The relationship between multi-species catch and effort: among fishery comparisons

The control of fishing mortality via fishing effort remains fundamental to most fisheries management strategies even at the local community or co-management level. Decisions to support such strategies require knowledge of the underlying response of the catch to changes in effort. Even under adaptive management strategies, imprecise knowledge of the response is likely to help accelerate the adaptive learning process. Data and institutional capacity requirements to employ multi-species biomass dynamics and age-structured models invariably render their use impractical particularly in less developed regions of the world. Surplus production models fitted to catch and effort data aggregated across all species offer viable alternatives. The current paper seeks models of this type that best describe the multi-species catch–effort responses in floodplain-rivers, lakes and reservoirs and reef-based fisheries based upon among fishery comparisons, building on earlier work. Three alternative surplus production models were fitted to estimates of catch per unit area (CPUA) and fisher density for 258 fisheries in Africa, Asia and South America. In all cases examined, the best or equal best fitting model was the Fox type, explaining up to 90% of the variation in CPUA. For lake and reservoir fisheries in Africa and Asia, the Schaefer and an asymptotic model fitted equally well. The Fox model estimates of fisher density (fishers km−2) at maximum yield (iMY) for floodplain-rivers, African lakes and reservoirs and reef-based fisheries are 13.7 (95% CI [11.8, 16.4]); 27.8 (95% CI [17.5, 66.7]) and 643 (95% CI [459,1075]), respectively and compare well with earlier estimates. Corresponding estimates of maximum yield are also given. The significantly higher value of iMY for reef-based fisheries compared to estimates for rivers and lakes reflects the use of a different measure of fisher density based upon human population size estimates. The models predict that maximum yield is achieved at a higher fishing intensity in Asian lakes compared to those in Africa. This may reflect the common practice in Asia of stocking lakes to augment natural recruitment. Because of the equilibrium assumptions underlying the models, all the estimates of maximum yield and corresponding levels of effort should be treated with caution.

Spatial representation and attention in toddlers with Williams syndrome and Down syndrome

The nature of the spatial representations that underlie simple visually guided actions early in life was investigated in toddlers with Williams syndrome (WS), Down syndrome (DS), and healthy chronological age- and mental age-matched controls, through the use of a "double-step" saccade paradigm. The experiment tested the hypothesis that, compared to typically developing infants and toddlers, and toddlers with DS, those with WS display a deficit in using spatial representations to guide actions. Levels of sustained attention were also measured within these groups, to establish whether differences in levels of engagement influenced performance on the double-step saccade task. The results showed that toddlers with WS were unable to combine extra-retinal information with retinal information to the same extent as the other groups, and displayed evidence of other deficits in saccade planning, suggesting a greater reliance on sub-cortical mechanisms than the other populations. Results also indicated that their exploration of the visual environment is less developed. The sustained attention task revealed shorter and fewer periods of sustained attention in toddlers with DS, but not those with WS, suggesting that WS performance on the double-step saccade task is not explained by poorer engagement. The findings are also discussed in relation to a possible attention disengagement deficit in WS toddlers. Our study highlights the importance of studying genetic disorders early in development. (C) 2002 Elsevier Science Ltd. All rights reserved.

Winners and losers from industry reforms in the developing world: experiences from the electricity and mining sectors

The reform of previously state-owned and operated industries in many Less Developed Countries (LDCs) provide contrary experiences to those in the developed world, which have generally had more equitable distributional impacts. The economic reform policies proposed by the so-called 'Washington Consensus' state that privatisation provides governments with opportunities to raise revenues through the sale of under-performing and indebted state industries, thereby reducing significant fiscal burdens, and, at the same time, facilitating influxes of foreign capital, skills and technology, with the aim of improving operations and a "trickle-down" of benefits. However, experiences in many LDCs over the last 15-20 years suggest that reform has not solved the problem of chronic public-sector debt, and that poverty and socio-economic inequalities have increased during this period of 'neo-liberal' economics. This paper does not seek to challenge the policies themselves, but rather argues that the context in which reform has often taken place is of fundamental significance. The industry-centric policy advice provided by the IFIs typically causes a 'lock-in' of inequitably distributed 'efficiency gains', providing minimal, if any, benefits to impoverished groups. These arguments are made using case study analysis from the electricity and mining sectors.

Spatial concentration in institutional industrial real estate investment in the England and Wales

In two recent papers Byrne and Lee (2006, 2007) examined the geographical concentration of institutional office and retail investment in England and Wales at two points in time; 1998 and 2003. The findings indicate that commercial office portfolios are concentrated in a very few urban areas, whereas retail holdings correlate more closely with the urban hierarchy of England and Wales and consequently are essentially ubiquitous. Research into the industrial sector is very much less developed, and this paper therefore makes a significant contribution to understanding the structure of industrial property investment in the UK. It shows that industrial investment concentration is between that of retail and office and is focussed on LAs with high levels of manual workers in areas with smaller industrial units. It also shows that during the period studied the structure of the sector changed, with greater emphasis on the distributional element, for which location is a principal consideration.

Trends in nutrients

The roles of nitrogen (N) and phosphorus (P) as key nutrients determining the trophic status of water bodies are examined, and evidence reviewed for trends in concentrations of N and P species which occur in freshwaters, primarily in northern temperate environments. Data are reported for water bodies undergoing eutrophication and acidification, especially water bodies receiving increased nitrogen inputs through the atmospheric deposition of nitrogen oxides (NOx). Nutrient loading on groundwaters and surface freshwaters is assessed with respect to causes and rates of change, relative rates of change for N and P, and implications of change for the future management of lakes, rivers and groundwaters. In particular, the nature and emphasis of studies for N species and P fractions in lakes versus rivers and groundwaters are contrasted. This review paper primarily focuses on results from North America and Europe, particularly for the UK where a wide range of data sets exists. Few nutrient loading data have been published on water bodies in less developed countries; however, some of the available data are presented to provide a global perspective. In general, N and P concentrations have increased dramatically (>20 times background concentrations) in many areas and causes vary considerably, ranging from urbanization to changes in agricultural practices.

Climate change policy and business climate strategies: EU cement companies' response to climate change and barriers against action

The paper provides a descriptive analysis of the carbon management activities of the cement industry in Europe based on a study involving the four largest producers of cement in the world. Based on this analysis, the paper explores the relationship between managerial perception and strategy with particular focus on the impact of government regulation and competitive dynamics. The research is based on extensive documentary analysis and in-depth interviews with senior managers from the four companies who have been responsible for and/or involved in the development of climate change strategies. We find that whilst the cement industry has embraced climate change and the need for action, their remains much scope for action in their carbon management activities with current effort concentration on hedging practices and win-win efficiency programs. Managers perceive that inadequate and unfavourable regulatory structure is the key barrier against more action to achieve emission reduction within the industry. EU Cement companies are also shifting their CO2 emissions to less developed countries of the South.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

Segmenting the Italian coffee market: marketing opportunities for economic agents working along the international coffee chain

Globalization, either directly or indirectly (e.g. through structural adjustment reforms), has called for profound changes in the previously existing institutional order. Some changes adversely impacted the production and market environment of many coffee producers in developing countries resulting in more risky and less remunerative coffee transactions. This paper focuses on customization of a tropical commodity, fair-trade coffee, as an approach to mitigating the effects of worsened market conditions for small-scale coffee producers in less developed countries. fair-trade labeling is viewed as a form of “de-commodification” of coffee through product differentiation on ethical grounds. This is significant not only as a solution to the market failure caused by pervasive information asymmetries along the supply chain, but also as a means of revitalizing the agricultural-commodity-based trade of less developed countries (LDCs) that has been languishing under globalization. More specifically, fair-trade is an example of how the same strategy adopted by developed countries’ producers/ processors (i.e. the sequence product differentiation - institutional certification - advertisement) can be used by LDC producers to increase the reputation content of their outputs by transforming them from mere commodities into “decommodified” (i.e. customized and more reputed) goods. The resulting segmentation of the world coffee market makes possible to meet the demand by consumers with preference for this “(ethically) customized” coffee and to transfer a share of the accruing economic rents backward to the Fair-trade coffee producers in LDCs. It should however be stressed that this outcome cannot be taken for granted since investments are needed to promote the required institutional innovations. In Italy FTC is a niche market with very few private brands selling this product. However, an increase of FTC market share could be a big commercial opportunity for farmers in LDCs and other economic agents involved along the international coffee chain. Hence, this research explores consumers’ knowledge of labels promoting quality products, consumption coffee habits, brand loyalty, willingness to pay and market segmentation according to the heterogeneity of preferences for coffee products. The latter was assessed developing a D-efficient design where stimuli refinement was tested during two focus groups.

Bank integration and co-movements across housing markets

This paper investigates whether bank integration measured by cross-border bank flows can capture the co-movements across housing markets in developed countries by using a spatial dynamic panel model. The transmission can occur through a global banking channel in which global banks intermediate wholesale funding to local banks. Changes in financial conditions are passed across borders through the banks’ balance-sheet exposure to credit, currency, maturity, and funding risks resulting in house price spillovers. While controlling for country-level and global factors, we find significant co-movement across housing markets of countries with proportionally high bank integration. Bank integration can better capture house price co-movements than other measures of economic integration. Once we account for bank exposure, other spatial linkages traditionally used to account for return co-movements across region – such as trade, foreign direct investment, portfolio investment, geographic proximity, etc. – become insignificant. Moreover, we find that the co-movement across housing markets decreases for countries with less developed mortgage markets characterized by fixed mortgage rate contracts, low limits of loan-to-value ratios and no mortgage equity withdrawal.

El Niño 2015/2016 impact analysis, monthly outlook November 2015

During the summer and autumn 2015, El Niño conditions in the east and central Pacific have strengthened, disrupting weather patterns throughout the tropics and into the mid-latitudes. For example, rainfall during this summer’s Indian monsoon was approximately 15% below normal. The continued strong El Niño conditions have the potential to trigger damaging impacts (e.g., droughts, famines, floods), particularly in less-developed tropical countries, which would require a swift and effective humanitarian response to mitigate damage to life and property (e.g., health, migration, infrastructure). This analysis uses key climatic variables (temperature, soil moisture and precipitation) as measures to monitor the ongoing risk of these potentially damaging impacts. The previous 2015-2016 El Niño Impact Analysis was based on observations over the past 35 years and produced Impact Tables showing the likelihood and severity of the impacts on temperature and rainfall by season. The current report is an extension of this work providing information from seasonal forecast models to give a more detailed monthly outlook of the potential near-term impacts of the current El Niño conditions by region. This information has been added to the Impact Tables in the form of a monthly outlook column. This monthly outlook is an indication of the average likely conditions for that month and region and is not a definite prediction of weather impacts.

El Niño 2015/2016 impact analysis, monthly outlook December 2015

During the summer and autumn 2015, El Niño conditions in the east and central Pacific have strengthened, disrupting weather patterns throughout the tropics and into the mid-latitudes. For example, rainfall during this summer’s Indian monsoon was approximately 15% below normal. The continued strong El Niño conditions have the potential to trigger damaging impacts (e.g. droughts, famines, floods), particularly in less-developed tropical countries, which would require a swift and effective humanitarian response to mitigate damage to life and property (e.g. health, migration, infrastructure). This analysis uses key climatic variables (temperature, soil moisture and precipitation) as measures to monitor the ongoing risk of these potentially damaging impacts. The previous 2015-2016 El Niño Impact Analysis was based on observations over the past 35 years and produced Impact Tables showing the likelihood and severity of the impacts on temperature and rainfall by season. The current report is an extension of this work providing information from observations and seasonal forecast models to give a more detailed outlook of the potential near-term impacts of the current El Niño conditions by region. This information has been added to the Impact Tables in the form of an ‘Observations and Outlook’ row. This consists of observational information for the past seasons of JJA 2015 and SON 2015, a detailed monthly outlook from 5 modeling centres for Dec 2015 and then longer-term seasonal forecast information from 2 modeling centres for the future seasons of JF 2016 and MAM 2016. The seasonal outlook information is an indication of the average likely conditions for that coming month (or season) and region and is not a definite prediction of weather impacts.

El Niño 2015/2016 impact analysis, monthly outlook January 2016

During the summer and autumn of 2015, El Niño conditions in the east and central Pacific have strengthened, disrupting weather patterns throughout the tropics and into the mid-latitudes. For example, rainfall during this summer’s Indian monsoon was approximately 15% below normal. The continued strong El Niño conditions have the potential to trigger damaging impacts (e.g., droughts, famines, floods), particularly in less-developed tropical countries, which would require a swift and effective humanitarian response to mitigate damage to life and property (e.g., health, migration, infrastructure). This analysis uses key climatic variables (temperature, soil moisture and precipitation) as measures to monitor the ongoing risk of these potentially damaging impacts. The previous 2015-2016 El Niño Impact Analysis was based on observations over the past 35 years and produced Impact Tables showing the likelihood and severity of the impacts on temperature and rainfall by season. The current report is an extension of this work providing information from observations and seasonal forecast models to give a more detailed outlook of the potential near-term impacts of the current El Niño conditions by region. This information has been added to the Impact Tables in the form of an ‘Observations and Outlook’ row. This consists of observational information for the past seasons of JJA 2015, SON 2015 and Dec 2015, a detailed monthly outlook from 4 modeling centres for Jan 2016 and then longer-term seasonal forecast information from 2 modeling centres for the future seasons of Feb 2016, MAM 2016 and Jun 2016. The seasonal outlook information is an indication of the average likely conditions for that coming month (or season) and region and is not a definite prediction of weather impacts.

El Niño 2015/2016 impact analysis, monthly outlook February 2016

During the summer and autumn of 2015, El Niño conditions in the east and central Pacific strengthened, disrupting weather patterns throughout the tropics and into the mid-latitudes. For example, rainfall during the summer’s Indian monsoon was approximately 15% below normal. The continued strong El Niño conditions have the potential to trigger damaging impacts (e.g., droughts, famines, floods), particularly in less-developed tropical countries, which would require a swift and effective humanitarian response to mitigate damage to life and property (e.g., health, migration, infrastructure). This analysis uses key climatic variables (temperature, soil moisture and precipitation) as measures to monitor the ongoing risk of these potentially damaging impacts. The previous 2015-2016 El Niño Impact Analysis was based on observations over the past 35 years and produced Impact Tables showing the likelihood and severity of the impacts on temperature and rainfall by season. The current report is an extension of this work, providing information from observations and seasonal forecast models to give a more detailed outlook of the potential near-term impacts of the current El Niño conditions by region. This information has been added to the Impact Tables in the form of an ‘Observations and Outlook’ row. This consists of observational information for the past seasons of JJA 2015, SON 2015 and DJ 2015/2016, a detailed monthly outlook from 5 modeling centres for Feb 2016 and then longer-term seasonal forecast information from 2 modeling centres for the future seasons of MAM 2016 and JJ 2016. The seasonal outlook information is an indication of the average likely conditions for that coming month (or season) and region and is not a definite prediction of weather impacts. This report has been produced by University of Reading for Evidence on Demand with the assistance of the UK Department for International Development (DFID) contracted through the Climate, Environment, Infrastructure and Livelihoods Professional Evidence and Applied Knowledge Services (CEIL PEAKS) programme, jointly managed by DAI (which incorporates HTSPE Limited) and IMC Worldwide Limited.

The housing market channel of monetary policy transmission in the Euro area

Purpose – The purpose of this paper is to explore the role of the housing market in the monetary policy transmission to consumption among euro area member states. It has been argued that the housing market in one country is then important when its mortgage market is well developed. The countries in the euro area follow unitary monetary policy, however, their housing and mortgage markets show some heterogeneity, which may lead to different policy effects on aggregate consumption through the housing market. Design/methodology/approach – The housing market can act as a channel of monetary policy shocks to household consumption through changes in house prices and residential investment – the housing market channel. We estimate vector autoregressive models for each country and conduct a counterfactual analysis in order to disentangle the housing market channel and assess its importance across the euro area member states. Findings – We find little evidence for heterogeneity of the monetary policy transmission through house prices across the euro area countries. Housing market variations in the euro area seem to be better captured by changes in residential investment rather than by changes in house prices. As a result we do not find significantly large house price channels. For some of the countries however, we observe a monetary policy channel through residential investment. The existence of a housing channel may depend on institutional features of both the labour market or with institutional factors capturing the degree of household debt as is the LTV ratio. Originality/value – The study contributes to the existing literature by assessing whether a unitary monetary policy has a different impact on consumption across the euro area countries through their housing and mortgage markets. We disentangle monetary-policy-induced effects on consumption associated with variations on the housing markets due to either house price variations or residential investment changes. We show that the housing market can play a role in the monetary transmission mechanism even in countries with less developed mortgage markets through variations in residential investment.

El Niño 2015/2016 impact analysis, monthly outlook March 2016

During the summer and autumn of 2015, El Niño conditions in the east and central Pacific strengthened, disrupting weather patterns throughout the tropics and into the mid-latitudes. For example, rainfall during the summer’s Indian monsoon was approximately 15% below normal. The continued strong El Niño conditions have the potential to trigger damaging impacts (e.g., droughts, famines, floods), particularly in less-developed tropical countries, which would require a swift and effective humanitarian response to mitigate damage to life and property (e.g., health, migration, infrastructure). This analysis uses key climatic variables (temperature, soil moisture and precipitation) as measures to monitor the ongoing risk of these potentially damaging impacts. The previous 2015-2016 El Niño Impact Analysis was based on observations over the past 35 years and produced Impact Tables showing the likelihood and severity of the impacts on temperature and rainfall by season. The current report is an extension of this work, providing information from observations and seasonal forecast models to give a more detailed outlook of the potential near-term impacts of the current El Niño conditions by region. This information has been added to the Impact Tables in the form of an ‘Observations and Outlook’ row. This consists of observational information for the past seasons of JJA 2015, SON 2015 and DJF 2015/2016, a detailed monthly outlook from 5 modeling centres for Mar 2016 and then longer-term seasonal forecast information from 2 modeling centres for the future seasons of AM 2016 and JJA 2016. The seasonal outlook information is an indication of the average likely conditions for that coming month (or season) and region and is not a definite prediction of weather impacts. This report has been produced by University of Reading for Evidence on Demand with the assistance of the UK Department for International Development (DFID) contracted through the Climate, Environment, Infrastructure and Livelihoods Professional Evidence and Applied Knowledge Services (CEIL PEAKS) programme, jointly managed by DAI (which incorporates HTSPE Limited) and IMC Worldwide Limited.