Rules-based economic governance in the European Union: A reappraisal of national fiscal rules.

The economic and financial crisis of 2007/2009 has posed unexpected challenges on both the global and the regional level. Besides the US, the EU has been the most severely hit by the current economic crisis. The financial and banking crisis on the one hand and the sovereign debt crisis on the other hand have clearly shown that without a bold, constructive and systematic change of the economic governance structure of the Union, not just the sustainability of the monetary zone but also the viability of the whole European integration process can be seriously undermined. The current crisis is, however, only a symptom, which made all those contradictions overt that were already heavily embedded in the system. Right from the very beginning, the deficit and the debt rules of the Maastricht Treaty and the Stability and Growth Pact have proved to be controversial cornerstones in the fiscal governance framework of the European Economic and Monetary Union (EMU). Yet, member states of the EU (both within and outside of the EMU) have shown an immense interest in adopting numerical constraints on the domestic level without hesitation. The main argument for the introduction of national fiscal rules was mostly to strengthen the accountability and credibility of national fiscal policy-making. The paper, however, claims that a relatively large portion of national rules were adopted only after the start of deceleration of the debt-to-GDP ratios. Accordingly, national rules were hardly the sole triggering factors of maintaining fiscal discipline; rather, they served as the key elements of a comprehensive reform package of public budgeting. It can be safely argued, therefore, that countries decide to adopt fiscal rules because they want to explicitly signal their strong commitment to fiscal discipline. In other words, it is not fiscal rules per se what matter in delivering fiscal stability but a strong political commitment.

Több szempontú részvételi döntések a fenntarthatósági értékelésekben. A legnépszerűbb módszerek összehasonlítása = Participatory multi-criteria decision analysis. A comparison of methodologies

A fenntarthatóság értékelése definíciószerűen többdimenziós probléma. A megfelelő alternatíva, forgatókönyv, eljárás stb. kiválasztásakor ugyanis a döntéshozóknak egyszerre kell figyelembe venniük környezetvédelmi, gazdasági és társadalmi szempontokat. Az ilyen döntéseket alátámaszthatják a több szempontú döntéshozatali modellek. A tanulmány a több szempontú döntési eljárások közül a legfontosabb hétnek az alkalmazhatóságát vizsgálja részvételi körülmények között. Az utóbbi évek e témában publikált esettanulmányainak áttekintésével megállapítható, hogy egyik módszer sem uralja a többit, azok különböző feltételek mellett eltérő sikerrel használhatók. Ennek ellenére a különböző módszerek kombinációjával végrehajthatunk olyan eljárásokat, amelyekkel az egyes módszerek előnyeit még jobban kiaknázhatjuk. ________ Measuring and comparing the sustainability of certain actions, scenarios, technologies, etc. is by definition a multidimensional problem. Decision-makers must consider environmental, economic and social aspects when choosing an alternative course of action. Such decisions can be aided by multi-criteria decision analysis (MCDA). This paper investigates seven different MCDA methodologies: MAU, the Analytic Hierarchic Process (AHP), the ELECTRE, PROMETHEE, REGIME, and NAIADE methods, and "Ideal and reference point" approaches). It is based on a series of reports in which over 30 real-world case studies focusing on participatory MCDA were reviewed. It is stressed, however, that there is no "best" choice in the list of MCDA techniques. Some methods fit certain decision problems better than others. Nonetheless, some complementary benefits of the different techniques can be exploited by combining these methodologies.

Future of Capitalism

The moral foundation of capitalism should be reconsidered. Modern capitalism is disembedded from the social and cultural norms of society and produced a deep financial, ecological and social crisis. Competitiveness is the prevailing ideology of today’s business and economic policy. Companies, regions, and national economies seek to improve their productivity and gain competitive advantage. But these efforts often produce negative effects on various stakeholders at home and abroad. Competitiveness involves self-interest and aggressivity and produces monetary results at the expense of nature, society and future generations The collaborative enterprise framework promotes a view in which economic agents care about others and themselves and aim to create values for all the participants in their business ecosystems. Their criterion of success is mutually satisfying relationships with the stakeholders. New results of positive psychology and the Homo reciprocans model of behavioral sciences support this approach. The economic teachings of world religions challenge the way capitalism is functioning, and their corresponding perspectives are worthy of consideration. They represent life-serving modes of economizing which can assure the livelihood of human communities and the sustainability of natural ecosystems. Ethics and the future of capitalism are strongly connected. If we want to sustain capitalism for a long time we have to create a less violent, more caring form of it.

The role of longevity risk in Hungary

In this paper, I analyze the role of longevity risk in Hungary in the public pension system and the life annuity segment of the life insurance market, which are two primary financial sectors of relevance to this special type of actuarial risk, using state-of-the- art econometric methodology. To this end, I present an overview and the mathematical background of several important current mortality forecasting techniques from the Lee–Carter model up to unifying paradigm of the Age–Period–Cohort family of models. After presenting the findings of a case study on the public pension system based on the paper of Bajk ́o, Maknics, T ́oth and V ́ekas, I conclude that longevity risk jeopardizes the sustainability of the Hungarian public pension system in the long run. In another case study, I present an analysis of the role of longevity risk in the pre- mium of private pension annuities, a relevant topic due to recent changes in a law on Hungarian voluntary pension funds, following an earlier analysis of M ́ajer and Kov ́acs. Based on the criterion on out-of-sample forecasting accuracy, I find that the Cairns–Blake– Dowd mortality forecasting model aimed specifically at modeling old-age mortality outperforms the Lee–Carter model applied by M ́ajer and Kov ́acs . Based on numerical results, I finally conclude that the role of longevity risk in the Hungarian life annuity mar- ket has increased significantly in the past decade and is likely to further increase in the future.

The Current State of Argentina's Oil Industry

An oil wealthy country, Argentina has repeatedly tried and failed to capitalize on its potential. The unfortunate energy policies of subsequent Argentinean government and a lack of investment capital have been two of the main reasons that have significantly limited the production of export oil in the recent past. Yet, with recent discoveries and changes to the country’s hydrocarbon laws, there may be a new dawn for Argentina’s oil industry. Since 1999 when Argentina’s oil production peaked at approximately 800,000 barrels per day, there has been a 24 percent decrease in its oil output. The country’s oil reserves have also been in steady decline. Yet, the recently enacted reforms by Argentina’s government to incentivize foreign investment in the oil industry seem to be working, allowing investors to negotiate the terms of exploration directly with local governments. As a result, foreign investment is increasing, as well as new willingness to finance exploration of untapped reserves. Also, the discovery of shale oil in Argentina may provide the potential to become a key exporter in the region. Nonetheless, there are challenges that need to be overcome and it may be years before the various oil projects underway become profitable. The success of current oil projects, coupled with the potential of shale oil, new discoveries and the sustainability of the current energy policy reforms will likely determine if Argentina is finally able to fulfill its potential and exert itself as an oil exporter country in Latin America.

Silence by Stealth: Freedom of the Press and Polarization in Latin America

The weak democratic systems that followed decades of military dictatorships in Latin America coupled with the emergence of new authoritarian regimes of the left have had a significant impact on the relationships between the governments and the media. The new populist leaders have challenged the media that have generally reflected the perspectives of the traditional elites. This ideological clash has renewed direct and indirect censorship, curtailing freedom of expression and thus, freedom of the press. In this context, this paper discusses the mechanisms used by Latin American governments, particularly the new authoritarianism of the left, to silence dissident voices. Many of these mechanisms are legal, found in laws related to personal injury and defamation. Others have been of constitutional nature, invoking states of emergency or national security concerns. Some governments have used institutional means to close down newspapers and other sources of information. Current media conditions in Latin America show growing polarization. This has led to considerable levels of violence and intimidation against editors, journalists, and news crews in several countries. It is precisely this type of deterioration of fundamental rights that leads to questioning the strength and sustainability of Latin American democracies.

When Poverty Becomes Profitable: A Critical Discourse Analysis of Microfinancial Development in Haiti

For the past thirty years, policymakers have lauded microfinance for its promises to reduce poverty and empower women in developing nations. First conceived by the Bangladeshi economist Muhammed Yunus and the bank he founded, microfinance has been hailed as a visionary project that promises to advance the economic interests of the poor by engaging them directly. Conventional studies by political scientists explore the place of microfinance in the global development architecture of international financial institutions, governments, and NGOs. Economic studies of its effectiveness are contributing to a crisis of legitimacy since they reveal that thousands of clients in developing nations continue to default on their loans due to predatory lending practices. Drawing on discourse analysis methodology, this article seeks to explain how microfinance, an industry embedded in the financialization of development, is now concerned with high financial returns for investments, not the social goals promised by its original raison d'être. Treating microfinance as a discourse, I argue that there is a fundamental tension between the short-term social goals promised by microfinance and the long-term financial objectives of sustainability of investors.

Essays on intergenerational and regional aspects of water management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer's surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.^

A Cultural Historical Study of Land Use in Dade County, Florida

Humans have used the land within the area currently defined as Dade County, Florida since around 11,000 B.P., but did not significantly alter the local environment until less than one hundred years ago. These recent changes greatly affected many critical ecological factors, thereby reducing the sustainability of many types of life, including humans. This study explains how land use evolved from earlier sustainable systems for satisfying human needs into the current menacing patterns. This is done by examining the environmental, technological, social, and cognitive contexts of land use through time. Changes in all these areas have followed a general trend leading to increasing intensity of land use and environmental change driven by population growth and technological innovation.

Spatially explicit estimates of N2O emissions from croplands suggest climate mitigation opportunities from improved fertilizer management

Acknowledgements We are grateful to Stefan Seibert for advice on reconciling the Monfreda datasets of yield and area and the Portmann dataset for irrigated area of rice. We thank Deepak Ray and Jonathan Foley for helpful comments. Research support to J.G. K.C., N.M, and P.W. was primarily provided by the Gordon and Betty Moore Foundation and the Institute on Environment, with additional support from NSF Hydrologic Sciences grant 1521210 for N.M., and additional support to J.G. and P.W. whose efforts contribute to Belmont Forum/FACCE-JPI funded DEVIL project (NE/M021327/1). M.H. was supported by CSIRO's OCE Science Leaders Programme and the Agriculture Flagship. Funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.

An exploration of the impact of the Green-Schools programme on the development of sustainable behaviours in the home

Concern for the sustainability of our planet is widespread. The ever-increasing economic activity and large scale industralisation our consumer society requires has increased concerns among academics, politicians, and consumers alike on natural resource depletion, waste management, dangers of toxic chemicals, and climate change. Human consumption is causing major issues for the space we inhabit. Much work has been done over the past four decades to remedy human impact on our environment at corporate, policy and consumer level. But concerns on our ability to progress the sustainability agenda remain. Consumer behaviour plays a pivotal role in sustainable development. In light of this, we need to explore and understand the ways in which consumption occurs in consumers lives, with an aim to changing behaviours that do not support the natural environment. Questions on how to change consumer behaviour dominate much of the literature on sustainable consumption, but substantial behaviour change among individuals has not occurred as predicted. Some focus has shifted to look at upstream interventions, such as education. The Green-Schools Programme (known internationally as Eco-Schools) is one such intervention. The aim of this thesis was to explore consumption in the context of the Green-Schools Programme. The main research question asks: in the context of the Green-Schools, how are sustainable behaviour practices developed in the home? The findings presented in this thesis show that sustainable behaviour has developed in the home from both internal and external factors, the Green-Schools effect being one such factor; the programme does influence behaviour in the home context to some degree. One of the main findings of this research indicates that schoolchildren are imparting ‘positive pester power’ on household behaviour practices and the majority of households are passively practicing sustainable consumption. These findings contribute to knowledge on sustainable consumption in the home context.

Essays on Intergenerational and Regional Aspects of Water Management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer’s surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.

Geomicrobiology, bulk sediment characteristics and pore water chemistry of sediment cores from Laguna Potrok Aike, southern Patagonia

Authigenic minerals can form in the water column and sediments of lakes, either abiotically or mediated by biological activity. Such minerals have been used as paleosalinity and paleoproductivity indicators and reflect trophic state and early diagenetic conditions. They are also considered potential indicators of past and perhaps ongoing microbial activity within sediments. Authigenic concretions, including vivianite, were described in late glacial sediments of Laguna Potrok Aike, a maar lake in southernmost Argentina. Occurrence of iron phosphate implies specific phosphorus sorption behavior and a reducing environment, with methane present. Because organic matter content in these sediments was generally low during glacial times, there must have been alternative sources of phosphorus and biogenic methane. Identifying these sources can help define past trophic state of the lake and diagenetic processes in the sediments. We used scanning electron microscopy, phosphorus speciation in bulk sediment, pore water analyses, in situ ATP measurements, microbial cell counts, and measurements of methane content and its carbon isotope composition (d13C CH4) to identify components of and processes in the sediment. The multiple approaches indicated that volcanic materials in the catchment are important suppliers of iron, sulfur and phosphorus. These elements influence primary productivity and play a role in microbial metabolism during early diagenesis. Authigenic processes led to the formation of pyrite framboids and revealed sulfate reduction. Anaerobic oxidation of methane and shifts in pore water ion concentration indicated microbial influence with depth. This study documents the presence of active microbes within the sediments and their relationship to changing environmental conditions. It also illustrates the substantial role played by microbes in the formation of Laguna Potrok Aike concretions. Thus, authigenic minerals can be used as biosignatures in these late Pleistocene maar sediments.

A Comparison of the Impacts of Lithium Extraction and Lithium Recycling Processes

Lithium is used in the cathode and electrolyte of rechargeable batteries in many portable electronics and electric vehicles, and is thus seen as a critical component of modern technology (Gruber et al., 2011). Electric vehicles are promoted as a way to reduce carbon emissions associated with the transportation sector, which accounts for 14.3% of anthropogenic greenhouse gas emissions (OECD International Transport Forum, 2010). However, the sustainability of lithium procurement will influence the overall environmental impact of this proposed “green” solution. It is estimated that 66% of the world’s lithium resource is contained in natural brines, 24% in pegmatites, and 8% in sedimentary rocks such as hectorite clays (Gruber et al., 2011). It has been shown that “[r]ecycling of lithium from Li-ion batteries may be a critical factor in balancing the supply of lithium with future demand” (Gruber et al., 2011). In an attempt to quantify energy and materials consumption associated with production of a unit of useful lithium compounds, industry reports and peer-reviewed scientific literature concerning lithium mining and lithium recycling were reviewed and compared. Other aspects of sustainability, such as waste or by-products produced in the production of a unit of useful lithium, were also explored. Thus, this paper will serve to further the evaluation of the comparative environmental consequences associated with lithium production via extraction versus recycling. Efficiencies must be made in both processes to maximize productivity while minimizing ecological harm.