Recent academic papers have shown that the Japanese sovereign debt situation is not sustainable. The puzzle is that the bond rate has remained low and stable. Some suggest that the low yield can be explained by domestic residents’ willingness to hold Japanese government bonds (JGBs) despite its low return, and that as long as domestic residents remain home-biased, the JGBs are sustainable. About 95% of JGBs are currently owned by domestic residents. This paper argues that even with such dominance of domestic investors, if the amount of government debt breaches the ceiling imposed by the domestic private sector financial assets, the JGB rates can rapidly rise and the Japanese government can face difficulty rolling over the existing debt. A simulation is conducted on future paths of household saving and fiscal situations to show that the ceiling would be breached in the next 10 years or so without a drastic fiscal consolidation. This paper also shows that the government debt can be kept under the ceiling with sufficiently large tax increases. The JGB yields can rise even before the ceiling is hit, if the expectation of such drastic fiscal consolidation disappears. This paper points out several possible triggers for such a change in expectation. However, downgrading of JGBs by credit rating agencies is not likely to be a trigger, since past downgrades have not produced any change in the JGB yield. If and when the JGB rates rapidly rise, the Japanese financial institutions that hold a large amount of JGBs will sustain losses and the economy will suffer from fiscal austerity, financial instability, and inflation.

Purpose: In spite of the apparent increases in family and community violence, research into its effects on adolescent mental health has received limited attention in Cambodia. This study examines the association between exposure to violence and depressive symptoms among adolescents controlling for the effects of several factors in family and school domains.

Methods: We randomly selected 993 male and 950 female students proportionally from 11 junior high schools and high schools in Battembang provincial city. Students were questioned about the violence to which they were subjected and which they witnessed in their family and community. The Asian Adolescent Depression Scale was used to measure depressive symptoms.

Results: In this study, 27.9 % of male students and 21.5 % of female students had been victimized in at least one case of family violence, while 18.0 % of male and 5.8 % of female students had been victimized in at least one case of community violence. After adjustment, increased levels of depressive symptoms were significantly associated with being the victim of or witnessing family or community violence among both male and female students. However, the positive association between the levels of depressive symptoms and being a witness to community violence was found only in female students.

Conclusions: Efforts to prevent depression in adolescent students should focus on reducing family and community violence; such efforts should also consider gender differences.

South Korea remains a puzzle for political economists. The country has experienced phenomenal economic growth since the 1960s, but its upward trajectory has been repeatedly diverted by serious systemic crises, followed by spectacular recoveries. The recoveries are often the result of vigorous structural reforms that nonetheless retain many of South Korea's traditional economic institutions. How, then, can South Korea suffer from persistent systemic instability and yet prove so resilient? What remains the same and what changes?

The contributors to this volume consider the South Korean economy in its larger political context. Moving beyond the easy dichotomies—equilibrium vs. disequilibrium and stability vs. instability—they describe a complex and surprisingly robust economic and political system. Further, they argue that neither systemic challenges nor political pressures alone determine South Korea's stability and capacity for change. Instead, it is distinct patterns of interaction that shape this system's characteristics, development, and evolution.

Desk, examination, or review copies can be requested through Stanford University Press.