This paper analyzes European debt crisis since 2009, which includes not only Greece but other southern European countries.
At first, we point out four problems with introduction of the Euro, which are insufficient convergence criteria, Greek participation, lack of economic governance for economic crisis, disparities of productivity among member countries.
Convergence criteria in Maastricht did not include external balance criteria, and real economic factor criteria, such as productivity parities. This is fundamental reason for the crisis. As operational problem, Greek participation should not have been authorized because of fiscal deficits. Also, Economic Governance after introduction of the Euro does not have some equipment for prevention of financial and fiscal crisis.
Especially, lack of fiscal integration causes to be late for determination of bail-out toward fiscal crisis countries. Such as a case of Greek fiscal crisis, Euro area countries insufficiently execute bail-out with default.
As a result, we propose new economic governance for prevention and safety-net of the crisis. This original plan proposes fiscal integration in the euro area by the means of European fiscal authority and Euro common bonds. However, we suggest introduction of default for a fiscal crisis country because the burdens of the country should be decreased for the future growth and stability. Of course, the default gives serious negative shock toward investors, including financial institutions. Therefore, introduction of regime with default should be secured by cooperation among the Euro area countries, such as Euro common bonds, Our proposal may strengthen fiscal integration with single monetary policy in the Euro area.

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For a foreign firm in China, an important task is the capability to cope dynamicallywith the institutional change/uncertainty in the Chinese market. Considering that thedevelopment of business links of a foreign firm to China evolves as the business environmentchanges, this paper, based on Chang’s uncertainty model (Chang, 2005), aims to exploretheoretically the growth of firms amid institutional changes/uncertainty in China.Specifically, for my research interest I draw on the case of the Japan-Taiwan businessalliance and aim to model how firms cope with various degree of institutional uncertainty inChina.

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2018年12月に就任した左派のアンドレス・マヌエル・ロペス・オブラドール大統領は、それまでの新自由主義を否定する言説を繰り返すとともに自らの政権奪取を「第4の変革（Cuarta Transformación）」と位置づけ、就任直後から矢継ぎ早に公約を実行に移し、2019年10月まで70％近い支持率を維持し続けてきた。同大統領は就任から10カ月となる2019年9月に発表された政府年次報告書（Primer Informe de Gobierno）において、100項目の政権公約のうち、79項目をすでに「実現した」とその成果をアピールした。一方で国内経済に関しては、政権発足当初は2.7%と予想されていた2019年の経済成長率は11月の最新予想で0％まで引き下げられる事態となっているほか、治安状況にも改善がみられず、殺人件数は2018年を上回り、過去最多となることが確実視されている。AMLO政権の言説とメキシコ経済の実態の乖離はなぜ起きているのか、本稿では月次マクロデータを用いてその実情を明らかにするとともに、対外要因に加え、財政規律重視の行き過ぎた緊縮財政（公務員改革）が経済停滞の要因となっていることを指摘する。

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The article discusses the current impasse of the Eurozone in the light of Keynes’s international macroeconomics. In particular, it highlights the main faults that the European macroeconomic framework shares with the gold standard regime, and suggests that Keynes’s global reform plans can be of relevance to devising an alternative.

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This forum article is aimed at introducing the main activities of the Society for Science on Form, Japan since its establishment in 1985, and its relations to friend societies with similar characters. At present, we have two major friend organizations, i.e. the Society for Culture on Form (in Japan) and the International Society for Interdisciplinary Study of Symmetry (ISIS Symmetry). Next, meanings of "Katachi" and "Symmetry" are explained, so that the relations to these friend organizations are convinced. In addition, other small groups with interdisciplinary activities are introduced, i.e. the "Kutachi" group in USA (aiming at development of better artificial systems) and an NPO Interdisciplinary Institute for Science Technology and Art (ISTA), in which the present author is deeply involved. Then, the past and present situations of the journal Forma is mentioned, and some hints are given in order to elevate its status.

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　The Euro crisis had begun since Paribas crisis in 2007, which brought about severe shock to European Union. As for the crisis that began with the management uneasiness of the subsidiary of Paribas, the crisis spread for the U. K., bank management of Germany, and it brought a European demands decline. Furthermore, the existence of the excessive government debt became clear for the Greek government as a result that the decoration of statistics was shown fiscal deficits of the Greek government from October 2009. The government debt crisis in Europe began with this.

　It is guessed that a series of crises from a financial crisis to a debt crisis gave the euro area countries particularly the Southern European countries a large amount of economic loss. They received this crisis, and EU revised some economic governance. Reinforcement of the financial governance shrinkage-like on a prior mark is also setting of the stable mechanism in Europe subsequently.

　I focus on financial governance in this report mainly and examine a problem of the economic imbalance that EU economy has. After that, I propose reforms of the financial governance including the financial move in this report. In addition, I examine a condition for it to be feasible politically last.

　This paper is constructed as follows. I examine it whether you brought the euro crisis in Section 1 as the opening. I take up a change of the governance from the euro crisis in Section 2. In Section 3, I take up the problem that EU economy after the governance reform has. In Section 4, the realization proposes the desirable reform bill which may be difficult. I examine it how reality of the politics results in ideal economic balance as a summary in Section 5.

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Up until 2013 Russia had exerted pressure on Ukraine, threatening to close its market to a variety of Ukrainian goods in an effort to bring Ukraine into Russian-led Eurasian integration. This attempt, however, failed due to the 2014 Euromaidan revolution in Ukraine. Russia retaliated by unilaterally introducing tariffs on imports from Ukraine, in violation of the CIS Free Trade Agreement. What followed was a fully-fledged trade war between the two countries.

Meanwhile, we need to analyze the economic processes of the so-called Donetsk & Lukhansk Peoples’s Republics separately from the bilateral economic relations between Russia and Ukraine because, as grey zones between the two countries, their situations are unique. Although DNR/LNR initially and oddly coexisted with the Ukrainian mainland, they were cut off from the Ukrainian economic space in the wake of the Donbass blockade. DNR/LNR became Vneshekonomservis’ turf, allowing the notorious oligarch of the Yanukovich regime Oleksandr Kurchenko to freely make money. However, as Russia started to have more direct control over the Donbass economy, Kurchenko was replaced by Yevgeniy Yurchenko, who was believed to be a more effective economic manager.

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The main purpose of this paper is to examine the strategic implication of the ‘New Southern Policy’ advocated by the Moon Jae-in administration of the Republic of Korea, in the context of emerging debate on the Indo-Pacific. The Moon Administration, since its inauguration in May 2017, has presented the vision of ‘Northeast Asia Plus Community of Responsibility,” which consisted of three pillars such as the Northeast Peace and Cooperation Platform, New Northern Policy, and New Southern Policy. While much attention is given to the Northern aspect of the proposal, in relation to the issue of North Korea, the under-studied New Southern Policy deserves in-depth analysis as an attempt for a middle-power regionalist diplomacy.

With the framework of its New Southern Policy, ROK government strives to find a middle way between the US-led ‘Free and Open Indo-Pacific’ (FOIP) Strategy and China’s Belt and Road Initiative (BRI). What is new and significant in Moon’s regionalist diplomacy is the attempt to align with other regional middle-powers such as Indonesia and India, which share concern over emerging geopolitical rivalries and economic tensions in the Indo-Pacific region.

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India and Japan have upgraded their cordial relations to a special strategic partnership. The deepening of this relation is particularly evident since 2014, when Narendra Modi was sworn in as the Prime Minister of India, thus leading the nation to embark on a new journey of consolidating regional influence and establishing itself as a regional power amid the rise of China and regional transformations. India is very keen on furthering the special partnership with Japan, which not only allows Indian presence in regional strategic and security architecture, but also does not hinder the Indian autonomy. This paper, through the analysis of India’s Japan strategy, security and infrastructure agreements, especially since 2014, seeks to address how India’s foreign policy towards Japan has undergone changes to allow for India’s greater role in Asia and what factors have led to these changes in India’s Japan policy. The paper argues that realist perspective of balance of power in the backdrop of the rise of China as well as constructivist perspective of India’s principle of non-alignment (despite strategic friendships), have been the base of India’s Japan policy under Modi government, to pursue and promote greater Indian presence in geo-political and geo-strategic spheres. The paper analyses the India-Japan partnership as a response to emerging regional security challenges, explores the prospects of the partnership and charts the course of changing Indian diplomacy towards Japan.

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Thai politics has become chaotic since 2006. Court verdicts and military intervention have become more instrumental in the change of national leaders than national elections. This essay argues that Thailand’s current political crisis derives from democratization.
This essay approaches the crisis from a historical perspective. Elections made little difference for so long after their original introduction in 1932 since, for national leaders who assumed office by military coup, the key to acquiring and maintaining power was the armed forces and civilian bureaucracy, rather than national elections. However, democratization advanced slowly from the 1970s, and accelerated in the 1990s. In 1997, the electoral system became the focus of attention for the first time in the process of drafting a new constitution. Electoral reform was pivotal to democratization. Elections came to count and became indispensable for ordinary citizens.
Anti-democratic forces, spearheaded by the People’s Alliance for Democracy (yellow shirts), did not feel happy with this expanding democratization and resorted to a coup to stall the momentum for democratization. Against these anti-democratic forces, another political group, the United Front for Democracy against Dictatorship (red shirts) emerged. These two forces struggled respectively against and for elections.

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This paper discusses the diverse approaches of emerging countries to multilateral aid by comparing the different approaches of two Asian multilateral aid partners, Gulf donors and China. Gulf donors, a culturally and religiously homogeneous group, share common norms through which the prevailing regional members develop their own multilateral aid systems on a regional level. Their Coordination Group, functioning in a similar way to the OECD's Development Assistance Committee (DAC), provides an important regional coordination mechanism for facilitating aid. Recently, Gulf donors have also been collaborating on providing more traditional multilateral aid. By contrast, China, an emerging superpower, not only has its own aid norms, but it also has enormous power to institutionalize its new multilateral aid structure on a global level. While demanding more space and a greater voice for emerging countries in traditional multilateral aid, China has succeeded in initiating a new form of multilateralism, through institutions such as the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB or BRICS Bank), and the One Belt, One Road Initiative (OBOR).

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The multiplier effect of fiscal spending has long been an object of study. The great recession of 2007-9 and the US fiscal stimulus program revived empirical studies on the multiplier, showing the wide range its value can take. This paper explores the effects of the fiscal multiplier in the context of a Keynesian business cycle theory, emphasizing the regime dependence of the multiplier. It is, as Keynes, Minsky and Kindleberger suggest, the state of the business cycle, the flow of credits, financial fragility and financial stress that are of importance for the size of the fiscal multiplier. But the multiplier effect is also essentially dependent on the monetary policy stance, which affects the financial stress, the interest rate and risk premia. Thus, one can observe that the size of multiplier is not only dependent on the state of the business cycle, financial fragility and financial stress, but also subject to the extent of fiscal action as well as the accompanying type of monetary policy. Lastly, human behavior driven by uncertainties about the future, as holds for the recent Pandemic Recession, can also significantly affect the fiscal multiplier.

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