Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

Productivity, demand and the home market effect

The causality between international trade and industrialization is still ambiguous. We consider a model of international trade with the Home Market Effect - with differences in income and productivity between sectors and between countries - in order to identify additional channels for determining the effects of international trade on industrialization. Introducing non-homothetic preferences and differences in productivity aids in the interpretation of any apparent paradoxes within international trade, such as the commercial relations between more populated countries like China and India and large economies such as the U.S. Population size, demand composition and productivity levels constitute the three main channels for determining the effects of international trade. Interactions among these channels define the results obtained in terms of industrialization, while welfare levels are always higher in relation to autarky.

Profitability and technical efficiency of aquaculture systems in Pampanga, Philippines

We evaluate the profitability and technical efficiency of aquaculture in the Philippines. Farm-level data are used to compare two production systems corresponding to the intensive monoculture of tilapia in freshwater ponds and the extensive polyculture of shrimps and fish in brackish water ponds. Both activities are very lucrative, with brackish water aquaculture achieving the higher level of profit per farm. Stochastic frontier production functions reveal that technical efficiency is low in brackish water aquaculture, with a mean of 53%, explained primarily by the operator's experience and by the frequency of his visits to the farm. In freshwater aquaculture, the farms achieve a mean efficiency level of 83%. The results suggest that the provision of extension services to brackish water fish farms might be a cost-effective way of increasing production and productivity in that sector. By contrast, technological change will have to be the driving force of future productivity growth in freshwater aquaculture.

Emerging hybrid practices in construction design work: role of mixed media

Information technologies are used across all stages of the construction process, and are crucial in the delivery of large projects. Drawing on detailed research on a construction megaproject, we take a practice-based approach to examining the practical and theoretical tensions between existing ways of working and the introduction of new coordination tools in this paper. We analyze the new hybrid practices that emerge, using insights from actor-network theory to articulate the delegation of actions to material and digital objects within ecologies of practice. The three vignettes that we discuss highlight this delegation of actions, the “plugging” and “patching” of ecologies occurring across media and the continual iterations of working practices between different types of media. By shifting the focus from tools to these wider ecologies of practice, the approach has important managerial mplications for the stabilization of new technologies and practices and for managing technological change on large construction projects. We conclude with a discussion of new directions for research, oriented to further elaborating on the importance of the material in understanding change.

A unifying framework for metrics for aggregating the climate effect of different emissions

Multi-gas approaches to climate change policies require a metric establishing ‘equivalences’ among emissions of various species. Climate scientists and economists have proposed four kinds of such metrics and debated their relative merits. We present a unifying framework that clarifies the relationships among them. We show, as have previous authors, that the global warming potential (GWP), used in international law to compare emissions of greenhouse gases, is a special case of the global damage potential (GDP), assuming (1) a finite time horizon, (2) a zero discount rate, (3) constant atmospheric concentrations, and (4) impacts that are proportional to radiative forcing. Both the GWP and GDP follow naturally from a cost–benefit framing of the climate change issue. We show that the global temperature change potential (GTP) is a special case of the global cost potential (GCP), assuming a (slight) fall in the global temperature after the target is reached. We show how the four metrics should be generalized if there are intertemporal spillovers in abatement costs, distinguishing between private (e.g., capital stock turnover) and public (e.g., induced technological change) spillovers. Both the GTP and GCP follow naturally from a cost-effectiveness framing of the climate change issue. We also argue that if (1) damages are zero below a threshold and (2) infinitely large above a threshold, then cost-effectiveness analysis and cost–benefit analysis lead to identical results. Therefore, the GCP is a special case of the GDP. The UN Framework Convention on Climate Change uses the GWP, a simplified cost–benefit concept. The UNFCCC is framed around the ultimate goal of stabilizing greenhouse gas concentrations. Once a stabilization target has been agreed under the convention, implementation is clearly a cost-effectiveness problem. It would therefore be more consistent to use the GCP or its simplification, the GTP.

The impact of eBusiness on the City of London office market

The City of London is a major financial centre where the property market is heavily dependent on the space requirements of office occupiers. Technological change, however, is changing the way in which organisations conduct their business and is challenging the continued locational pull of the City. This research presents findings from a major survey of City occupiers carried out by The College research team during 2002. The research examines how the shape and form of the office property market in the City will be affected by process change in eBusiness and related technology over the next 5 years. The report, which includes an extensive literature review, examines the implications of increased homeworking and other trends for future office supply in the City. The research was funded by the Worshipful Company of Chartered Surveyors Trust (Toby Sutton Research Award), and part of the literature review by the Small Business Support Research Unit of DTI. It is essential reading for surveyors, planners, facilities managers and all those interested in the technology and property interface.

Since we have been a dialogue: Blanchot's 'Entretiens'

At the turn of the 1960s, Maurice Blanchot began publishing texts that he named entretiens, this change in his writing responding to what deconstruction sees as the closure of logocentric or continuous discourse. Paradoxically, this closure does not prevent such discourse, in which philosophical enquiry and technological change are intertwined, from dominating the modern world. By changing his writing, and by reiterating the dialogical form so central to metaphysical tradition since Plato, Blanchot gives voice to the tensions between continuity and its ‘outside’, between philosophy and literature. This is one sense in which his entretiens do not engage in a representation of difference, but instead open themselves to the inflections of what Jean-Luc Nancy calls le partage des voix.

Scenarios of technology adoption towards low-carbon cities

Technological change has often been presented as a readily accepted means by which long-term greenhouse gas (GHG) emission reductions can be achieved. Cities are the future centers of economic growth, with the global population becoming predominantly urban; hence, increases or reductions of GHG emissions are tied to their energy strategies. This research examines the likelihood of a developed world city (the Greater Toronto Area) achieving an 80% reduction in GHG emissions through policy-enabled technological change. Emissions are examined from 3 major sources: light duty passenger vehicles, residential buildings and commercial/institutional buildings. Logistic diffusion curves are applied for the adoption of alternative vehicle technologies, building retrofits and high performance new building construction. This research devises high, low and business-as-usual estimates of future technological adoption and finds that even aggressive scenarios are not sufficient to achieve an 80% reduction in GHG emissions by 2050. This further highlights the challenges faced in maintaining a relatively stable climate. Urban policy makers must consider that the longer the lag before this transition occurs, the greater the share of GHG emissions mitigation that must addressed through behavioural change in order to meet the 2050 target, which likely poses greater political challenges.

The implications of embodiment and Putty-Clay to economic development

In this paper we construct and analyze a growth model with the following three ingredients. (i) Technological progress is embodied. (ii) The production function of a firm is such that the firm makes both technology upgrade as well as capital and labor decisions. (iii) The firm’s production technology is putty-clay. We assume that there are disincentives to the accumulation of capital, resulting in a divergence between the social and the private cost of investment. We solve a single firm’s problem in this environment. Then we determine general equilibrium prices of capital goods of different vintages. Using these prices we aggregate firms’ decisions and construct the theoretical analogues of National Income statistics. This generates a relationship between disincentives and per capita incomes. We analyze this relationship and show the quantitative and qualitative roles of embodiment and putty-clay. We also show how the model is taken to data, quantified and used to determine to what extent income gaps across countries can be attributed to disincentives.

As duas faces das técnicas de gestão: aprendizagem e inovação evidências de empresa do setor siderúrgico no Brasil

Ao longo dos últimos 20 anos tem havido uma profusão de estudos que examinam, no âmbito de empresas, a contribuição dos mecanismos de aprendizagem e da adoção de técnicas de gestão para o processo de acumulação tecnológica. No entanto, ainda são escassos os estudos que examinem, de maneira conjunta e sob uma perspectiva dinâmica, o relacionamento entre a adoção de técnicas de gestão, mecanismos de aprendizagem e trajetórias de acumulação de capacidades tecnológicas. Mais que isto, faltam estudos que examinem o duplo papel das técnicas de gestão, ora como parte do estoque de capacidades tecnológicas, ora como um processo de aprendizagem tecnológica em si. Esta dissertação objetiva oferecer uma contribuição para preencher esta lacuna neste campo de estudo. O enfoque desta dissertação deriva de observações empíricas, realizadas em empresas, e inspira-se no clássico estudo Innovation and Learning: the two faces of R&D, de Cohen e Levinthal (1989). Assim a dissertação baseia-se em um estudo de caso individual, realizado em uma empresa do setor siderúrgico no Brasil, no período de 1984 a 2008, examinando estas questões à luz de modelos analíticos disponíveis na literatura internacional. Neste sentido, adotou-se o entendimento de capacidade tecnológica como o conjunto de recursos necessários para gerar e gerir mudanças tecnológicas, sendo construída e acumulada de forma gradual, a partir do engajamento em processos de aprendizagem e da coordenação de bases de conhecimentos acumulados em diferentes dimensões, simbioticamente relacionadas. As métricas utilizadas identificam tipos e níveis de capacidade tecnológica para diferentes funções e identifica quatro tipos de processos de aprendizagem tecnológica e os avalia em termos de suas características-chave. Tomando-se por base evidências empíricas qualitativas e quantitativas, colhidas em primeira mão, a base de trabalho de campo, este estudo verificou que: 1. A empresa acumulou níveis inovativos de capacidades tecnológicas em todas as funções examinadas, sendo o nível Inovativo Intermediário (Nível 5) nas funções Engenharia de Projetos (de forma incompleta) e Equipamentos e o nível Intermediário Avançado (Nível 6) nas funções Processos e Organização da Produção e Produtos. 2. Os mecanismos de aprendizagem subjacentes à acumulação destes níveis de capacidade tecnológica apresentaram resultados relevantes em termos de suas características-chave, principalmente no que diz respeito à variedade e intensidade: de 24 mecanismos em 1984 para um total de 59 em 2008, com uma variação de 145,8%, e com 56 dos 59 mecanismos (94,92%) utilizados atualmente de forma sistemática. 3. O período compreendido entre os anos de 1990 e 2004, no qual foram implementadas as técnicas de gestão estudadas, exceto o Plano de Sugestões, se caracteriza por apresentar a maior taxa de acumulação de capacidades tecnológicas e por dar início à utilização da quase totalidade dos 35 novos mecanismos de aprendizagem incorporados pela empresa após o início de suas operações (1984). E que as técnicas de gestão estudadas: 1. Colaboraram para o processo de aprendizagem tecnológica da AMBJF, principalmente pela necessidade de se: (i) incorporar novos mecanismos de aprendizagem que lhe permitissem acumular, antecipadamente, a base de conhecimentos necessária à implementação das técnicas de gestão estudadas; (ii) coordenar um número maior de mecanismos que dessem o adequado suporte ao aumento da complexidade de seu Sistema de Gestão Integrada (SOl). 2. Ampliaram, por si, o estoque de capacidades tecnológicas da empresa, maIS especificamente em sua dimensão organizacional, a partir da acumulação de conhecimento em procedimentos, instruções de trabalho, manuais, processos e fluxos de gestão e de produção, dentre outros. Desta forma, os resultados aqui encontrados confirmam que a adoção e a implementação das técnicas de gestão estudadas contribuíram com e influenciaram o processo de aprendizagem tecnológica e a trajetória de acumulação tecnológica da empresa, ao mesmo tempo, exercendo, portanto, um duplo papel na organização. Esta conclusão nos leva a um melhor entendimento do tema e pode contribuir para a compreensão de ações políticas e gerenciais que possam acelerar a acumulação de capacidades tecnológicas, entendendo a relevância das técnicas de gestão menos em termos de sua "mera" adoção e mais do seu processo de implementação.

Occupational tasks and changes in the wage structure

This paper argues that changes in the returns to occupational tasks have contributed to changes in the wage distribution over the last three decades. Using Current Population Survey (CPS) data, we first show that the 1990s polarization of wages is explained by changes in wage setting between and within occupations, which are well captured by tasks measures linked to technological change and offshorability. Using a decomposition based on Firpo, Fortin, and Lemieux (2009), we find that technological change and deunionization played a central role in the 1980s and 1990s, while offshorability became an important factor from the 1990s onwards.

Environmental policy and growth when inputs are differentiated in pollution intensity

Environmental policy affects the distribution of market shares if intermediate goods are differentiated in their pollution intensity. When innovations are environment-friendly, a tax on emissions skews demand towards new goods which are the most productive. In this case, the tax has to increase along a balanced growth path to keep the market shares of goods of different vintages constant. Comparing balanced growth paths, we find that an increase in the burden of environmental taxation spurs innovation because it increases the market share of recent vintages. As a result the cost of environmental policy in terms of slower growth is weaker and may even be absent.

Desenvolvimento, pobreza e meio ambiente no seridó potiguar: um estudo centrado nas micro-regiões do seridó oriental e ocidental

This research work intends to carry out a study focused on the dynamic between development, poverty reduction and conservation of natural resources. To consider this relationship to the region chosen was the micro-region of Eastern and Western Seridó in the state of Rio Grande do Norte. In recent years, several studies (Araújo, 2011; BASTOS, 2009) have pointed out that after a period of economic crisis in its tripodproductive, formed by the activities of farming, cotton farming, mining and faced in the eighties, this region of the State of Rio Grande do Norte, has not only shown signs of economic recovery but also improve their social indicators. On the other hand, studies of desertification as the view of the state of RN (produced in cooperation between the Government of RN and research institutions) and the Sustainable Development Plan of Seridó (ADES, 2000), indicate that there is an ongoing French process of degradation of natural resources that is capable of compromising the ability of sustaining such a system. To verify this reality and likely finding this relationship, this work is adopted for this study, the analysis of evolution of secondary data from official bodies such as the IBGE on HDI, per capita income and other social indicators between 2000 and 2009. Here is another time of the survey analysis of qualitative data collected from interviews with institutions of academic intervention in nature, researchers at the Federal University of Rio Grande do Norte (UFRN) State agencies that address the issue of the Middle Environment in Seridó: Institute for Sustainable Development of the NB (IDEMA) and the Brazilian Institute of Environment and the Amazon (IBAMA) and institutions of direct intervention in the region, as the Agency's Sustainable Development Seridó (adhesive) and the Joint Semi-Arid (ASA). After crossing data from quantitative and qualitative, it was found that the dynamics of the region's economic Seridó Potiguar partially answers the improvement of social indicators of poverty. Contribution by the State in this shared stock transfer income. Regarding the influence of productive restructuring in the region on issues of environment, it is noted that the ceramic tile industry, responsible for the absorption percentage of the population with limited ingress into the urban economy, given the low education, accounts for the increase of susceptibility to the ongoing process of desertification in North Seridó Rio Grande. We conclude finally that the guarantee of increased income, freedom and conservation of natural resources ensures primarily by changing the beliefs and values, especially on the part of the business sector, which use natural resources so predatory, aimed at maintaining their rates of return on investment. And concomitantly, the synchronization between technological change, through the use of new energy sources, and institutional change.

Controle inteligente de pressão para uma rede sem reservatório de abastecimento urbano de água

The sanitation companies from Brazil has a great challenge for the XXI century: seek to mitigate the rate of physical waste (water, chemicals and electricity) and financial waste caused by inefficient operating systems drinking water supply, considering that currently we already face, in some cases, the scarcity of water resources. The supply systems are increasingly complex as they seek to minimize waste and at the same time better serve the growing number of users. However, this technological change is to reduce the complexity of the challenges posed by the need to include users with higher quality and efficiency in services. A major challenge for companies of water supplies is to provide a good quality service contemplating reducing expenditure on electricity. In this situation we developed a research by a method that seeks to control the pressure of the distribution systems that do not have the tank in your setup and the water comes out of the well directly to the distribution system. The method of pressure control (intelligent control) uses fuzzy logic to eliminate the waste of electricity and the leaks from the production of pumps that inject directly into the distribution system, which causes waste of energy when the consumption of households is reduced causing the saturation of the distribution system. This study was conducted at Green Club II condominium, located in the city of Parnamirim, state of Rio Grande do Norte, in order to study the pressure behavior of the output of the pump that injects water directly into the distribution system. The study was only possible because of the need we had to find a solution to some leaks in the existing distribution system and the extensions of the respective condominium residences, which sparked interest in developing a job in order to carry out the experiments contained in this research