Solid waste management in metropolitan areas: barriers and opportunities for intermunicipal arrangements in Brazil

Municipal solid waste issue has acquired a growing importance into urban management discussions, particularly in metropolitan areas. Although metropolitan regions were created for integrating public functions of common interest, it appears that the structures, in general, are limited to planning  activities. In this context, the democratization process occurred in Brazil during 1980’s led to the  strengthening of inter-municipal arrangements of voluntary cooperation, acquiring great expressiveness  in metropolitan areas, responsible for 60% of waste generated in Brazil. However, despite the  consortia emergence as an alternative management of metropolitan territory, its process of setting up and operation is not free of challenges and dilemmas. This paper starts with the hypothesis that  inter-municipal consortia in metropolitan areas have high strength asymmetry and weak regional  identity among municipalities, conditions that tend to create barriers to its concretization. In this  context, this research aim  to develop a comparative study of inter-municipal arrangements for solid  waste management in the metropolitan areas of Curitiba (pr), Belo Horizonte (bh) and Salvador  (ba), by identifying influence degree of regional identity and strength asymmetry in these arrangements. The multiple case study reveals an inverse proportionality relationship between regional  identity and strength asymmetry among the municipalities, deeply influenced by political interinstitutional  arrangement and the metropolitan area in which they are is inserted.

Media bias and central bank response. Evidence from the nominal exchange rate behavior in Colombia

Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after more than 20 years of controlled and multiple exchange rates. The behavior (revaluation / devaluation) of the NER is constantly reported in news, editorials and op-eds of major newspapers of the nation with particular attention to revaluation. The uneven reporting of revaluation episodes can be explained by the existence of an interest group particulary affected by revaluation, looking to increase awareness and sympathy for help from public institutions. Using the number of news and op-eds from a major Colombian newspaper, it is shown that there is an over-reporting of revaluation episodes in contrast to devaluation ones. Secondly, using text analysis upon the content of the news, it is also shown that the words devaluation and revaluation are far apart in the distribution of words within the news; and revaluation is highly correlated with words related to: public institutions, exporters and the need of assistance. Finally it is also shown that the probability of the central bank buying US dollars to lessen revaluation effects increases with the number of news; even though the central bank allegedly intervenes in the exchange rate market only to tame volatility or accumulate international reserves.

Seasons, savings and GDP

The industrial revolution and the subsequent industrialization of the economies occurred Orst in temperate regions. We argue that this and the associated positive correlation between absolute latitude and GDP per capita is due to the fact that countries located far from the equator suffered more profound seasonal auctuations in climate, namely stronger and longer winters. We propose a growth model of biased innovations that accounts for these facts and show that countries located in temperate regions were more likely to create or adopt capital intensive modes of production. The intuition behind this result is that savings are used to smooth consumption; therefore, in places where output auctuations are more profound, savings are bigger. Because the incentives to innovate depend on the relative supply factors, economies where savings are bigger are more likely to create or adopt capital intensive technologies.

Do IMF and World Bank programs induce government crises? an empirical analysis

We examine whether and under what circumstances World Bank and International Monetary Fund (IMF) programs affect the likelihood of major government crises. We find that crises are, on average, more likely as a consequence of World Bank programs. We also find that governments face an increasing risk of entering a crisis when they remain under an IMF or World Bank arrangement once the economy's performance improves. The international financial institution's (IFI) scapegoat function thus seems to lose its value when the need for financial support is less urgent. While the probability of a crisis increases when a government turns to the IFIs, programs inherited by preceding governments do not affect the probability of a crisis. This is in line with two interpretations. First, the conclusion of IFI programs can signal the government's incompetence, and second, governments that inherit programs might be less likely to implement program conditions agreed to by their predecessors.

Seminars on savings and financial systems: experiences in Latin America: summary and conclusions

Contiene las conclusiones y las reseñas de los trabajos presentados a los seminarios: "Ahorro y eficiencia en la asignación de recursos financieros: experiencias en América Latina", 25-27 enero 1989; y "Ahorro y financiamiento", 29 noviembre-1 diciembre 1989.

Federal Authority and the Development of Corporate Mining, 1807-1847

While the 1913-1914 copper country miners’ strike undoubtedly plays an important role in the identity of the Keweenaw Peninsula, it is worth noting that the model of mining corporations employing large numbers of laborers was not a foregone conclusion in the history of American mining. Between 1807 and 1847, public mineral lands in Missouri, in the Upper Mississippi Valley, and along the southern shore of Lake Superior were reserved from sale and subject to administration by the nation’s executive branch. By decree of the federal government, miners in these regions were lessees, not landowners. Yet, in the Wisconsin lead region especially, federal authorities reserved for independent “diggers” the right to prospect virtually unencumbered. In doing so, they preserved a comparatively egalitarian system in which the ability to operate was determined as much by luck as by financial resources. A series of revolts against federal authority in the early nineteenth century gradually encouraged officers in Washington to build a system in the copper country in which only wealthy investors could marshal the resources to both obtain permits and actually commence mining operations. This paper will therefore explore the role of the federal government in establishing a leasing system for public mineral lands in the years previous to the California Gold Rush, highlighting the development of corporate mining which ultimately set a stage for the wave of miners’ strikes in the late nineteenth and early twentieth centuries.

Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound

We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007–09 via a time-varying parameter structural VAR model. We identify a “pure” spread shock defined as a shock that leaves the policy rate unchanged, which allows us to characterize the macroeconomic consequences of a decline in the yield spread induced by central banks’ asset purchases within an environment in which the policy rate is constrained by the effective zero lower bound. Two key findings stand out. First, compressions in the long-term yield spread exert a powerful effect on both output growth and inflation. Second, conditional on available estimates of the impact of the Federal Reserve’s and the Bank of England’s asset purchase programs on long-term yield spreads, our counterfactual simulations suggest that U.S. and U.K. unconventional monetary policy actions have averted significant risks both of deflation and of output collapses comparable to those that took place during the Great Depression.

Foreign and Domestic Bank Performances: An Ideal Decomposition of Industry Dynamics

The aggregate performance of the banking industry depends on the underlying microlevel dynamics within that industry. adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. This paper develops a generalized ideal dynamic decomposition and applies it to the return on equity of foreign and domestic commercial banks in Korea from 1994 to 2000. The sample corresponds to the Asian financial crisis and the final stages of a long process of deregulation and privatization in the Korean banking industry. The comparison of our findings reveals that the overall performance of Korean banks largely reflects individual bank efficiencies, except immediately after the Asian financial crisis where restructuring played a more important role on average bank performance. Moreover, Korean regional banks started the restructuring process about one year before the Korean nationwide banks. Foreign bank performance, however, largely reflected individual bank efficiencies, even immediately after the Asian financial crisis.

Geographic Deregulation and Commercial Bank Performance in US State Banking Markets

This paper examines the effects of geographical deregulation on commercial bank performance across states. We reach some general conclusions. First, the process of deregulation on an intrastate and interstate basis generally improves bank profitability and performance. Second, the macroeconomic variables -- the unemployment rate and real personal income per capita -- and the average interest rate affect bank performance as much, or more, than the process of deregulation. Finally, while deregulation toward full interstate banking and branching may produce more efficient banks and a healthier banking system, we find mixed results on this issue.