Budgetary Costs of Tax Facilities for Pension Savings: An Empirical Analysis

A wide variety of tax regimes for (occupational) private pension saving are in place around the world. Generally, pension saving is taxed at a relatively low rate, although the revenue loss due to tax facilities for pension savings and/or pension tax expenditures may differ across countries. A strong fiscal stimulus to build up pension capital will support funding. However, these tax facilities may become an expensive business for governments. This paper investigates the ex ante budgetary effects of a cash-flow tax regime for pension savings by full present-value calculations. The fiscal subsidy on pension savings in several (European) countries is often associated with the application of the cash-flow treatment of pensions under the personal income tax: pension contributions are tax exempt, capital income of pension funds is tax-exempt, and pension benefits are taxed, but usually the elderly aged 65 years and over are taxed at a relatively low rate. This form can be described as EET, with E denoting an exemption or relief from tax and T denoting a point at which tax is payable. Indeed, tax treatment of pension saving can have other forms as well. We consider a specified form of a comprehensive income tax system (TTE) as an appropriate benchmark. Using the TTE-benchmark, the ex ante budgetary cost of the current tax treatment of pension saving in countries can be quantified. We employ an empirical analysis for the Netherlands, because this country belongs, with its three pension pillars and its sound funding, to the leading group of countries in Europe with a solid pension system. Our calculations, using Income Panel Data from Statistics Netherlands for the years 1990-2003, show that current taxation on a cash-flow basis means on balance a major loss to the Treasury (compared to the benchmark). For the year 2003 we estimate a fiscal subsidy associated with the current Dutch tax rule of 1.2 to 1.5 percent of GDP, depending on the assumed rate of return on pension capital

Future Arctic shipping routes and European air quality in 2025

Future emissions projections (A1B) for 2025 in the Arctic regions estimate that the importance of the shipping sector increases thus shifting direct emissions from the land to over the oceans. Here we perform large-scale simulations to investigate the effect on regional air quality. We find there is a strong seasonality in the nearsurface O3 at high northern latitudes, with shipping contributing upto 15%

Intercomparison of in-situ aircraft and satellite aerosol measurements in the stratosphere

Aerosol composition and optical scattering from particles in the lowermost stratosphere (LMS) have been studied by comparing in-situ aerosol samples from the IAGOS-CARIBIC passenger aircraft with vertical profiles of aerosol backscattering obtained from the CALIOP lidar aboard the CALIPSO satellite. Concentrations of the dominating fractions of the stratospheric aerosol, being sulphur and carbon, have been obtained from post-flight analysis of IAGOS-CARIBIC aerosol samples. This information together with literature data on black carbon concentrations were used to calculate the aerosol backscattering which subsequently is compared with measurements by CALIOP. Vertical optical profiles were taken in an altitude range of several kilometres from and above the northern hemispheric extratropical tropopause for the years 2006-2014. We find that the two vastly different measurement platforms yield different aerosol backscattering, especially close to the tropopause where the influence from tropospheric aerosol is strong. The best agreement is found when the LMS is affected by volcanism, i.e., at elevated aerosol loadings. At background conditions, best agreement is obtained some distance (>2 km) above the tropopause in winter and spring, i.e., at likewise elevated aerosol loadings from subsiding aerosol-rich stratospheric air. This is to our knowledge the first time the CALIPSO lidar measurements have been compared to in-situ long-term aerosol measurements. © 2019, The Author(s)

Significant radiative impact of volcanic aerosol in the lowermost stratosphere

Despite their potential to slow global warming, until recently, the radiative forcing associated with volcanic aerosols in the lowermost stratosphere (LMS) had not been considered. Here we study volcanic aerosol changes in the stratosphere using lidar measurements from the NASA CALIPSO satellite and aircraft measurements from the IAGOS-CARIBIC observatory. Between 2008 and 2012 volcanism frequently affected the Northern Hemisphere stratosphere aerosol loadings, whereas the Southern Hemisphere generally had loadings close to background conditions. We show that half of the global stratospheric aerosol optical depth following the Kasatochi, Sarychev and Nabro eruptions is attributable to LMS aerosol. On average, 30% of the global stratospheric aerosol optical depth originated in the LMS during the period 2008–2011. On the basis of the two independent, high-resolution measurement methods, we show that the LMS makes an important contribution to the overall volcanic forcing

Influence of volcanic eruptions on midlatitude upper tropospheric aerosol and consequences for cirrus clouds

The influence of downwelling stratospheric sulfurous aerosol on the UT (upper troposphere) aerosol concentrations and on cirrus clouds is investigated using CARIBIC (Civil Aircraft for Regular Investigation of the Atmosphere Based on an Instrument Container observations) (between 1999–2002 and 2005–2013) and the cirrus reflectance product from Moderate Resolution Imaging Spectroradiometer (MODIS). The initial period, 1999–2002, was volcanically quiescent after which the sulfurous aerosol in the LMS (lowermost stratosphere) (SLMS) became enhanced by several volcanic eruptions starting 2005. From 2005 to 2008 and in 2013, volcanic aerosol from several tropical eruptions increased SLMS. Due to consequent subsidence, the sulfur loading of the upper troposphere (SUT) was increased by a factor of 2.5 compared to background levels. Comparison of SLMS and SUT during the seasons March–July and August–November shows a close coupling of the UT and LMS. Finally, the relationship between SLMS and the cirrus cloud reflectance (CR) retrieved from MODIS spectrometer (on board the satellites Terra and Aqua) is studied. SLMS and CR show a strong anticorrelation, with a factor of 3.5 increase in SLMS and decrease of CR by 8 ± 2% over the period 2001–2011. We propose that the increase of SLMS due to volcanism has caused the coinciding cirrus CR decrease, which would be associated with a negative radiative forcing in the Northern Hemisphere midlatitudes

Is it the Income Distribution or Redistribution that Affects Growth?

Hervorming Sociale Regelgevin

Effects of Antenatal Glucocorticoid Therapy on Hippocampal Histology of Preterm Infants

Objective: To investigate if antenatal glucocorticoid treatment has an effect on hippocampal histology of the human preterm newborn. Patients and Methods: Included were consecutive neonates with a gestational age between 24 and 32 weeks, who were born between 1991 to 2009, who had died within 4 days after delivery and underwent brain autopsy. Excluded were neonates with congenital malformations and neonates treated postnatally with glucocorticoids. The brains were routinely fixed, samples of the hippocampus were stained with haematoxylin and eosin and sections were examined for presence or absence of large and small neurons in regions of the hippocampus. Additional staining with GFAP, neurofilament and vimentin was performed to evaluate gliosis and myelination. The proliferation marker Ki67 was used to evaluate neuronal proliferation. Staining with acid fuchsin-thionin was performed to evaluate ischemic damage. Results: The hippocampi of ten neonates who had been treated with antenatal glucocorticoids showed a lower density of large neurons (p = 0.01) and neurons irrespective of size (p = 0.02) as compared to eleven neonates who had not been treated with glucocorticoids. No difference was found in density of small neurons, in myelination, gliosis, proliferation or ischemic damage. Conclusion: We found a significantly lower density of neurons in the hippocampus of neonates after antenata

Influence of volcanic eruptions on midlatitude upper tropospheric aerosol and consequences for cirrus clouds – Volc Affects S Aerosol in UT and Cirrus

The influence of downwelling stratospheric sulfurous aerosol on the UT (upper troposphere) aerosol concentrations and on cirrus clouds is investigated using CARIBIC (Civil Aircraft for Regular Investigation of the Atmosphere Based on an Instrument Container observations) (between 1999–2002 and 2005–2013) and the cirrus reflectance product from Moderate Resolution Imaging Spectroradiometer (MODIS). The initial period, 1999–2002, was volcanically quiescent after which the sulfurous aerosol in the LMS (lowermost stratosphere) (S$_{LMS}$) became enhanced by several volcanic eruptions starting 2005. From 2005 to 2008 and in 2013, volcanic aerosol from several tropical eruptions increased S$_{LMS}$. Due to consequent subsidence, the sulfur loading of the upper troposphere (S$_{UT}$) was increased by a factor of 2.5 compared to background levels. Comparison of SLMS and S$_{UT}$ during the seasons March–July and August–November shows a close coupling of the UT and LMS. Finally, the relationship between S$_{LMS}$ and the cirrus cloud reflectance (CR) retrieved from MODIS spectrometer (on board the satellites Terra and Aqua) is studied. S$_{LMS}$ and CR show a strong anticorrelation, with a factor of 3.5 increase in SLMS and decrease of CR by 8 ± 2% over the period 2001–2011. We propose that the increase of S$_{LMS}$ due to volcanism has caused the coinciding cirrus CR decrease, which would be associated with a negative radiative forcing in the Northern Hemisphere midlatitudes

Modulation of TGF-β/BMP-6 expression and increased levels of circulating smooth muscle progenitor cells in a type I diabetes mouse model

<p>Abstract</p> <p>Background</p> <p>Diabetic patients experience exaggerated intimal hyperplasia after endovascular procedures. Recently it has been shown that circulating smooth muscle progenitor cells (SPC) contribute to intimal hyperplasia. We hypothesized that SPC differentiation would be increased in diabetes and focused on modulation of TGF-β/BMP-6 signaling as potential underlying mechanism.</p> <p>Methods</p> <p>We isolated SPC from C57Bl/6 mice with streptozotocin-induced diabetes and controls. SPC differentiation was evaluated by immunofluorescent staining for αSMA and collagen Type I. SPC mRNA expression of TGF-β and BMP-6 was quantified using real-time PCR. Intima formation was assessed in cuffed femoral arteries. Homing of bone marrow derived cells to cuffed arterial segments was evaluated in animals transplanted with bone marrow from GFP-transgenic mice.</p> <p>Results</p> <p>We observed that SPC differentiation was accelerated and numeric outgrowth increased in diabetic animals (24.6 ± 8.8 vs 8.3 ± 1.9 per HPF after 10 days, p < 0.05). Quantitative real-time PCR showed increased expression of TGF-β and decreased expression of the BMP-6 in diabetic SPC. SPC were MAC-3 positive, indicative of monocytic lineage. Intima formation in cuffed arterial segments was increased in diabetic mice (intima/media ratio 0.68 ± 0.15 vs 0.29 ± 0.06, p < 0.05). In GFP-chimeric mice, bone marrow derived cells were observed in the neointima (4.4 ± 3.3 cells per section) and particularly in the adventitia (43.6 ± 9.3 cells per section). GFP-positive cells were in part MAC-3 positive, but rarely expressed α-SMA.</p> <p>Conclusions</p> <p>In conclusion, in a diabetic mouse model, SPC levels are increased and SPC TGF-β/BMP-6 expression is modulated. Altered TGF-β/BMP-6 expression is known to regulate smooth muscle cell differentiation and may facilitate SPC differentiation. This may contribute to exaggerated intimal hyperplasia in diabetes as bone marrow derived cells home to sites of neointima formation.</p

Kevin M. McGeough, Exchange Relationships at Ugarit (Ancient Near Eastern Studies Supplement Series, 26).

This book is the product of the revision of the Doctoral Dissertation defended by the author in 2005 at the University of Pennsylvania. The introductory chapter presents the main objectives of the project: “this examination shall focus on ... exchange relationships ... More generally, this study seeks to examine economic modalities at Ugarit ... Economic modalities ... are understood here as the emergent structures of the social economy at Ugarit” (p. 1-2). The author next underlines what he ..