Leontief versus Ghosh: two faces of the same coin

In this paper we explore the sectoral and aggregate implications of some endogeneization rules (i.e. on value-added and final demand) which have been common in the Leontief model and have been recently proposed in the Ghosh model. We detect that these rules may give rise in both models to some allegedly pathological behavior in the sense that sectoral or aggregate output, very often, may not follow the logical and economically expected direct relationship with some underlying endogenous variables—namely, output and value-added in the Ghosh model and output and consumption in the Leontief model. Because of the common mathematical structure, whatever is or seems to be pathological in the Ghosh model also has a symmetric counterpart in the Leontief model. These would not be good news for the inner consistency of these linear models. To avoid such possible inconsistencies, we propose new and simple endogeneization rules that have a sound economic interpretation.

The roots of success: industrial growth in Italy reconsidered, 1911- 1951

This article reconsiders the growth of Italian industry from the First World War to the eve of the economic miracle, with the aid of sector-specific new value-added series, at three different price-bases. The new estimates reduce growth during the First World War, making the Italian case comparable to the other belligerent countries, while improving the performance of the 1920s. The 1929 crisis looks more profound than before, while the recovery after 1933 is now stronger. During the 1920s and the 1930s, a significant shift from traditional to more advanced activities took place: when confronted with the rest of Europe, the interwar period was a relative success, which laid the ground for the following economic boom.

Développement de l'irrigation et évolution des régimes fonciers dans la région de Gaya (Niger)

Since the mid 90's, international actors as well as governmental actors have raised their interest into the development of irrigation's potential that is still largely unexploited in Niger. It seems all the more interesting as it could answer the needs of a fast growing population (3.3% per year). However, if everyone agrees on the need to development this system, the current implementation triggers questions on the process itself and its side effects. National and international policies on this matter were build upon an historical process through colonial, post-colonial and then the late 1980's neoliberal structures, leading to a business model that reveals a discrepancy between the state logic and the farming one. This business model asks for a high capacity of mobilization of resources unachievable for many, especially when they want to address small-scale irrigation (area value added engendered then attracted external players as well, such as civil servants and merchants. The World Bank supported this momentum through the development of a business type project. Unfortunately, it reached mostly the new external players and local elites rather than the small farmers, notably due to the high illiteracy rate among farmers. In terms of land tenure analysis, the project excluded all farmers cultivating land on a loan or lease agreement and all those for whom it was difficult to obtain a title of ownership. However, this new interest for small-scale irrigation exerted by the project and the new players triggered the commoditization of land. As a matter of fact, the demographic constraints and the fragmentation of the familial land ownership led to a more individual production system, where the customary relation to land tenure is weakened or even overcome. This makes it easier for the new players who need to settle their small-scale irrigation projects to purchase land. When there are only few areas available for selling, the. purchasing processes are undermining the farmers with insecure rights. If the withdrawal of lands is supposed to be smoothened by social measures, such as replacement of the land and primary offers to purchase the land, those measures are often not attractive. The proposed land of replacement is frequently too far away located or lesser fertile to be of any use and the economic capacity of purchasing is too little, eventually leading the farmers to leave their terroirs. Those in charge of the application of the Rural Code have succeeding in answering the need of written secured land tenure, but have difficulty to meet the challenge of doing the same to secure rights for farmers with loans or lease agreements. The small-scale irrigation could bring an answer for their financial needs to buy the land, but it would require mobilizing resources to invest or an easier access to supportive projects. The economic benefice from small-scale irrigation is now widely recognized, but we have to take also into account the risks of marginalization of part of the small farmers. For a more widely spread exploitation of small-scale irrigation, the mechanism of land regulation as well as the process to access the financial and technical support of projects must be revised in order to reach more small farmers. Développement de l'irrigation et évolution des régimes fonciers dans la région de Gaya (Niger) - Le secteur de l'irrigation a bénéficié d'un regain d'intérêt de la part des acteurs internationaux du développement et de l'Etat nigérien depuis le milieu des années 1990. Cet intérêt est à la hauteur du potentiel en terres irrigables (300Ό00 ha environ) du pays, largement sous-exploité alors que les besoins alimentaires sont grandissants, la population augmentant de 3.3% par an. Si le diagnostic est correct, les stratégies mises en oeuvre en matière d'irrigation posent question. Les interventions, aussi bien publiques qu'internationales, reposent sur un modèle entrepreneurial qui parachève une longue trajectoire historique. Initiée par l'Etat colonial, poursuivie par l'Etat post-colonial et transformé par les politiques néolibérales des années 1980, elle se caractérise par un hiatus constant entre logiques étatiques et logiques paysannes. En matière de petite irrigation privée (surfaces < 1-2 ha, technologies à faible coût), ce modèle présuppose une mobilisation de ressources (économiques, sociales, éducationnelles et foncières) inégalement réparties au sein de la population rurale. Cette recherche s'est intéressée à expliciter les liens qui existent entre le développement de la petite irrigation privée et l'évolution des régimes fonciers. Les trois questionnements qui ont guidé l'analyse empirique portent sur la sécurisation foncière, les dynamiques de marchandisation de la terre et l'accès à la terre pour tous les producteurs. Le Département de Gaya dispose d'un potentiel très important en ressources hydriques, facilement mobilisables. Les productions maraîchères et fruitières ont connu un essor très important à partir des années 1980. Initialement pratiquées par les cultivateurs, elles ont progressivement attiré l'attention d'acteurs externes au monde rural (fonctionnaires, commerçants), du fait de leur haute valeur ajoutée. La Banque mondiale a fortement soutenu cette dynamique à travers un projet à vocation entrepreneuriale, qui s'est pourtant révélé hors de portée de la majorité des petits paysans et a principalement bénéficié à ces acteurs extra-ruraux ainsi qu'à certaines élites locales. Au plan foncier, il a en particulier exclu tous les emprunteurs des terres, qui ne sont pas à même de produire des documents écrits confirmant leurs droits sur la terre. Ce projet, et plus largement l'intérêt que les acteurs extra-ruraux portent à la petite irrigation, ont contribué à alimenter la marchandisation de la terre. Sans ancrage familial dans les terroirs villageois, ces acteurs sont obligés d'acheter la terre pour faire de l'irrigation. Leur demande vient s'inscrire dans un contexte général où la pression démographique et le morcellement successif des capitaux fonciers familiaux ont progressivement individualisé la relation entre les producteurs et la terre, au point d'affaiblir ou de faire tomber les interdits coutumiers en matière de vente. Dans les espaces disposant de faibles réserves foncières, les ventes se font principalement au détriment des acteurs qui, comme les emprunteurs, disposent de droits fonciers peu stables et sécurisés. Si le retrait de la terre est socialement encadré (terre en remplacement, possibilité d'acheter la terre qui va être vendue), il pose également des contraintes agronomiques (sols de moindre qualité) et économiques (nécessité de disposer des liquidités pour racheter la terre) qui peuvent, en dernier ratio, obligent les acteurs concernés à quitter les terroirs. Les instances du Code rural, qui ont su apporter des réponses satisfaisantes à la demande de sécurisation foncière par l'établissement de documents écrits, rencontrent aujourd'hui de grandes difficultés à en faire de même pour les droits de prêt. Dans ce contexte, l'irrigation peut apporter les sommes nécessaires à l'achat des terres. Encore faut-il que ces emprunteurs disposent des ressources financières propres pour la développer ou qu'ils puissent y avoir accès grâce à l'appui d'un projet. Si l'intérêt économique de la petite irrigation privée est indiscutable, les risques de marginalisation d'une partie de producteurs ruraux qu'elle peut produire sont bien réels. Pour en faire une activité accessible au plus grand nombre, il faut revoir les mécanismes de régulation foncière, ainsi que les montages techniques et financiers qui supportent le développement de ce secteur d'activité très prometteur.

Little Dairy on the Prairie: from butter makin' to high-tech agriculture, 2005

In 2001, extensive archaeological excavations were conducted at the Oneida Cheese Factory in Jones County. The county is a microcosm of larger dairying trends found throughout northeast Iowa, the state’s premier dairy-producing region. Jones County moved from homemade cheese and butter production by farm women, to the industrialization of the dairy farm and opening of cheese factories and butter creameries. A number of innovations affected the industry around the turn-of-the-twentieth century, including reliable butterfat testing, the introduction of ensilage (silos) that created yearround milk production, and consolidation of the many local creameries into larger creamery organizations, such as the Diamond Creamery run by Henry D. Sherman of Jones County. Iowa’s dairy industry of today looks very different from its heritage: consolidation and competition have drastically reduced the number of cows, dairy farms, and processing plants. In recent years, northeast Iowa has become the center of a movement to revitalize Iowa’s dairy industry, particularly through the use of value-added strategies, such as niche markets and large regional co-operatives: the lessons from Iowa’s dairying legacy are resurfacing as a solution to modern agricultural challenges.

A CONTABILIDADE E O REAL VALOR DAS EMPRESAS: FOCO NO CAPITAL INTELECTUAL

Este trabalho mostra que a contabilidade pode não estar a evidenciar o real valor do património das empresas (um dos seus objectivos), constatamos nos últimos tempos, que os relatórios fornecidos pela contabilidade financeira não retratam certas realidades das empresas, visto que o valor contabilístico se distancia cada vez mais do valor de mercado, principalmente nas empresas de alta tecnologia e serviços, assim sendo as demonstrações financeiras podem estar experimentando uma perda de relevância para a tomada de decisões de investimentos, de crédito e de gestão. Dentro deste contexto, ressaltamos a necessidade de a contabilidade evidenciar naquelas demonstrações tais informações para que possa divulgar aos vários utentes da informação o real valor da empresa. Visto que o Capital Intelectual é importante para as empresas, torna-se necessário relatar não só informações financeiras como também não financeiras. Este trabalho apresenta um estudo descritivo/quantitativo da empresa CVTelecom, com o objectivo de avaliar o grau de divulgação do Capital Intelectual na empresa. A principal constatação foi o seguinte: uma participação activa da empresa em divulgar o Capital Intelectual, uma forma não normalizada através da divulgação voluntária do Capital Intelectual cujo veículo de divulgação, é o Relatório de Gestão e o Balanço Social. This work shows that the Accounting cannot be evidencing the Real value of the patrimony of the enterprises (one of their objectives), we verified in the last times, that the reports supplied by the Financial Accounting don't portray certain realities of the enterprises, because the value Accounting of the enterprises go away more and more of his market value, mainly in the companies of high technology and services, soon the financial demonstrations are trying a loss of relevance for socket of decisions of investments, of credit and of administration. Inside of this context, we emphasized the need of the Accounting to evidence in the demonstrations such financial information so that it can publish to the several users of the information the Real value of the company. Because the Intellectual Capital is important for the enterprises, it becomes necessary to tell not only financial information as well as any financial. This work presents a descriptive-quantitative study of the enterprise CVtelecom, with the objective of evaluating the degree of popularization of the Intellectual Capital in the enterprise and the impact in the performance of this enterprise. The main verification was the following: A participation active of the company in publishing the Intellectual Capital in spite of being in a way no normalized but a voluntary popularization of the Intellectual Capital, whose popularization vehicle is the Report of Administration and the Social Swinging.

Comprendre les mécanismes des migrations « glo-balles » africaines. Les trajectoires transnationales et la diversification des filières

L'article décrypte certains rouages de l'expatriation des joueurs africains vers l'Europe. La précocité de leur migration et la fragmentation de leur trajectoire sont expliquées par les spéculations dont ils font l'objet. Les réseaux socio-économiques qui portent les filières spéculatives sont mis en lumière, ce qui permet de comprendre en particulier le rôle primordial qu'y jouent les clubs intermédiaires européens, et maintenant asiatiques, intermédiaires dans la chaîne à haute valeur ajoutée, au « taux d'éviction » le plus élevé du monde. This paper decodes various workings at play in the expatriation of African players to Europe. The early nature of their migration and the fragmentation of their trajectories are explained by the speculation that surrounds them. The socio-economic networks that carry speculative channels are brought to light, which helps us to understand in particular the major role played by the European, and now Asian, clubs, which serve as intermediaries in the high value-added chain, with the highest "eviction rate" in the world.

Optimal regulation of a fully insured deposit banking system

We analyze risk sensitive incentive compatible deposit insurancein the presence of private information when the market value of depositinsurance can be determined using Merton's (1997) formula. We show that,under the assumption that transferring funds from taxpayers to financialinstitutions has a social cost, the optimal regulation combines differentlevels of capital requirements combined with decreasing premia on depositinsurance. On the other hand, it is never efficient to require the banksto hold riskless assets, so that narrow banking is not efficient. Finally,chartering banks is necessary in order to decrease the cost of asymmetricinformation.

Fusões e Aquisições e a Criação de Valor Para os Accionistas:Aplicação às Empresas Portuguesas cotadas no Período 2004-2008

Numa economia global, em que é importante as fusões e aquisições como motor de crescimento empresarial, justifica-se estudar este tema muito importante no mundo das finanças e da estratégia empresarial. A criação de valor para as empresas e para os seus accionistas tornou-se um imperativo na gestão das empresas, pelo que os seus responsáveis devem preocupar-se em criar riqueza através de fontes geradoras de valor como fusões e aquisições. Esta dissertação teve como objectivo analisar se os processos de fusões e aquisições realizadas em Portugal no período de 2004 a 2008 aumentaram a riqueza para os accionistas das empresas evolvidas nestes processos. Para analisarmos se efectivamente as fusões e aquisições criaram valor para os accionistas procedeu-se a um estudo empírico, que se traduz no estudo de casos, e que foi realizada através da análise dos indicadores tradicionais de desempenho e do EVA® (Economic Value Added). Após a análise realizou-se testes estatísticos com o objectivo de verificar quais destes indicadores têm maior poder explicativo das cotações das acções.

2008 Iowa Real Property Appraisal Manual, May 2008

********NOTE: There are nine sections to this manual, all in separate files.************* **********NOTE: Large files may take longer to open******** The basis of real property assessment in Iowa is market value as defined in Iowa Code §441.21. Iowa Code §§ 421.17(17) and 441.21(h) provide that assessment jurisdictions follow the guidelines and rules in this manual to help achieve uniformity in assessments. Assessors are encouraged to use the International Association of Assessing Officers’ Standard on Mass Appraisal of Real Property in their mass appraisal practices. Estimating market value in mass appraisal involves accurately listing properties, developing a sales file that includes the primary influences on market value, and developing models for subsets of properties that share common market influences using recognized mass appraisal techniques. The assessment of an individual property should not be based solely on the sale price. The Uniform Standards of Professional Appraisal Practice (USPAP) standard 6 says “In developing a mass appraisal, an appraiser must be aware of, understand, and correctly employ those recognized methods and techniques necessary to produce and communicate credible mass appraisals.” Accurate listing of property is the basis of a good mass appraisal program. On-site inspection and listing of property is essential in developing a good data base for revaluation. A physical review, including an on-site verification of property characteristics, should be conducted at least every four to six years. Land values should be reviewed every two years. Factors influencing the market of each property type should be identified and collected so that these factors can be considered in the mass appraisal model. It is equally important to maintain the data once it is collected. Accessing local government permit systems should be a part of a good data maintenance program along with an inspection program. Current cadastral maps and geographical information systems (GIS) are tools that are integral in checking accuracy of listings and maintaining a comprehensive data base.

Strategy communication and measurement systems

Organizations often face the challenge of communicating their strategiesto local decision makers. The difficulty presents itself in finding away to measure performance wich meaningfully conveys how to implement theorganization's strategy at local levels. I show that organizations solvethis communication problem by combining performance measures in such away that performance gains come closest to mimicking value-added asdefined by the organization's strategy. I further show how organizationsrebalance performance measures in response to changes in their strategies.Applications to the design of performance metrics, gaming, and divisionalperformance evaluation are considered. The paper also suggests severalempirical ways to evaluate the practical importance of the communicationrole of measurement systems.

Measuring and explaining farm inefficiency in a panel data set of mixed farms

This paper aims to estimate a translog stochastic frontier production function in the analysis of a panel of 150 mixed Catalan farms in the period 1989-1993, in order to attempt to measure and explain variation in technical inefficiency scores with a one-stage approach. The model uses gross value added as the output aggregate measure. Total employment, fixed capital, current assets, specific costs and overhead costs are introduced into the model as inputs. Stochasticfrontier estimates are compared with those obtained using a linear programming method using a two-stage approach. The specification of the translog stochastic frontier model appears as an appropriate representation of the data, technical change was rejected and the technical inefficiency effects were statistically significant. The mean technical efficiency in the period analyzed was estimated to be 64.0%. Farm inefficiency levels were found significantly at 5%level and positively correlated with the number of economic size units.

Avaliação de empresa: Uma análise de utilização do Eva

A realidade da economia actual impõe às empresas a necessidade de administração do valor para a sobrevivência e continuidade do negócio. Nesse sentido o processo de avaliação de empresa desempenha um papel importante para a gestão, uma vez que os gestores precisam considerar as possíveis alternativas existentes para criação de valor, como compra e venda de participações, aceitar novos investimentos, fusões ou até mesmo para realização de reestruturações e incorporações. É nesse sentido que decidimos realizar um estudo cujo tema é: Avaliação de empresa - uma análise de utilização do EVA (Económic Value Added), com o objectivo principal de mostrar a importância do EVA como uma das metodologias de avaliação de empresas. Para a realização dessa pesquisa, fizemos um estudo de caso múltiplo, com o propósito de estimar o valor de algumas empresas de sectores diferentes. De acordo com o estudo, constatamos que as empresas não têm dado a devida importância sobre o tema, embora tenham a consciência das vantagens que essa prática pode trazer para as organizações. Tendo em conta os diversos métodos apresentados, utilizamos um dos métodos tradicionais (método do valor contabilístico ou histórico) com o intuito de fazer uma pequena comparação dos valores calculados com a metodologia do EVA. Relativamente à metodologia utilizada durante a elaboração deste trabalho, baseámonos numa pesquisa bibliográfica acerca do tema, através da consulta de livros, trabalhos científicos já publicados assim como sites na internet. Os resultados do estudo demonstraram que o valor das empresas calculado pelo método do EVA foi maior do que o valor apresentado pelo método tradicional, o que nos aponta uma superioridade da metodologia do EVA ao avaliar as empresas pelo seu potencial económico, e não pelos recursos financeiros.

O Sistema Integrado ABC-EVA como ferramenta para a Tomada de Decisão

O sistema Activity Based Costing (ABC) surgiu em meados da década de 80 pela iniciativa dos autores Robin Kaplan, Robin Cooper e Thomas Johnson, com o intuito de suprir as deficiências apresentadas pelos sistemas de custeio tradicionais na imputação arbitrária dos custos indirectos. Alvo de vários elogios e críticas, o sistema ABC é, actualmente, percebido por muitos como a forma mais apropriada de calcular o custo dos produtos. No entanto, numa altura em que é dada cada vez mais importância à criação de valor, especialmente à criação de valor aos accionistas, o sistema ABC se demonstrou insuficiente, pois não considera o Custo de Oportunidade do Capital (COC) investido pelos accionistas. Neste sentido, autores como Narcyz Roztocki e Kim LaScola Needy vieram chamar a atenção desse facto e proporam a integração do sistema ABC ao indicador do desempenho Economic Value Added (EVA) como forma de responder a essa limitação visto que este indicador considera o custo do capital investido pelos accionistas. O estudo de caso ora apresentado visou compreender os fundamentos do sistema integrado ABC-EVA e, compreender os impactos desse sistema no processo decisório, através da sua implementação numa empresa do país. Para a implementação do sistema seguimos os passos enumerados por Roztocki et al. (2004) e Roztocki e Needy (1999c), para a implementação do sistema ABC e para a implementação do sistema integrado ABC-EVA, respectivamente. Dos resultados do estudo pudemos concluir que o sistema integrado ABC-EVA dota os gestores de uma informação mais completa sobre os custos e, por isso, é mais apropriada à tomada de decisões a nível de preços, custos, política de marketing, entre outros. Não obstante, o estudo de caso apresentou algumas limitações que, ainda que tenham condicionado as conclusões do estudo, acabaram por comprovar os resultados de alguns estudos referidos na revisão da literatura. Espera-se que a empresa objecto de estudo possa beneficiar, de alguma forma, do estudo realizado e que, se interesse em adoptar o sistema proposto ou outro, já que não possui nenhum.

Asset prices and the measurement of wealth and saving

The paper defines concepts of real wealth and saving which take into account the intertemporal index number problem that results from changing interest rates. Unlike conventional measures of real wealth, which are based on the market value of assets and ignore the index number problem, the new measure correctly reflects the changes in the welfare of households over time. An empirically operational approximation to the theoretical measure is provided and applied to US data. A major empirical finding is that US real financial wealth increased strongly in the 1980s, much more than is revealed by the market value of assets.

Annual Report of the Iowa Grape and Wine Development Commission for Fiscal Year, 2007

FY2007 was a productive year for the Iowa Grape and Wine Development Commission. Fourteen proposals were recommended for funding totaling over $390,000 in outlays. Included in the approved proposals were funds for the establishment and staffing of a Midwest Grape and Wine Institute at Iowa State University, a newly created viticulturist position at Des Moines Area Community College, funding for the first annual Mid-American Wine Competition, and marketing and promotion of four regional cooperative wine events and one wine trail. Commission funding supported a survey of commercial wine producers and grape growers and a new brochure on Iowa’s vineyards. A committee was formed to provide details for a Scholarship Program to aid vineyard and winery staff with the expenses of accredited coursework. Based on the survey conducted and from other governmental and industry sources, the Iowa grape and wine industry appears to continue to be very viable and growth continues at a strong pace. Wine produced in the state for 2007 was estimated at a market value in excess of $12.3 million. A tabulation of the budget revealed that just over $800,000 in wine gallonage tax appropriations have been received into the Grape and Wine Development Fund from 15 FY2003 through FY2007. Expenditures have totaled just over $607,000 during that same time. Just over 80% of expenditures have gone to “Technical” spending. Over time, funds invested in “Technical” programs will translate into an increasingly educated and institutionally-supported industry. Local, regional, and statewide events also appear to be increasing in popularity and the Commission plans to continue and increase support for these events. It is hoped the Scholarship Program will be up and running and funding will need to be appropriated for that project. The Commission also believes many projects and events will become more and more self sustaining as they develop and mature. As they continue to support Iowa’s grape and wine industry, the members of the Commission look forward to working with individuals, commercial enterprises, state and federal agencies, and industry-sponsored institutions in the upcoming year and in years to come.