Shorter development lead times, other things being equal, contribute to competitive advantages in many of today's industries where market needs and available technologies are difficult to predict, rapidly changing or diversified and where novelty is highly valued in the market. In this paper, we...

In this paper, we consider the problem of estimating the covariance matrix and the generalized variance when the observations follow a nonsingular multivariate normal distribution with unknown mean. A new method is presented to obtain a truncated estimator that utilizes the information available...

How does Japanese aid influence the allocation of government expenditures and the raising of government revenues? Using a non-linear model with an asymmetric loss function the case of Japanese aid to Thailand is examined at the macroeconomic level. It turns out that Japanese aid led to...

The study of mechanism design is sometimes criticized, because the designed mechanisms depend on the fine detail of the model specification, and agents' behavior relies on the strong common knowledge assumptions on their rationality and others. Hence, the study of 'detail-free' mechanism design...

The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand, and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing...

This paper investigates how "prices" in East Asian economies were correlated with those in Japan and with those in the United States. The analysis is particularly noteworthy because East Asian Economies are geographically close to Japan but their currencies have been more tied to the US dollar....

This chapter offers a historical and analytical introduction to the school of thought that views 'development as freedom'. Since it is impossible to do justice to the depth and complexity of this 'new' approach to development in just one short chapter, I explore a few significant dimensions of...

This paper reviews and evaluates the Bank of Japan (BOJ)'s monetary policy during the period 1998-2005. In doing so, it pays particular attention to the development of academic thinking on what central banks can do at or near zero interest rates and its relationship with the actual policy...

Intergovernmental fiscal relations in Japan have been strained in recent years. This paper seeks to assess the Japanese equalization transfer in the light of the theory of fiscal federalism. This paper argues that the case for equalization lies in offsetting net fiscal benefit (NFB)...

This paper extends Diamond's OG model by allowing the agents to make the retirement decision. Earning a higher wage income when young not only enables the agents to save more. It also induces more agents to retire early and gives an additional incentive to save more for retirement. This leads to...