NATO’s presence in the Baltic states – reassurance of allies or deterrence for Russia? OSW COMMENTARY Number 169, 29.04.2015 2015-04-29

In late March and early April, the US Air Forces in Europe (USAFE) held an exercise in Estonia, during which US F-16s destroyed ground targets in an Estonian firing range. Around the same time the Americans held a drill with the Swedish and Finnish Air Forces over the Baltic Sea. The United States has been playing a leading role in the process of strengthening NATO’s presence in the Baltic states. As far as the Western European allies are concerned, Germany will follow in the footsteps of Denmark and the United Kingdom, both of which made significant military contributions to the strengthening of the allied presence in 2014, and will deploy the largest number of troops in 2015. Non-aligned Sweden and Finland, key for the performance of NATO operations in the Baltic states, have been emphasising their military and political readiness to co-operate with NATO in the event of potential crises or conflicts. Comparing NATO ‘s military presence in the Baltic states before and after the outbreak of the Russian intervention in Ukraine, it is clear that NATO has stepped up its engagement considerably. However, its scope is still relatively small, given the much larger military potential and mobilisation capacity of Russia. Moreover, the message sent by NATO’s actions may be diminished by the political, military and financial constraints faced by the allies and Sweden and Finland. It seems that the greatest risk to the military security of the Baltic states currently appears to be the possibility that Russia could wrongly assess the reliability of NATO’s security guarantees.

Similar antibody concentrations in Filipino infants at age 9 months, after 1 or 3 doses of an adjuvanted, 11-valent pneumoccoccal diphtheria/tetanus-Conjugated Vaccine: a randomized controlled trial

In Filipino infants, 1 dose of an adjuvanted, 11-valent pneumococcal conjugate vaccine (serotypes 1, 4, 5, 7F, 9V, 19F, and 23F conjugated to tetanus protein; and serotypes 3, 6B, 14, and 18C conjugated to diphtheria toxoid) administered alone at age 18 weeks (11PncTD1) elicited similar antibody concentrations at age 9 months as those elicited by 3 doses (11PncTD3) administered concomitantly with national program vaccines, at ages 6, 10, and 14 weeks. Geometric mean antibody concentrations ranged from 0.36 mug/mL ( for serotype 18C) to 5.81 mug/mL (for serotype 4), for the 11PncTD1 vaccine, and from 0.32 mug/mL (for serotype 18C) to 5.01 mug/mL (for serotype 19F), for the 11PncTD3 vaccine. The proportion of infants with threshold antibody concentrations greater than or equal to0.35 mug/mL was also similar (ranges, 55.6%-100% for the 11PncTD1 vaccine and 42.9%-100% for the 11PncTD3 vaccine). The functional activity of antibodies expressed as opsonophagocytic activity titers was similar in the 11PncTD1 and 11PncTD3 groups. This finding is an important one for countries with financial constraints and high pneumococcal disease burden.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

Credit and collateral

Collateral - generally defined as an asset used to provide security for a lender's loan - is an important feature of credit contracts and all the available evidence suggests that its use is getting more pervasive. This informative book builds upon recent research into this topic. Sena analyses three case-studies that revolve around the impact that financial constraints have on economic outcomes. In the first case-study, the relationship between firms' technical efficiency and increasing financial pressure is explored. The author then goes on to show, in the second case study, that under specific circumstances, increasing financial pressure and increasing product market competition can jointly have a positive impact on firms' technical efficiency, while not being true for all types of firms. In the third case, she analyses the impact that finance constraints have on women's start-ups. Unique and revealing, this is the first book to deal so extensively with the topic of collateral, and as such, is a valuable reference to postgraduates and professionals in the fields of macroeconomics, monetary and business economics. © 2008 Vania Sena. All rights reserved.

Political parties and public policy in the German Länder:when parties matter

When Parties Matter looks at the extent to which political parties can make a difference to public policy, focusing on the regional level in Germany. Politicians of the left and the right sometimes have radically different views, but inevitably the combined forces of legal and financial constraints, bureaucracy, public expectations and the 'weight of history' restrict their ability to translate political disagreement into policy change. Giving a detailed examination of education policy, childcare and family policy, and labour market policy in three German regions between 1999 and 2006, this book provides insights into what politicians can and cannot achieve, in particular at the level below the nation-state.

An assessment of factors affecting performance and growth of new technology based firms in the UK

New Technology Based Firms (NTBF) are considered to be important for the economic development of a country in regards to both employment growth and innovative activity. The latter is believed to contribute significantly to the increase in productivity and therefore the competitiveness of UK’s economy. This study contributes to the above literature by investigating two of the factors believed to limit the growth of such firms in the UK. The first concerns the existence of a ‘knowledge gap’ while the second the existence of a ‘financial gap’. These themes are developed along three main research lines. Firstly, based upon the human capital theory initially proposed by Backer (1964) new evidence is provided on the human capital characteristics (experience and education) of the current UK NTBF entrepreneurs. Secondly, the causal relationship between general and specific human capital (as well as their interactions) upon the company performance and growth is investigated via its traditional direct effect as well as via its indirect effect upon the access to external finance. Finally, more light is shed on the financial structure and the type of financial constraints that high-tech firms face at start-up. In particular, whether a financial gap exists is explored by distinguishing between the demand and the supply of external finance as well as by type of external source of financing. The empirical testing of the various research hypotheses has been obtained by carrying out an original survey of new technology based firms defined as independent companies, established in the past 25 years in R&D intensive sectors. The resulting dataset contains information for 412 companies on a number of general company characteristics and the characteristics of their entrepreneurs in 2004. Policy and practical implications for future and current entrepreneurs and also providers of external finance are provided.

Ownership characteristics and access to finance:evidence from a survey of large privatised companies in Hungary and Poland

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large privatised companies in Hungary and Poland for the period 1998 - 2000. The Bayesian analysis using Gibbs sampling is carried out to obtain inferences about the sample companies' access to finance from a model for categorical outcome. By applying alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial groups and enterprises with concentrated ownership are all less constrained in their access to finance. Moreover, we identify alternative modes of finance since different corporate control and past performance characteristics influence the sample firms' choice of finance source. In particular, while being industry-specific, the access to domestic credit is positively associated with company size and past profitability. Industrial group members tend to favour bond issues as well as sells-offs of assets as appropriate types of finance for their investment programmes. Preferences for raising finance in the form of equity are associated with share concentration in a non-monotonic way, being most prevalent in those companies where the dominant owner holds 25%-49% of shares. Close links with a leading bank not only increase the possibility of bond issues but also appear to facilitate access to non-banking sources of funds, in particular, to finance supplied by industrial partners. Finally, reliance on state finance is less likely for the companies whose profiles resemble the case of unconstrained finance, namely, for companies with foreign partners, companies that are part of domestic industrial groups and companies with a strategic investor. Model implications also include that the use of state funds is less likely for Polish than for Hungarian companies.

Social acceptance of renewable energy: Some examples from Europe and Developing Africa

Current energy systems are in most instances not fully working sustainably. The provision and use of energy only consider limited resources, risk potential or financial constraints on a limited scale. Furthermore, the knowledge and benefits are only available for a minor group of the population or are outright neglected. The availability of different resources for energy purposes determines economic development, as well as the status of the society and the environment. The access to energy grids has an impact on socio-economic living standards of communities. This not fully developed system is causing climate change with all its related outcomes. This investigation takes into consideration different views on renewable energy systems — such as international discussions about biomass use for energy production, “fuel versus food”, biogas use — and attempts to compare major prospects of social acceptance of renewable energy in Europe and Africa. Can all obstacles to the use of renewable energy be so profound that the overall strategy of reducing anthropogenic causes of climate change be seriously affected?

Social acceptance of renewable energy: Some examples from Europe and Developing Africa

Current energy systems are in most instances not fully working sustainably. The provision and use of energy only consider limited resources, risk potential or financial constraints on a limited scale. Furthermore, the knowledge and benefits are only available for a minor group of the population or are outright neglected. The availability of different resources for energy purposes determines economic development, as well as the status of the society and the environment. The access to energy grids has an impact on socio-economic living standards of communities. This not fully developed system is causing climate change with all its related outcomes. This investigation takes into consideration different views on renewable energy systems — such as international discussions about biomass use for energy production, “fuel versus food”, biogas use — and attempts to compare major prospects of social acceptance of renewable energy in Europe and Africa. Can all obstacles to the use of renewable energy be so profound that the overall strategy of reducing anthropogenic causes of climate change be seriously affected?

Relationship between Changes in Cash Flow and Investments in Publicy Traded Restaurant Firms in the United States

This research investigated the relationship between investments in fixed assets and free cash flows of U.S. restaurant firms while controlling for future investment opportunities and financial constraints. It also investigated investment and cash-flow sensitivity in the context of economic conditions. Results suggested that investments in small firms (with higher financial constraints) had relatively weaker sensitivity to cash flows than investments in large firms (with higher sensitivity). Controlling for economic conditions did not significantly change results. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in services such as the restaurant industry. In addition to its contribution to this literature, this paper provides implications for cash-flow management in publicly traded restaurant companies.

Factors Affecting the Adoption of New Technology: the case of 311 Government Call Centers

Government call centers (311) were first created to reduce the volume of non-emergency calls that were being placed to emergency 911 call centers. The number of 311 call centers increased from 57 in 2008 to about 300 in 2013. Considering that there are over 2,700 municipal government units across the United States, the adoption rate of the 311 centers is arguably low in the country. This dissertation is an examination of the adoption of 311 call centers by municipal governments. My focus is specifically on why municipal governments adopt 311 and identifying which barriers result in the non-adoption of 311 call centers. This dissertation is possibly the first study to examine the adoption of 311 call centers in the United States. The dissertation study has identified several significant factors in the adoption and non-adoption of 311 government call centers. The following factors were significant in the adoption of 311 government call centers: managerial support, financial constraints, organizational responsiveness, strategic plan placement, and technology champion. The following factors were significant barriers that resulted in the non-adoption of a 311 government call center; no demand from citizens, start up costs, annual operating costs, unavailability of funding, and no obvious need for one.If local government entities that do not have a 311 government call center decide to adopt one, this study will help them identify the conditions that need to be in place for successful adoption to occur. Local government officials would first need to address the barriers in setting up the 311 call centers.

Determinants of International R&D Outsourcing: The Role of Trade

This paper investigates the determinants of international R&D outsourcing, in particular the role of trade. We construct a monopolistic competition model with heterogeneous firms where outsourcing increases a firm’s fixed transaction as well as its productivity. Financial constraints affect the decision to outsource R&D more to non-exporters than to exporters. In contrast, exporters are more sensitive to a lack of information because they have higher losses when there is technology leakage. We test these predictions using a panel database of Spanish companies. The results highlight the relevance of information in competitive markets, and the role of trade to induce companies to engage in other globalization strategies.

Health in Ireland: Key Trends 2015

Health in Ireland Key Trends gives us insights into trends in demographics, population health, hospital and primary care and health service employment and expenditure. The presentation of trend data over the last decade in the 2015 report highlights the many significant achievements that Ireland has made in terms of key outcomes relating to the health and wellbeing of the population. However, it also highlights the challenges that persist in terms of the accessibility of timely healthcare and in the context of financial constraints. In the last decade alone, there has been an increase of two and a half years in life expectancy. These gains are driven largely by reductions in mortality rates from principal causes of deaths such as those from heart disease and cancer. Another striking feature is the growth in the number of people aged over 65. Each year this cohort increases by 20,000 people. This trend is set to continue into the future and will have implications for future planning and health service delivery. Ireland will see the largest proportional increases in the population aged 85 years and older. Ageing of the population in conjunction with lifestyle-related health threats continue to present major challenges now and into the future in sustaining and further improving health and health services in Ireland. Although difficult to quantify, the contribution of modern health services to these improvements in health outcomes and in life expectancy have been significant. Ireland’s fertility rates are still among the highest in Europe but the birth rate has fallen to its lowest rate for the last decade.  However, Ireland currently has the highest proportion of children and young people in our population among EU countries.  

Estratégias de sustentabilidade financeira das IPSS

Enquadramento: As IPSS debatem-se com constrangimentos de ordem financeira que podem ameaçar o seu desempenho. O Estado é o seu maior financiador, mas a tendência de diminuição dos apoios públicos impõe às IPSS encontrem outras formas de financiamento. As IPSS devem garantir a sua sustentabilidade financeira através da diversificação das fontes de financiamento (aumento do financiamento privado) e da implementação de estratégias de redução de custos e aumento das receitas. A gestão dos recursos das IPSS deve ser realizada de uma forma eficiente e eficaz, com vista à construção de uma organização sustentável que cumpra a sua missão e atinja os seus objetivos de carácter social. Objetivos: O objetivo geral do estudo é o seguinte: identificar as estratégias de financiamento que fomentam a sustentabilidade das IPSS. Os objetivos específicos são os seguintes: (1) Conhecer a tipologia das fontes de financiamento das IPSS; (2) Identificar os benefícios e os riscos da diversificação das fontes de financiamento das IPSS; (3) Analisar as fontes de receitas e de custos das IPSS; (4) Identificar os fatores que contribuem para vulnerabilidade financeira das IPSS; (5) Identificar as ações das IPSS que visam uma melhoria da sua sustentabilidade financeira. Métodos: Estudo de caso de 4 IPSS, com utilização de entrevista semi-estruturada (9 entrevistas) e análise documental. Recurso ao software NVivo 10 para categorização dos dados e à análise de conteúdo para interpretação dos dados recolhidos. Resultados:Os Acordos de Cooperação com a Segurança Social são a melhor estratégia para garantir a sustentabilidade financeira das IPSS. Estas desenvolvem um conjunto de ações que visam a melhoria da sua sustentabilidade económica, tais como, a rentabilização de recursos, a redução de despesas, o desenvolvimento de serviços de valor acrescentado e a angariação de recursos. As IPSS sentem necessidade de diversificar as fontes de financiamento (desenvolvimento de atividades complementares como fonte de receita) e apresentam preocupações relacionadas com o cumprimento da sua missão social (intervenção orientada para as necessidades dos stakeholders). Implicações:O estudo sugere a importância das IPSS diversificarem as suas fontes de financiamentoe explorar iniciativas de carácter privado que permitam criar lucro para desenvolver os objetivos e a missão da organização. Recomenda-se a replicação do estudo com uma amostra mais alargada.

Final report of the fisheries catch assessment survey conducted in December 2015 on the Ugandan waters of Lake Victoria

This CAS report provides estimates of the quantities of fish landed in the riparian districts sharing the Ugandan waters of Lake Victoria; the monetary value of the fish catches; the contribution of different fish species to the catches; and the trends in fish catch rates, and the monthly catches for the sampled month since the beginning of harmonized CAS activities in July 2005 to December 2015. The report also compares the annual catch and gross beach value of catch landings in 2005, 2006, 2007, 2010, 2014 and 2015. A total of 15 CASs have been undertaken in the Uganda sector of the lake with data gaps in 2009, 2012 and 2013 due to financial constraints. The annual catch estimates for the years 2010, 2011, 2014 and 2015 were based on one sampling covering the rainy season and may not capture changes that could occur in dry season. There is need to include dry season sampling in future surveys.