Household Debt in Europe’s Periphery: The dangers of a prolonged recession. ECRI Commentary No. 12, 22 November 2012

The second-dip recession in Europe’s periphery has created a poisonous mix, which risks threatening further the financial system and the economy. Against this background, this ECRI Commentary argues that time matters in the household deleveraging cycle and that a swift recovery is one of its most vital parts. The paper also assesses the extent to which self-feeding phenomena related to household debt have already materialised and evaluates the risks for countries that have so far been spared their full effects. It also offers a theoretical policy response towards a more sustainable household credit sector and overall economic recovery.

Options for a Euro-area fiscal capacity. Bruegel Policy Brief 2013/01, January 2013

Europe has responded to the crisis with strengthened budgetary and macroeconomic surveillance, the creation of the European Stability Mechanism, liquidity provisioning by resilient economies and the European Central Bank and a process towards a banking union. However, a monetary union requires some form of budget for fiscal stabilisation in case of shocks, and as a backstop to the banking union. This paper compares four quantitatively different schemes of fiscal stabilisation and proposes a new scheme based on GDP-indexed bonds. The options considered are: (i) A federal budget with unemployment and corporate taxes shifted to euro-area level; (ii) a support scheme based on deviations from potential output;(iii) an insurance scheme via which governments would issue bonds indexed to GDP, and (iv) a scheme in which access to jointly guaranteed borrowing is combined with gradual withdrawal of fiscal sovereignty. Our comparison is based on strong assumptions. We carry out a preliminary, limited simulation of how the debt-to-GDP ratio would have developed between 2008-14 under the four schemes for Greece, Ireland, Portugal, Spain and an ‘average’ country.The schemes have varying implications in each case for debt sustainability

Understanding the seriousness of corporate crime: Some lessons for the new 'corporate manslaughter' offence

The measurement of public attitudes towards the criminal law has become an important area of research in recent years because of the perceived desirability of ensuring that the legal system reflects broader societal values. In particular, studies into public perceptions of crime seriousness have attempted to measure the degree of concordance that exists between law and public opinion in the organization and enforcement of criminal offences. These understandings of perceived crime seriousness are particularly important in relation to high-profile issues where public confidence in the law is central to the legal agenda, such as the enforcement of work-related fatality cases. A need to respond to public concern over this issue was cited as a primary justification for the introduction of the Corporate Manslaughter and Corporate Homicide Act 2007. This article will suggest that, although literature looking at the perceived seriousness of corporate crime and, particularly, health and safety offences is limited in volume and generalist in scope, important lessons can be gleaned from existing literature, and pressing questions are raised that demand further empirical investigation.

Apparent digestibility and nitrogen utilization of diets based on maize silage harvested at three stages of maturity and fed to steers

Advancing maize crop maturity is associated with changes in ear-to-stover ratio which may have consequences for the digestibility of the ensiled crop. The apparent digestibility and nitrogen retention of three diets (Early, Mid and Late) containing maize silages made from maize of advancing harvest date [dry matter (DM) contents of the maize silages were 273, 314 and 367 g kg(-1) for the silages in the Early, Mid and Late diets respectively], together with a protein supplement offered in sufficient quantities to make the diets isonitrogenous, were measured in six Holstein-Friesian steers in an incomplete Latin square design with four periods. Dry-matter intake of maize silage tended to be least for the Early diet and greatest for the Medium diet (P=0(.)182). Apparent digestibility of DM and organic matter did not differ between diets. Apparent digestibility of energy was lowest in the Late diet (P = 0(.)057) and the metabolizable energy concentrations of the three silages were calculated as 11(.)0, 11(.)1 and 10(.)6 MJ kg(-1) DM for the Early, Medium and Late diets respectively (P = 0(.)068). No differences were detected between diets in starch digestibility but the number of undamaged grains present in the faeces of animals fed the Late diet was significantly higher than with the Early and Mid diets (P = 0(.)006). The apparent digestibility of neutral-detergent fibre of the diets reduced significantly as silage DM content increased (P = 0(.)012) with a similar trend for the apparent digestibility of acid-detergent fibre (P = 0(.)078). Apparent digestibility of nitrogen (N) was similar for the Early and Mid diets, both being greater than the Late diet (P = 0(.)035). Nitrogen retention did not differ between diets. It was concluded that delaying harvest until the DM content is above 300 g kg(-1) can negatively affect the nutritive value of maize silage in the UK.

Intake, live-weight gain and carcass characteristics of beef cattle given diets based on forage maize silage harvested at different stages of maturity

Advancing maturity of forage maize is associated with increases in the proportion of dry matter (DM) and starch, and decreases in the proportions of structural carbohydrates in the ensiled crop. This experiment investigated the effects of three maize silages of 291 (low), 339 (medium) and 393 (high) g DM per kg fresh weight on the performance of 48 Simmental. Holstein-Friesian cattle. Equal numbers of steers (mean start weight = 503 (s.d. 31.3) kg) and heifers (mean start weight = 378 (s.d. 11.2) kg) were offered individually isonitrogenous diets composed of the three silages plus a protein supplement with minerals once daily until slaughter at the target live weight of 575 and 475 kg for steers and heifers, respectively. Intake was reduced on the low diet (P < 0.01) compared with the other two treatments. Dietary starch intake increased by a total of 1 kg/day between low and medium diets but by only 0.2 kg/day between medium and high diets. Unlike starch intake, total neutral-detergent fibre intake showed no significant difference (P > 0.05) between diets. There were no differences in live-weight gain between treatments but differences (P < 0.05) in food conversion efficiency indicated relative gains of 115, 100 and 102 g gain per kg DM intake for diets low, medium and high, respectively. There were no differences between diets in carcass weights, fat score and overall conformation.

Championing the rhetoric: corporate social responsibility in the Ghanaian mining sector

This paper contributes to a growing body of literature that critically examines how mining companies are embracing community development challenges in developing countries, drawing on experiences from Ghana. Despite receiving considerable praise from the donor and industry communities, the actions being taken by Ghana's major mining companies to foster community development are facilitating few improvements in the rural regions where activities take place. Companies are generally implementing community development programmes that are incapable of alleviating rural hardship and are coordinating destructive displacement exercises. The analysis serves as a stark reminder that mining companies are not charities and engage with African countries strictly for commercial purposes.

Digestion, rumen fermentation and circulating concentrations of insulin, growth hormone and IGF-1 in steers given maize silages harvested at three stages of maturity

Advancing maturity of forage maize is associated with increases in the proportion of dry matter (DM) and starch and decreases in the proportions of structural carbohydrates in the ensiled crop. Three maize silages (286 (low, L), 329 (medium, M) and 379 (high, H) g DM per kg fresh weight) plus a concentrate formulated to give isonitrogenous intakes were offered to Holstein-Friesian steers fitted with a cannula in the dorsal sac of the rumen and a 'T' piece cannula in the proximal duodenum in an experiment with a cross-over design that allowed four collection periods. Nutrient flow to the duodenum was estimated using chromium-EDTA. Steers consumed approximately 0(.)6 kg DM per day less of diet L compared with the other two diets (P=0(.)026), resulting in less DM being digested (P=0(.)005) but digestibility did not differ between diets. Similar results were obtained for organic matter. There were no differences between diets in the intake or digestibility of neutral-detergent fibre. Intake, duodenal flow and faecal output of starch were greater for steers offered diets M and H compared with those given diet L (P < 0(.)05). In all diets rumen digestion contributed to over 90% of total digestion of starch, although rumen digestibility declined significantly with advancing maize maturity (P=0(.)002). Molar proportions of acetic acid were higher in diet H (P < 0(.)05) whilst proportions of propionic acid and n-butyric acid were higher in diets M and L. There were no significant differences between diets in mean rumen pH or ammonia concentrations. Mean circulating concentrations of insulin were higher (P=0(.)009) in cattle given diets L and M compared with diet H. There were no differences between diets in the mean circulating concentration of growth hormone, or the frequency, amplitude and duration of growth hormone pulses, or the mean circulating concentrations of IGF-1. Changes in forage composition that accompany advancing maize maturity affect overall silage digestion and circulating concentrations of insulin.