Regional macroeconomic outcomes under alternative arrangements for the financing of urban infrastructure

Many studies, both of Australia and of comparable developed economies, have found that the economic benefits from investment in urban infrastructure are substantial. However the nature of this infrastructure is often such that it is under-provided by the private sector. In Australia, much of the responsibility for the provision of urban infrastructure rests with state and local government. However throughout the 1990’s many of Australia’s state governments embarked on a period of fiscal restraint, seeking to improve financial positions weakened by exposure to failed state government enterprises in the early 1990’s. Perhaps because of the deferred consequences of reducing spending on infrastructure, a large proportion of this fiscal adjustment appears to have been borne by spending on public infrastructure. Today, policy attention at the state government level is again focussing on public infrastructure. However in spite of the now robust fiscal positions of Australia’s state governments, there remains a reluctance on their part to finance public infrastructure through debt, and raising taxes is perceived as politically unpopular. Instead, governments are exploring alternative financing instruments, such as developer charges and public-private partnerships. This paper uses a dynamic multi-regional CGE model (MMRF) to evaluate the regional macro economic consequences of four alternative methods of financing an expansion in state government spending on public infrastructure. The four methods are developer charges, payroll tax, government debt, and residential rates. The paper confirms that the services provided by public infrastructure can have significant impacts on the regional macro economy. More importantly however, the paper demonstrates that the total gains from urban infrastructure are quite sensitive to the means chosen by government to finance infrastructure investment. In contrast to up-front financing methods (such as developer charges, payroll tax, and residential rates), the paper finds that the gains from urban infrastructure are greatest when the chosen financing method provides a closer match between the timing of the burden of financing the infrastructure and the timing of the benefits provided by the infrastructure. This can be achieved by instruments such as debt, public-private partnerships, and user charges. On this basis the paper finds that a greater reliance by regional government son debt financing might be warranted, and that the gains from infrastructure expenditure are least when that expenditure is financed by developer charges.

New Zealand seaports

It is the purpose of this study to determine and explain changes in the relative status of New Zealand seaports during two significant periods in the country's economic development, in an attempt to identify and understand the complex physical and human factors affecting the development of ports. The origin and evolution of New Zealand seaports since the establishment of British settlement in 1840 has closely mirrored the nature and the direction of the economic growth of the country. Indeed, seaports as places “equipped. to facilitate the necessary relations between ships as agencies of sea transport and the land” have been of supreme importance in the development of New Zealand, particularly in view of the country's remoteness from the main concentration of population and markets in the world, the overwhelming dependence on international trade and the necessity of sea transport within and between the North and the South Islands

The Economy-wide Impacts of a Rise in the Capital Adequacy Ratios of Australian Banks

Regulators are requiring banks to raise additional equity to finance their activities. The benefits are understood in terms of reducing the risks of another financial crisis. But there are potential costs, including the potential for unanticipated macroeconomic impacts as banks reduce leverage. We use a financial computable general equilibrium model, containing disaggregated treatment of financial agents, to explore the economy-wide consequences of an increase in bank capital adequacy ratios. We find that the macroeconomic consequences are small

A photoCORM nanocarrier for CO release using NIR light

A water-soluble nanocarrier for a photo-activated CO releasing moiety (photoCORM) that can be triggered with NIR excitation is described. This has an upconversion nanoparticle core encapsulated by an amphiphilic polymer imparting both water solubility and a hydrophobic interior containing the photoCORM trans-Mn(bpy)(PPh3)2(CO)2. Such an ensemble offers a unique strategy for CO delivery to biological targets

Integrating sequence and array data to create an improved 1000 Genomes Project haplotype reference panel

A major use of the 1000 Genomes Project (1000GP) data is genotype imputation in genome-wide association studies (GWAS). Here we develop a method to estimate haplotypes from low-coverage sequencing data that can take advantage of single-nucleotide polymorphism (SNP) microarray genotypes on the same samples. First the SNP array data are phased to build a backbone (or \u27scaffold\u27) of haplotypes across each chromosome. We then phase the sequence data \u27onto\u27 this haplotype scaffold. This approach can take advantage of relatedness between sequenced and non-sequenced samples to improve accuracy. We use this method to create a new 1000GP haplotype reference set for use by the human genetic community. Using a set of validation genotypes at SNP and bi-allelic indels we show that these haplotypes have lower genotype discordance and improved imputation performance into downstream GWAS samples, especially at low-frequency variants. © 2014 Macmillan Publishers Limited. All rights reserved

The state of the Martian climate

60°N was +2.0°C, relative to the 1981–2010 average value (Fig. 5.1). This marks a new high for the record. The average annual surface air temperature (SAT) anomaly for 2016 for land stations north of starting in 1900, and is a significant increase over the previous highest value of +1.2°C, which was observed in 2007, 2011, and 2015. Average global annual temperatures also showed record values in 2015 and 2016. Currently, the Arctic is warming at more than twice the rate of lower latitudes

The extent and variability of storm-induced temperature changes in lakes measured with long-term and high-frequency data

The intensity and frequency of storms are projected to increase in many regions of the world because of climate change. Storms can alter environmental conditions in many ecosystems. In lakes and reservoirs, storms can reduce epilimnetic temperatures from wind-induced mixing with colder hypolimnetic waters, direct precipitation to the lake's surface, and watershed runoff. We analyzed 18 long-term and high-frequency lake datasets from 11 countries to assess the magnitude of wind- vs. rainstorm-induced changes in epilimnetic temperature. We found small day-to-day epilimnetic temperature decreases in response to strong wind and heavy rain during stratified conditions. Day-to-day epilimnetic temperature decreased, on average, by 0.28 degrees C during the strongest windstorms (storm mean daily wind speed among lakes: 6.7 +/- 2.7 m s(-1), 1 SD) and by 0.15 degrees C after the heaviest rainstorms (storm mean daily rainfall: 21.3 +/- 9.0 mm). The largest decreases in epilimnetic temperature were observed >= 2 d after sustained strong wind or heavy rain (top 5(th) percentile of wind and rain events for each lake) in shallow and medium-depth lakes. The smallest decreases occurred in deep lakes. Epilimnetic temperature change from windstorms, but not rainstorms, was negatively correlated with maximum lake depth. However, even the largest storm-induced mean epilimnetic temperature decreases were typicallyPeer reviewe

Diel surface temperature range scales with lake size

Ecological and biogeochemical processes in lakes are strongly dependent upon water temperature. Long-term surface warming of many lakes is unequivocal, but little is known about the comparative magnitude of temperature variation at Diel timescales, due to a lack of appropriately resolved data. Here we quantify the pattern and magnitude of Diel temperature variability of surface waters using high-frequency data from 100 lakes. We show that the near-surface Diel temperature range can be substantial in summer relative to long-term change and, for lakes smaller than 3 km2, increases sharply and predictably with decreasing lake area. Most small lakes included in this study experience average summer Diel ranges in their near-surface temperatures of between 4 and 7°C. Large Diel temperature fluctuations in the majority of lakes undoubtedly influence their structure, function and role in biogeochemical cycles, but the full implications remain largely unexplored