The Valuation of Agricultural Land and the Influence of Government Payments. Factor Markets Working Paper No. 10, December 2011

This study gives an overview of the theoretical foundations, empirical procedures and derived results of the literature identifying determinants of land prices. Special attention is given to the effects of different government support policies on land prices. Since almost all empirical studies on the determination of land prices refer either to the net present value method or the hedonic pricing approach as a theoretical basis, a short review of these models is provided. While the two approaches have different theoretical bases, their empirical implementation converges. Empirical studies use a broad range of variables to explain land values and we systematise those into six categories. In order to investigate the influence of different measures of government support on land prices, a meta-regression analysis is carried out. Our results reveal a significantly higher rate of capitalisation for decoupled direct payments and a significantly lower rate of capitalisation for agri-environmental payments, as compared to the rest of government support. Furthermore, the results show that taking theoretically consistent land rents (returns to land) and including non-agricultural variables like urban pressure in the regression implies lower elasticities of capitalisation. In addition, we find a significant influence of the land type, the data type and estimation techniques on the capitalisation rate.

Enhancing European Cooperation in Financial Supervision and Crisis Management. ACES Working Papers, August 2009

To overcome the regulatory pitfalls, regulatory capacity and resources in financial markets governance need to be enhanced, not only at national but also at global levels. In order to shed light on policy issues and agendas in international financial policy cooperation, this paper focuses on the case of European financial integration and regulations. The analysis of policy developments at the European level in coordinating differing national interests, supervisory systems, and practices among EU member states highlights fundamental elements of global financial regulatory cooperation.

The next step after Japan? (Virtual reality, training and crisis management). Transatlantic Security Paper No. 2, June 2012

The recent crisis in Japan, which combined tsunami and technological events, shows that any crisis, especially those in developed and developing countries, is from here out a hybrid crisis, mixing natural factors and human/technological (NATECH). Faced with such dramatic events, which exceed any means available for emergency rescue service, it is necessary a) to remain prudent and b) to prepare. One of the means for preparing is unquestionably training. However, here, undoubtedly there are important constraints: How to train, for example, while reproducing vividly and realistically, an event? How to exceed the admittedly useful, although very limited, level of the table-top exercise? How also to avoid the unnecessary mobilization of dozens, even hundreds, of field and operation staffers to take part in an exercise which could lead to a disappointing outcome? A major crisis, a major exercise, in effect. The solution of virtual reality has emerged, in Europe and in the United States. It is also sometimes called “serious game”.