Cross-country Impacts on Stock Market Volatility

We empirically examine the determinants of the short-term cross-country impacts of Lehman Brothers' bankruptcy on the volatility of stock prices. According to the results of this study, countries with lower financial openness and greater stock market depth experienced a smaller increase in stock price volatility. This suggests that capital control and greater stock market development were relatively more useful in maintaining the stability of stock markets at the time of Lehman's failure. On the other hand, we find little evidence for the role of international imbalances, trade openness, economic sizes and income levels, and macroeconomic fundamentals.   Keywords: Lehman Brothers; volatility of stock prices; financial openness; stock market development JEL Classifications: F32; F36; F38; F4

Managing Foreign Capital Flows: The Experience of Korea, Thailand, Malaysia, and Indonesia

Between 1990 and 1994 developing countries in Asia posted $261 billion in net capital inflows, an amount equivalent to about half the total inflows to all developing countries. Although foreign direct investment accounts for the largest portion of net inflows to Asia, the share of portfolio investment has been steadily rising, from an average of 8 percent of net inflows between 1983 and 1989 to 24 percent between 1990 and 1994. Suggested reasons for the increase in portfolio investment have been a high demand for capital coupled with favorable growth prospects, deregulation and liberalization of capital accounts, domestic financial reform (which has facilitated foreign investment in domestic securities), lower interest rates, and international portfolio diversification. Capital inflows have been important in supporting high rates of investment, particularly in Indonesia, Malaysia, and Thailand, but short-term capital inflows also have threatened macroeconomic instability by inducing volatility of key financial variables such as the exchange rate. Threats to stability have, in turn, led countries to install direct control measures to dampen large swings in short-term capital inflows. In this working paper, Yung Chul Park, of Korea University and the Korea Institute of Finance, and Chi-Young Song, of the Korea Institute of Finance, analyze the experiences of Korea, Thailand, Malaysia, and Indonesia in managing these capital inflows. Park and Song found that for each of the four countries, following the surge in capital inflows, inflation rates rose (although they note that there is not necessarily a causal relationship between the two events) and real effective exchange rates declined (the result of a gradually rising share of investment to GDP and fiscal discipline). Moreover, there appeared to be no long-term rise in financial market volatility as compared to the period preceding the rise in capital inflows. The authors attribute this to policies of exchange rate sterilization, monetary stabilization, and fiscal restraint. In particular, exchange rates likely remained stable because each country adopted a similar interventionist policy to prevent rapid appreciation of the nominal rate.

Intra-abdominal angiosarcoma developing in a capsule of a foreign body: report of a case with associated hemorrhagic diathesis

BACKGROUNDS: Angiosarcoma occurs very rarely in the gastrointestinal tract and can present great diagnostic difficulty, especially when it is associated with intraabdominal abscess or granulation tissue. CASE PRESENTATION: We report a case where the angiosarcoma was diagnosed after the occurrence of disseminated angiosarcoma and concurrent hemoperitoneum. The tumor developed in the fibrous capsule of a foreign body, which was possibly related to the previous appendectomy twenty years ago, and became a widely disseminated malignant neoplasm in the abdomen. After the operation, the patient's course was dominated by a fatal consumptive coagulapathy. Pathologic examination of the multiple intra-abdominal lesions showed the histological and immunohistological characteristics of the angiosarcoma. CONCLUSION: Even though angiosarcoma in the gastrointestinal tract is extremely rare, when dealing with intraabdominal abscess or the gastrointestinal bleeding in patients who have undergone surgery or radiation therapy in the past, the possibility of angiosarcoma should be considered. To make the definite diagnosis of angiosarcoma and to avoid the misdiagnosis of foreign body granuloma, thorough histological examination and immunohistochemical staining may be prerequisite

Beclin 1 functions as a negative modulator of MLKL oligomerisation by integrating into the necrosome complex

Necroptosis is a form of regulated cell death caused by formation of the necrosome complex. However, the factors modulating this process and the systemic pathophysiological effects of necroptosis are yet to be understood. Here, we identified that Beclin 1 functions as an anti-necroptosis factor by being recruited into the necrosome complex upon treatment with TNF alpha, Smac mimetic, and pan-caspase inhibitor and by repressing MLKL oligomerisation, thus preventing the disruption of the plasma membrane. Cells ablated or knocked-out for Beclin 1 become sensitised to necroptosis in an autophagy-independent manner without affecting the necrosome formation itself. Interestingly, the recruitment of Beclin 1 into the necrosome complex is dependent on the activation and phosphorylation of MLKL. Biochemically, the coiled-coil domain (CCD) of Beclin 1 binds to the CCD of MLKL, which restrains the oligomerisation of phosphorylated MLKL. Finally, Beclin 1 depletion was found to promote necroptosis in leukaemia cells and enhance regression of xenografted-tumour upon treatment with Smac mimetics and caspase inhibitors. These results suggest that Beclin 1 functions as a negative regulator in the execution of necroptosis by suppressing MLKL oligomerisation