Kansas V. Nebraska & Colorado: Keeping Equity Afloat in the Republican River Dispute

This commentary previews an upcoming Supreme Court case, Kansas v. Nebraska & Colorado. The Supreme Court will have the opportunity to resolve a decades-old conflict over water rights in the Republican River which flows through Colorado, Nebraska, and Kansas. In this case of original jurisdiction, the Court will determine both whether Nebraska violated a 60-year old compact concerning water rights, and what the appropriate remedy should be for that violation

Engineering Change in Mexico: The Adoption of Computer Technology at Grupo ICA (1965-1971)

This article documents the adoption of computer technology by a civil engineering services and construction company in Mexico at the time that it became the first Mexican multinational enterprise. Computerization took place independently of cross border growth. The challenges, failures and successes of computerization attest to the transformation in the use of computer applications from the mechanization of routine procedures to the creative use of these applications. In line with company policy, the latter lead to the establishment of the computer centre as a standalone, profit generating business unit. However, this policy responded to ‘laissez faire’ and fiscal (i.e. minimizing tax payments) rather than strategic considerations. To little surprise computer services never grew to be a significant income stream.Computer centers, History, Data processing, Computer integrated engineering, Mexico

Public Debt, Fiscal Solvency, and Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica, and Mexico

The ratios of public debt as a share of GDP of Brazil, Colombia, and Mexico were 12 percentage points higher on average during the period 1996-2005 than in the period 1990-1995. Costa Rica's debt ratio remained stable but at a high level near 50 percent. Is there reason to be concerned for the solvency of the public sector in these economies? We provide an answer to this question based on the quantitative predictions of a variant of the framework proposed by Mendoza and Oviedo (2006). This methodology yields forward-looking estimates of debt ratios that are consistent with fiscal solvency for a government that faces revenue uncertainty and can issue only non-state-contingent debt. In this environment, aversion to a collapse in outlays leads the government to respect a ``natural debt limit" equal to the annuity value of the primary balance in a ``fiscal crisis." A fiscal crisis occurs after a long sequence of adverse revenue shocks and public outlays adjust to their tolerable minimum. The debt limit also represents a credible commitment to remain able to repay even in a fiscal crisis. The debt limit is not, in general, the same as the sustainable debt, which is driven by the probabilistic dynamics of the primary balance. The results of a baseline scenario question the sustainability of current debt ratios in Brazil and Colombia, while those in Costa Rica and Mexico are inside the limits consistent with fiscal solvency. In contrast, current debt ratios are found to be unsustainable in all four countries for plausible changes to lower average growth rates or higher real interest rates. Moreover, sustainable debt ratios fall sharply when default risk is taken into account.

Field Museum news.

v. 5 (1934

Credit derivatives in emerging markets

Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of default risk. Focusing on the performance of credit derivatives in stress situation, including legal and market risks, we discuss the potential consequences of a debt restructuring in a large emerging market borrower. The contribution of credit derivatives to the risk sharing in emerging markets is also examined.Emerging markets, derivatives, sovereign debt, debt restructuring

Public Libraries and the Internet 2006

Examines the capability of public libraries to provide and sustain public access Internet services and resources that meet community needs, including serving as the first choice for content, resources, services, and technology infrastructure

The Greek Debt Restructuring: An Autopsy

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief—over 50 percent of 2012 GDP—with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents—particularly in its very generous treatment of holdout creditors—that are likely to make future debt restructurings in Europe more difficult

All Watched Over by Machines of Loving Grace: Border Searches of Electronic Devices in the Digital Age

The border search exception to the Fourth Amendment has historically given the U.S. government the right to conduct suspicionless searches of the belongings of any individual crossing the border. The federal government relies on the border search exception to search and detain travelers’ electronic devices at the border without a warrant or individualized suspicion. The government’s justification for suspicionless searches of electronic devices under the traditional border search exception for travelers’ property has recently been called into question in a series of federal court decisions. In March 2013, the Ninth Circuit in United States v. Cotterman became the first federal circuit court to rule that a border search of an electronic device may require reasonable suspicion that its owner committed a crime due to the privacy impact of such a search. The following year, in Riley v. California (a nonborder search case), the U.S. Supreme Court explicitly endorsed the view that searches of cell phones implicate privacy concerns far beyond those implicated by searches of other physical items. Most recently, two divergent circuit court decisions, United States v. Kolsuz and United States v. Touset, lay bare the conflict in the federal circuit courts between a view that border searches of electronic devices are no different than those of other personal property and an emerging sense that digital border searches merit additional scrutiny due to their increased likelihood to harm travelers’ Fourth Amendment privacy interests. This Note proposes that courts should extend the logic of Riley to the border by treating searches of travelers’ electronic devices as distinctly more harmful to Fourth Amendment interests than searches of other types of property. This Note argues that border searches of electronic devices should be justified by a standard of at least reasonable suspicion in order to balance the necessity of border searches with the adverse impact on Fourth Amendment privacy concerns caused by extensive searches of travelers’ digital devices

Enhancing economic cooperation between the EU and the Americas : an economic assessment

Suggests that the EU could gain over 100 billion per annum through liberalisation of the EU-US trade relationship. The gains for the US could be as much as $75 billion per year.The studies also highlight the new challenges to transatlantic trade - in particular, arguing that the EU and US should consider strengthening regulatory dialogue and cooperation, to help prevent 'non-tariff' barriers, such as domestic regulation, becoming an increasing source of trade disputes