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Declining Japanese Yen in the Changing International Monetary System
EIJI OGAWA,Makoto Muto 대외경제정책연구원 2017 East Asian Economic Review Vol.21 No.4
The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.
Eiji Ogawa 한국APEC학회 2018 Journal of APEC Studies Vol.10 No.1
This paper bases on empirical results of Ogawa and Wang (2016) to investigate impacts of US interest rate hikes on East Asian currencies and to discuss an issue on directions of regional monetary and financial cooperation. A VAR model was used to make empirical analyses of effects of increases in interest rates in the United States on interest rates and exchange rates of East Asian currencies. We have important empirical results that East Asian countries without any capital controls would face both upward pressure on their domestic interest rates and depreciation of their home currencies when the FRB raises the interest rates. Moreover, we have an interesting result that a change in interest rates in the United States gave an asymmetric effect among East Asian currencies. Higher interest rates in the United States increase interest rates in emerging East Asian countries while interest rates in Japan are kept at a lower level. The widening interest differentials stimulate speculative carry trades to appreciate the emerging East Asian currencies against the Japanese yen. We discuss a regional monetary cooperation in order to mitigate these turbulences. Given that the FRB’s raising interest rates will give the turbulences to regional currencies, the monetary authorities of the regional countries should prepare for any crisis prevention by making surveillance over movements in interest rates and exchange rates as well as sudden changes in capital flows as well as crisis managements by establishing currency swap arrangements among the regional countries.
EIJI OGAWA 한국경제연구학회 2004 Korea and the World Economy Vol.5 No.2
In this paper we consider a regional monetary cooperation in East Asia after we look at recent movements of exchange rates of East Asian currencies and exchange rate policies in East Asian countries. We regard that the recent movements of exchange rates have been related with their reactions to the US dollar depreciation that has been caused by the current account deficit of the United States and changes in capital flows between the United States and the rest of the world. We found that East Asian currencies were classified into at least two groups; one group’s currencies have been appreciated against the US dollar while the other’s currencies have been pegged to the US dollar. We stress coordination failure in exchange rate policies among East Asian countries that causes biased change in exchange rates among the intra-regional currencies. It is necessary to make regional coordination in exchange rate policies for a desirable exchange rate system in East Asia. At last, we suggest some policy recommendations related with regional cooperation in exchange rate policies in East Asia.
Eiji Hiraki,Mutsuo Nakaoka,Shigeyuki Sugimoto,Shigeaki Ogawa 전력전자학회 2005 JOURNAL OF POWER ELECTRONICS Vol.5 No.1
This paper presents a novel prototype of an active auxiliary quasi-resonant snubber(Auxiliary Quasi-Resonant Commutation Block-Link; ARCB)-assisted three voltage source soft switching space voltage vector modulated PFC rectifier, which uses Zero Voltage Soft Switching (ZVS) commutation. The operating principles of this digitally-controlled three phase soft switching PWM-PFC rectifier system with an instantaneous power feedback scheme are illustrated and its steady-state performance is evaluated using computer-aided simulation analysis.
Eiji Hiraki,Tarek Ahmed,Mutsuo Nakaoka,Shigeyuki Sugimoto,Shigeaki Ogawa 전력전자학회 2004 ICPE(ISPE)논문집 Vol.- No.-
This paper presents performance evaluations of active auxiliary resonant commutation bridge-leg snubber-assisted three-phase voltage source soft switching PFC rectifier using IGBTs which can operate under a principle of Zero Voltage Switching (ZVS). This three-phase PWM rectifier implements a digital control scheme based on instantaneous power feedback control strategy. This soft-switching PWM rectifier power is more suitable and acceptable for high power applications as compared with the other types of resonant snubber-assisted soft switching PFC rectifiers. The operating performances of the three.phase PFC.PWM rectifier are illustrated and evaluated on the basis of simulational and experimental results.
Hiraki Eiji,Nakaoka Mutsuo,Sugimoto Shigeyuki,Ogawa Shigeaki The Korean Institute of Power Electronics 2005 JOURNAL OF POWER ELECTRONICS Vol.5 No.1
This paper presents a novel prototype of an active auxiliary quasi-resonant snubber(Auxiliary Quasi-Resonant Commutation Block-Link; ARCB)-assisted three phase voltage source soft switching space voltage vector modulated PFC rectifier, which uses Zero Voltage Soft Switching (ZVS) commutation. The operating principles of this digitally-controlled three phase soft switching PWM-PFC rectifier system with an instantaneous power feedback scheme are illustrated and its steady-state performance is evaluated using computer-aided simulation analysis.
( Takashi Nonaka ),( Takaomi Kessoku ),( Yuji Ogawa ),( Kento Imajyo ),( Shogo Yanagisawa ),( Tadahiko Shiba ),( Takashi Sakaguchi ),( Kazuhiro Atsukawa ),( Hisao Takahashi ),( Yusuke Sekino ),( Eiji 대한소화기기능성질환·운동학회 2011 Journal of Neurogastroenterology and Motility (JNM Vol.17 No.3
Background/Aims The effects of Histamine-2 receptor antagonists and proton pump inhibitors on the gastrointestinal motility have not yet been sufficiently investigated. The aim of this study was to determine the effects of intravenous bolus administration of famotidine and omeprazole on the rate of gastric emptying using the continuous 13C breath test (BreathID system, Exalenz Bioscience Ltd, Israel). Methods Twelve healthy male volunteers participated in this randomized, 3-way crossover study. After fasting overnight, the subjects were randomly assigned to receive 20 mg of famotidine, 20 mg of omeprazole or 20 mL of saline alone by intravenous bolus injection before a test meal (200 kcal per 200 mL, containing 100 mg of 13C-acetate). Gastric emptying was monitored for 4 hours after the ingestion of test meal by the 13C-acetic acid breath test performed using the BreathID system. Results No significant differences in the calculated parameters, namely, the T1/2, Tlag, GEC, β and κ, were observed among the 3 test conditions. Conclusions The study revealed that intravenous administration of gastric acid suppressant drugs had no significant influence on the rate of gastric emptying in comparison with that of saline alone as a placebo. Our results indicating the absence of any effect of either famotidine or omeprazole on accelerating the rate of gastric emptying suggest that both medications can be administered safely to patients suffering from hemorrhagic peptic ulcers who need to be kept nil by mouth from the viewpoint of possible acceleration of gastrointestinal motility in the clinical setting.