Genuine savings and future well-being in Germany, 1850-2000

Genuine Savings (GS), also known as ‘net adjusted savings’, is a composite indicator of the sustainability of economic development. Genuine Savings reflects year-on-year changes in the total wealth or capital of a country, including net investment in produced capita, investment in human capital, depletion of natural resources, and damage caused by pollution. A negative Genuine Savings rate suggests that the stock of national wealth is declining and that future utility must be less than current utility, indicating that economic development is non-sustainable (Hamilton and Clemens, 1999). We make use of data over a 150 year period to examine the relationship between Genuine Savings and a number of indicators of well-being over time, and compare the relative changes in human, produced, and components of natural capital over the period. Overall, we find that the magnitude of genuine savings is positively related to changes in future consumption, with some evidence of a cointegrating relationship. However, the relationships between genuine savings and infant mortality or average heights are less clear.

Empirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trends

Genuine Savings has emerged as a widely-used indicator of sustainable development. In this paper, we use long-term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany. Our tests are based on an underlying theoretical relationship between GS and changes in the present value of future consumption. Based on both single country and panel results, we find evidence supporting the existence of a cointegrating (long run equilibrium) relationship between GS and future well-being, and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables. This provides some support for the GS measure of weak sustainability. We also show the effects of modelling shocks, such as World War Two and the Great Depression.

Empirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trends

Genuine Savings has emerged as a widely used indicator of sustainable development. In this paper, we use long -term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany. Our tests are based on an underlying theoretical relationship between GS and changes in the present value of future consumption. Based on both single country and panel results, we find evidence supporting the existence of javascript:void(0);a cointegrating (long run equilibrium) relationship between GS and future well-being, and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables. This provides some support for the GS measure of weak sustainability.

Road traffic information platform for energy and emissions savings

Apesar das recentes inovações tecnológicas, o setor dos transportes continua a exercer impactes significativos sobre a economia e o ambiente. Com efeito, o sucesso na redução das emissões neste setor tem sido inferior ao desejável. Isto deve-se a diferentes fatores como a dispersão urbana e a existência de diversos obstáculos à penetração no mercado de tecnologias mais limpas. Consequentemente, a estratégia “Europa 2020” evidencia a necessidade de melhorar a eficiência no uso das atuais infraestruturas rodoviárias. Neste contexto, surge como principal objetivo deste trabalho, a melhoria da compreensão de como uma escolha de rota adequada pode contribuir para a redução de emissões sob diferentes circunstâncias espaciais e temporais. Simultaneamente, pretende-se avaliar diferentes estratégias de gestão de tráfego, nomeadamente o seu potencial ao nível do desempenho e da eficiência energética e ambiental. A integração de métodos empíricos e analíticos para avaliação do impacto de diferentes estratégias de otimização de tráfego nas emissões de CO2 e de poluentes locais constitui uma das principais contribuições deste trabalho. Esta tese divide-se em duas componentes principais. A primeira, predominantemente empírica, baseou-se na utilização de veículos equipados com um dispositivo GPS data logger para recolha de dados de dinâmica de circulação necessários ao cálculo de emissões. Foram percorridos aproximadamente 13200 km em várias rotas com escalas e características distintas: área urbana (Aveiro), área metropolitana (Hampton Roads, VA) e um corredor interurbano (Porto-Aveiro). A segunda parte, predominantemente analítica, baseou-se na aplicação de uma plataforma integrada de simulação de tráfego e emissões. Com base nesta plataforma, foram desenvolvidas funções de desempenho associadas a vários segmentos das redes estudadas, que por sua vez foram aplicadas em modelos de alocação de tráfego. Os resultados de ambas as perspetivas demonstraram que o consumo de combustível e emissões podem ser significativamente minimizados através de escolhas apropriadas de rota e sistemas avançados de gestão de tráfego. Empiricamente demonstrou-se que a seleção de uma rota adequada pode contribuir para uma redução significativa de emissões. Foram identificadas reduções potenciais de emissões de CO2 até 25% e de poluentes locais até 60%. Através da aplicação de modelos de tráfego demonstrou-se que é possível reduzir significativamente os custos ambientais relacionados com o tráfego (até 30%), através da alteração da distribuição dos fluxos ao longo de um corredor com quatro rotas alternativas. Contudo, apesar dos resultados positivos relativamente ao potencial para a redução de emissões com base em seleções de rotas adequadas, foram identificadas algumas situações de compromisso e/ou condicionantes que devem ser consideradas em futuros sistemas de eco navegação. Entre essas condicionantes importa salientar que: i) a minimização de diferentes poluentes pode implicar diferentes estratégias de navegação, ii) a minimização da emissão de poluentes, frequentemente envolve a escolha de rotas urbanas (em áreas densamente povoadas), iii) para níveis mais elevados de penetração de dispositivos de eco-navegação, os impactos ambientais em todo o sistema podem ser maiores do que se os condutores fossem orientados por dispositivos tradicionais focados na minimização do tempo de viagem. Com este trabalho demonstrou-se que as estratégias de gestão de tráfego com o intuito da minimização das emissões de CO2 são compatíveis com a minimização do tempo de viagem. Por outro lado, a minimização de poluentes locais pode levar a um aumento considerável do tempo de viagem. No entanto, dada a tendência de redução nos fatores de emissão dos poluentes locais, é expectável que estes objetivos contraditórios tendam a ser minimizados a médio prazo. Afigura-se um elevado potencial de aplicação da metodologia desenvolvida, seja através da utilização de dispositivos móveis, sistemas de comunicação entre infraestruturas e veículos e outros sistemas avançados de gestão de tráfego.

Seasonal variations in gross biochemical composition, percent edibility, and condition index of the clam Ruditapes Decussatus cultivated in the Ria Formosa (South Portugal)

The grooved carpet shell clam, Ruditapes decussatus (L. 1758), is one of the most popular and profitable molluscs exploited in rearing plots in the Mediterranean. However, annual catch has been declining steadily since the early nineties. In order to understand the seasonality of its nutritional value, thus providing an improved basis for economical valuation of the resource, gross biochemical composition, percentage edibility and condition index were investigated during a year with monthly periodicity in a commercially exploited population of the clam Ruditapes decussatus in the Ria Formosa, a temperate mesotidal coastal lagoon located in the south of Portugal. Our results show that total and non-protein nitrogen co-varied during the year, resulting in a protein content that peaked in the warmest months. Although complementary in summer, carbohydrate and lipid contents showed irregular annual trends. The observed seasonality was comparable to that shown by studies elsewhere at similar latitudes, and are underpinned by the reproductive cycle of the species. Our results show the clams to be at their prime nutritional value at the beginning of summer, when protein content peaks.

Intelligent predictive control for thermal comfort and energy savings in public buildings

This talk addresses the problem of controlling a heating ventilating and air conditioning system with the purpose of achieving a desired thermal comfort level and energy savings. The formulation uses the thermal comfort, assessed using the predicted mean vote (PMV) index, as a restriction and minimises the energy spent to comply with it. This results in the maintenance of thermal comfort and on the minimisation of energy, which in most operating conditions are conflicting goals requiring some sort of optimisation method to find appropriate solutions over time. In this work a discrete model based predictive control methodology is applied to the problem. It consists of three major components: the predictive models, implemented by radial basis function neural networks identifed by means of a multi-objective genetic algorithm [1]; the cost function that will be optimised to minimise energy consumption and provide adequate thermal comfort; and finally the optimisation method, in this case a discrete branch and bound approach. Each component will be described, with a special emphasis on a fast and accurate computation of the PMV indices [2]. Experimental results obtained within different rooms in a building of the University of Algarve will be presented, both in summer [3] and winter [4] conditions, demonstrating the feasibility and performance of the approach. Energy savings resulting from the application of the method are estimated to be greater than 50%.

[Niels] Neergaard [premier] ministre danois (Gross) : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59324

Klaus Berntsen [ministre de la défense du Danemark] (Gross) : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59325

Roi Christian de Danemark (Gross) : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59326

[Jens Christian] Christensen, ministre [des cultes] danois (Gross) : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59327

« L'Istoire royale », ou « Livre traittant comment par la vaillance de trois jeunes princes le royaulme de Naples fut jadis delivré du povoir des Sarrasins... grossé par DAVID AUBERT ».

Commençant par : « Les fais des anciens doit l'on voulontiers lire... » et finissant par : «... et trouvay escript au dessoubz : C'est le livre et histoire royal. Le present livre fut grossé... en la ville de Sesdin, par David Aubert, l'an de l'Incarnation N. S. J. C. 1463 » .

Security, Loan & Savings Company receipt

An 1897 receipt from the Security, Loan & Savings Company to the Grand Central Hotel Co. for $15.00

A DYNAMIC FRAMEWORK FOR THE RELATIONS BETWEEN FOREIGN EXCHANGE RATES, SAVINGS AND INVESTMENTS

The Meese-Rogoff forecasting puzzle states that foreign exchange (FX) rates are unpredictable. Since one country’s macroeconomic conditions could affect the price of its national currency, we study the dynamic relations between the FX rates and some macroeconomic accounts. Our research tests whether the predictability of the FX rates could be improved through the advanced econometrics. Improving the predictability of the FX rates has important implications for various groups including investors, business entities and the government. The present thesis examines the dynamic relations between the FX rates, savings and investments for a sample of 25 countries from the Organization for Economic Cooperation and Development. We apply quarterly data of FX rates, macroeconomic indices and accounts including the savings and the investments over three decades. Through preliminary Augmented Dickey-Fuller unit root tests and Johansen cointegration tests, we found that the savings rate and the investment rate are cointegrated with the vector (1,-1). This result is consistent with many previous studies on the savings-investment relations and therefore confirms the validity of the Feldstein-Horioka puzzle. Because of the special cointegrating relation between the savings rate and investment rate, we introduce the savings-investment rate differential (SID). Investigating each country through a vector autoregression (VAR) model, we observe extremely insignificant coefficient estimates of the historical SIDs upon the present FX rates. We also report similar findings through the panel VAR approach. We thus conclude that the historical SIDs are useless in forecasting the FX rate. Nonetheless, the coefficients of the past FX rates upon the current SIDs for both the country-specific and the panel VAR models are statistically significant. Therefore, we conclude that the historical FX rates can conversely predict the SID to some degree. Specifically, depreciation in the domestic currency would cause the increase in the SID.

Citizens’ Savings and Loan Association, Cleveland, Ohio passbook

Citizens’ Savings and Loan Association, Cleveland, Ohio passbook issued to Isabel G. Price, 1882- 1901.