Sudden stop and trade balance reversal after Asian crisis: Investment drought impact versus exchange rate depreciation

After the Asian crisis in 1997, the respective trade balances of Indonesia, Korea, Malaysia, and Thailand reversed suddenly from deficit to surplus. By particularly addressing the sudden cessation of investment caused by the financial crisis, it is demonstrated that the IS balance adjustment dominates real exchange rate depreciation, indicating that to reform the large external imbalance of Asian countries, which is a major component of global imbalance, policymakers should target domestic absorption. Furthermore, it can be demonstrated that the large trade balance surplus of Asian countries will decrease along with recovery. Finally, policy implications related to the recent Euro crisis are provided.     

A modified likelihood ratio test for the mean direction in the von mises distribution

The likelihood ratio test (LRT) for the mean direction in the von Mises distribution is modified for possessing a common asymptotic distribution both for large sample size and for large concentration parameter. The test statistic of the modified LRT is compared with the F distribution but not with the chi-square distribution usually employed, Good performances of the modified LRT are shown by analytical studies and Monte Carlo simulation studies, A notable advantage of the test is that it takes part in the unified likelihood inference procedures including both the marginal MLE and the marginal LRT for the concentration parameter.     

Gerrymandering in a hierarchical legislature

Theory and Decision - We build a multiple hierarchical model of a representative democracy in which citizens elect ward representatives, ward representatives elect county representatives, county...     

Salvage therapy trial for erectile dysfunction using phosphodiesterase type 5 inhibitors and vitamin E: Preliminary report

We report our initial experience with salvage therapy for low responders to PDE-5 inhibitors by adding vitamin E. Of 89 patients with ED who visited our clinic between January 2004 to August 2006, 9 were unable to obtain a full response to a PDE-5 inhibitor and included in the present study. After providing informed consent, each was given 300 mg per day of α-tocophenol at least 1 month and completed IIEF-5 questionnaires to assess its efficacy while also taking a PDE-5 inhibitor. With α-tocophenol administration, the average IIEF-5 score increased from 13.8 ± 3.2 to 17.1 ± 3.6. Four of seven patients who completed the questionnaire each time showed improved IIEF-5 scores, with a maximum elevation of 9 points. Further, eight of the nine patients experienced favourable subjective changes, the majority being increased penile rigidity. The present clinical trial results are, to our knowledge, the first known to show the effects of vitamin E for enhancing the efficacy of a PDE-5 inhibitor.     

Crossing Boundaries: Legality and the Power of the State in Unauthorized Migration

Unauthorized migrants, often referred to as 'illegal aliens' or 'undocumented immigrants', are a burning political issue in many countries. This paper examines the complexities of unauthorized migration and addresses competing viewpoints on the subject as it relates to the power of the state. Despite the popular image of unauthorized migration as secret border crossing, migrants become 'illegal' in various ways, and the boundary between 'legal' and 'illegal' is more fluid than it may appear to be. Unauthorized migration is conventionally understood as evidence of the limited power of the state over immigration. This view, however, too narrowly focuses on the power of the state over entries of migrants. If we broaden our perspective and examine its power over migrants' lives and the way in which they are integrated into society, unauthorized migration in fact reveals the strong power of the state, which has a capacity to deprive migrants of their rights.