Proposal on debt for climate adaptation swaps: a strategy for growth and economic transformation of Caribbean economies

ECLAC advocates that the Caribbean’s high debt dilemma was not principally driven by policy missteps, or the international financial crisis. Rather, it finds its roots in external shocks, compounded by the inherent structural weaknesses and vulnerabilities confronting Caribbean SIDS and their limited capacity to respond. A major factor has been the underperformance of the export sector, partly due to a decline in competitiveness and a slowdown in economic activity especially among the tourism-dependent economies. Caribbean countries have also accumulated debt as a consequence of increased expenditures to address the impact of extreme events and climate change attendant difficulties. Most Caribbean countries are located in the hurricane belt and are also prone to earthquakes and other hazards. Indeed, a disaster resulting in damage and losses in excess of 5 per cent of GDP can be expected to hit any Caribbean country every few years. Moreover, over the period 2000-2014, it is estimated that the economic cost of natural disasters in Caribbean countries was in excess of US$30.7 billion. The English Speaking Caribbean countries are extremely vulnerable to natural disasters.

Phylogeny, molecular and fossil dating, and biogeographic history of Annonaceae and Myristicaceae (Magnoliales)

Annonaceae and Myristicaceae, the two largest families of Magnoliales, are pantropical groups of uncertain geographic history. The most recent morphological and molecular phylogenetic analyses identify the Asian-American genus Anaxagorea as sister to all other Annonaceae and the ambavioids, consisting of small genera endemic to South America, Africa, Madagascar, and Asia, as a second branch. However, most genera form a large clade in which the basal lines are African, and South American and Asian taxa are more deeply nested. Although it has been suggested that Anaxagorea was an ancient Laurasian line, present data indicate that this genus is basically South American. These considerations may mean that the family as a whole began its radiation in Africa and South America in the Late Cretaceous, when the South Atlantic was narrower, and several lines dispersed from Africa-Madagascar into Laurasia as the Tethys closed in the Tertiary. This scenario is consistent with the occurrence of annonaceous seeds in the latest Cretaceous of Nigeria and the Eocene of England and with molecular dating of the family. Based on distribution of putatively primitive taxa in Madagascar and derived taxa in Asia, it has been suggested that Myristicaceae had a similar history. Phylogenetic analyses of Myristicaceae, using morphology and several plastid regions, confirm that the ancestral area was Africa-Madagascar and that Asian taxa are derived. However, Myristicaceae as a whole show strikingly lower molecular divergence than Annonaceae, indicating either a much younger age or a marked slowdown in molecular evolution. The fact that the oldest diagnostic fossils of Myristicaceae are Miocene seeds might be taken as evidence that Myristicaceae are much younger than Annonaceae, but this is implausible in requiring transoceanic dispersal of their large, animal-dispersed seeds.

Does competitive entry structurally change key marketing metrics?

To what extent does competitive entry create a structural change in key marketing metrics? New players may just be a temporal nuisance to incumbents, but could also fundamentally change the latter's performance evolution, or induce them to permanently alter their spending levels and/or pricing decisions. Similarly, the addition of a new marketing channel could permanently shift shopping preferences, or could just create a short-lived migration from existing channels. The steady-state impact of a given entry or channel addition on various marketing metrics is intrinsically an empirical issue for which we need an appropriate testing procedure. In this study, we introduce a testing sequence that allows for the endogenous determination of potential change (break) locations, thereby accounting for lead and/or lagged effects of the introduction of interest. By not restricting the number of potential breaks to one (as is commonly done in the marketing literature), we quantify the impact of the new entrant(s) while controlling for other events that may have taken place in the market. We illustrate the methodology in the context of the Dutch television advertising market, which was characterized by the entry of several late movers. We find that the steady-state growth of private incumbents' revenues was slowed by the quasi-simultaneous entry of three new players. Contrary to industry observers' expectations, such a slowdown was not experienced in the related markets of print and radio advertising.

Selection, staging and sequencing in the recent Chinese privatization

Selection in privatization is a decision-making process of choosing state-owned enterprises (SOEs), prioritizing and sequencing privatizing events, and determining the extent of private ownership in partial privatization. We investigate this process in an important but rarely studied case of China. Based on the SOE population over 1998-2008, we track 49,456 wholly SOEs and identify 9,359 privatization cases over time. Our econometric analysis concludes: (i) The privatization selection is a complex decision-making process in which local governments balance between various economic, financial and political objectives. (ii) In the recent Chinese privatization, firm performance relates to the selection, staging and sequencing in privatization in an inverted-U fashion. The worse and the best performing SOEs are more likely to remain state-owned, maintain higher state holding when privatized, and are less likely to be privatized later in time. These patterns suggest the privatization reform slowdown and the underlying changes in the privatization policy.

Human resource management in emerging markets:an introduction

The shifting of global economic power from mature, established markets to emerging markets (EMs) is a fundamental feature of the new realities in the global political economy. Due to a combination of reasons (such as scarcity of reliable information on management systems of EMs, the growing contribution of human resource management (HRM) towards organisational performance, amongst others), the understanding about the dynamics of management of HRM in the EMs context and the need for proactive efforts by key stakeholders (e.g., multinational and local firms, policy makers and institutions such as trade unions) to develop appropriate HRM practice and policy for EMs has now become more critical than ever. It is more so given the phenomenal significance of the EMs predicted for the future of the global economy. For example, Antoine van Agtmael predicts that: in about 25 years the combined gross national product (GNP) of emergent markets will overtake that of currently mature economies causing a major shift in the centre of gravity of the global economy away from the developed to emerging economies. (van Agtmael 2007: 10–11) Despite the present (late 2013 and early 2014) slowdown in the contribution of EMs towards the global industrial growth (e.g., Das, 2013; Reuters, 2014), EMs are predicted to produce 70 per cent of world GDP growth and a further ten years later, their equity market capitalisation is expected to reach US$ 80 trillion, 1.2 times more than the developed world (see Goldman Sachs, 2010).

Europe’s Growth Emergency

Highlights: • The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a worthwhile place to invest. • The crisis has had a similar impact on most European countries and the US: a persistent drop in output level and a growth slowdown. This contrasts sharply with the experience of the emerging countries of Asia and Latin America. • Productivity improvement was immediate in the US, but Europe hoarded labour and productivity improvements were in general delayed. Southern European countries have hardly adjusted so far. • There is a negative feedback loop between the crisis and growth, and without effective solutions to deal with the crisis, growth is unlikely to resume. National and EU-level policies should aim to foster reforms and adjustment and should not risk medium-term objectives under the pressure of events. A more hands-on approach, including industrial policies, should be considered.

Bank financing of Hungarian SMEs: Getting over to credit crisis by state interventions

In this article we aimed to present and analyse the 21st century history of bank financing in the Hungarian small and medium enterprise (SME) sector in the period ranging from 2000 to 2012. The credit products offered by banks and credit unions are the most fundamental means of external financing capable of fulfilling the financing needs of a wide array of SMEs. The conditions of accessing credits and their prices exert a decisive influence on the profitability and business opportunities of SMEs. As a result of economic slowdown SMEs had to face higher interest rates, decreasing credit limits, and bank financing options that became increasingly slowly accessible alongside stricter conditions. Due to this process SMEs business performance had been falling continuously which has a destructive contribution to the national economy. In the first chapter of the article we present the dynamic development of credit financing in the Hungarian SME sector, along with the causes that triggered it, then we will continue with the negative tendencies dating from the onset of the 2008 debt crisis. In the second chapter we discuss the vicious circle, due to which the business performance of the SMEs, as well as the conditions of access to credits and their prices, have entered into a negative spiral. In the third and final chapter we make suggestions regarding the direction and means of necessary government intervention, in order to stop and reverse the negative tendencies observed in SME credit financing.

Leveraged Buyouts in the Hospitality Industry: Five Years Later

When the author wrote her first article for the FIU Hospitality Review on leveraged buyouts' some five years ago, this business strategy was beginning to enjoy increasing popularity. Since that time leveraged buyouts grew to unprecedented levels both in number and size of transactions. However, following the failure of the UAL proposal and the collapse of the junk bond market in 1989, there has been a marked slowdown in buyout activity this article examines major developments affecting leveraged buyouts over the past five years and addresses their future implications for the hospitality industry.

Interoperable resource brokering with policy-based provisioning and job allocation

The increasing needs for computational power in areas such as weather simulation, genomics or Internet applications have led to sharing of geographically distributed and heterogeneous resources from commercial data centers and scientific institutions. Research in the areas of utility, grid and cloud computing, together with improvements in network and hardware virtualization has resulted in methods to locate and use resources to rapidly provision virtual environments in a flexible manner, while lowering costs for consumers and providers. ^ However, there is still a lack of methodologies to enable efficient and seamless sharing of resources among institutions. In this work, we concentrate in the problem of executing parallel scientific applications across distributed resources belonging to separate organizations. Our approach can be divided in three main points. First, we define and implement an interoperable grid protocol to distribute job workloads among partners with different middleware and execution resources. Second, we research and implement different policies for virtual resource provisioning and job-to-resource allocation, taking advantage of their cooperation to improve execution cost and performance. Third, we explore the consequences of on-demand provisioning and allocation in the problem of site-selection for the execution of parallel workloads, and propose new strategies to reduce job slowdown and overall cost.^

Evolução espaço-temporal da ocupação urbana sobre áreas naturais no município de Natal-RN

In this work the landscape morphodynamics was used to check the strength and importance of the changes carried out by man on the environment over time, in Natal-RN municipality. The occupation of partially preserved natural areas was analyzed, but environmentally fragile, such as riparian forests, vegetation on the banks of waterways, which play regulatory role of the water flow, and the dunes, which guarantee the rapid recharge of aquifers. The impacts of urban sprawl in Natal Southern and West zones Were identified and characterized, through a detailed mapping in the period between 1969 and 2013 the main Permanent Preservation Areas - PPA (banks of rivers and lagoons, and dunes remaining) and their temporal changes. For this were used aerial photographs and satellite imagery, altimetry data, and pre-existing information, which allowed the creation of a spatial database, and evolution of maps of impervious areas, evolution of the use and occupation and Digital Terrain Model (DTM) from contour lines with contour interval of 1 meter. Based on this study presents a diagnosis of the environmental situation and the state of conservation of natural areas, over the last 44 years, compared to human pressures. In general, it was found that the urban settlement has advanced about 60% of studied natural areas. This advance was growing by the year 2006, when there was a slowdown in the process, except for the Environmental Protection Zone (EPZ) 03, where the river Pitimbú and your PPA, which experienced a more significant loss area. The urban occupation affected the natural drainage and contributed to the contamination of groundwater Natal, due to increased sealed area, the release of liquid and solid waste, as well as the removal of riparian vegetation. Changed irreversibly the natural landscape, and reduced the quality and quantity of water resources necessary for the population. Thus, it is necessary to stimulate the adoption of use and protection of PPA planning measures, to the preservation of the San Valley Region inserted into the EPZ 01, and integrate more remaining dunes, in good condition, this EPZ, due to the importance of those remaining on the environment and the maintenance of quality of life. It is suggested, also, protection of catchment areas, such as PPA ponds and Pitimbú River. Finally, it is expected that this study can assist the managers in making decisions in urban and environmental planning of the municipality

(Table S1) Age determination of Atlantic Ocean sediment cores

Well-dated benthic foraminifer oxygen isotopic records (d18O) from different water depths and locations within the Atlantic Ocean exhibit distinct patterns and significant differences in timing over the last deglaciation. This has two implications: on the one hand, it confirms that benthic d18O cannot be used as a global correlation tool with millennial-scale precision, but on the other hand, the combination of benthic isotopic records with independent dating provides a wealth of information on past circulation changes. Comparing new South Atlantic benthic isotopic data with published benthic isotopic records, we show that (1) circulation changes first affected benthic d18O in the 1000-2200 m range, with marked decreases in benthic d18O taking place at ~17.5 cal. kyr B.P. (ka) due to the southward propagation of brine waters generated in the Nordic Seas during Heinrich Stadial 1 (HS1) cold period; (2) the arrival of d18O-depleted deglacial meltwater took place later at deeper North Atlantic sites; (3) hydrographic changes recorded in North Atlantic cores below 3000 m during HS1 do not correspond to simple alternations between northern- and southern-sourced water but likely reflect instead the incursion of brine-generated deep water of northern as well as southern origin; and (4) South Atlantic waters at ~44°S and ~3800 m depth remained isolated from better-ventilated northern-sourced water masses until after the resumption of North Atlantic Deep Water (NADW) formation at the onset of the Bølling-Allerod, which led to the propagation of NADW into the South Atlantic.

Stable oxygen isotope record of benthic foraminifera from the tropical Atlantic

Benthic foraminiferal oxygen isotope ratios from two sediment cores recovered at 426 and 1299 m water depth in the eastern and western tropical Atlantic show that a slowdown of the thermohaline circulation (THC) during Heinrich event H1 and the Younger Dryas was accompanied by rapid and intense warming of intermediate depth waters. Millennial-scale covariations of low paleosalinities in the subpolar North Atlantic with decreased benthic oxygen isotope ratios in the eastern tropical Atlantic throughout the past 10,000 years suggest that THC weakening might be related to middepth warming during the Holocene period as well. Climate model experiments simulating a strong reduction of the THC in the Atlantic Ocean under present-day and glacial conditions reveal that the increase of temperature in the middepth tropical and South Atlantic is a common feature for both climatic states, caused by a reduced ventilation of cold intermediate and deep waters in conjunction with downward mixing of heat from the thermocline. From the similarity of the paleoclimatic records with the model simulations, we infer that the characteristic pattern of temperature change in the Atlantic Ocean related to weakened thermohaline circulation can serve as an indicator of present-day and future THC slowdown.

Sea surface temperature reconstruction for sediment core M35003-4 in the western tropical North Atlantic

Planktonic foraminiferal census counts are used to construct high-resolution sea surface temperature (SST) and subsurface (thermocline) temperature records at a core site in the Tobago Basin, Lesser Antilles. The record is used to document climatic variability at this tropical site in comparison to middle- and high-latitude sites and to test current concepts of cross-equatorial heat transports as a major player in interhemispheric climate variability. Temperatures are estimated using transfer function and modern analog techniques. Glacial - maximum cooling of 2.5°-3°C is indicated; maximum cooling by 4°C is inferred for isotope stage 3. The SST record displays millennial-scale variability with temperature jumps of up to 3°C and closely tracks the structure of ice-core Dansgaard/Oeschger cycles. SST variations in part of the record run opposite to the SST evolution at high northern latitude sites, pointing to thermohaline circulation and marine heat transport as an important factor driving SST in the tropical and high-latitude Atlantic, both on orbital and suborbital timescales.

(Table S2) The reconstructed sea surface temperature (SST) over the eastern equatorial Pacific

Abundant hydroclimatic evidence from western Amazonia and the adjacent Andes documents wet conditions during Heinrich Stadial 1 (HS1, 18-15 ka), a cold period in the high latitudes of the North Atlantic. This precipitation anomaly was attributed to a strengthening of the South American summer monsoon due to a change in the Atlantic interhemispheric sea surface temperature (SST) gradient. However, the physical viability of this mechanism has never been rigorously tested. We address this issue by combining a thorough compilation of tropical South American paleorecords and a set of atmosphere model sensitivity experiments. Our results show that the Atlantic SST variations alone, although leading to dry conditions in northern South America and wet conditions in northeastern Brazil, cannot produce increased precipitation over western Amazonia and the adjacent Andes during HS1. Instead, an eastern equatorial Pacific SST increase (i.e., 0.5-1.5 °C), in response to the slowdown of the Atlantic Meridional Overturning Circulation during HS1, is crucial to generate the wet conditions in these regions. The mechanism works via anomalous low sea level pressure over the eastern equatorial Pacific, which promotes a regional easterly low-level wind anomaly and moisture recycling from central Amazonia towards the Andes.

Financial media, globalisation, and China’s economic integration: comparing narrative construction of the Economist and Caijing

In June 2015, legal frameworks of the Asian Infrastructural Investment Bank were signed by its 57 founding members. Proposed and initiated by China, this multilateral development bank is considered to be an Asian counterpart to break the monopoly of the World Bank and the International Monetary Fund. In October 2015, China’s Central Bank announced a benchmark interest rate cut to combat the economic slowdown. The easing policy coincides with the European Central Bank’s announcement of doubts over US Fed’s commitment to raise interest rates. Global stock markets responded positively to China’s move, with the exception of the indexes from Wall Street (Bland, 2015; Elliott, 2015). In the meantime, China’s ‘One Belt, One Road’ (or New Silk Road Economic Belt) became atopic of discourse in relation to its growing global economy, as China pledged $40 billion to trade and infrastructure projects (Bermingham, 2015). The foreign policy aims to reinforce the economic belt from western China through Central Asia towards Europe, as well as to construct maritime trading routes from coastal China through the South China Sea (Summers, 2015). In 2012, The Economist launched a new China section, to reveal the complexity of the‘meteoric rise’ of China. John Micklethwait, who was then the chief editor of the magazine, said that China’s emergence as a global power justified giving it a section of its own(Roush, 2012). In July 2015, Hu Shuli, the former chief editor of Caijing, announced the launch of a think tank and financial data service division called Caixin Insight Group, which encompasses the new Caixin China Purchasing Managers Index (PMI). Incooperation with with Markit Group, a principal global provider of PMI, the index soon became a widely cited economic indicator. One anecdote from November’s Caixin shows how much has changed: in a high-profile dialogue between Hu Shuli and Kevin Rudd, Hu insisted on asking questions in English; interestingly, the former Prime Minister of Australia insisted on replying in Chinese. These recent developments point to one thing: the economic ascent of China and its increasing influence on the power play between economics and politics in world markets. China has begun to take a more active role in rule making and enforcement under neoliberal frameworks. However, due to the country’s size and the scale of its economy in comparison to other countries, China’s version of globalisation has unique characteristics. The ‘Capitalist-socialist’ paradox is vital to China’s market-oriented transformation. In order to comprehend how such unique features are articulated and understood, there are several questions worth investigating in the realms of media and communication studies,such as how China’s neoliberal restructuring is portrayed and perceived by different types of interested parties, and how these portrayals are de-contextualised and re-contextualised in global or Anglo-American narratives. Therefore, based on a combination of the themes of globalisation, financial media and China’s economic integration, this thesis attempts to explore how financial media construct the narratives of China’s economic globalisation through the deployment of comparative and multi-disciplinary approaches. Two outstanding elite financial magazines, Britain’s The Economist, which has a global readership and influence, and Caijing, China’s leading financial magazine, are chosen as case studies to exemplify differing media discourses, representing, respectively, Anglo-American and Chinese socio-economic and political backgrounds, as well as their own journalistic cultures. This thesis tries to answer the questions of how and why China’s neoliberal restructuring is constructed from a globally-oriented perspective. The construction primarily involves people who are influential in business and policymaking. Hence, the analysis falls into the paradigm of elite-elite communication, which is an important but relatively less developed perspective in studying China and its globalisation. The comparing of characteristics of narrative construction are the result of the textual analysis of articles published over a ten-year period (mid-1998 to mid-2008). The corpus of samples come from the two media outlets’ coverage of three selected events:China becoming a member of the World Trade Organization, its outward direct investment, and the listing of stocks of Chinese companies in overseas exchanges, which are mutually exclusive in sample collection and collectively exhaustive in the inclusion of articles regarding China’s economic globalisation. The findings help to understand that, despite language, socio-economic and political differences, elite financial media with globally-oriented readerships share similar methods of and approaches to agenda setting, the evaluation of news prominence, the selection of frame, and the advocacy of deeply rooted neoliberal ideas. The comparison of their distinctive features reflects the different phases of building up the sense of identity in their readers as global elites, as well as the different economic interests that are aligned with the corresponding readerships. However, textual analysis is only relevant in terms of exploring how the narratives are constructed and the elements they include; textual analysis alone prevents us from seeing the obstacles and the constrains of the journalistic practices of construction. Therefore, this thesis provides a brief discussion of interviews with practitioners from the two media, in order to understand how similar or different narratives are manifested and perceived, how the concept of neoliberalism deviates from and is justified in the Chinese context, and how and for what purpose deviations arise from Western to Chinese contexts. The thesis also contributes to defining financial media in the domain of elite communication. The relevant and closely interlocking concepts of globalisation, elitism and neoliberalism are discussed, and are used as a theoretical bedrock in the analysis of texts and contexts. It is important to address the agenda-setting and ideological role of elite financial media, because of its narrative formula of infusing business facts with opinions,which is important in constructing the global elite identity as well as influencing neoliberal policy-making. On the other hand, ‘journalistic professionalism’ has been redefined, in that the elite identity is shared by the content producer, reader and the actors in the news stories emerging from the much-compressed news cycle. The professionalism of elite financial media requires a dual definition, that of being professional in the understanding of business facts and statistics, and that of being professional in the making sense of stories by deploying economic logic.