Growth and Volatility of Tax Revenues in Latin America

Against the background of a notoriously high macroeconomic instability and the need to raise tax revenues to meet the demands of public spending, this paper analyzes the tradeoff between growth and volatility of tax revenues in Latin America. We use a two-step Engle-Granger-type model to estimate short-run and long-run elasticities, accounting for state-dependent asymmetric reactions of short-run elasticities over the business cycle. Due to its dependence on commodities exploitation Latin America is in general susceptible to the boom-bust cycles of its natural riches. Controlling for the composition of revenue sources and other idiosyncrasies of Latin American economies, we find revenues above (below) its long-run equilibrium to react stronger (weaker) to business cycle dynamics. This “tax revenue channel” represents an indirect argument for counter-cyclical discretionary fiscal policy in the region. Our detailed elasticity estimates can give some orientation on how to reach necessary higher tax levels without creating disincentives and inequities through business cycle instabilities on the way to develop an adequate internal tax system.tax policy, developing countries, regime-dependent elasticity

Living coelacanths:values, eco-ethics and human responsibility

Coelacanths Latimeria chalumnae are the only living representatives of crossopterygian fish close to the roots of our own vertebrate history and therefore occupy a unique position among living fossils. L. chalumnae has become a synonym for long evolutionary age, timeless existence, tenacity, immortality and links to old roots, appearing in language, poetry, fiction and many art forms. It is a symbol of a new national identity in the Comoro Archipelago, Western Indian Ocean. I consider here the intrinsic and extrinsic value of coelacanths and the role of these fish in biodiversity conservation. The fate of coelacanths lies in our hands. It will be a measure of the success or failure of eco-ethics in ecology

Diving Expedition to a Methuselah of the Sea

Coelacanths have been in existence now for more than 400 million years. Scientists have investigated the way of life of this ancient, nocturnal fish

Tauchfahrt zu einem Methusalem der Meere

Der Quastenflosser existierte bereits vor 400 Millionen Jahren. Forscher haben die Lebensweise dieses archaischen, nachtaktiven Fisches untersucht

Coelacanth population, conservation and fishery activity at Grande Comore, West Indian Ocean

The only known population of coelacanths, in the Comores, western Indian Ocean, is endangered by human predation. Historical catch data from Grande Comore reveal that annual catch rates increased steadily from 1954 until the 1970s. This trend was temporarily interrupted due to an international policy introducing motorized boats and promoting offshore fishing techniques. Coelacanths are only caught from traditional unmotorized outrigger canoes as an incidental by-catch of deep water line fishing. A complete survey of all motorized and unmotorized vessels in 1995 at Grande Comore in comparison to earlier years indicated that a recent decreased use of motors and increase of unmotorized canoe fishing has led to an increase in coelacanth catches. Conservation measures and strategies for reducing the fishing pressure exerted on coelacanths are discussed. The southwest coast of Grande Comore should be designated as a nature reserve and protected area where immediate protection measures should be taken, an opinion which is supported by Comorian authorities

Eine Näherungslösung zur Bestimmung des elektronischen Leitwertes einer Diodenstrecke im Laufzeitgebiet bei grossen Wechselspannungen

Um den elektronischen Leitwert einer Diodenstrecke im Laufzeitgebiet auch bei großen Wechselspannungen unter Vermeidung zeitraubender graphischer Verfahren in einfacher Weise analytisch berechnen zu können, wird eine Ersatzschaltung eingeführt, bei der sowohl der Energieaustausch zwischen der Elektronenströmung und dem elektromagnetischen Feld als auch der Einfluß hoher Wechselspannungen sehr leicht zu übersehen ist.To avoid the well known circumstantial methods for the determination of the high-frequency electronic impedance of a diode in case of large voltages, a simple equivalent circuit is introduced, which gives a very clear picture of the energy-exchange between the electronic beam and the electromagnetic field

Endogeneity and non-response bias in treatment evaluation - nonparametric identification of causal effects by instruments

This paper proposes a nonparametric method for evaluating treatment effects in the presence of both treatment endogeneity and attrition/non-response bias, using two instrumental variables. Making use of a discrete instrument for the treatment and a continuous instrument for nonresponse/attrition, we identify the average treatment effect on compliers as well as the total population and suggest non- and semiparametric estimators. We apply the latter to a randomized experiment at a Swiss University in order to estimate the effect of gym training on students› selfassessed health. The treatment (gym training) and attrition are instrumented by randomized cash incentives paid out conditional on gym visits and by a cash lottery for participating in the follow-up survey, respectively

Integrated quantized electronics: a semiconductor quantized voltage source

The Josephson effect in superconductors links a quantized output voltage Vout = f \cdot(h/2e) to the natural constants of the electron's charge e, Planck's constant h, and to an excitation frequency f with important applications in electrical quantum metrology. Also semiconductors are routinely applied in electrical quantum metrology making use of the quantum Hall effect. However, despite their broad range of further applications e.g. in integrated circuits, quantized voltage generation by a semiconductor device has never been obtained. Here we report a semiconductor quantized voltage source generating quantized voltages Vout = f\cdot(h/e). It is based on an integrated quantized circuit of a single electron pump operated at pumping frequency f and a quantum Hall device monolithically integrated in series. The output voltages of several \muV are expected to be scalable by orders of magnitude using present technology. The device might open a new route towards the closure of the quantum metrological triangle. Furthermore it represents a universal electrical quantum reference allowing to generate quantized values of the three most relevant electrical units of voltage, current, and resistance based on fundamental constants using a single device.Comment: 15 pages, 3 figure

A quantized current source with mesoscopic feedback

We study a mesoscopic circuit of two quantized current sources, realized by non-adiabatic single- electron pumps connected in series with a small micron-sized island in between. We find that quantum transport through the second pump can be locked onto the quantized current of the first one by a feedback due to charging of the mesoscopic island. This is confirmed by a measurement of the charge variation on the island using a nearby charge detector. Finally, the charge feedback signal clearly evidences loading into excited states of the dynamic quantum dot during single-electron pump operation