Economic benefits and costs of technologies for sustainable land management (SLM): a preliminary analysis of global WOCAT data

The WOCAT network has collected, documented, and assessed more than 350 case studies on promising and good practices of SLM. Information on on- and off-site benefits of different SLM types, as well as on investment and maintenance costs is available, sometimes in quantitative and often in qualitative form. The objective of the present paper is to analyse what kind of economic benefits accrue to local stakeholders, and to better understand how these benefits compare to investment and maintenance costs. The large majority of the technologies contained in the database are perceived by land users as having positive benefits that outweigh costs in the long term. About three quarters of them also have positive or at least neutral benefits in the short term. The analysis shows that many SLM measures exist which can generate important benefits to land users, but also to other stakeholders. However, methodological issues need to be tackled and further quantitative and qualitative data are needed to better understand and support the adoption of SLM measures. Keywords: Sustainable Land Management, Costs, Benefits, Technologies

Risk adjustment in aging societies

Background In Switzerland, age is the predominant driver of solidarity transfers in risk adjustment (RA). Concerns have been voiced regarding growing imbalances in cost sharing between young and old insured due to demographic changes (larger fraction of elderly >65 years and rise in average age). Particularly young adults aged 19–25 with limited incomes have to shoulder increasing solidarity burdens. Between 1996 and 2011, monthly intergenerational solidarity payments for young adults have doubled from CHF 87 to CHF 182, which corresponds to the highest absolute transfer increase of all age groups. Results By constructing models for age-specific RA growth and for calculating the lifetime sum of RA transfers we investigated the causes and consequences of demographic changes on RA payments. The models suggest that the main driver for RA increases in the past was below average health care expenditure (HCE) growth in young adults, which was only half as high (average 2% per year) compared with older adults (average 4% per year). Shifts in age group distributions were only accountable for 2% of the CHF 95 rise in RA payments. Despite rising risk adjustment debts for young insured the balance of lifetime transfers remains positive as long as HCE growth rates are greater than the discount rate used in this model (3%). Moreover, the life-cycle model predicts that the lifetime rate of return on RA payments may even be further increased by demographic changes. Nevertheless, continued growth of RA contributions may overwhelm vulnerable age groups such as young adults. We therefore propose methods to limit the burden of social health insurance for specific age groups (e.g. young adults in Switzerland) by capping solidarity payments. Conclusions Taken together, our mathematical modelling framework helps to gain a better understanding of how demographic changes interact with risk adjustment and how redistribution of funds between age groups can be controlled without inducing further selection incentives. Those methods can help to construct more equitable systems of health financing in light of population aging.

Corruption and Growth Under Weak Identification

The goal of this paper is to revisit the influential work of Mauro [1995] focusing on the strength of his results under weak identification. He finds a negative impact of corruption on investment and economic growth that appears to be robust to endogeneity when using two-stage least squares (2SLS). Since the inception of Mauro [1995], much literature has focused on 2SLS methods revealing the dangers of estimation and thus inference under weak identification. We reproduce the original results of Mauro [1995] with a high level of confidence and show that the instrument used in the original work is in fact 'weak' as defined by Staiger and Stock [1997]. Thus we update the analysis using a test statistic robust to weak instruments. Our results suggest that under Mauro's original model there is a high probability that the parameters of interest are locally almost unidentified in multivariate specifications. To address this problem, we also investigate other instruments commonly used in the corruption literature and obtain similar results.

An 'Ideal' Decomposition of Industry Dynamics: An Application to the Nationwide and State Level U.S. Banking Industry

This paper considers the aggregate performance of the banking industry, applying a modified and extended dynamic decomposition of bank return on equity. The aggregate performance of any industry depends on the underlying microeconomic dynamics within that industry . adjustments within banks, reallocations between banks, entry of new banks, and exit of existing banks. Bailey, Hulten, and Campbell (1992) and Haltiwanger (1997) develop dynamic decompositions of industry performance. We extend those analyses to derive an ideal decomposition that includes their decomposition as one component. We also extend the decomposition, consider geography, and implement decomposition on a state-by-state basis, linking that geographic decomposition back to the national level. We then consider how deregulation of geographic restrictions on bank activity affects the components of the state-level dynamic decomposition, controlling for competition and the state of the economy within each state and employing fixed- and random-effects estimation for a panel database across the fifty states and the District of Columbia from 1976 to 2000.

Foreign and Domestic Bank Performances: An Ideal Decomposition of Industry Dynamics

The aggregate performance of the banking industry depends on the underlying microlevel dynamics within that industry. adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. This paper develops a generalized ideal dynamic decomposition and applies it to the return on equity of foreign and domestic commercial banks in Korea from 1994 to 2000. The sample corresponds to the Asian financial crisis and the final stages of a long process of deregulation and privatization in the Korean banking industry. The comparison of our findings reveals that the overall performance of Korean banks largely reflects individual bank efficiencies, except immediately after the Asian financial crisis where restructuring played a more important role on average bank performance. Moreover, Korean regional banks started the restructuring process about one year before the Korean nationwide banks. Foreign bank performance, however, largely reflected individual bank efficiencies, even immediately after the Asian financial crisis.

An 'Ideal' Deconposition of Industry Dynamics: An Application to the Nationwide and State Level U.S. Banking Industry

This paper considers the aggregate performance of the banking industry, applying a modified and extended dynamic decomposition of bank return on equity. The aggregate performance of any industry depends on the underlying microeconomic dynamics within that industry --- adjustments within banks, reallocations between banks, entry of new banks, and exit of existing banks. Bailey, Hulten, and Campbell (1992) and Haltiwanger (1997) develop dynamic decompositions of industry performance. We extend those analyses to derive an ideal dynamic decomposition that includes their dynamic decomposition as one component. We also extend the decomposition, consider geography, and implement decomposition on a state-by-state basis, linking that geographic decomposition back to the national level. We then consider how deregulation of geographic restrictions on bank activity affects the components of the state-level dynamic decomposition, controlling for competition and the state of the economy within each state and employing fixed- and random-effects estimation for a panel database across the fifty states and the District of Columbia from 1976 to 2000.

Diversificación con frambuesa : : el impacto de su introducción en sistemas hortícolas de Coronda, Santa Fe, Argentina : análisis de un caso de estudio

El objetivo del presente trabajo fue analizar el impacto micro-económico que produce la introducción del cultivo de frambuesa en una pyme hortícola de Coronda, dedicada esencialmente a la producción de frutillas.El patrón de diversificación actual es escaso, debido principalmente a las limitaciones financieras existentes a nivel predial. Se combina el cultivo de frutilla con otras hortalizas, a contra-ciclo, tales como zapallito, berenjena, choclo, sandía y melón. Se analizaron los resultados económicos del ejercicio 2009/2010 de una empresa pyme, estudiada como caso, con una Superficie Agrícola Útil de 5,5 ha, que implantó en el ejercicio evaluado 2 ha de frutilla e introdujo 0,5 ha de frambuesa al esquema productivo, en reemplazo de alguno de los cultivos hortícolas que realizaba. Se obtuvo un Ingreso al capital equivalente a $ 59.786, una rentabilidad sobre el capital total de 12,95 % y sobre el capital sin tierra de 28,79 %. Estos tres indicadores mostraron un incremento de 258%, 248% y 236% respecto de la situación sin frambuesa, respectivamente. Se mejora el grado de diversificación analizado a través del Índice de Entropía y exhibe una excelente complementariedad tanto en el aspecto financiero como laboral.

TTIP and Climate Change – How real are Race to the Bottom Concerns?

This paper examines concerns about the impact that TTIP could have on existing and future climate policies and laws from the inclusion of provisions on investment protection including investor-to-State dispute settlement (ISDS), the reduction of non-tariff barriers and the introduction of rules for trade in energy and raw materials. It argues that from an environmental perspective, ISDS should not necessarily be seen as a regime that goes against the defence of the environment or prevention of climate change. Although it might be used to challenge policies of an EU home State that increase levels of environmental protection, it can also be used to contest changes in an EU home State’s environmental policies that would reduce the protection of the environment, if foreign investment is affected. To a large extent, this also holds true for other areas of TTIP negotiations. While the achievement of a balance between rules that promote trade and those that maintain policy space for governments to respond to environmental concerns has to be closely monitored, benefits for climate could be seized from harmonisation of carbon laws at the level of the strictest regulations of two parties, provisions that promote trade in low carbon technologies and renewable energy and bilateral cooperation on climate change.

The Political Economy of Growth: A Review

This cursory literature review discusses the direct and indirect effects of institutions, governance, and democracy on economic growth, and the following conclusions are drawn. First, institutions and governance have a positive effect on growth. Even reforms that are less than comprehensive can stimulate, though not sustain, growth. Second, democracy neither promotes nor hampers growth directly. It secures stability and resilience in growth. It also exerts impacts on sources of growth but its net effect remains inconclusive. There remains unanswered the question of why institutions and governance matter but not democracy does not. The difference may be partly due to negative effects on investment and labor supply as well as the low credibility of young or partial democracies.

Boards of directors and bank performance in United Arab Emirates

This study presents an empirical analysis about corporate governance of financial institutions in United Arab Emirates (UAE). The purpose of this research is to analyze the influence of the structure of board of directors on the performance of these institutions. To examine the effect of control exerted by particular families on bank management, we estimated models where the dependent variable is return on assets (ROA) and return on equity (ROE), independent variables are board of directors variables, and control variables are bank management variables. Our results show that the control of corporate governance by a ruler's family within a board of directors has a positive effect on bank profitability. Our results indicate that control by a ruler's family through a bank's board of directors compensates for the inadequacy of UAE's corporate governance system.

Excess capital and bank behavior : evidence from Indonesia

The Indonesian banking sector has been restructured since Asian financial crisis and restored to soundness. The capital adequacy ratio (CAR) returned to a sound level; however, the average excess capital has become too high, while credit disbursement has remained low. This paper investigates the determinants of excess capital among Indonesian banks and its effects on credit growth during the 2000s. The results indicate that the determinants of excess capital vary widely depending on bank type. Return on equity (ROE) affects excess capital negatively among domestic banks, and the effect of non-performing loans is mixed, differing for various bank types. Excess capital affects credit growth positively, except among foreign banks.

Contribución a la localización en interiores basada en comunicaciones inalámbricas

Determinar con buena precisión la posición en la que se encuentra un terminal móvil, cuando éste se halla inmerso en un entorno de interior (centros comerciales, edificios de oficinas, aeropuertos, estaciones, túneles, etc), es el pilar básico sobre el que se sustentan un gran número de aplicaciones y servicios. Muchos de esos servicios se encuentran ya disponibles en entornos de exterior, aunque los entornos de interior se prestan a otros servicios específicos para ellos. Ese número, sin embargo, podría ser significativamente mayor de lo que actualmente es, si no fuera necesaria una costosa infraestructura para llevar a cabo el posicionamiento con la precisión adecuada a cada uno de los hipotéticos servicios. O, igualmente, si la citada infraestructura pudiera tener otros usos distintos, además del relacionado con el posicionamiento. La usabilidad de la misma infraestructura para otros fines distintos ofrecería la oportunidad de que la misma estuviera ya presente en las diferentes localizaciones, porque ha sido previamente desplegada para esos otros usos; o bien facilitaría su despliegue, porque el coste de esa operación ofreciera un mayor retorno de usabilidad para quien lo realiza. Las tecnologías inalámbricas de comunicaciones basadas en radiofrecuencia, ya en uso para las comunicaciones de voz y datos (móviles, WLAN, etc), cumplen el requisito anteriormente indicado y, por tanto, facilitarían el crecimiento de las aplicaciones y servicios basados en el posicionamiento, en el caso de poderse emplear para ello. Sin embargo, determinar la posición con el nivel de precisión adecuado mediante el uso de estas tecnologías, es un importante reto hoy en día. El presente trabajo pretende aportar avances significativos en este campo. A lo largo del mismo se llevará a cabo, en primer lugar, un estudio de los principales algoritmos y técnicas auxiliares de posicionamiento aplicables en entornos de interior. La revisión se centrará en aquellos que sean aptos tanto para tecnologías móviles de última generación como para entornos WLAN. Con ello, se pretende poner de relieve las ventajas e inconvenientes de cada uno de estos algoritmos, teniendo como motivación final su aplicabilidad tanto al mundo de las redes móviles 3G y 4G (en especial a las femtoceldas y small-cells LTE) como al indicado entorno WLAN; y teniendo siempre presente que el objetivo último es que vayan a ser usados en interiores. La principal conclusión de esa revisión es que las técnicas de triangulación, comúnmente empleadas para realizar la localización en entornos de exterior, se muestran inútiles en los entornos de interior, debido a efectos adversos propios de este tipo de entornos como la pérdida de visión directa o los caminos múltiples en el recorrido de la señal. Los métodos de huella radioeléctrica, más conocidos bajo el término inglés “fingerprinting”, que se basan en la comparación de los valores de potencia de señal que se están recibiendo en el momento de llevar a cabo el posicionamiento por un terminal móvil, frente a los valores registrados en un mapa radio de potencias, elaborado durante una fase inicial de calibración, aparecen como los mejores de entre los posibles para los escenarios de interior. Sin embargo, estos sistemas se ven también afectados por otros problemas, como por ejemplo los importantes trabajos a realizar para ponerlos en marcha, y la variabilidad del canal. Frente a ellos, en el presente trabajo se presentan dos contribuciones originales para mejorar los sistemas basados en los métodos fingerprinting. La primera de esas contribuciones describe un método para determinar, de manera sencilla, las características básicas del sistema a nivel del número de muestras necesarias para crear el mapa radio de la huella radioeléctrica de referencia, junto al número mínimo de emisores de radiofrecuencia que habrá que desplegar; todo ello, a partir de unos requerimientos iniciales relacionados con el error y la precisión buscados en el posicionamiento a realizar, a los que uniremos los datos correspondientes a las dimensiones y realidad física del entorno. De esa forma, se establecen unas pautas iniciales a la hora de dimensionar el sistema, y se combaten los efectos negativos que, sobre el coste o el rendimiento del sistema en su conjunto, son debidos a un despliegue ineficiente de los emisores de radiofrecuencia y de los puntos de captura de su huella. La segunda contribución incrementa la precisión resultante del sistema en tiempo real, gracias a una técnica de recalibración automática del mapa radio de potencias. Esta técnica tiene en cuenta las medidas reportadas continuamente por unos pocos puntos de referencia estáticos, estratégicamente distribuidos en el entorno, para recalcular y actualizar las potencias registradas en el mapa radio. Un beneficio adicional a nivel operativo de la citada técnica, es la prolongación del tiempo de usabilidad fiable del sistema, bajando la frecuencia en la que se requiere volver a capturar el mapa radio de potencias completo. Las mejoras anteriormente citadas serán de aplicación directa en la mejora de los mecanismos de posicionamiento en interiores basados en la infraestructura inalámbrica de comunicaciones de voz y datos. A partir de ahí, esa mejora será extensible y de aplicabilidad sobre los servicios de localización (conocimiento personal del lugar donde uno mismo se encuentra), monitorización (conocimiento por terceros del citado lugar) y seguimiento (monitorización prolongada en el tiempo), ya que todos ellas toman como base un correcto posicionamiento para un adecuado desempeño. ABSTRACT To find the position where a mobile is located with good accuracy, when it is immersed in an indoor environment (shopping centers, office buildings, airports, stations, tunnels, etc.), is the cornerstone on which a large number of applications and services are supported. Many of these services are already available in outdoor environments, although the indoor environments are suitable for other services that are specific for it. That number, however, could be significantly higher than now, if an expensive infrastructure were not required to perform the positioning service with adequate precision, for each one of the hypothetical services. Or, equally, whether that infrastructure may have other different uses beyond the ones associated with positioning. The usability of the same infrastructure for purposes other than positioning could give the opportunity of having it already available in the different locations, because it was previously deployed for these other uses; or facilitate its deployment, because the cost of that operation would offer a higher return on usability for the deployer. Wireless technologies based on radio communications, already in use for voice and data communications (mobile, WLAN, etc), meet the requirement of additional usability and, therefore, could facilitate the growth of applications and services based on positioning, in the case of being able to use it. However, determining the position with the appropriate degree of accuracy using these technologies is a major challenge today. This paper provides significant advances in this field. Along this work, a study about the main algorithms and auxiliar techniques related with indoor positioning will be initially carried out. The review will be focused in those that are suitable to be used with both last generation mobile technologies and WLAN environments. By doing this, it is tried to highlight the advantages and disadvantages of each one of these algorithms, having as final motivation their applicability both in the world of 3G and 4G mobile networks (especially in femtocells and small-cells of LTE) and in the WLAN world; and having always in mind that the final aim is to use it in indoor environments. The main conclusion of that review is that triangulation techniques, commonly used for localization in outdoor environments, are useless in indoor environments due to adverse effects of such environments as loss of sight or multipaths. Triangulation techniques used for external locations are useless due to adverse effects like the lack of line of sight or multipath. Fingerprinting methods, based on the comparison of Received Signal Strength values measured by the mobile phone with a radio map of RSSI Recorded during the calibration phase, arise as the best methods for indoor scenarios. However, these systems are also affected by other problems, for example the important load of tasks to be done to have the system ready to work, and the variability of the channel. In front of them, in this paper we present two original contributions to improve the fingerprinting methods based systems. The first one of these contributions describes a method for find, in a simple way, the basic characteristics of the system at the level of the number of samples needed to create the radio map inside the referenced fingerprint, and also by the minimum number of radio frequency emitters that are needed to be deployed; and both of them coming from some initial requirements for the system related to the error and accuracy in positioning wanted to have, which it will be joined the data corresponding to the dimensions and physical reality of the environment. Thus, some initial guidelines when dimensioning the system will be in place, and the negative effects into the cost or into the performance of the whole system, due to an inefficient deployment of the radio frequency emitters and of the radio map capture points, will be minimized. The second contribution increases the resulting accuracy of the system when working in real time, thanks to a technique of automatic recalibration of the power measurements stored in the radio map. This technique takes into account the continuous measures reported by a few static reference points, strategically distributed in the environment, to recalculate and update the measurements stored into the map radio. An additional benefit at operational level of such technique, is the extension of the reliable time of the system, decreasing the periodicity required to recapture the radio map within full measurements. The above mentioned improvements are directly applicable to improve indoor positioning mechanisms based on voice and data wireless communications infrastructure. From there, that improvement will be also extensible and applicable to location services (personal knowledge of the location where oneself is), monitoring (knowledge by other people of your location) and monitoring (prolonged monitoring over time) as all of them are based in a correct positioning for proper performance.

Contribuições ao processo de inserção das PMES no mercado de capitais brasileiro

O crescimento de uma empresa pode ser apoiado com recursos de terceiros provenientes do mercado de crédito ou do mercado de capitais. Credores ou potenciais investidores disponibilizam recursos a partir de um processo de avaliação de indicadores de performance. Para as PMEs que consideram o crescimento, conhecer como os indicadores relevantes se comportam ao longo de um ciclo de crescimento é uma questão estratégica. Fatores como tamanho, lucratividade, oportunidades de crescimento, composição de ativos das empresas, risco inerente aos resultados, têm sido vinculados a determinantes de uma estrutura de capital. Assim sendo, este trabalho busca verificar quais indicadores podem nortear o desempenho empresarial de PMEs ao longo de um ciclo de crescimento. Como contribuição original, este trabalho apresenta um painel com indicadores em diferentes estágios de crescimento que resultam na geração de valor para os proprietários e potenciais investidores do mercado de capitais. A amostra inicial é composta por 1.610 empresas para o período de 2010 a 2014. Entretanto, considerando a disponibilidade de informações, a amostra final é composta por 28 empresas de porte médio/grande, 387 empresas grandes e 138 empresas listadas na BM&FBOVESPA, totalizando 553 empresas. A metodologia adotada envolve a classificação de porte de empresa do BNDES como critério para definir ciclo de crescimento, e testes de estatística descritiva, análise fatorial, análise de correlação, regressão múltipla linear e montagem de painel. Como resultado, verificou-se que as variáveis tamanho, composição de ativos e lucratividade são fatores que explicam o endividamento de curto prazo para o estágio médias/grandes empresas. Ainda, que esses fatores explicam o endividamento de longo prazo para os estágios grandes e empresas listadas na BM&FBOVESPA. Tais resultados estão de acordo com estudos prévios, mas as variáveis relacionadas a volatilidade e crescimento não foram significantes nos modelos para os estágios de empresas. O painel montado a partir das variáveis de composição de ativos e lucratividade indicou que endividamento de curto prazo, endividamento de longo prazo, receita líquida, retorno sobre o patrimônio líquido e lucros antes de juros, impostos, depreciação e amortização (EBITDA) sinalizam empresas, em cada estágio de ciclo de crescimento do estudo, que buscam o crescimento com rentabilidade acima da média e atendem a critérios valorizados pelo investidor do mercado de capitais. Estes indicadores podem sinalizar o desempenho empresarial de PMEs ao longo de um ciclo de crescimento

Economic cycles, asymmetric crises and tourism competitiveness: emerging versus mature destinations

This paper considers the influence of business cycles and economic crises on tourism destinations competitiveness. This competitiveness is measured by its share in world tourism. Analysing a period of forty years, the differential permanent or temporary effects that economic crises has on competitiveness of mature and emerging destinations are observed. Furthermore, it identifies the economic transmission mechanisms operating within this context, analysing them using the framework of the most relevant explanatory models of tourism destination competitiveness. The preliminary results obtained suggest that the effects of these shocks on competitiveness are not neutral. In mature destinations the negative effects are more persistent in highly intensive crises. In emerging destinations with a growing natural trend on tourism demand, the effects of the economic crises are softer and limited, reinforcing the process of convergence between destinations. This effect works through two basic transmission mechanisms: the reduction of internal and external tourism demand and the decrease on investment.

Drivers of agricultural capital productivity in selected EU member states. Factor Markets Working Paper No. 30, September 2012

The aim of this Working Paper is to provide an empirical analysis of the marginal return on working capital and fixed capital in agriculture, based on data gathered by the Farm Accountancy Data Network from seven EU member states. Particular emphasis is placed on the detection of credit market imperfections. The key idea is to provide farm group-specific estimates of the shadow price of capital, and to use these to analyse the drivers of on-farm capital use in European agriculture. Based on Cobb Douglas estimates of farm-type specific production functions, we find that working capital is typically used in more than economically optimal quantities and often displays negative marginal returns across countries and farm types. This is less often the case with regard to fixed capital, but it is only in a small set of sectors where access to fixed capital appears severely constrained. These sectors include field crop and mixed farms in Denmark, dairy farms in East Germany, as well as mixed farms in Italy and the UK. The relationship between farm financial indicators and the estimated shadow prices of capital varies considerably across countries and sectors. Among the farms with a high shadow price for fixed capital in Denmark, high debt levels and little owned land tended to induce more intensive capital use, which may reflect the liberal Danish banking system. In East Germany, Italy and the UK, high debt levels made farmers more tightly capital constrained. Hence, in the latter group of countries, more traditional mechanisms of capital allocation based on debt capacity seemed to be at work. As a general conclusion, EU agriculture appears to be characterised by overcapitalisation rather than by credit constraints.