The Effect of Tax Revenue Budgeting Errors on Fiscal Balance : Evidence from Swiss cantons

This study is an empirical analysis of the impact of direct tax revenue budgeting errors on fiscal deficits. Using panel data from 26 Swiss cantons between 1980 and 2002, we estimate a single equation model on the fiscal balance, as well as a simultaneous equation model on revenue and expenditure. We use new data on budgeted and actual tax revenue to show that underestimating tax revenue significantly reduces fiscal deficits. Furthermore, we show that this effect is channeled through decreased expenditure. The effects of over and underestimation turn out to be symmetric.

International bioenergy trade- scenario study on international biomass market in 2020

The markets of biomass for energy are developing rapidly and becoming more international. A remarkable increase in the use of biomass for energy needs parallel and positive development in several areas, and there will be plenty of challenges to overcome. The main objective of the study was to clarify the alternative future scenarios for the international biomass market until the year 2020, and based on the scenario process, to identify underlying steps needed towards the vital working and sustainable biomass market for energy purposes. Two scenario processes were conducted for this study. The first was carried out with a group of Finnish experts and thesecond involved an international group. A heuristic, semi-structured approach, including the use of preliminary questionnaires as well as manual and computerised group support systems (GSS), was applied in the scenario processes.The scenario processes reinforced the picture of the future of international biomass and bioenergy markets as a complex and multi-layer subject. The scenarios estimated that the biomass market will develop and grow rapidly as well as diversify in the future. The results of the scenario process also opened up new discussion and provided new information and collective views of experts for the purposes of policy makers. An overall view resulting from this scenario analysis are the enormous opportunities relating to the utilisation of biomass as a resource for global energy use in the coming decades. The scenario analysis shows the key issues in the field: global economic growth including the growing need for energy, environmental forces in the global evolution, possibilities of technological development to solve global problems, capabilities of the international community to find solutions for global issues and the complex interdependencies of all these driving forces. The results of the scenario processes provide a starting point for further research analysing the technological and commercial aspects related the scenarios and foreseeing the scales and directions of biomass streams.

Solid and liquid biofuels markets in Finland - a study on international biofuels trade

This study considered the current situation of solid and liquid biofuels markets and international biofuels trade in Finland and identified the challenges ofthe emerging international biofuels markets for Finland. The fact that industryconsumes more than half of the total primary energy, widely applied combined heat and power production (CHP) and a high share of biofuels in the total energy consumption are specific to the Finnish energy system. One third of the electricity is generated in CHP plants. As much as 27% of the total energy consumption ismet by using wood and peat, which makes Finland the leading country in the use of biofuels. Finland has made a commitment to maintain greenhouse gas emissions at the 1990 level at the highest during the period 2008-2012. The Finnish energypolicy aims to achieve the target, and a variety of measures are taken to promote the use of renewable energy sources and especially wood fuels. In this study, the wooden raw material streams of the forest industry were included the international biofuels trade in addition to biomass streams that are traded for energy production. In 2004, as much as 45% of the raw wood importedinto Finland ended up in energy production. The total international trading of biofuels was evaluated at 72 PJ, of which the majority, 58 PJ, was raw wood. About 22% of wood based energy in Finland originated from imported raw wood. Tall oil and wood pellets composed the largest export streams of biofuels. The annual turnover of international biofuels trade was estimated at about ¤ 90 million fordirect trade and at about ¤ 190 million for indirect trade. The forest industryas the biggest user of wood, and the producer and user of wood fuels has a central position in biomass and biofuels markets in Finland. Lately, the international aspects of Finnish biofuels markets have been emphasised as the import of rawwood and the export of wood pellets have increased. Expanding the use of biofuels in the road transportation sector would increase the international streams ofbiofuels in Finland. In coming years, the international trading of biomass for energy purposes can be expected to continue growing.

Dynamics of Appropriability - Finding a Balance between Efficiency and Strength in the Appropriability Regime

Building and sustaining competitive advantage through the creation of market imperfections is challenging in a constantly changing business environment - particularly since the sources of such advantages are increasingly knowledge-based. Facilitated by improved networks and communication, knowledge spills over to competitors more easily than before,thus creating an appropriability problem: the inability of an innovating firm to utilize its innovations commercially. Consequently, as the importance of intellectual assets increases, their protection also calls for new approaches. Companies have various means of protection at their disposal, and by taking advantage of them they can make intangibles more non-transferable and prevent, or at leastdelay, imitation of their most crucial intellectual assets. However, creating barriers against imitation has another side to it, and the transfer of knowledge in situations requiring knowledge sharing may be unintentionally obstructed. Theaim of this thesis is to increase understanding of how firms can balance knowledge protection and sharing so as to benefit most from their knowledge assets. Thus, knowledge protection is approached through an examination of the appropriability regime of a firm, i.e., the combination of available and effective means ofprotecting innovations, their profitability, and the increased rents due to R&D. A further aim is to provide a broader understanding of the formation and structure of the appropriability regime. The study consists of two parts. The first part introduces the research topic and the overall results of the study, and the second part consists of six complementary research publications covering various appropriability issues. The thesis contributes to the existing literature in several ways. Although there is a wide range of prior research on appropriability issues, a lot of it is restricted either to the study of individual appropriability mechanisms, or to comparing certain features of them. These approaches are combined, and the relevant theoretical concepts are clarified and developed. In addition, the thesis provides empirical evidence of the formation of the appropriability regime, which is consequently presented as an adaptive process. Thus, a framework is provided that better corresponds to the complex reality of the current business environment.

Un balance del tren de alta velocidad en Francia. Enseñanzas para el caso esapañol

La reivindicación del tren de alta velocidad por parte de un número amplio y creciente de ciudades en España, aconseja una reflexión sobre qué se puede realmente esperar de este servicio para estimular el tejido económico local. Nuestra referencia será el TGV de París a Lyon, el más antiguo en Europa, con sus posteriores ampliaciones al sur. De su estudio se puede deducir que su repercusión ha resultado muy modesta como agente dinamizador de la actividad económica local y regional. En el AVE se apunta efectivamente la misma situación, a tener por tanto muy en cuenta en el diseño del nuevo trazado y en las medidas de acompañamiento para rentabilizarlo.

Emissão de etileno e de CO2 em mamão 'Sunrise Solo' e 'Golden'

Frutos de mamoeiro 'Sunrise Solo' e 'Golden' foram armazenados a 10º C e a 25º C e monitorados diariamente quanto às emissões de CO2 e de C2H4, observando-se a evolução do índice de cor de casca. A não-alteração do índice de cor de casca, ao longo dos 20 dias de conservação a 10º C, refletiu a influência da refrigeração na retenção do metabolismo dos mamões. Houve dois incrementos da respiração e da emissão de etileno, no quarto dia e entre o oitavo e o nono dia, nos frutos armazenados a 25º C. A temperatura de 10º C deteve a respiração climatérica do mamão e a emissão de etileno, comprovando que o seu metabolismo se reduz, permitindo que os frutos apresentem aspecto imaturo após 20 dias de armazenamento.

Short communication. Potential to mitigate anthropogenic CO2 emissions by tillage reduction in dryland soils of Spain

Spain is one of the countries with the highest greenhouse gas (GHG) emissions within the EU-27. Consequently, mitigation strategies need to be reported and quantified to accomplish the goals and requirements of the Kyoto Protocol. In this study, a first estimation of the carbon (C) mitigation potential of tillage reduction in Mediterranean rainfed Spain is presented. Results from eight studies carried out in Spain under rainfed agriculture to investigate the effects of no-tillage (NT) and reduced tillage (RT) compared with conventional tillage (CT) on soil organic carbon (SOC) were used. For current land surface under conservation tillage, NT and RT are sequestering 0.14 and 0.08 Tg C yr-1, respectively. Those rates represent 1.1% and 0.6% of the total CO2 emissions generated from agricultural activities in Spain during 2006. Alternatively, in a hypothetical scenario where all the arable dryland was under either NT or RT management, SOC sequestration would be 2.18 and 0.72 Tg C yr-1 representing 17.4% and 5.8% of the total 2006 CO2 equivalent emissions generated from the agricultural sector in Spain. This is a significant estimate that would help to achieve GHG emissions targets for the current commitment period of the Kyoto Protocol.

Optimal capital structure: a trade-off model and its empirical testing

In the present research we have set forth a new, simple, Trade-Off model that would allow us to calculate how much debt and, by default, how much equity a company should have, using easily available information and calculating the cost of debt dynamically on the basis of the effect that the capital structure of the company has on the risk of bankruptcy; in an attempt to answer this question. The proposed model has been applied to the companies that make up the Dow Jones Industrial Average (DJIA) in 2007. We have used consolidated financial data from 1996 to 2006, published by Bloomberg. We have used simplex optimization method to find the debt level that maximizes firm value. Then, we compare the estimated debt with real debt of companies using statistical nonparametric Mann-Whitney. The results indicate that 63% of companies do not show a statistically significant difference between the real and the estimated debt.

The First World War and Coal Trade Geography in Latin America and the Caribbean, 1890-1930

This paper aims to illustrate the dynamics of coal trade between Latin America and its main trade partners, i.e., the USA, Great Britain, and Germany, before and after the enormous disruption caused by the First World War. The coal trade was used as an indicator of modernization for Latin American countries, given that oil was at that time of secondary importance. Energy imports have determined the possibilities of each Latin American country in its process of development. Here, we address this question and place special emphasis on supply channels, concluding that the trade link with main suppliers was of key significance. Although this was very clear by the end of the period, the process had started well before the First World War, at least for the majority of LA&C countries. These points are developed through a gravity model applied to the bilateral coal trade. The importance of the market supplier share is addressed through cluster methodologies.

Modified atmosphere packaging extending the storage life of 'douradão' peach

'Douradão' peach is a perishable product and when cold stored is subject to chilling injury. The objective of the experiment was to evaluate the effect of modified atmosphere packaging (MAP) and cold storage on quality and storage life of these peaches. Fruits were packed in polypropylene (PP) trays and placed inside low density polyethylene (LDPE) bags (30, 50, 60, 75 μm thickness) with active modified atmosphere (10 kPa CO2 + 1.5kPa O2, balance N2). The control was made with peaches held in nonwrapped PP trays. Fruits were kept at 1 ± 1 °C and 90 ± 5% relative humidity (RH) for 28 days and CO2 and O2 within packages was monitored every two days. After 14, 21 and 28 days, samples were withdrawn from MAP and kept in air at 25 ± 1 °C and 90 ± 5% RH for ripening. On the day of removal from the cold storage and after 4 days, peaches were evaluated for weight loss, decay incidence, flesh firmness, woolliness incidence, soluble solids content (SSC), titratable acidity (TA) and juice content. The results showed that MAP had influence on reducing weight loss and prevented postharvest decay. MAP of 1-2 kPa O2 and 3-6 kPa CO2 at 1 °C (from 50 and 60 μm LDPE films) were effective for keeping good quality of 'Douradão' peaches during 28 days of storage, the ripe fruits showed reduced incidence of woolliness, adequate juiciness and flesh firmness. Packages of 30 and 75 μm LDPE films were ineffective for reducing woolliness during cold storage. MAP fruits showed lower SSC and no relevant effect on TA. Control fruits did not present marketable conditions after 14 days of cold storage.

The measurement of ice velocity, mass balance and thinning-rate on Johnsons Glacier, Livingston Island, South Shetland Islands, Antarctica

A network of twenty stakes was set up on Johnsons Glacier in order to determine its dynamics. During the austral summers from 1994-95 to 1997-98, we estimated surface velocities, mass balances and ice thickness variations. Horizontal velocity increased dow nstream from 1 m a- 1 near the ice divides to 40 m a- 1 near the ice terminus. The accumulation zone showed low accumulation rates (maximum of 0,6 m a- 1 (ice)), whereas in the lower part of the glacier, ablation rates were 4,3 m a- 1 (ice). Over the 3-year study period, both in the accumulation and ablation zones, we detected a reduction in the ice surface level ranging from 2 to 10 m from the annual ve rt ical velocities and ice-thinning data, the mass balance was obtained and compared with the mass balance field values, resulting in similar estimates. Flux values were calculated using cross-section data and horizontal velocities, and compared with the results obtained by means of mass balance and ice thinning data using the continuity equation. The two methods gave similar results.

Effects of modified atmosphere packaging on ripening of 'Douradão' peach related to pectolytic enzymes activities and chilling injury symptoms

The present study evaluated the effects of modified atmosphere packaging on inhibition of the development of chilling injury symptoms in 'Douradão' peach after cold storage and the possible involvement of cell wall enzymes. Fruits were harvested at the middle stadium of ripening, packed in polypropylene trays and placed inside low density polyethylene (LDPE) bags (30, 50, 60 and 75 µm of thickness) with active modified atmosphere (10 kPa CO2 + 1.5 kPa O2, balance N2). The following treatments were tested: Control: peaches held in nonwrapped trays; MA30: LDPE film - 30 µm; MA50: LDPE film - 50 µm; MA60: LDPE film - 60 µm and MA75: LDPE film - 75 µm. Fruits were kept at 1±1ºC and 90±5% relative humidity (RH) for 28 days. After 14, 21 and 28 days, samples were withdrawn from MAP and kept in air at 25±1ºC and 90±5% RH for ripening. On the day of removal and after 4 days, peaches were evaluated for woolliness incidence, pectolytic enzymes activities. The respiratory rate and ethylene synthesis were monitored during 6 days of ripening. The results showed that MA50 and MA60 treatments had positive effect on the inhibition of the development of woolly texture and reduced pectin methylesterase activity on the ripe fruits, keeping good quality of 'Douradão' peach during 28 days of cold storage. The treatments Control, MA30 and MA75 showed higher woolliness incidence and did not present marketable conditions after 14 days of cold storage.