Greater return on women's enterprise (GROWE) : final report and recommendations of the women's enterprise task force. SEEDA, women’s enterprise task force.

This Women’s Enterprise Task Force (WETF) report, Greater Return On Women’s Enterprise (GROWE), sets out the economic case for women’s enterprise and advises partners and stakeholders how to achieve a greater economic return from investment in women’s enterprise. The Task Force has framed its recommendations to maximise existing investment and resources. We are mindful of the Government’s Business Support Simplification Programme and the effect the recession will continue to have on public spending, and so suggest that relevant Government departments and private sector organisations work together to streamline support and make best use of existing investment. In providing thought leadership to increase the quantity, scalability and success of women’s enterprise in the UK, the WETF has informed the national agenda on women’s enterprise for the last three years, concentrating its efforts on five specific Pillars: 1. gender-disaggregated business data 2. female-friendly business support 3. access to finance and technology 4. supplier diversity and procurement 5. strategic influencing and awareness raising. WETF highlights of the past three years include paving the way for a Business Link national data disaggregation methodology whilst influencing and shaping the establishment, direction and implementation of Aspire, a £12.5m women’s co-investment fund to support high-growth women-owned businesses. Alongside this, the WETF has played an important role in raising awareness of the economic case for women’s enterprise and the potential of female entrepreneurs in aiding the UK’s economic recovery. Perhaps most importantly, the WETF met with the Prime Minister and saw important policy developments taken forward in the Government’s Enterprise Strategy of March 2008. In 2009 the WETF contributed to the enterprise knowledge bank by producing two research reports into women’s enterprise: Impact of the Recession on Women’s Enterprise and Myths and Realities of Women’s Access to Finance. The Task Force welcomes progress made by the Ethnic Minority Business Task Force (EMBTF) in the advocacy of complementary areas which include the need for access to finance, disaggregated data and supplier diversity. Much of the groundwork for the WETF’s work was laid out in the Government’s 2003 publication, A Strategic Framework for Women’s Enterprise. In 2003, it was estimated that women constituted around 27% of self-employed people in the UK, and that only 12-14% of businesses were majority-owned by women (compared to 28% in the USA). From the Strategic Framework for Women’s Enterprise, to the establishment of the WETF and the Enterprise Strategy, Government has shown the importance that it attaches to women in enterprise and its recognition of the increased economic benefits women can contribute to UK plc. This must be even more important in emerging from recession. Recently, Government has a produced a policy statement, Building Britain’s Future: New Industry, New Jobs (NINJ), which sets out Government’s vision for economic recovery and growth by targeted intervention aimed at hightech, high-growth firms. The WETF has several recommendations for how enterprising women can take advantage of these interventions. Enterprise has a significant role to help women remain economically active and increase the productivity and international competitiveness of the UK. Recent figures from 2009 show that women, who make up 46% of the workforce, now constitute nearly 29% of the self-employed in the UK (up 2 percentage points). 15% of the 4.8 million enterprises in the UK are now majority-led by women. The longer-term quantitative targets outlined in the Framework included women accounting for 40% of customers using Government sponsored business support services; and women-owned businesses accounting for 18-20% of the UK total. Government has gone some way towards achieving these targets. Today, women-owned businesses account for around one third of Business Link customers, a major increase on the 22.3% or nearly 150,000 women customers in Q1 of 2005/6. However, overall progress has been very slow and neither of the Framework targets set for completion by 2006 has yet been met. More work needs to be done to address this and the other issues facing women’s enterprise today. This report examines how to further increase the current £70 billion Gross Value Added (GVA) and £130 billion turnover annual contribution made by women’s enterprise to the UK economy. Recent figures suggest that 900,000 more businesses would be created if the UK achieved the same levels of female entrepreneurship as in the US, resulting in an additional £23 billion GVA to the UK economy, thus largely closing the productivity gap with the US.1 In Britain alone, 150,000 extra businesses would be created per annum if women started businesses at the same rate as men.2 This is especially pertinent in this time of recession. With effective, targeted support, increasing the number of women entrepreneurs will be an important factor in driving economic recovery

China and East Asian Energy - Prospects and Issues Volume II Part I

This collection of papers in two volumes is the second in a series on China and East Asian Energy, a major project which is an initiative of the East Asia Forum in conjunction with the China Economy and Business Program in the Crawford School of Economics and Government at the Australian National University (ANU). The first volume was published in April 2007. The research program is directed at understanding the factors influencing Chinas energy markets. It also involves high-level training and capacity building to foster long-term links between policy thinkers in China and Australia. It provides for regular dialogue with participants from the energy and policy sectors in the major markets in East Asia and Australia. The backbone of the dialogue is an annual conference, the location of which has thus far alternated between Beijing and Canberra. The objective is to advance a research agenda that informs and influences the energy policy discussion in China, Australia and the region. This special edition of the Asia Pacific Economic Papers brings together papers presented at the second conference in the series. Due to their number and length, papers from that second conference are published across two volumes of the Asia Pacific Economic Papers. This volume includes the first half of the papers, while the next volume includes the second half. The third conference in the project is scheduled for July 2008.China, Energy, East Asia

Optimal Reserve Holdings, Strategic Asset Allocation and Multiple-Goal Investment Plan for Sovereign Wealth Fund of China

This thesis expounds China’s foreign reserve policy and the investment management of the reserves in a behavioural approach. The research provides a behavioural explanation of China’s reserve accumulation, which is based on the optimal decision making under uncertainty. Then the thesis proposes a multiple-goal framework for strategic asset allocation of China’s reserve management and for the investment decision of Chinese Sovereign Wealth Fund (SWF). The research first tackles the reserve accumulation puzzle in China, by incorporating loss aversion and narrow framing into the utility maximisation of the representative agent who makes the decision of wealth allocation between consumption and saving under uncertainty. Due to China’s policy maker’s subscription to promoting GDP growth as the primary political goal, it is reasonable to assume that the policy maker as a representative agent derives utility not only from consumption but also from fluctuations of the value of GDP/income. This agent evaluates the possible uninsured risk of GDP fluctuation narrowly and tends to exhibit the attribute of loss aversion relative to her growth expectation as the reference point. Under the influence of loss aversion and narrow framing, the more the policy maker cares about GDP growth, the more she needs reserve assets as a precautionary means that may provide self-insurance against uninsured income risk. Such cognitive biases enhance the agent’s precautionary motive for foreign reserves in an uncertain world, which in turn leads her to believing in an optimal level of foreign reserves that is higher than that under conventional models with rational agents. Hence, this heightens the accumulation of foreign reserves in China. Second, this thesis develops a new construction of strategic asset allocation for central banks’ management of foreign reserves by way of embedding the Black-Litterman (B-L) model into the mean variance mental accounting (MVMA) framework. While the MVMA measure suggests a multiple-objective framework that may embrace the traditional objectives of reserve management, i.e. safety, liquidity and profitability, it is based on the mean-variance approach, which suffers from profound deficiencies such as the unrealistic objective function that it relies on and the tendency that the methods are prone to undue influences of outliers. So, the B-L model is applied in this study to form forward-looking return forecasts. This method allows us to overcome the error-maximising influences of the mean-variance optimization. Furthermore, one can combine the implied equilibrium excess returns as investors’ investment views to form priors for Bayesian estimation. The optimal asset allocation then can be derived in this framework, which is applied to practical use in the context of China. The third main Chapter of this thesis concerns the investment of China’s sovereign wealth fund (SWF). The establishment of the Chinese SWF can be regarded as an optimal policy response to the changing economic conditions facing China. This fund as a special investment vehicle proves very useful for China to focus on the returns objective of managing the reserve assets, on top of the safety and liquidity objectives. This is especially important in a low yield international environment. To help achieve the yield objective, this Chapter develops further the behavioural portfolio model cum the Black-Litterman method to derive the optimal asset allocation for China’s sovereign wealth fund

Technology roadmap: solar photovoltaic energy - 2014 edition

Solar power enhances energy diversity and hedges against price volatility of fossil fuels, thus stabilising costs of electricity generation in the long term, argues this report. Overview Solar energy is widely available throughout the world and can contribute to reduced dependence on energy imports. As it entails no fuel price risk or constraints, it also improves security of supply. Solar power enhances energy diversity and hedges against price volatility of fossil fuels, thus stabilising costs of electricity generation in the long term. Solar PV entails no greenhouse gas (GHG) emissions during operation and does not emit other pollutants (such as oxides of sulphur and nitrogen); additionally, it consumes no or little water. As local air pollution and extensive use of fresh water for cooling of thermal power plants are becoming serious concerns in hot or dry regions, these benefits of solar PV become increasingly important. Key findings: Since 2010, the world has added more solar photovoltaic (PV) capacity than in the previous four decades. Total global capacity overtook 150 gigawatts (GW) in early 2014 The geographical pattern of deployment is rapidly changing. While a few European countries, led by Germany and Italy, initiated large-scale PV development, since 2013, the People’s Republic of China has led the global PV market, followed by Japan and the United States PV system prices have been divided by three in six years in most markets, while module prices have been divided by five This roadmap envisions PV’s share of global electricity reaching 16% by 2050, a significant increase from the 11% goal in the 2010 roadmap Achieving this roadmap’s vision of 4 600 GW of installed PV capacity by 2050 would avoid the emission of up to 4 gigatonnes (Gt) of carbon dioxide (CO2) annually This roadmap assumes that the costs of electricity from PV in different parts of the world will converge as markets develop, with an average cost reduction of 25% by 2020, 45% by 2030, and 65% by 2050, leading to a range of USD 40 to 160/MWh, assuming a cost of capital of 8% To achieve the vision in this roadmap, the total PV capacity installed each year needs to rise from 36 GW in 2013 to 124 GW per year on average, with a peak of 200 GW per year between 2025 and 2040 The variability of the solar resource is a challenge. All flexibility options – including interconnections, demand-side response, flexible generation, and storage –need to be developed to meet this challenge Appropriate regulatory frameworks – and well-designed electricity markets, in particular – will be critical to achieve the vision in this roadmap Levelised cost of electricity from new-built PV systems and generation by sector

Fiscal competition in developing countries : a survey of the theoretical and empirical literature

The last two decades have witnessed a sharp increase in foreign direct investment (FDI) flows and increased competition among developing countries to attract FDI, resulting in higher investment incentives offered by host governments and removal of restrictions on operations of foreign firms in their countries. Fiscal competition between governments can take the form of business tax rebates, productivity-enhancing public infrastructure or investment incentives such as tax holidays, accelerated depreciation allowances or loss carry-forward for income tax purposes. It can take place between governments of different countries or between local governments within the same country. This paper surveys the recent theoretical and empirical economic literature on decentralization which attempts to answer three questions. First, does theoretical literature on fiscal competition and"bidding races"contribute to a better understanding of such phenomenon in developing countries? Second, are FDI inflows in developing countries sensitive to fiscal incentives and is there empirical evidence of strategic behavior from the part of developing countries in order to attract FDI? Third, what evidence is there about fiscal competition among local governments in developing countries?Subnational Economic Development,Debt Markets,Taxation&Subsidies,Emerging Markets,Public Sector Economics