Prime Property Institutions for a Subprime Era: Exploring Innovative Models of Residential Development and Finance

This paper breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and in other types of public financing schemes, this paper suggests extending institutional and financial strategies such as timeand place-based division of property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. Alongside a for-profit shared equity scheme that would be led by local governments, we also outline a private market shared equity model, one of bootstrapping home buying with purchase options.

New Trends in Public Facility Location Modeling

The past four decades have witnessed an explosive growth in the field of networkbased facility location modeling. This is not at all surprising since location policy is one of the most profitable areas of applied systems analysis in regional science and ample theoretical and applied challenges are offered. Location-allocation models seek the location of facilities and/or services (e.g., schools, hospitals, and warehouses) so as to optimize one or several objectives generally related to the efficiency of the system or to the allocation of resources. This paper concerns the location of facilities or services in discrete space or networks, that are related to the public sector, such as emergency services (ambulances, fire stations, and police units), school systems and postal facilities. The paper is structured as follows: first, we will focus on public facility location models that use some type of coverage criterion, with special emphasis in emergency services. The second section will examine models based on the P-Median problem and some of the issues faced by planners when implementing this formulation in real world locational decisions. Finally, the last section will examine new trends in public sector facility location modeling.

Money, Fame and the Allocation of Talent: Brain Drain, the Matthew Effect and the Institution of Science

The earning structure in science is known to be flat relative to the one in the private sector, which could cause a brain drain toward the private sector. In this paper, we assume that agents value both money and fame and study the role of the institution of science in the allocation of talent between the science sector and the private sector. Following works on the Sociology of Science, we model the institution of science as a mechanism distributing fame (i.e. peer recognition). We show that since the intrinsic performance is less noisy signal of talent in the science sector than in the private sector, a good institution of science can mitigate the brain drain. We also find that providing extra monetary incentives through the market might undermine the incentives provided by the institution and thereby worsen the brain drain. Finally, we study the optimal balance between monetary and non-monetary incentives in science.

Economic Booms, Trade Deficits, and Economic Policy

Many economic booms have been accompanied by real exchange rate appreciations, large trade defcits -which have sometimes persisted after the return to the initial exchange rate parity- and a deteriorating traded sector. Those circumstances have typically raised the question of the de-sirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored.

Asymmetric information and trade policy

Economists understand protectionism as a costly mechanism to redistribute from the average citizen to special-interest groups; yet political platforms that deviate from free trade have surprising popular appeal. I present an explanation based on heterogeneous information across citizens whose voting decision has an intensive margin. For each politician and each sector, the optimal trade-policy choice caters to the preferences of those voters who are more likely to be informed of that proposal. An overall protectionist bias emerges because in every industry producers are better informed than consumers. This asymmetry emerges in equilibrium because co-workers share industry-specific knwoledge, and because producers have greater incentives to engage in costly learning about their sector. My model implies that more widespread information about trade policy for an industry is associated with lower protection. Cross-sectoral evidence on U.S. non-tariff barriers and newspaper coverage is consistent with this prediction.

Institutions, Public Debt and Foreign Finance

We study the role of domestic financial institutions in sustaining capital flows to the private and public sector of a country whose government can default on its debt. As in recent public debt crises, in our model public defaults weaken banks' balance sheets, disrupting domestic financial markets. This effect leads to a novel complementarity between private capital inflows and public borrowing, where the former sustain the latter by boosting the government's cost of default. Our key message is that, by shaping the direction of private capital flows, financial institutions determine whether financial integration improves or reduces government discipline. We explore the implications of this complementarity for financial liberalization and debt-financed bailouts of banks. We present some evidence consistent with complementarity.

Adjustment to Target Capital, Finance, and Growth

Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth implication requires proxies for (latent) global industry investment opportunities. We show that tests relying only on data from specific (benchmark) countries may yield spurious evidence for or against the hypothesis. We therefore develop an alternative approach that combines benchmark-country proxies with a proxy that does not reflect opportunities specific to a country or level of financial development. Our empirical results yield clear support for the capital reallocation hypothesis.

The Impact of Industry Collaboration on Academic Research Output: A Dynamic Panel Data Analysis

The aim of this paper is to analyse the impact of university knowledge and technology transfer activities on academic research output. Specifically, we study whether researchers with collaborative links with the private sector publish less than their peers without such links, once controlling for other sources of heterogeneity. We report findings from a longitudinal dataset on researchers from two engineering departments in the UK between 1985 until 2006. Our results indicate that researchers with industrial links publish significantly more than their peers. Academic productivity, though, is higher for low levels of industry involvement as compared to high levels.

Anàlisi cronològic de la pesca artesanal al port de Palamós per a una proposta de reserva

Segons els coneixements i l’ experiència dels pescadors d’ arts menors de la Confraria de Palamós, s’ ha observat una dràstica davallada d’ algunes de les espècies d’ interès pesquer més representatives. La proposta d’ aquest sector es basa en declarar tota una zona d’ interès pesquer artesanal a l’ entorn de les Illes Formigues com a Reserva Marina d’ Interès Pesquer. Aquest projecte pretén esbrinar l’ evolució de la pesca artesanal al port de Palamós en el últims sis anys mitjançant l’ anàlisi cronològica a través del buidatge dels fulls de subhasta proporcionats per la Confraria de Palamós. En base els resultats obtinguts s’ ha fet una valoració de la situació actual que servirà com a punt de partida per al seguiment amb posterioritat. Finalment s’ han elaborat unes primeres propostes de gestió de cares a la possible futura creació de la reserva

Quality assurance mechanisms in agrifood: The case of the Spanish fresh meat sector

The largest fresh meat brand names in Spain are analyzed here to studyhow quality is signaled in agribusiness and how the underlying quality-assurance organizations work. Results show, first, that organizationalform varies according to the specialization of the brand name.Publicly-controlled brand names are grounded on market contracting withindividual producers, providing stronger incentives. In contrast,private brands rely more on hierarchy, taking advantage of itssuperiority in solving specific coordination problems. Second, theseemingly redundant coexistence of several quality indicators for agiven product is explained in efficiency terms. Multiple brands areshown to be complementary, given their specialization in guaranteeingdifferent attributes of the product.

Supply chain management implementation in the Spanish grocery sector: An exploratory study

This paper explores the integration process that firms follow to implementSupply Chain Management (SCM) and the main barriers and benefits relatedto this strategy. This study has been inspired in the SCM literature,especially in the logistics integration model by Stevens [1]. Due to theexploratory nature of this paper and the need to obtain an in depthknowledge of the SCM development in the Spanish grocery sector, we used thecase study methodology. A multiple case study analysis based on interviewswith leading manufacturers and retailers was conducted.The results of this analysis suggest that firms seem to follow the integration process proposed by Stevens, integrating internally first, andthen, extending this integration to other supply chain members. The casesalso show that Spanish manufacturers, in general, seem to have a higherlevel of SCM development than Spanish retailers. Regarding the benefitsthat SCM can bring, most of the companies identify the general objectivesof cost and stock reductions and service improvements. However, withrespect to the barriers found in its implementation, retailers andmanufacturers are not coincident: manufacturers seem to see more barrierswith respect to aspects related to the other party, such as distrust and alack of culture of sharing information, while retailers find as mainbarriers the need of a know-how , the company culture and the historyand habits.

Cost system design and cost management in the Spanish public sector

Cost systems have been shown to have developed considerably in recent years andactivity-based costing (ABC) has been shown to be a contribution to cost management,particularly in service businesses. The public sector is composed to a very great extentof service functions, yet considerably less has been reported of the use of ABC tosupport cost management in this sector.In Spain, cost systems are essential for city councils as they are obliged to calculate thecost of the services subject to taxation (eg. waste collection, etc). City councils musthave a cost system in place to calculate the cost of services, as they are legally requirednot to profit , from these services.This paper examines the development of systems to support cost management in theSpanish Public Sector. Through semi-structured interviews with 28 subjects within oneCity Council it contains a case study of cost management. The paper contains extractsfrom interviews and a number of factors are identified which contribute to thesuccessful development of the cost management system.Following the case study a number of other City Councils were identified where activity-based techniques had either failed or stalled. Based on the factors identified inthe single case study a further enquiry is reported. The paper includes a summary usingstatistical analysis which draws attention to change management, funding and politicalincentives as factors which had an influence on system success or failure.

Competitividad comparada del sector granívoro español en el marco de la Unión Europea. Referencia específica a Cataluña

Competitividad comparada del sector granívoro español en el marco de la Unión Europea. Referencia específica a Cataluña.El sector granívoro, y especialmente el porcino, ha sido un recurso de intensificación en regiones con escasez de SAU y que poseen suelos pobres para el cultivo. Cataluña ha sido la región española cuyas explotaciones más han recurrido a este tipo de intensificación.El presente artículo constituye un estudio sobre la competitividad de las explotaciones granívoras españolas y catalanas en el marco de las regiones de la UE, para lo cual se han utilizado datos de RICA.A fin de obtener una caracterización completa de la situación de las explotaciones granívoras se ha utilizado un conjunto amplio de variables, cuyas características se han resumido en unos pocosfactores. Utilizando estos factores como criterio de clasificación seha aplicado un análisis de "cluster" a las explotaciones granívoras de las regiones de la UE de las cuales RICA ofrecía datos.El resultado de la investigación permite concluir que las explotaciones granívoras españolas tienen características estructurales y económicas atrasadas respecto de las regiones avanzadas de la UE. Estas explotaciones españolas han asumido poco riesgo empresarial para modernizarse y conseguir un tamaño de explotación competitivo. En consecuencia consiguen escasos beneficios económicos.

Gestión de la competencia en el sector público

Este trabajo analiza el papel de la competencia en la gestión pública, para lo cual toma como referencia la organización burocrática basada en centros de gasto que no cobran por sus servicios y suelen ser demasiado grandes e ineficientes. Para introducir competencia, se da libertad de elección a usuarios y productores, a la vez que se les responsabiliza de los costes que ocasionan sus decisiones. Se genera así un provechoso control mutuo entre usuarios y proveedores, que hace menos necesario el control jerárquico, de tipo vertical. Sin embargo, la eventual presencia de monopolios y asimetrías informativas puede ocasionar graves distorsiones y suele exigir una regulación activa, que es costosa y provoca búsqueda de rentas. Para corroborar la relevancia de este equilibrio de costes y beneficios, el trabajo analiza doce servicios públicos en los sectores de la sanidad, la educación y la justicia. Se constata la presencia de dificultades asociadas a monopolios, asimetrías informativas y búsqueda de rentas y se argumenta que, como consecuencia, se tienden a adoptar soluciones de naturaleza intermedia. Coherentemente con este argumento, se observa que en los servicios analizados o bien se emplean incentivos de baja intensidad o se restringen los derechos de decisión, de modo que no se aplican todos los elementos propios de la competencia pero tampoco se prescinde de ellos por completo. Por la moderación de los incentivos que genera, este uso incompleto de la competencia permite, además, que se puedan regular las actividades correspondientes mediante las fórmulas típicas de la Administración Pública, basadas en la reglamentación de decisiones recurrentes y la colegiación y supervisión jerárquica de un número pequeño de decisiones no regladas.