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This volume contains selected papers of the 2008 annual conference of the German Association for Social Science Research on Japan (Vereinigung für sozialwissenschaftliche Japanforschung e.V. - VSJF). The academic meeting has addressed the issue of demographic change in Japan in comparison to the social developments of ageing in Germany and other member states of the European Union. The conference was organized by the Institute for Modern Japanese Studies at Heinrich-Heine-University of Duesseldorf and took place at the Mutter Haus in Kaiserswerth (an ancient part of Duesseldorf). Speakers from Germany, England, Japan and the Netherlands presented their papers in four sessions on the topics "Demographic Trends and Social Analysis", "Family and Welfare Policies", "Ageing Society and the Organization of Households" and "Demographic Change and the Economy". Central to all transnational and national studies on demographic change is the question of how societies can be reconstructed and be made adaptive to these changes in order to survive as solidarity communities. The authors of this volume attend to this question by discussing on recent trends of social and economic restructuring and giving insight into new research developments such as in the area of households and housing, family care work, medical insurance, robot technology or the employment sector.

SOCIAL SCIENCE / General. --- Japan. --- Social Analysis. --- demographic trends.

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Growth in emerging markets and developing economies (EMDEs) has generally disappointed since the 2009 global recession, with sizable forecast downgrades in most years. EMDEs continue to face downside risks to growth outlook over the next couple of years. These include heightened global policy uncertainty, trade tensions, spillovers from weaker-than-expected growth in major economies, and disorderly financial market developments. These risks are accompanied by region-specific risks, including geopolitical tensions, armed conflict, and severe weather events. If risks materialize, their impact on EMDEs depends on the magnitude of spillovers and domestic vulnerabilities. Since the 2009 global recession, external, corporate sector and sovereign vulnerabilities have risen in most EMDEs, leaving them less well-prepared for future shocks. Low-income countries, in particular, face elevated vulnerabilities, with about 40 percent of them currently in debt distress. Over the longer run, EMDEs also face weakening potential growth, reflecting decelerations in capital accumulation and productivity growth, as well as demographic headwinds. These constraints are likely to hamper growth in the next decade unless they are mitigated by ambitious and credible reform agendas.

Business Cycles and Stabilization Policies --- Demographic Trends --- Economic Conditions and Volatility --- Economic Forecasting --- Economic Growth --- Emerging Market Economies --- Emerging Markets --- Macroeconomics and Economic Growth --- Potential Growth --- Potential Output --- Private Sector Development --- Productivity Growth --- Risks --- Shocks --- Vulnerability

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We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly patterns of the federal funds rate’s volatility and on its response to changes in target rates and in intervention procedures, such as those implemented by the Federal Reserve in 1994. Theoretical results are consistent with empirical patterns of interest rate volatility in the U.S. market for federal funds.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Portfolio Choice --- Investment Decisions --- Banking --- Finance --- Monetary economics --- Liquidity --- Reserve positions --- Reserve requirements --- Asset and liability management --- Central banks --- Monetary policy --- Banks and banking --- Economics --- Foreign exchange reserves --- United States

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This paper provides a quantitative assessment of the impact of economic growth in the United States on growth in other countries. Using panel data estimation, the paper finds a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, during the past few decades. The evidence suggests that the impact of U.S. growth on other countries can be explained by the significance of the United States as a global trading partner. The paper provides estimates of the direct impact of trade with the United States on growth in several individual countries.

Exports and Imports --- Inflation --- Macroeconomics --- Demography --- Trade: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Retail and Wholesale Trade --- e-Commerce --- Price Level --- Deflation --- Education: General --- International economics --- Population & migration geography --- Education --- Exports --- Government consumption --- Population growth --- Trade in goods --- International trade --- National accounts --- Population and demographics --- Consumption --- Economics --- Population --- Balance of trade --- Prices --- United States

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The current destination of Central and Eastern European countries—explicitly for some, implicitly for all—is Brussels. The concept of the distance from Brussels is multi-dimensional. One simple measure, not without theoretical and empirical justification, is physical distance. This paper’s focus, however, lies more in the distances in time and economic space. The paper first compares income gaps between Central and Eastern European and European Union (EU) countries, then evaluates recent economic performance in Central and Eastern Europe in light of EU standards. Finally; addresses the question of how long it will take the Central and Eastern European countries to close the income gap with EU countries.

Inflation --- Macroeconomics --- Demography --- Economic Integration --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Personal Income, Wealth, and Their Distributions --- Macroeconomics: Consumption --- Saving --- Wealth --- Fiscal Policy --- Price Level --- Deflation --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Aggregate Factor Income Distribution --- Population & migration geography --- Personal income --- Government consumption --- Fiscal stance --- Population growth --- National accounts --- Fiscal policy --- Prices --- Population and demographics --- Income --- Consumption --- Economics --- Population --- Czech Republic