ECONOMIC POLICY, INSTITUTIONS AND FISHERIES DEVELOPMENT IN THE PACIFIC

The South Pacific is home to the world's largest and most valuable tuna fishery. Despite this, the Pacific island countries have found it tremendously difficult to capture significant economic rents from the resource. It is argued in this paper that poor economic policy partly explains this. However, poor policies are preventing the implementation of strong, cost-effective institutions for the governance of the fishery which, coupled with strong institutions for broad social and economic governance, are required for development of the industry. Opportunities for policy reform that is likely to lead to significant gains from the fishery are highlighted.Resource /Energy Economics and Policy,

Exploring natural resource management tradeoffs in an agricultural landscape - an application of the MOSAIC model.

We describe a landscape scale non-linear discrete choice spatial optimisation model for identifying cost-effective strategies for achieving environmental goals. Spatial heterogeneity and configuration issues such as fencing costs, patch sizes and network linkages are explicitly accounted for and quasi-optimal allocations are determined using simulated annealing. Applications of the model being developed with New South Wales Catchment Management Authorities are discussed. These focus on targeting investments in revegetation to control dryland salinity and erosion and provide biodiversity benefits whilst minimising direct and opportunity costs. We compare our approach with alternate investment approaches.natural resource management, cost effectiveness, land use change, multicriteria, spatial optimisation, Resource /Energy Economics and Policy,

Conditions for a contribution by the Structural Funds to real convergence of the Recently Acceded Member States

The recent EU enlargement poses immense challenges for EU regional policy in terms of increased necessity of priority setting and achieving allocative efficiency. In this context, the focus of this paper will be whether – or more precisely under which conditions – EU structural funds can be effective in making a significant contribution to real convergence in Europe. Based on theoretical insights and experiences in the incumbent Member States, conclusions will be drawn (though not exclusively) for the new Member States. In view of the very limited budgetary means of EU cohesion policy, representing less than 0.5 per cent of the EU-15 GDP, the following conditions will be identified as being important for maximising the impact: First, sound and supportive national policies, including macroeconomic policies, national regional policies and good governance, are an essential precondition for the achievement of a real impact. Second, the scarce financial means must be concentrated spatially, i.e. on the poorest Member States and regions and particularly in these countries they must be focused on national growth and growth poles rather than on equalising living conditions across the country and (more) dispersion of economic activity. Third, the strategic design of Structural Funds programmes must allow for a concentration on those types of expenditures most likely to lead to growth and employment. Fourth, ways have to be found to achieve the most effective use of EU Structural Funds. Before these conditions for maximising the impact of Structural Funds are described, empirical evidence and methods for assessing their contribution to real convergence in Europe will be discussed.

Security Analysis, Agency Costs, and UK Firm Characteristics

This paper assesses the monitoring power of security analysts from the manager-shareholder conflict perspective. Using a sample of UK firms tracked by security analysts, our evidence supports the view that security analysis acts as a monitoring mechanism in reducing agency costs. We also find that security analysts are more effective in reducing agency costs for smaller and more focused firms rather than larger and more diversified firms suggesting that for larger and more complex firms security analysis is less effective. The UK findings suggest that the monitoring role of security analysts is not restricted to the U.S. capital market environment.

Additionality and regional development: are EU Structural Funds complements or substitutes of national Public Finance?

This paper deals with the effects of the transfer of additional funds on the real economy of recipient countries, in particular the European Member States. The intended and unintended effects of additional funds on national public finances and, ultimately, economic performance are discussed. Understanding the real effects of additional public funds and the possible complementarity or substitutability with national public finance is important for shaping the policies for the allocation of Structural Funds. Verification of additionality plays a role in ensuring that additional funds are used to effectively complement national expenditure programmes. In the case of the European Union, it is widely recognised that the current verification mechanism is affected by weaknesses, that prevent it from providing reliable and useful data to effectively assess additionality. For this reason, the paper suggests the European Commission to move away from the current verification approach and to adopt a new one that could more effectively assess to what extent the Structural Funds complement national investments.Public investment, substitution, displacement

Japanese Aid as a Prerequisite for FDI : The Case of Southeast Asian Countries

This study investigates the nexus between Japans official development assistance and foreign direct investment inflows in Southeast Asian countries. An analysis of the geographical and sectoral decomposition of aid flows reveals that assistance programs were mainly allocated in the form of loans for economic infrastructure projects. This orientation attests that the needs of the recipient country are taken into account but also reveals that it is in keeping with a return on investment. Conditional logit analysis shows that Japanese aid flows did have a significant positive impact on private investors location choice even though other profit-maximising factors such as agglomeration effects or the quality of infrastructure had a leading spill-over effect. In a context of growing scarcity of aid funding, the study concludes by asserting the importance of a complementary process in which foreign aid is directed towards the development of infrastructure, acting as a pre-requisite for future direct investments. Finally, Japan providing an interesting case study, we will stress the need for a better cooperation between the public and private sectors in development assistance programs.Japan, official development assistance, Aid, investment, Infrastructure

2011 Strategic roadmap for Australian research infrastructure

The 2011 Roadmap articulates the priority research infrastructure areas of a national scale (capability areas) to further develop Australia’s research capacity and improve innovation and research outcomes over the next five to ten years. The capability areas have been identified through considered analysis of input provided by stakeholders, in conjunction with specialist advice from Expert Working Groups   It is intended the Strategic Framework will provide a high-level policy framework, which will include principles to guide the development of policy advice and the design of programs related to the funding of research infrastructure by the Australian Government. Roadmapping has been identified in the Strategic Framework Discussion Paper as the most appropriate prioritisation mechanism for national, collaborative research infrastructure. The strategic identification of Capability areas through a consultative roadmapping process was also validated in the report of the 2010 NCRIS Evaluation. The 2011 Roadmap is primarily concerned with medium to large-scale research infrastructure. However, any landmark infrastructure (typically involving an investment in excess of $100 million over five years from the Australian Government) requirements identified in this process will be noted. NRIC has also developed a ‘Process to identify and prioritise Australian Government landmark research infrastructure investments’ which is currently under consideration by the government as part of broader deliberations relating to research infrastructure. NRIC will have strategic oversight of the development of the 2011 Roadmap as part of its overall policy view of research infrastructure

For Want of Resources: Reimagining the State's Obligation to Use 'Maximum Available Resources' for the Progressive Realisation of Economic, Social and Cultural Rights

This thesis provides insights into, additional commentary on and analysis of the fundamental role of resources in advancing Economic, Social and Cultural Rights (ESC rights). Its objective is to expand the policy space within which States can operate to fulfil their obligations related to these rights. It addresses a number of central questions about the resource dimension of ESC rights policy, including interpretation of the concept of ‘maximum available resources’ in the context of the International Covenant on Economic, Social and Cultural Rights (ICESCR). By applying a cross-disciplinary approach, the thesis investigates legal, economic and public policy dimensions of resource mobilisation, allocation and governance that are essential in advancing progressive realisation of ESC rights. This thesis proposes that the obligation to take steps to the ‘maximum available resources’ for the progressive realisation of ESC rights can be made more meaningful by adopting a broader interpretation of the concept of resources and by taking active steps to maximise the quality and quantity of resources available through public sector revenue, international assistance and co-operation and private sector investment, all of which can be enhanced through institutional mechanisms and processes of allocation and governance. This proposition is supported by an in-depth qualitative analysis of relevant ESC rights literature, interpretive works of the ESCR Committee and Special Rapporteurs, periodic reports of States, institutional documents and case studies, which provide evidence on the current understanding and application of the concept of resources in this context. Based on analysis of multiple sources of evidence on State practice, this thesis presents a cross-disciplinary model of the nature, scope and policy dimensions of resources for ESC rights and suggests how concerted State policy efforts can optimise their impact on the realisation of ESC rights

An indicator-based assessment framework to identify country-specific challenges towards greener grow

The paper sets the basis for an indicator-based analytical framework to assess Member States' policies to promote "green growth".An illustrative application of this new analytical framework reveals that it can be used to provide a nuanced economic assessment of Member States' environmental performance. This framework can serve to highlight country-specific strengths in addressing environmental challenges in a way that best fosters growth and jobs. To prepare for future economic policy monitoring at the EU level, a test was also run to analyse performance in various dimensions of environmental policy in combination with information about macroeconomic performance.Overall, this framework can contribute to identify country-specific challenges to create new sources of green growth; it may therefore serve to encourage relevant structural reforms bringing about a competitive greener economy.europa european commission institutions news calendar organisation commissioners president recruitment contact services european union eu

Property Rights and Environmental Policy: A New Zealand Perspective

This paper is intended to lay out a preliminary foundation for applying a property rights perspective to environmental policy issues facing New Zealand. It does not attempt to apply such an approach to any specific issue. Rather it summarises the core principles behind effective rights regimes (illustrated by the evolution of rights over time), reviews how such regimes have been applied to environmental issues internationally, and describes current natural resource rights regimes in New Zealand. The purpose of applying property rights to the environment can vary widely and reflect quite different perspectives. Regulation by any form, however, whether command-and-control or market-based, creates or modifies property rights. While private property rights will not always be appropriate, the alternatives redefine and reallocate rights rather than eliminating them. A common or public property right remains a right held by someone. The choice is not therefore whether to modify property rights to improve environmental outcomes, but how to do so in a way that optimises national welfare. However, if more use of market-based instruments is appropriate, then the work required to create the legal, institutional and scientific framework to successfully implement them (including trading off social, economic and environmental outcomes) should not be under-estimated. Fishing and water rights demonstrate these difficulties and the payoff (for fisheries at least) that can be achieved.Property Rights, Transferability, Market Based Instruments (MBI), Environmental Policy, New Zealand