Urban economics : a guide to research on waste, poverty and stagnation in cities /

"Preliminary and confidential; for technical review only; July 1962."

The respiratory health of urban Indigenous children aged less than 5 years: Study protocol for a prospective cohort study

Background Despite the burden of acute respiratory illnesses (ARI) among Aboriginal and Torres Strait Islander children being a substantial cause of childhood morbidity and associated costs to families, communities and the health system, data on disease burden in urban children are lacking. Consequently evidence-based decision-making, data management guidelines, health resourcing for primary health care services and prevention strategies are lacking. This study aims to comprehensively describe the epidemiology, impact and outcomes of ARI in urban Aboriginal and Torres Strait Islander children (hereafter referred to as Indigenous) in the greater Brisbane area. Methods/design A prospective cohort study of Indigenous children aged less than five years registered with a primary health care service in Northern Brisbane, Queensland, Australia. Children are recruited at time of presentation to the service for any reason. Demographic, epidemiological, risk factor, microbiological, economic and clinical data are collected at enrolment. Enrolled children are followed for 12 months during which time ARI events, changes in child characteristics over time and monthly nasal swabs are collected. Children who develop an ARI with cough as a symptom during the study period are more intensely followed-up for 28(±3) days including weekly nasal swabs and parent completed cough diary cards. Children with persistent cough at day 28 post-ARI are reviewed by a paediatrician. Discussion Our study will be one of the first to comprehensively evaluate the natural history, epidemiology, aetiology, economic impact and outcomes of ARIs in this population. The results will inform studies for the development of evidence-based guidelines to improve the early detection, prevention and management of chronic cough and setting of priorities in children during and after ARI.

A-REIT seasoned equity offerings : determinants and market reaction

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings using panel data and event study methodologies, respectively. The global financial crisis has resulted in freezing of the Australian bond markets, with several A-REITs left with seasoned equity issuance and asset sales as the only viable modes of raising additional capital. The findings review that leverage and operating risk are negative significant determinants of seasoned equity offerings; profitability and growth opportunities are positive significant determinants. Of the structure and type of properties held by the A-REIT, only stapled management structure and international operations are significant determinants. Type of properties held by A-REITs show inconsistent results. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Cross-sectional regressions show that the issued amount raised and leverage are significant factors affecting abnormal returns.

La survenue des catastrophes naturelles : classification des variables explicatives par les réseaux de neurones

Durant les dernières décennies, l’occurrence des catastrophes naturelles a été fortement à la hausse. En effet, les catastrophes naturelles sont devenues de plus en plus fréquentes. En fait, ces risques dévastateurs ont touché durant les années précédentes différents pays dans des zones très diversifiées et continueront très probablement à être de réelles menaces dans le monde. Puisqu’aucun pays n’est à l’abri des catastrophes naturelles, il s’avère alors utile d’étudier les facteurs déterminants de leur survenue notamment avec la restriction de leurs périodes de retour et donc l’augmentation de leurs chances d’occurrence. Il nous a donc semblé opportun de tester les facteurs sous-jacents de la survenue des catastrophes naturelles. Notre travail se base sur l’application d’un réseau neuronal de type perceptron multicouche pour prédire le nombre des catastrophes naturelles à partir des variables les plus connues théoriquement. Ainsi, nous allons utiliser ce modèle neuronal pour effectuer l’analyse de sensitivité. Cette dernière permet de classer les variables explicatives selon l’importance de leur contribution dans la détermination du nombre de catastrophes naturelles comptabilisées durant la période d’étude. Les résultats obtenus ont montré que le réseau retenu peut prédire le nombre des catastrophes naturelles. De même, les différentes variables possèdent un effet considérable sur la sortie du réseau neuronal mais selon différents ordres d’importance. De ce fait, toutes ces variables contribuent à l’explication d’un problème aussi complexe comme la survenue des catastrophes naturelles.

Estado del arte acerca de las discusiones teóricas sobre soberanía del estado y la unión monetaria europea entre 2002 - 2010. Caso: El Reino Unido

El siguiente trabajo tiene como objetivo el Estado del arte acerca de la discusión teórica de la repercusión de la unión monetaria en el principio de soberanía nacional, específicamente el caso de Gran Bretaña, ya que éste es el único país que expresa abiertamente su incertidumbre referente a algún tipo de amenaza a su soberanía. Se pretende precisar si existen criterios concluyentes, o por el contrario determinar si no hay claridad con respecto al futuro de Gran Bretaña como miembro de la unión monetaria.A partir de lo anterior, se plantean como sus propósitos particulares construir un marco conceptual acerca de la soberanía. Este estado del arte se inicia con citas de los principales autores de finales de siglo XVII y XVIII y finaliza con las posiciones conceptuales aportadas por los teóricos modernos motivados por el nacimiento de la Unión Europea como un nuevo orden político. Entre las que se citan: modelo centrico o intergubernamentalista, modelo de gobernabilidad multi-nivel, modelo neo-funcionalista y modelo federalista. Igualmente, el trabajo, busca desarrollar un marco conceptual sobre Unión Monetaria y su evolución hasta el logro de una unión fiscal europea en el periodo de 1950-2010, establecer las relaciones teóricas entre Soberanía del Estado y Unión Monetaria y por último realizar un análisis histórico hermenéutico de la Unión Europea y el caso del Reino Unido de acuerdo a las relaciones evidenciadas en los apartados teóricos entre soberanía del Estado y Unión Monetaria.

De lo micro a lo macro prudencial: Un análisis de la supervisión bancaria desde la econometría espacial

La crisis que se desató en el mercado hipotecario en Estados Unidos en 2008 y que logró propagarse a lo largo de todo sistema financiero, dejó en evidencia el nivel de interconexión que actualmente existe entre las entidades del sector y sus relaciones con el sector productivo, dejando en evidencia la necesidad de identificar y caracterizar el riesgo sistémico inherente al sistema, para que de esta forma las entidades reguladoras busquen una estabilidad tanto individual, como del sistema en general. El presente documento muestra, a través de un modelo que combina el poder informativo de las redes y su adecuación a un modelo espacial auto regresivo (tipo panel), la importancia de incorporar al enfoque micro-prudencial (propuesto en Basilea II), una variable que capture el efecto de estar conectado con otras entidades, realizando así un análisis macro-prudencial (propuesto en Basilea III).

¿Existe una trampa de pobreza en el sector rural en Colombia?

A diferencia de la generalidad de trabajos sobre la pobreza rural en Colombia, este estudio emplea un enfoque de activos para indagar acerca de los determinantes de la pobreza rural. En particular se examinan la existencia de no convexidades locales en el proceso de generación de ingresos, el grado de concentración de los hogares en ciertos rangos de acumulación de activos y la presencia de retornos marginales diferenciados a los activos. Con base en esto se proporciona evidencia prima facie acerca de la existencia de una trampa de pobreza en el sector rural, abriendo una línea promisoria de investigación sobre el tema, que puede contribuir de forma importante a su comprensión y a un mejor diseño de política social y sectorial.

Informality in the City: a Theoretical Analysis

This thesis theoretically studies the relationship between the informal sector (both in the labor and the housing market) and the city structure.

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

Economic shocks and crime: evidence from the crash of ponzi schemes

In November 2008, Colombian authorities dismantled a network of Ponzi schemes, making hundreds of thousands of investors lose tens of millions of dollars throughout the country. Using original data on the geographical incidence of the Ponzi schemes, this paper estimates the impact of their break down on crime. We find that the crash of Ponzi schemes differentially exacerbated crime in affected districts. Confirming the intuition of the standard economic model of crime, this effect is only present in places with relatively weak judicial and law enforcement institutions, and with little access to consumption smoothing mechanisms such as microcredit. In addition, we show that, with the exception of economically-motivated felonies such as robbery, violent crime is not affected by the negative shock.

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.

Natural resources, redistribution and Human capital formation

How do resource booms affect human capital accumulation? We exploit time and spatial variation generated by the commodity boom across local governments in Peru to measure the effect of natural resources on human capital formation. We explore the effect of both mining production and tax revenues on test scores, finding a substantial and statistically significant effect for the latter. Transfers to local governments from mining tax revenues are linked to an increase in math test scores of around 0.23 standard deviations. We find that the hiring of permanent teachers as well as the increases in parental employment and improvements in health outcomes of adults and children are plausible mechanisms for such large effect on learning. These findings suggest that redistributive policies could facilitate the accumulation of human capital in resource abundant developing countries as a way to avoid the natural resources curse.