State and local pension fund investment performance /

"Prepared for the Urban Institute as part of the project, 'Economic Issues of State and Local Pension Plans,' U.S. Department of Housing and Urban Development, grant no. H-2921-RG."

Guide to examination materials available from the U.S. Civil Service Commission for state and local governmental use.

"PB-273 145"

Multilingualism and local-global identities: Japanese language education in rural Australia

The purpose of this article is to examine the value accruing to a regional area in Australia from the location of an undergraduate Japanese language education program in a university in that area. The focus is on the manner in which the inclusion of such a program enhances the sustainability of the area. Sustainability is here defined as the resilience demonstrated by social subjects in the absence of the full range of services available in more densely populated and resource advantaged areas. Such resilience implies an ongoing capacity on the part of subjects to contribute productively to social and economic networks in the area. The discussion includes two cases of graduates of the program under review. On the basis of these cases, the argument is advanced that local regional and rural area access to a tertiary sector second language program offers a unique and valuable strategic dimension to the personal and professional development of social agents in regional areas and to the sustainability of these areas generally.

Delipidation of a hepadnavirus: Viral inactivation and vaccine development

Many viruses including HIV, hepatitis C and hepatitis B, have an outer lipid envelope which maintains inserted viral peptides in the “correct” functional conformation and orientation. Disruption of the lipid envelope by most solvents destroys infectivity and often results in a loss of antigenicity. This communication outlines a novel approach to viral inactivation by specific solvent delipidation which modifies the whole virion rendering it non-infective, but antigenic. Duck hepatitis B virus (DHBV) was delipidated using a diisopropylether (DIPE) and butanol mixture and residual infectivity tested by inoculation into day-old ducks. Delipidation completely inactivated the DHBV (p < 0.001). Delipidated DHBV was then used to vaccinate ducks. Three doses of delipidated DHBV induced anti-DHBs antibody production and prevented high dose challenge infection in five out of six ducks. In comparison, five of six ducks vaccinated with undelipidated DHBV and four of four ducks vaccinated with glutaraldehyde inactivated DHBV were unprotected (p < 0.05). Although this solvent system completely inactivated DHBV, viral antigens were retained in an appropriate form to induce immunity. Delipidation of enveloped viruses with specific organic solvents has potential as the basis for development of vaccines.

Foreign direct investment and economic development:an interactive relationship

With the increasing importance of Foreign Direct Investment (FDI), there have been substantial studies on this issue, both empirically and theoretically. However, most existing studies focus on either the impacts of FDI presence or the determinants of FDI inflows, ignoring the fact that inward FDI and economic development may simultaneously affect each other. This thesis sets out to examine the interactive effects between FDI and economic development. The whole thesis is composed of five chapters. Chapter One is an overall introduction to the thesis. Chapter Two presents a theoretical study and chapter Two and Three provide two empirical studies. Chapter Five concludes. Chapter Two presents a theoretical two-sector model that features the importance of human capital in attracting foreign investment. This model theoretically explains why FDI is more likely to occur among countries that are similar in terms of human capital and technology. On the other hand, MNCs must train local employees to work with firm-specific technology and hence improve the technological skills of local workers. In Chapter Two, an empirical model is constructed to detect whether the productivities of foreign and local firms impact each other. The model is tested on China’s data at the industry level. The results indicate that productivity growth of local and foreign firms are jointly determined. Evidence also suggests that the extent to which spillovers occur varies with difference technology levels of local firms. Chapter Four investigates the relationship between FDI and economic grown based on a panel of data for 84 countries over the period 1970-1999. Both equations of FDI inflow and GDP growth are examined. The results indicate that FDI not only directly promotes economic growth by itself, but also indirectly does so via its interaction terms. There is a strong positive interaction effect of FDI with human capital and a strong negative interaction effect of FDI with technology gap on economic growth in developing countries.

The relationships between a developing regional airport and local commerce and industry

This thesis describes an investigation into a Local Authority's desire to use its airport to aid regional economic growth. Short studies on air freight. the impact of an airport on the local economy, incoming tourism. and the factors influencing airlines in their use of airports, show that this desire is valid. but only in so far as the airport enables air services to be provided. A survey of airlines. conducted to remedy some deficiencies in the documented knowledge on airline decision-making criteria. indicates that there is cause for concern about the methods used to develop air services. A comparison with the West German network suggests that Birmingham is underprovided with international scheduled flights, and reinforces the survey conclusion that an airport authority must become actively involved in the development of air services. Participation in the licence applications of two airlines to use Birmingham Airport confirms the need for involvement but without showing the extent of the influence which an airport authority may exert. The conclusion is reached that in order to fulfill its development potential, an airport must be marketed to both the general public and the air transport industry. There is also a need for a national air services plan.

Industrial districts, inward foreign investment and regional development

This article compares the importance of agglomerations of local firms, and inward FDI as drivers of regional development. The empirical analysis exploits a unique panel dataset of the Italian manufacturing sector at the regional and industry levels. We explore whether FDI and firm agglomeration can be drivers of total factor productivity (separately and jointly), with this effect being robust to different estimators, and different assumptions about inter-regional effects. In particular, we isolate one form of firm agglomeration that is especially relevant in the Italian context, industrial districts, in order to ascertain their impact on productivity. In so doing, we distinguish standard agglomeration and localization economies from industrial districts to understand what additional impact the latter has on standard agglomeration effects. Interaction effects between FDI spillovers and different types of agglomeration economies shed some light on the heterogeneity of regional development patterns as well as on the opportunity to fine tune policy measures to specific regional contexts.

Spillovers from FDI and local networks:the importance of transactional linkages and vertical keiretsu in Japan

Purpose – The purpose of this paper is to explore the importance of host country networks and organisation of production in the context of international technology transfer that accompanies foreign direct investment (FDI). Design/methodology/approach – The empirical analysis is based on unbalanced panel data covering Japanese firms active in two-digit manufacturing sectors over a seven-year period. Given the self-selection problem affecting past sectoral-level studies, using firm-level panel data is a prerequisite to provide robust empirical evidence. Findings – While Japan is thought of as being a technologically advanced country, the results show that vertical productivity spillovers from FDI occur in Japan, but they are sensitive to technological differences between domestic firms and the idiosyncratic Japanese institutional network. FDI in vertically organised keiretsu sectors generates inter-industry spillovers through backward and forward linkages, while FDI within sectors linked to vertical keiretsu activities adversely affects domestic productivity. Overall, our results suggest that the role of vertical keiretsu is more prevalent than that of horizontal keiretsu. Originality/value – Japan’s industrial landscape has been dominated by institutional clusters or networks of inter-firm organisations through reciprocated, direct and indirect ties. However, interactions between inward investors and such institutionalised networks in the host economy are seldom explored. The role and characteristics of local business groups, in the form of keiretsu networks, have been investigated to determine the scale and scope of spillovers from inward FDI to Japanese establishments. This conceptualisation depends on the institutional mechanism and the market structure through which host economies absorb and exploit FDI.

Between global ambitions and local change:how multi-level cooperation advances norm implementation in weak states

The purpose of this article is to investigate in which ways multi-level actor cooperation advances national and local implementation processes of human rights norms in weak-state contexts. Examining the cases of women’s rights in Bosnia and Herzegovina and children’s rights in Bangladesh, we comparatively point to some advantages and disadvantages cooperative relations between international organisations, national governments and local NGOs can entail. Whereas these multi-level actor constellations (MACs) usually initiate norm implementation processes reliably and compensate governmental deficits, they are not always sustainable in the long run. If international organisations withdraw support from temporary missions or policy projects, local NGOs are not able to perpetuate implementation activities if state capacities have not been strengthened by MACs. Our aim is to highlight functions of local agency within multi-level cooperation and to critically raise sustainability issues in human rights implementation to supplement norm research in International Relations.

Fiscal decentralization and development: An analysis of city governments in Argentina and Mexico, 1980--2010

This dissertation examines local governments' efforts to promote economic development in Latin America. The research uses a mixed method to explore how cities make decisions to innovate, develop, and finance economic development programs. First, this study provides a comparative analysis of decentralization policies in Argentina and Mexico as a means to gain a better understanding of the degree of autonomy exercised by local governments. Then, it analyzes three local governments each within the province of Santa Fe, Argentina and the State of Guanajuato, Mexico. The principal hypothesis of this dissertation is that if local governments collect more own-source tax revenue, they are more likely to promote economic development and thus, in turn, promote growth for their region. ^ By examining six cities, three of which are in Santa Fe—Rosario, Santa Fe (capital) and Rafaela—and three in Guanajuato—Leon, Guanajuato (capital) and San Miguel de Allende, this dissertation provides a better understanding of public finances and tax collection efforts of local governments in Latin America. Specific attention is paid to each city's budget authority to raise new revenue and efforts to promote economic development. The research also includes a large statistical dataset of Mexico's 2,454 municipalities and a regression analysis that evaluates local tax efforts on economic growth, controlling for population, territorial size, and the professional development. In order to generalize these results, the research tests these discoveries by using statistical data gathered from a survey administered to Latin American municipal officials. ^ The dissertation demonstrates that cities, which experience greater fiscal autonomy measured by the collection of more own-source revenue, are better able to stimulate effective economic development programs, and ultimately, create jobs within their communities. The results are bolstered by a large number of interviews, which were conducted with over 100 finance specialists, municipal presidents, and local authorities. The dissertation also includes an in-depth literature review on fiscal federalism, decentralization, debt financing and local development. It concludes with a discussion of the findings of the study and applications for the practice of public administration.^

Seawater carbonate chemistry and skeletal development, size, weight, total lipid and symbiont density of coral Favia fragum in a laboratory experiment

Ocean acidification (OA) threatens the existence of coral reefs by slowing the rate of calcium carbonate (CaCO3) production of framework-building corals thus reducing the amount of CaCO3 the reef can produce to counteract natural dissolution. Some evidence exists to suggest that elevated levels of dissolved inorganic nutrients can reduce the impact of OA on coral calcification. Here, we investigated the potential for enhanced energetic status of juvenile corals, achieved via heterotrophic feeding, to modulate the negative impact of OA on calcification. Larvae of the common Atlantic golf ball coral, Favia fragum, were collected and reared for 3 weeks under ambient (421 µatm) or significantly elevated (1,311 µatm) CO2 conditions. The metamorphosed, zooxanthellate spat were either fed brine shrimp (i.e., received nutrition from photosynthesis plus heterotrophy) or not fed (i.e., primarily autotrophic). Regardless of CO2 condition, the skeletons of fed corals exhibited accelerated development of septal cycles and were larger than those of unfed corals. At each CO2 level, fed corals accreted more CaCO3 than unfed corals, and fed corals reared under 1,311 µatm CO2 accreted as much CaCO3 as unfed corals reared under ambient CO2. However, feeding did not alter the sensitivity of calcification to increased CO2; Delta calcification/Delta Omega was comparable for fed and unfed corals. Our results suggest that calcification rates of nutritionally replete juvenile corals will decline as OA intensifies over the course of this century. Critically, however, such corals could maintain higher rates of skeletal growth and CaCO3 production under OA than those in nutritionally limited environments.

Detecting conflictive cultural factors in complex scenarios of intervention: Military and local actors in interaction

The integration of cultural elements into the operational planning process is a complex task that requires practical and theroretical tools for a wide comprehension of the context to help solve the problem. This article shows the results of an empirical research which presents conflicting cultural factors as the starting point for the construction of mediating structures. The main result of our research is a partial cognitive structure, a system of ideas, represented in a template listing the basic conflictive factors at the tactical level that military could find in the development of their tasks. The template is also a valuable aid to design military training curricula and to be applied to any post-conflict stability operation in complex environments resulting from irregular or asymmetric conflicts.

Financialisation, Capital Accumulation and Economic Development : A Theoretical and Empirical Investigation of the Nigerian Economy

The primary focus of this study is to highlight those unobtrusive, yet fundamental, factors undermining economic development in Nigeria. To begin with, it posits that the decelerating pace of capital accumulation in Nigeria, which naturally occasions rising unemployment and poverty levels, and widening inequality gap, is the result of the ‘low possibility’ of capitalist enterprises in the country of earning an adequate rate of profit from their productive processes. In turn, the ‘low possibility’ is argued to be the result of the uneven development inherent in the modern capitalist structure, the high cost of capital and of production peculiar to Nigeria, and the ineffective demand for goods made in Nigeria: these elements are viewed as been precipitated by the contradictions of the contemporary political-economic arrangement that organises the Social Structures of Accumulation. For Nigeria to ‘develop’, it is contended that the unobtrusive elements inherent in the contradiction of the political-economic economic that undermine the capitalists’ ability to earn a commensurate rate of profit in the country needs to be fully addressed first. Furthermore, this study suggests that it is crucial the country embraces knowledge-based industrialisation if it is to achieve some form of ‘competitive advantage’ in the global market, which could enable its productive processes extract a commensurate level of profit from the market. To facilitate the knowledge-based industrialisation, the state should, not only create a conducive environment for industrial development but also play the lead role in transforming the peripheral and oil dependent economy to a knowledge-based economy by coordinating business organisations and investing in high-risk innovations.