Is the "Dubai model" a new paradigm for growth and investment strategies for oil-based economies? Case study: Eurasia. ACES Working Papers No. 8, 2008

The first part of the paper addresses the theoretical background of economic growth and competitive advantage models. Although there is a whole set of research on a relationship between foreign direct investments and economic growth, little has been said on foreign direct investments and national competitive advantage with respect to economic growth of oil and gas abundant countries of Middle East and Central Asia. The second part of our paper introduces the framework of the so-called "Dubai Model" in detail and outlines the key components necessary to develop sustainable comparative advantage for the oil-rich economies. The third part proceeds with the methodology employed to measure the success of the "Dubai Model" in the UAE and in application to other regions. The last part brings the results and investigates the degree to which other oil and gas countries in the region (i.e. Saudi Arabia, Kuwait, Qatar, Iran) have adopted the so-called "Dubai Model". It also examines if the Dubai Model is being employed in the Eurasian (Central Asian) oil and gas regions of Kazakhstan, Azerbaijan, Turkmenistan and Uzbekistan. The objective is to gauge if the Eurasian economies are employing the traditional growth strategies of oil-rich non-OECD countries in managing their natural resources or are they adopting the newer non-traditional model of economic growth, such as the "Dubai Model."

Imperial legacy? The EU's Developmental Model and the Crisis of the European Periphery. CES Papers - Open Forum #19, 2013-2014

The high hopes for rapid convergence of Eastern and Southern EU member states are increasingly being disappointed. With the onset of the Eurocrisis convergence has given way to divergence in the southern members, and many Eastern members have made little headway in closing the development gap. The EU´s performance compares unfavourably with East Asian success cases as well as with Western Europe´s own rapid catch-up to the USA after 1945. Historical experience indicates that successful catch up requires that less-developed economies to some extent are allowed to free-ride on an open international economic order. However, the EU´s model is based on the principle of a level-playing field, which militates against such a form of economic integration. The EU´s developmental model thus contrasts with the various strategies that have enabled successful catch up of industrial latecomers. Instead the EU´s current approach is more and more reminiscent of the relations between the pre-1945 European empires and their dependent territories. One reason for this unfortunate historical continuity is that the EU appears to have become entangled in its own myths. In the EU´s own interpretation, European integration is a peace project designed to overcome the almost continuous warfare that characterised the Westphalian system. As the sovereign state is identified as the root cause of all evil, any project to curtail its room of manoeuvre must ultimately benefit the common good. Yet, the existence of a Westphalian system of nation states is a myth. Empires and not states were the dominant actors in the international system for at least the last three centuries. If anything, the dawn of the age of the sovereign state in Western Europe occurred after 1945 with the disintegration of the colonial empires and thus historically coincided with the birth of European integration.

Type A aortic dissection model to improve endovascular research and technologies.

OBJECTIVE Type A aortic dissection is a life-threatening disease requiring immediate surgical treatment. With emerging catheter-based technologies, endovascular stent-graft implantation to treat aneurysms and dissections has become a standardized procedure. However, endovascular treatment of the ascending aorta remains challenging. Thus we designed an ascending aortic dissection model to allow simulation of endovascular treatment. METHODS Five formalin-fixed human aortas were prepared. The ascending aorta was opened semicircularly in the middle portion and the medial layer was separated from the intima. The intimal tube was readapted using running monofilament sutures. The preparations were assessed by 128-slice computed tomography. A bare-metal stent was implanted for thoracic endovascular aortic repair in 4 of the aortic dissection models. RESULTS Separation of the intimal and medial layer of the aorta was considered to be sufficient because computed tomography showed a clear image of the dissection membrane in each aorta. The dissection was located 3.9 ± 1.4 cm proximally from the aortic annulus, with a length of 4.6 ± 0.9 cm. Before stent implantation, the mean distance from the intimal flap to the aortic wall was measured as 0.63 ± 0.163 cm in the ascending aorta. After stent implantation, this distance decreased to 0.26 ± 0.12 cm. CONCLUSION This model of aortic dissection of the ascending human aorta was reproducible with a comparable pathological and morphological appearance. The technique and model can be used to evaluate new stent-graft technologies to treat type A dissection and facilitate training for surgeons.

A 300 kyr record of upwelling off Oman during the Late Quaternary: evidence of the Asian southwest monsoon

In the northwest Arabian Sea upwelling occurs each summer, driven by the strong SW monsoon winds. Upwelling results in high biological productivity and a distinctive assemblage of plankton species in the surface waters off Oman that are preserved in the sediments along the Oman continental margin, creating a geologic record of monsoon-driven upwelling. Sediments recovered from the Oman continental margin during Ocean Drilling Program leg 117 provide an opportunity to examine how upwelling has varied during the late Quaternary, spanning a longer interval than piston cores recovered prior to the ODP cruise. Variations in foraminifer shell accumulation and in the relative abundance of Globigerina bulloides indicate dominant cycles of variation at 1/100 kyr, the dominant frequency of glacial-interglacial variations, and at 1/23 kyr, the frequency of precessionally driven cycles in seasonal insolation. The strongest monsoon winds (indicated by increased upwelling) occurred during interglacial times when perihelion was aligned with the summer solstice, an orbital change that increased the insolation received during summer in the northern hemisphere. During glacial times upwelling was reduced, and although the precessional cycles were still present their amplitude was smaller. At both frequencies the upwelling cycles are in phase with minimum ice volume, evidence that glacial-interglacial climate changes also include changes to the climate system that influence the low-latitude monsoon. We attribute the decrease in the monsoon winds observed during glacial times to changes in bare land albedo over Asia and/or to changes in the areal extent and seasonal cycle in Asian snow cover that decrease the summer land-sea temperature contrast. Other mechanisms may also be involved. These new upwelling time series differ substantially from previous results, however the previous work relied on cores located farther offshore where upwelling is less intense and other physical mechanisms become important. Our results support the observations derived from atmospheric general circulation models of the atmosphere that indicate that both glacial boundary conditions, and the strength of summer insolation are important variables contributing to cycles in the monsoon winds during the late Quaternary.

Age model of ODP Site 184-1146 (Table 1)

Clay mineral assemblages at ODP Site 1146 in the northern South China Sea are used to investigate sediment source and transport processes and to evaluate the evolution of the East Asian monsoon over the past 2 Myr. Clay minerals consist mainly of illite (22-43%) and smectite (12-48%), with associated chlorite (10-30%), kaolinite (2-18%), and random mixed-layer clays (5-22%). Hydrodynamic and mineralogical studies indicate that illite and chlorite sources include Taiwan and the Yangtze River, that smectite and mixed-layer clays originate predominantly from Luzon and Indonesia, and that kaolinite is primarily derived from the Pearl River. Mineral assemblages indicate strong glacial-interglacial cyclicity, with high illite, chlorite, and kaolinite content during glacials and high smectite and mixed-layer clay content during interglacials. During interglacials, summer enhanced monsoon (southwesterly) currents transport more smectite and mixed-layer clays to Site 1146 whereas during glacials, enhanced winter monsoon (northerly) currents transport more illite and chlorite from Taiwan and the Yangtze River. The ratio (smectite+mixed layers)/(illite+chlorite) was adopted as a proxy for East Asian monsoon variability. Higher ratios indicate strengthened summer-monsoon winds and weakened winter-monsoon winds during interglacials. In contrast, lower ratios indicate a strongly intensified winter monsoon and weakened summer monsoon during glacials. Spectral analysis indicates the mineral ratio was dominantly forced by monsoon variability prior to the development of large-scale glaciation at 1.2 Myr and by both monsoon variability and the effects of changing sea level in the interval 1.2 Myr to present.

(Table 2) Age model of ODP Site 184-1146

Orbital tuning of benthic d18O is a common approach for assigning ages to ocean sediment records. Similar environmental forcing of the northern South China Sea and the southeast Asian cave regions allows for transfer of the speleothem d18O radiometric chronology to the planktonic and benthic d18O records from Ocean Drilling Program Site 1146, yielding a new chronology with 41 radiometrically calibrated datums, spanning the past 350 kyr. This approach also provides for an independent assessment of the accuracy of the orbitally tuned benthic d18O chronology for the last 350 kyr. The largest differences relative to the latest chronology occur in marine isotope stages (MIS) 5.4, 5.5, 6, 7, and 9.3. Prominent suborbital-scale structure believed to be global in nature is identified within MIS 5.4 and MIS 7.2. On the basis of the radiometrically calibrated chronology, the time constant of the ice sheet is found to be 5.4 kyr at the precession band (light d18O lags precession minima by -55.4°) and 10.4 kyr at the obliquity band (light d18O lags obliquity maxima by 57.4°). These values are significantly shorter than the single 17 kyr time constant originally estimated by Imbrie et al. (1984), based primarily on the timing of terminations I and II and the 15 kyr time constant used by Lisiecki and Raymo (2005, doi:10.1029/2004PA001071).

Comparison of rural and urban attitudes to the conservation of Asian elephants in Sri Lanka: empirical evidence

There has been little study of economic and general attitudes towards the conservation of the Asian elephant. This paper reports and analyses results from surveys conducted in Sri Lanka of attitudes of urban dwellers and farmers towards nature conservation in general and the elephant conservation in particular. The analyses are based on urban and a rural sample. Contingent valuation techniques are used as survey instruments. Multivariate logit regression analysis is used to analyse the respondents' attitudes towards conservation of elephants. It is found that, although some variations occurred between the samples, the majority of the respondents (both rural and urban) have positive attitudes towards nature conservation in general. However, marked differences in attitudes toward elephant conservation are evident between these two samples: the majority of urban respondents were in favour of elephant conservation; rural respondents expressed a mixture of positive and negative attitudes. Overall, considerable unrecorded and as yet unutilised economic support for conservation of wild elephants exists in Sri Lanka. (C) 2002 Elsevier Science Ltd. All rights reserved.

The net benefit of saving the Asian elephant: a policy and contingent valuation study

Reports results from a contingent valuation (CV) survey of willingness to pay (WTP) for the conservation of the Asian elephant of a sample of urban residents living in three selected housing schemes in Colombo, the capital of Sri Lanka. Face-to-face surveys were conducted using an interview schedule (IS). A non-linear logit regression model is used to analyse the respondents' responses for the payment principle questions and to identify the factors that influence their responses. We investigate whether urban residents' WTP for the conservation of elephants is sufficient to compensate farmers for the damage caused by elephants. We find that the beneficiaries (the urban residents) could compensate losers (the fanners in the areas affected by human-elephant conflict, HEC) and be better off than in the absence of elephants in Sri Lanka. Therefore, there is a strong economic case for the conservation of the wild elephant population in Sri Lanka. However, we have insufficient data to determine the optimal level of this elephant population in the Kaldor-Hicks sense. Nevertheless, the current population of elephant in Sri Lanka is Kaldor-Hicks preferable to having none. (C) 2003 Elsevier B.V. All rights reserved.

Is there a case for low inflation-induced productivity growth in selected Asian economies?

The authors examine the evidence on the relationship between inflation and productivity growth for nine Asian economies using causality analysis in a multivariate model with money supply as a possible effective monetary policy tool. The inflation-productivity growth relationship is found to be non-uniform, as the evidence of uni-directional, bi-directional, and no causality between the two variables is varied and significant for some countries and insignificant for others. An attempt is made to explain the inflation-productivity nexus for these countries and to discuss implications for anti-inflationary policies such as inflation targeting.

Do external funds yield lower returns? Recent evidence from East Asian economies

One of the central explanations of the recent Asian Crisis has been the problem of moral hazard as the source of over-investment and excessive external borrowing. There is however rather limited firm-level empirical evidence to characterise inefficient use of internal and external finances. Using a large firm-level panel data-set from four badly affected Asian countries, this paper compares the rates of return to various internal and external funds among firms with low and high debt financing (relative to equity) among financially constrained and other firms. Selectivity-corrected estimates obtained from random effects panel data model do suggest evidence of significantly lower rates of return to long-term debt, even among firms relying more on debt relative to equity in our sample. There is also evidence that average effective interest rates often significantly exceeded the average returns to long-term debt in the sample countries in the pre-crisis period. © 2006 Elsevier Inc. All rights reserved.