Agriculture, Environmental Incentive Payments, and Water Quality in the Chesapeake Bay

Nonpoint sources (NPS) pollution from agriculture is the leading source of water quality impairment in U.S. rivers and streams, and a major contributor to lakes, wetlands, estuaries and coastal waters (U.S. EPA 2016). Using data from a survey of farmers in Maryland, this dissertation examines the effects of a cost sharing policy designed to encourage adoption of conservation practices that reduce NPS pollution in the Chesapeake Bay watershed. This watershed is the site of the largest Total Maximum Daily Load (TMDL) implemented to date, making it an important setting in the U.S. for water quality policy. I study two main questions related to the reduction of NPS pollution from agriculture. First, I examine the issue of additionality of cost sharing payments by estimating the direct effect of cover crop cost sharing on the acres of cover crops, and the indirect effect of cover crop cost sharing on the acres of two other practices: conservation tillage and contour/strip cropping. A two-stage simultaneous equation approach is used to correct for voluntary self-selection into cost sharing programs and account for substitution effects among conservation practices. Quasi-random Halton sequences are employed to solve the system of equations for conservation practice acreage and to minimize the computational burden involved. By considering patterns of agronomic complementarity or substitution among conservation practices (Blum et al., 1997; USDA SARE, 2012), this analysis estimates water quality impacts of the crowding-in or crowding-out of private investment in conservation due to public incentive payments. Second, I connect the econometric behavioral results with model parameters from the EPA’s Chesapeake Bay Program to conduct a policy simulation on water quality effects. I expand the econometric model to also consider the potential loss of vegetative cover due to cropland incentive payments, or slippage (Lichtenberg and Smith-Ramirez, 2011). Econometric results are linked with the Chesapeake Bay Program watershed model to estimate the change in abatement levels and costs for nitrogen, phosphorus and sediment under various behavioral scenarios. Finally, I use inverse sampling weights to derive statewide abatement quantities and costs for each of these pollutants, comparing these with TMDL targets for agriculture in Maryland.

GESTIÓN HÍDRICA LOCAL

Resumen La Evaluación Múlticriterio (EMC), integra las diferentes dimensiones de una realidad en un sólo marco de análisis, para brindar un acercamiento de la gestión del recurso hídrico en los cantones Barva, Santa Bárbara y San Rafael de Heredia, con el objetivo de generar las políticas hídricas locales adecuadas. Esta estructura metodológica presenta una gran transparencia como herramienta en la toma de decisiones, identificando claramente los diferentes actores involucrados, describiendo, al mismo tiempo los problemas de gestión del recurso hídrico en la zona; a la vez que permite delimitar los conflictos sociales y mostrar diferentes posibilidades para su solución a través de compromisos y diálogo entre las partes. De éste diálogo emergen soluciones concretas, estructuradas como políticas locales hídricas, tales como: Planes de Gestión Hídrica, Inversión Pública y Privada, Coordinación Institucional, Reforma Institucional/legal. La zona presenta una atmósfera conflictiva alrededor de la gestión del agua y por tanto en la estructuración de políticas hídricas locales. Esta conflictividad ‘sectorial’(es decir por cantón) se superpone a una extraordinaria conflictividad ‘territorial’. La escasez o competencia sobre el agua se fundamenta en unas demandas crecientes que son expresión de un proceso de desarrollo urbano y turístico acelerado y desordenado.   Abstract The Evaluation Multi-criteria analysis (EMA), integrates the different dimensions of a reality in an analysis mark, to offer an approach of the administration of the hydric resources in the Heredia´s cities of Barva, Santa Bárbara and San Rafael, with the objective of generating the local adequate hydrics policies. This methodological structure presents a great transparency like tool in the taking of decisions, identifying the different involved actors clearly, describing, at the same time, the problems of administration of the hydric resources in the area; and at the same time, it allows to define the social conflicts, as showing different possibilities for their solution through commitments and dialogue among the parts. Of this dialogue concrete solutions they emerge, structured as hydrics local policies, such as: Plans of hydric management, Public and Private Investment, Institutional Coordination, Institucional/legal reforms. The area presents a conflicting atmosphere around the administration of the water and therefore in the structuring of local hydrics policies. This conflict 'sectorial' (to say for canton) it is superimposed to an extraordinary 'territorial' conflict. The shortage or competition for water are based in some growing demands that are expression of a process of quick and disordered urban and tourist development.

“Productivity and Employment in Firm’s Acess to Public Funding to Support Innovation”

Innovation is at the heart of the Europe 2020 Strategy, in order to promote higher levels of employment and productivity. Special attention is given to increasing the effectiveness of innovation policy instruments, mainly as some authors found evidence that productivity could be negatively affected by subsidies. The aim of the study is to assess how the expected impact on firm productivity and employment is taken into account, when firms apply for public funding for innovation. The analysis is based on the case study of the Portuguese Innovation Incentive System in the Alentejo region. In order to understand which factors influence the public decision to financially support private investment, we estimated a logit model based on firms’ and applications’ characteristics, controlling for the macroeconomic environment. The results indicate that government preferences for promoting exports, exploiting firms R&D results and stimulating the level of qualified employment are shown to be more relevant than the impact on firm productivity. Furthermore, the cost to the government of new jobs created, measured at least by exemption of interest and financial charges on the loan, is almost twice as much for non-SMEs as for SMEs.

Public Interests, Private Disputes: Investment Arbitration and the Public Good

This paper seeks to investigate the bases for resistance to arbitration in general -and investor arbitration in particular- focusing on the way in which arbitral tribunals deal with notions of public interest and the public good. The paper hypothesises that while courts have within their terms of reference the capacity to consider notions of public interest, arbitral tribunals do not. It is this core difference in the scope of decision making between the two bodies that could render privately organised dispute resolution unsuitable for disputes that have public aspects, like investor-state disputes. The paper discusses the meaning of public interest and the public good as found in the literature. It then proceeds to consider how tribunals in the investment field have dealt with these concepts. This leads to a conclusion urging not abandonment of arbitration as a component of dispute resolution, but caution. It is argued that unchecked growth in private dispute resolution can threaten perceptions of legitimacy and democratic accountability. The paper adopts a socio-legal methodology in considering the effect of legal mechanisms on social and political phenomena. It is also informed by a law and economics methodology in addressing impacts of dispute resolution mechanisms on economic efficiency. The contribution of the paper rests on theorising motivations for resistance to private dispute resolution, a topical issue in light of the TTIP debate.

Private long-term investment in uncertain times. Bruegel Policy Contribution 2012/23, December 2012

The economic and financial crisis in Europe is affecting the financing of long-term infrastructure investment. There are multiple clearly identifiable channels: reduced demand for long-term investment, a tightening prudential framework for lending, upward adjustment of risk perception, complex transition of the financial system, and increasing macroeconomic, sovereign and regulatory risk. Some of the identified channels are potentially dangerous spillovers from the crisis that entail the risk of a downward spiral (eg increasing regulatory risk), while others are efficient market responses (eg reduced investment demand, correction of pricing of risk). Consequently, public policy instruments should not address the accessibility of long-term finance per se, but should explicitly target the critical channels.

Private equity regulation: what are the consequences of the alternative investment fund managers directive (AIFMD) on private equity managers?

The recent global financial crisis brought significant regulatory changes in the worldwide financial industry. In Europe and in the alternative asset sector specifically, a new regulation by the name of Alternative Investment Fund Managers Directive saw the daylight in 2010. This far-reaching and complex Directive with the main goal of regulating and overseeing alternative investment funds has triggered many discussions and represents an industry game-changer. Thus, this research will focus on the impact and consequences of the Directive on private equity fund managers and the role of regulators. In other words, what are the effects, what does that mean in a quantitative and qualitative sense, and how is it likely to influence the outlook of this asset class? In order to provide the reader with an extensive view on the topic, the paper will first discuss relevant theory and literature, using mix-methods and legal-dogmatic approaches. Further, descriptive case studies, analysis of existing surveys, and interviews with industry experts will supplement the paper in order to understand primary implications of the Directive with the goal of providing useful insights for further private equity regulation research.

The Singapore success story: public-private alliance for investment attraction, innovation and export development

Includes Bibliography

An econometric analysis of private-sector investment in Brazil

Includes bibliography

Crowding-out and Crowding-in Effects of Government Bonds Market on Private Sector Investment (Japanese Case Study)

This paper reviews the relationship between public sector investment and private sector investment through government expenditures financed by government bonds in the Japanese economy. This study hypothesizes that deficit financing by bond issues does not crowd out private sector investment, and this finance method may crowd in. Thus the government increases bond issues and sells them in the domestic and international financial markets. This method does not affect interest rates because they are insensitive to government expenditures and they depend on interest rates levels in the international financial market more than in the domestic financial market because of globalization and integration among financial markets.

The Impact of ERISA on the investment policies of private pension funds and capital market efficiency /

"Prepared for the U.S. Department of Labor under research grant J-P-P-6-0209."

Report to the President of the United States on productivity growth : a better life for America : together with the reports of the preparatory conferences on capital investment, human resources, government organization and operation and the role of government in the economy, private sector initiatives.

Spine title: White House Conference on Productivity report.