Horizontal fiscal equity: a theoretical contribution with an application to the portuguese municipalities.

Doutoramento em Economia.

“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The paper reports preliminary findings from a project funded by the Corporation of London and the RICS Research Foundation examining a number of innovative schemes to identify, within a formal finance framework, sources of added value and hidden costs. The analysis indicates that many of the gains claimed conceal costs – in terms of market value of debt or flexibility of management – while others result from unusual firm or market conditions (for example utilising the UK long lease and the unusual shape of the yield curve). Nonetheless, there are real gains resulting from the innovations, reflecting arbitrage and institutional constraints in the direct (private) real estate market

Dissolved radioelements in (oil) water wells in Parana basin, Brazil

This paper describes the results of a study on groundwaters from Tubarao Group at the Parana sedimentary basin, São Paulo State, Brazil. The purpose of this study was to integrate chemical and U-isotopes data in order to evaluate the models for quantifying different relative volumes of mixing waters in a resultant water. Despite it was possible to generate a typical triangle involving U-238 and its daughter U-234, the U-isotopes model failed to interpret the major hydrochemical facies observed in the studied localities.

No contorno da serra: campesinato, cultura e turismo em Guaramiranga - CE

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Siting new coal-fired power plants in Illinois : a guide to permits and economic incentives /

Summary: On June 22, 2001, the groundwork was laid for the construction of new electric generation in the state of Illinois when the Illinois Resource Development and Energy Act was signed. Overwhelmingly approved by the Illinois General Assembly, this broad-based $3.5 billion package is designed to reinvigorate the Illinois coal industry and to strengthen the state's ability to provide electricity to its citizens. The legislation (Public Act 92-0012) provides tax incentives and financial assistance to builders of new electric plants generating in excess of 400 megawatts that create Illinois coal-mining jobs, new and expanding coal mines, and natural gas-fired baseload electric plants with a capacity of 1,000 megawatts. The legislation also directs the the Illinois Environmental Protection Agency to explore the need for a state-level, multi-pollutant strategy to reduce emissions from coal-fired electric generating plants.

OBSERVATIONS AND EMISSIONS OF ENERGY-ASSOCIATED OZONE PRECURSORS IN THE MID-ATLANTIC UNITED STATES

Surface ozone is formed in the presence of NOx (NO + NO2) and volatile organic compounds (VOCs) and is hazardous to human health. A better understanding of these precursors is needed for developing effective policies to improve air quality. To evaluate the year-to-year changes in source contributions to total VOCs, Positive Matrix Factorization (PMF) was used to perform source apportionment using available hourly observations from June through August at a Photochemical Assessment Monitoring Station (PAMS) in Essex, MD for each year from 2007-2015. Results suggest that while gasoline and vehicle exhaust emissions have fallen, the contribution of natural gas sources to total VOCs has risen. To investigate this increasing natural gas influence, ethane measurements from PAMS sites in Essex, MD and Washington, D.C. were examined. Following a period of decline, daytime ethane concentrations have increased significantly after 2009. This trend appears to be linked with the rapid shale gas production in upwind, neighboring states, especially Pennsylvania and West Virginia. Back-trajectory analyses similarly show that ethane concentrations at these monitors were significantly greater if air parcels had passed through counties containing a high density of unconventional natural gas wells. In addition to VOC emissions, the compressors and engines involved with hydraulic fracturing operations also emit NOx and particulate matter (PM). The Community Multi-scale Air Quality (CMAQ) Model was used to simulate air quality for the Eastern U.S. in 2020, including emissions from shale gas operations in the Appalachian Basin. Predicted concentrations of ozone and PM show the largest decreases when these natural gas resources are hypothetically used to convert coal-fired power plants, despite the increased emissions from hydraulic fracturing operations expanded into all possible shale regions in the Appalachian Basin. While not as clean as burning natural gas, emissions of NOx from coal-fired power plants can be reduced by utilizing post-combustion controls. However, even though capital investment has already been made, these controls are not always operated at optimal rates. CMAQ simulations for the Eastern U.S. in 2018 show ozone concentrations decrease by ~5 ppb when controls on coal-fired power plants limit NOx emissions to historically best rates.

THE HYDROSOCIAL COSTS OF HIGH-VOLUME HYDRAULIC FRACTURING: A TALE OF TWO COUNTIES IN MICHIGAN

Although natural gas has been praised as a clean and abundant energy source, the varying impacts and uncertainties surrounding the process of extracting natural gas from unconventional sources, known as horizontal high-volume hydraulic fracturing (HVHF) or “fracking,” have raised important concerns. The practice of HVHF is expanding so quickly that the full impacts are not yet known. This thesis project, using a grounded theory methodological approach, explores the risks and benefits associated with HVHF as recognized by the residents of two Michigan counties, one that currently produces natural gas by HVHF (Crawford County) and one that does not (Barry County). Through an analysis of media content related to HVHF in each case study site and interviews with stakeholders in both counties, this study examines perceptions of risks and benefits by comparing two communities that differ in their level of experience with HVHF operations, contributing to our understanding of how perceptions of risks and benefits are shaped by natural gas development. The comparative analysis of the case study counties revealed similarities and differences between the case study counties. Overall, Barry County residents identified fewer benefits and more risks, and had stronger negative perceptions than Crawford County residents. This study contributes to the social science literature by developing a richer theoretical frame for understanding perceptions of HVHF and also shares recommendations for industry, organizations, regulators, and government leaders interested in effectively communicating with community stakeholders about the benefits and risks of HVHF.

Local Impacts of Unconventional Gas Development within Pennsylvania's Marcellus Shale Region: Gauging Boomtown Development through the Perspectives of Educational Administrators

Using survey and interview data gathered from educators and educational administrators, we investigate school and community impacts of unconventional gas extraction within Pennsylvania's Marcellus Shale region. Respondents in areas with high levels of drilling are significantly more likely to perceive the effects of local economic gains, but also report increased inequality, heightened vulnerability of disadvantaged community members, and pronounced strains on local infrastructure. As community stakeholders in positions of local leadership, school leaders in areas experiencing Marcellus Shale natural gas extraction often face multiple decision-making dilemmas. These dilemmas occur in the context of incomplete information and rapid, unpredictable community change involving the emergence of both new opportunities and new insecurities.

Does the UK Local Finance Improvement Trust (Lift) Initiative Improve Risk Management in Public-Private Procurement?

The UK government introduced the Private Finance Initiative (PFI) and, latterly, the Local Improvement Finance Trust (LIFT) in an attempt to improve public service provision. As a variant of PFI, LIFT seeks to create a framework for the effective provision of primary care facilities. Like conventional PFI procurement, LIFT projects involve long-term contracts, complex multi-party interactions and thus create various risks to public sector clients. This paper investigates the advantages and disadvantages of LIFT with a focus on how this approach facilitates or impedes risk management from the public sector client perspective. Our paper concludes that LIFT has a potential for creating additional problems, including the further reduction of public sector control, conflicts of interest, the inappropriate use of enabling funds, and higher than market rental costs affecting the uptake of space in the buildings by local health care providers. However, there is also evidence that LIFT has facilitated new investment and that Primary Care Trusts (PCTs) have themselves started addressing some of the weaknesses of this procurement format through the bundling of projects and other forms of regional co-operation.

Influencia de la exploración y el almacenamiento de petróleo y gas natural en la relación de las organizaciones con las comunidades

El presente trabajo pretendía investigar y analizar el funcionamiento del mercado de hidrocarburos y gas natural, en busca de determinar la Influencia de la exploración y el almacenamiento de petróleo y gas natural en la relación de las organizaciones con las comunidades. Teniendo en cuenta el concepto de comunidad a partir del marketing relacional donde la comunidad se refiere a los consumidores y el entorno en el cual están inmersos. En este contexto se definieron los principales actores que participan en la relación comercial, el tipo de relación presente entre ellos y todos los factores que intervienen en desarrollo de esta relación que cada vez es más inestable y de corto plazo. Al finalizar esta investigación se reunió información acerca de las relaciones comerciales en el mercado de hidrocarburos, que servirán de fundamento para investigaciones futuras que permitirán plantear alternativas para sobrellevar la incertidumbre de este mercado y de esa manera lograr desarrollar una relación más confiable y duradera entre las organizaciones y las comunidades que intervienen en el proceso comercial. Debido a que aunque existe gran diversidad estrategias que pueden ser implementadas para mantener una relación estable, estas en la mayor parte de los casos no son utilizadas.

Discourses and values underpin public debate on fracking in Spain: a case study at the crossroad

In the EU context extraction of shale and oil gas by hydraulic fracturing (fracking) differs from country to country in terms of legislation and implementation. While fossil fuel extraction using this technology is currently taking place in the UK, Germany and France have adopted respective moratoria. In between is the Spanish case, where hydrocarbon extraction projects through fracking have to undergo mandatory and routine environmental assessment in accordance with the last changes to environmental regulations. Nowadays Spain is at the crossroad with respect to the future of this technology. We presume a social conflictt in our country since the position and strategy of the involved and confronted social actors -national, regional and local authorities, energy companies, scientists, NGO and other social organization- are going to play key and likely divergent roles in its industrial implementation and public acceptance. In order to improve knowledge on how to address these controverted situations from the own engineering context, the affiliated units from the Higher Technical School of Mines and Energy Engineering at UPM have been working on a transversal program to teach values and ethics. Over the past seven years, this pioneering experience has shown the usefulness of applying a consequentialist ethics, based on a case-by-case approach and costs-benefits analysis both for action and inaction. As a result of this initiative a theoretical concept has arisen and crystallized in this field: it is named Inter-ethics. This theoretical perspective can be very helpful in complex situations, with multi-stakeholders and plurality of interests, when ethical management requires the interaction between the respective ethics of each group; professional ethics of a single group is not enough. Under this inter-ethics theoretical framework and applying content analysis techniques, this paper explores the articulation of the discourse in favour and against fracking technology and its underlying values as manifested in the Spanish traditional mass media and emerging social media such as Youtube. Results show that Spanish public discourse on fracking technology includes the costs-benefits analysis to communicate how natural resources from local communities may be affected by these facilities due to environmental, health and economic consequences. Furthermore, this technology is represented as a solution to the "demand of energy" according to the optimistic discourse while, from a pessimistic view, fracking is often framed as a source "environmental problems" and even natural disasters as possible earthquakes. In this latter case, this negative representation could have been influenced by the closure of a macro project to store injected natural gas in the Mediterranean Sea using the old facilities of an oil exploitation in Amposta (Proyecto Cástor). The closure of this project was due to the occurrence of earthquakes whose intensity was higher than the originally expected by the experts in the assessment stage of the project.

Natural resource windfalls and efficiency of local government expenditures: evidence from Peru

We study the role of natural resource windfalls in explaining the efficiency of public expenditures. Using a rich dataset of expenditures and public good provision for 1,836 municipalities in Peru for period 2001-2010, we estimate a non-monotonic relationship between the efficiency of public good provision and the level of natural resource transfers. Local governments that were extremely favored by the boom of mineral prices were more efficient in using fiscal windfalls whereas those benefited with modest transfers were more inefficient. These results can be explained by the increase in political competition associated with the boom. However, the fact that increases in efficiency were related to reductions in public good provision casts doubts about the beneficial effects of political competition in promoting efficiency.

Ensaios em finanças públicas municipais

Esta tese busca discutir problemas relacionados às finanças públicas municipais no país. Um aprimoramento de nosso federalismo fiscal, com maior descentralização de recursos e implementação de regras de transferências federativas com maiores incentivos pró-eficiência – aumentando os incentivos pró-obtenção de melhores resultados sociais por parte das unidades subfederadas – pode se revelar instrumento importante na melhoria de nossas condições sociais. Para isto, dividiu-se esta tese em quatro partes distintas. No primeiro capítulo, discutem-se os impactos das receitas petrolíferas sobre as finanças públicas municipais. As mudanças legais ocorridas no país na década de noventa do último século - relativas ao setor petrolífero - levaram a crescente (e concentrada) transferência de recursos do setor para os estados e municípios brasileiros. A forte sensação que estes estariam sendo desperdiçados de alguma forma vem suscitando discussões sobre a necessidade de se reformular sua distribuição. As recentes descobertas de megacampos petrolíferos no pré-sal do litoral brasileiro somente intensificaram este processo. Buscou-se identificar os efeitos destas transferências sobre as variáveis fiscais municipais no país. Detectou-se que não ocorreu substituição tributária, ou seja, estes recursos não diminuíram o esforço arrecadatório dos municípios. Em compensação, tanto os recursos cuja distribuição é bem mais concentrada (referentes aos royalties excedentes) quanto aqueles mais bem-distribuídos (referentes aos royalties originais) levaram as prefeituras a aumentar seus gastos correntes (piorando sua composição do ponto de vista social) e diminuir seus investimentos. O contrário parece ocorrer com os recursos cuja distribuição se dá de forma intermediária (os royalties referentes às participações especiais). No segundo capítulo, discute-se o impacto das receitas petrolíferas sobre a proficiência dos alunos até a quarta série primária das escolas públicas municipais. As receitas petrolíferas – agregadas ou não – não se mostraram estatisticamente significativas na explicação do desempenho observado pelos alunos da quarta série primária das escolas municipais em português ou matemática. Este resultado, entretanto, deve ser olhado com cautela, uma vez que não é trivial identificar como (e o tempo necessário) estes efeitos seriam gerados. Entretanto, diferentes fontes de receitas municipais impactariam de forma diferenciada as proficiências observadas nos testes de português e matemática, explicitando a necessidade de se entender melhor estas diferenças para se desenhar mecanismo mais eficiente de repasse de recursos constitucionais aos municípios. No terceiro capítulo, estudam-se os impactos das emancipações municipais ocorridas na década de 90 sobre o bem-estar das populações locais. Devido à Constituição Federal de 1988, o número de municípios no Brasil multiplicou-se fortemente na década de 90 do último século. Mais de mil municípios foram criados em todo o país, fazendo seu número ultrapassar a casa dos 5.500. Este processo tem sido interpretado de forma bastante negativa. Baseado em evidências anedóticas, se pressupõe que os atores políticos locais o utilizaram para se apropriar de maior parcela dos recursos transferidos de outros níveis governamentais. Entretanto, nenhum esforço mais sistemático foi realizado buscando calcular, de maneira efetiva, os resultados sociais líquidos deste processo. É isto que se busca fazer aqui, utilizando dados sobre os municípios mineiros - cujo número passa de 723 em 1991 para 853 em 2000. Foram detectados impactos positivos relacionados a diversas variáveis educacionais e de saúde. Ao mesmo tempo, o contrário ocorreu com os indicadores de pobreza e indigência. Este resultado mostra que o movimento observado de emancipação municipal talvez tenha sido bastante benéfico, sinalizando para a existência de mercados políticos eficientes nestas localidades, o que indicaria a necessidade de se manter uma maior autonomia local relativa a processos de emancipação de distritos. Por fim, no quarto capítulo, analisam-se os impactos de lei (implementada em Minas Gerais) que buscou aumentar os incentivos pró-eficiência das prefeituras municipais a partir das transferências federativas. Buscando melhorar as condições de vida dos municípios mineiros, o governo estadual mineiro instituiu, em 1995, a lei 12.040, conhecida como Lei Robin Hood. Esta permitia que 25% dos recursos de ICMS a serem distribuídos aos municípios mineiros se dessem sobre resultados observáveis em diversas áreas tais como saúde, educação, conservação ecológica, entre outras. Ou seja, esta instituía, em relação a estas transferências, um contrato de alto poder com os municípios relacionados às políticas públicas implementadas. O estudo destas transferências (relativas à educação e saúde) mostrou resultados dúbios. Resultados positivos relativos à educação e à saúde parecem ocorrer em todo o estado, mas os incentivos dados poderiam ser bem maiores - faz-se necessário um refinamento das regras da partilha destas transferências. Dada a relativa escassez deste tipo de contrato em transferências federativas, seja no Brasil, seja no restante do mundo, este resultado aponta a necessidade de utilização de instrumentos de maior poder nas relações federativas, buscando incrementar as condições de vida locais.

Intergovernmental transfers and public spending in Brazilian municipalities

We estimate the effects of unconditional (full fiscal decentralization) versus conditional (partial fiscal decentralization) block grants on local public spending in Brazilian municipalities. Our results suggest that the effect of unconditional and conditional transfers do not differ statistically. Their combination promotes a full crowding-in effect on aggregate public spending — i.e., for $1 of unconditional and conditional grant receipts; we find $1 of additional local public expenditures, greater than the corresponding effect of local income, providing further evidence for the flypaper effect. Moreover, the effect of unconditional transfers on education (health) spending is smaller than the effect of conditional education (health) transfers but greater than the corresponding effect of local income. We consider four strategies to identify causal effects of federal grants and the local income on fiscal responses regarding Brazilian local governments: (i) a fuzzy regression discontinuity design, (ii) Redistributive rules of education funds, (iii) Oil and Gas production, and (iv) Rainfall deviations from the historical mean.