Welfare effects of bubbles in an endogenous growth model

This paper examines welfare effects of asset bubbles in an endogenous growth model with overlapping generations. In our model, a steady-state equilibrium with bubbles exists only if the presence of bubbles raises the welfare level of the initial generation. Bubbles can be beneficial to generations born at relatively early dates, whereas they reduce the welfare level of sufficiently distant future generations. Increasing the rate of supply of the useless asset improves the lifetime utilities of future generations.     

Citation network analysis of organic LEDs

The field of organic light-emitting diodes (OLEDs) is an emergent research domain because of both scientific interest in chemistry and condensed matter physics and industrial importance as flat panel displays. In this paper, we analyzed a citation network of OLED papers and used a topological clustering method to investigate the structure of research and to detect emerging research domains. We found that most papers belong to two main clusters: organics and polymers. These two clusters have distinctive differences in subcluster structures and journals where papers are published. Supposing this discrepancy to indicate research progress, organics are in the applied research stage, while polymers are in the basic research stage.     

Development Banking Approach to the Development of Regions and Cities*

The selection of cities and regions for priority development should not be determined by technocrats in the central government as has been widely practised in the past, but instead, should be made on the basis of the wishes of the local units. A national system which encourages responsible local governments to undertake development projects without ordinary budget constraints but with responsibility should be developed to achieve this objective. The establishment of a local development bank meets this need. It will help local governments to become motivated in development efforts, to develop planning, implementation and management capabilities, and to learn the importance of cost recovery.     

IFRS Adoption and Accounting Conservatism of Japanese Firms with Governance System Transition

International Advances in Economic Research - This study examines whether there is a difference in the degree of accounting conservatism between firms that voluntarily adopt International Financial...