Delay and Haircuts in Sovereign Debt: Recovery and Sustainability

One of the striking aspects of recent sovereign debt restructurings is, conditional on default, delay length is positively correlated with the size of "haircut", which is size of creditor losses. In this paper, we develop an incomplete information model of debt restructuring where the prospect of uncertain economic recovery and the signalling about sustainability concerns together generate multi-period delay. The results from our analysis show that there is a correlation between delay length and size of haircut. Such results are supported by evidence. We show that Pareto ranking of equilibria, conditional on default, can be altered once we take into account the ex ante incentive of sovereign debtor. We use our results to evaluate proposals advocated to ensure orderly resolution of sovereign debt crises.

A multi-purpose grammar generating a multi-scale integrated analysis of Laos

In this study we propose an application of the MuSIASEM approach which is used to provide an integrated analysis of Laos across different scales. With the term “integrated analysis across scales” we mean the generation of a series of packages of quantitative indicators, characterizing the performance of the socioeconomic activities performed in Laos when considering: (i) different hierarchical levels of organization (farming systems described at the level of household, rural villages, regions of Laos, the whole country level); and (ii) different dimensions of analysis (economic dimension, social dimension, ecological dimension, technical dimension). What is relevant in this application is that the information carried out by these different packages of indicators is integrated in a system of accounting which establishes interlinkages across these indicators. This is a essential feature to study sustainability trade-offs and to build more robust scenarios of possible changes. The multi-scale integrated representation presented in this study is based on secondary data (gathered in a three year EU project – SEAtrans and integrated by other available statistical sources) and it is integrated in GIS, when dealing with the spatial representation of Laos. However, even if we use data referring to Laos, the goal of this study is not that of providing useful information about a practical policy issue of Laos, but rather, to illustrate the possibility of using a multipurpose grammar to produce an integrated set of sustainability indicators at three different levels: (i) local; (ii) meso; (iii) macro level. The technical issue addressed is the simultaneous adoption of two multi-level matrices – one referring to a characterization of human activity over a set of different categories, and another referring to a characterization of land uses over the same set of categories. In this way, it becomes possible to explain the characteristics of Laos (an integrated set of indicators defining the performance of the whole country) in relation to the characteristics of the rural Laos and urban Laos. The characteristics of rural Laos, can be explained using the characteristics of three regions defined within Laos (Northern Laos, Central Laos and Southern Laos), which in turn can be defined (using an analogous package of indicators), starting from the characteristics of three main typologies of farming systems found in the regions.

Jeunes filles scoliotiques et orthopédie a la Belle Epoque: l'essor urbain de la mécanothérapie a Lausanne et Genève [Scoliotic young girls and orthopaedics in Belle Epoque: the urban surge of mecanotherapy in Lausanne and Geneva].

In Belle Epoque towns marked by the industrial and medical surge, a new technical therapy, called mechanotherapy, emerged, stemming from Swedish medical gymnastics and auxiliary to orthopaedics. Aiming mostly at treating scoliosis, this therapy by movement attracted a sizeable female clientele to these towns, because of the hygienic and social conceptions feeding collective imagination linked to the bodies of scoliotic young girls. Taking the French-speaking Swiss towns of Lausanne and Geneva as examples, the article first seeks to describe the emergence of mechanotherapy as a medical and urban phenomenon. It then addresses the role played by scoliosis in this orthopaedic practice, and examines the clientele attracted to the towns, among which well-born young girls seem to be predominant.

Narrating urban entrepreneurship: a matter of imagineering?

The battle between cities with regard to their creative possibilities has evolved into a process of multiplying ever-new images and variegated stories of urban attractiveness and success. Engineering “cool” images and “hot” stories about one’s city is now a central endeavor in the narratives of urban policy-making that center more and more on the idea of the entrepreneurial city. The making of an entrepreneurial image is enacted through various narrative genres that lie somewhere between place making and place marketing, between branding and boosting, between restoration and revanchism, between iconic architecture and mega-spectacle. This “imagineering” is not only part of the way cities try to (re)present themselves as entrepreneurial to various audiences through a real “image inflation” (Zukin, 2008, p. xii) but is 1 Forthcoming in: B. Lange,.A. Kalandides, B. Stoeber, I. Wellmann (Hrsg.) (2009): Governance der Kreativwirtschaft. Diagnosen und Handlungsoptionen. Transcript-Verlag, Bielefeld. 2 also inscribed in the various ways urban creativity and entrepreneurship can be studied, researched and imagined. In this chapter we aim to differentiate the political narratives of the entrepreneurial city as we emphasize the need to understand the politics of narration and make a plea for critical reflexivity in our forms of researching and theorizing. We will thus try to investigate how the politics of narration is intertwined with the narration of political concepts and will argue that the narrating of urban entrepreneurship can raise very different images and discourses of city life beyond those that are currently engineered. We will distinguish between a grand narrative, a counter-narrative, and an assemblage of more ambivalent little narratives, which we call prosaic narration. While the distinction between these three types might be seen as a bit too simple and “straight”, we believe that by juxtaposing these different forms of narration and alternating between them, we can help problematize the engineering of the city as entrepreneurial and imagine alternative views both of city life and of what is understood as its creativity.

The Accessibility City. When Transport Infrastructure Matters in Urban Spatial Structure

Suburbanization is changing the urban spatial structure and less monocentric metropolitan regions are becoming the new urban reality. Focused only on centers, most works have studied these spatial changes neglecting the role of transport infrastructure and its related location model, the “accessibility city”, in which employment and population concentrate in low-density settlements and close to transport infrastructure. For the case of Barcelona, we consider this location model and study the population spatial structure between 1991 and 2006. The results reveal a mix between polycentricity and the accessibility city, with movements away from the main centers, but close to the transport infrastructure.

Genetic analysis of the breeding system of an invasive subterranean termite, Reticulitermes santonensis, in urban and natural habitats.

Reticulitermes santonensis is a subterranean termite that invades urban areas in France and elsewhere where it causes damage to human-built structures. We investigated the breeding system, colony and population genetic structure, and mode of dispersal of two French populations of R. santonensis. Termite workers were sampled from 43 and 31 collection points, respectively, from a natural population in west-central France (in and around the island of Oleron) and an urban population (Paris). Ten to 20 workers per collection point were genotyped at nine variable microsatellite loci to determine colony identity and to infer colony breeding structure. There was a total of 26 colonies, some of which were spatially expansive, extending up to 320 linear metres. Altogether, the analysis of genotype distribution, F-statistics and relatedness coefficients suggested that all colonies were extended families headed by numerous neotenics (nonwinged precocious reproductives) probably descended from pairs of primary (winged) reproductives. Isolation by distance among collection points within two large colonies from both populations suggested spatially separated reproductive centres with restricted movement of workers and neotenics. There was a moderate level of genetic differentiation (F(ST) = 0.10) between the Oleron and Paris populations, and the number of alleles was significantly higher in Oleron than in Paris, as expected if the Paris population went through bottlenecks when it was introduced from western France. We hypothesize that the diverse and flexible breeding systems found in subterranean termites pre-adapt them to invade new or marginal habitats. Considering that R. santonensis may be an introduced population of the North American species R. flavipes, a breeding system consisting primarily of extended family colonies containing many neotenic reproductives may facilitate human-mediated spread and establishment of R. santonensis in urban areas with harsh climates.

Integrated assessment of agricultural sustainability: the pros and cons of reductionism

In this paper I review a series of theoretical concepts that are relevant for the integrated assessment of agricultural sustainability but that are not generally included in the curriculum of the various scientific disciplines dealing with quantitative analysis of agriculture. I first illustrate with plain narratives and concrete examples that sustainability is an extremely complex issue requiring the simultaneous consideration of several aspects, which cannot be reduced into a single indicator of performance. Following, I justify this obvious need for multi-criteria analysis with theoretical concepts dealing with the epistemological predicament of complexity, starting from classic philosophical lessons to arrive to recent developments in complex system theory, in particular Rosen´s theory of modelling relation which is essential to analyze the quality of any quantitative representation. The implications of these theoretical concepts are then illustrated with applications of multi-criteria analysis to the sustainability of agriculture. I wrap up by pointing out the crucial difference between "integrated assessment" and "integrated analysis". An integrated analysis is a set of indicators and analytical models generating an analytical output. An integrated assessment is much more than that. It is about finding an effective way to deal with three key issues: (i) legitimacy – how to handle the unavoidable existence of legitimate but contrasting points of view about different meanings given by social actors to the word "development"; (ii) pertinence – how to handle in a coherent way scientific analyses referring to different scales and dimensions; and (iii) credibility – how to handle the unavoidable existence of uncertainty and genuine ignorance, when dealing with the analysis of future scenarios.

How does a hilly urban environment influence daily physical activity in obese individuals?

Background: Increases in physical activity (PA) are promoted by walking in an outdoor environment. Along with walking speed, slope is a major determinant of exercise intensity, and energy expenditure. The hypothesis was that in free-living conditions, a hilly environment diminishes PA to a greater extent in obese (OB) when compared with control (CO) individuals. Methods: To assess PA types and patterns, 28 CO (22 ± 2 kg/m2) and 14 OB (33 ± 4 kg/m2) individuals wore during an entire day 2 accelerometers and 1 GPS device, around respectively their waist, ankle and shoulder. They performed their usual PA and were asked to walk an additional 60 min per day. Results: The duration of inactivity and activity with OB individuals tended to be, respectively, higher and lower than that of CO individuals (P = .06). Both groups spent less time walking uphill/downhill than on the level (20%, 19%, vs. 61% of total walking duration, respectively, P < .001). However OB individuals spent less time walking uphill/downhill per day than CO (25 ± 15 and 38 ± 15 min/d, respectively, P < 0.05) and covered a shorter distance per day (3.8 km vs 5.2 km, P < 0.01). Conclusions: BMI and outdoor topography should also be considered when prescribing extra walking in free-living conditions.

Toward partial reorientation of land management for sustainability in view of material circulation: biophysical and historical analysis

This paper explores two major issues, from biophysical and historical viewpoints. We examine land management, which we define as the long-term fertility maintenance of land in relation to agriculture, fishery and forestry. We also explore humans’ positive role as agents aiming to reinforce harmonious materials circulation within the land. Liebig’s view on nature, agriculture and land, emphasizes the maintenance of long-term land fertility based on his agronomical thought that the circulation of matter in agricultural fields must be maintained with manure as much as possible. The thoughts of several classical economists, on nature, agriculture and land are reassessed from Liebig’s view point. Then, the land management problem is discussed at a much more fundamental level, to understand the necessary conditions for life in relation to land management. This point is analyzed in terms of two mechanisms: entropy disposal on the earth, and material circulation against gravitational field. Finally from the historical example of the metropolis of Edo, it is shown that there is yet another necessary condition for the sustainable management of land based on the creation of harmonious material cycles among cities, farm land, forests and surrounding sea areas in which humans play a vital role as agent.

Italy's urban waste metabolism

The problem of waste management is causing growing concern due to increasing generation rates, the emissions into soil, water and air, the social conflicts derived from the election of disposal sites and the loss of resources and energy among others. In this work, an innovative methodology is used to enable a better understanding of the waste generation and management system in Italy. Two new waste indicators are built to complement the conventional indicators used by official statistics. Then a multi-scale analysis of the Density of Waste Disposed (DWD) is carried out to highlight the territorial diversity of waste performances and test its contribution to detect plausible risky areas. Starting from Italian regions, the scale down goes on to the provincial level and, only for the region of Campania, the municipal one. First, the analysis shows that the DWD is able to complement the information provided by the conventional waste indicators. Second, the analysis shows the limitations of using a unique institutional solution to waste management problems. In this sense the multi-scale analysis provides with a more realistic picture of Italian waste system than using a single scale.