On the power of indicators: how the choice of fuel poverty indicator affects the identification of the target population

In light of the creation of the EU Energy Poverty Observatory (EPOV) in January 2018 and the increase in debates on how fuel poverty is measured, we propose a critical analysis of fuel poverty indicators and demonstrate that choosing a given indicator is central to the identification of the fuel-poorpopulation.

First, we conducted an inter-indicator analysis to show how profiles of fuel-poor households vary depending on the indicator selected. We designed a multidimensional approach based on a multiple correspondence analysis and a hierarchical and partitioning clustering analysis to study characteristics of fuel-poor households. We highlight the difficulty of identifying a fuel-poor ‘typical profile’ and show that the composition of the population depends on the choice of the indicator.

Second, we applied an intra-indicator analysis using two objective expenditure-based indicators with thresholds. In particular, we conducted a sensitivity analysis based on a logit model including variables describing household and dwelling characteristics. We show that the profiles of fuel-poor households as well as the drivers of fuel poverty vary considerably with the chosen threshold level.Given these findings, we stress the need to review how we currently rely on conventional fuel poverty indicators to identify target groups and give some recommendations.     

Life-cycle funds: Much Ado about Nothing?

The core idea of life-cycle funds or target-date funds is to decrease the fund's equity exposure and conversely increase its bond exposure towards the fund's target date. Such funds have been gaining significant market share and were recently set as default choice of asset allocation in numerous defined contribution schemes or related old-age provision products in several countries. Hence, an assessment of life-cycle funds’ risk-return profiles – that is, the probability distribution of returns – is essential for sustainable financial planning of a large group of investors. This paper studies the risk-return profile of life-cycle funds in particular compared to simple balanced or lifestyle funds that apply a constant equity portion throughout the fund's term instead. In a Black–Scholes model, we derive balanced funds that reproduce the risk-return profile of an arbitrary life-cycle fund for single and regular contributions. We then analyze the accuracy of our results under more complex asset models with stochastic interest rates, stochastic equity volatility and jumps. We further show that frequently used ‘rule of thumb approximations’ that only take into account the life-cycle fund's average equity portion are not suitable to approximate a life-cycle fund's risk-return profile. Our results on the one hand facilitate sustainable financial planning and on the other hand challenge the very existence of life-cycle funds since appropriately calibrated balanced funds can offer a similar (often dominating) risk-return profile.     

Macro-Networks: An application to euro area financial accounts

This paper develops a financial network, designated the “Macro-Network”, that depicts the connections between the main financial and non-financial sectors of the economy in the various financial instruments of the euro area. The Macro-Network comprises of linkages across financial and non-financial sectors in each country. These country-level sector networks are then connected by the cross-border links between the individual banking sectors. Using the Macro-Network to simulate financial shocks, we find that the propagation effects depend on the underlying network structure, which evolves over time. After the financial crisis, bilateral linkages contracted sharply, reflecting the surge in counterparty risk and the de-leveraging processes. Nonetheless, our analysis suggests that even after this process, vulnerabilities remained in the euro area financial system, while a more diversified portfolio of cross-border exposures might mitigate the shock effects. We identify sectors which are most relevant for the propagation of financial shocks in the Macro-Network.     

乡土环境风貌的营造——澜沧县景迈大寨传统环境风貌整治实践的认识

通过一个实际项目——景迈大寨风貌与环境的整治,探索传统村寨整治思路,营造一种自然纯朴日常生活状态,展示出真实的乡土气息与村民意愿。     

Inequality and Trade Policy: The Pro‐Poor Bias of Contemporary Trade Restrictions

This paper studies the pro‐poor bias of trade policy in India by estimating the household welfare effects of removing the current protection structure. The elimination of a pro‐poor trade policy is expected to have a negative differential welfare effect at the low end of the distribution. The paper first constructs trade restrictiveness indexes for household consumption items and industries using both tariffs and non‐tariff barriers. The results indicate that Indian trade policy is regressive through the expenditure channel as it disproportionately raises the cost of consumption for poorer households, while it is progressive through the earnings channel. Based on the net welfare effects, the elimination of the current trade protection structure is estimated to reduce inequality. These results indicate that a trade policy that is progressive through the earnings channel may induce a price effect that is regressive through the expenditure channel.     

One village,one product: Agro‐industrial village corporatism in contemporary China

This paper investigates the implementation of “one village, one product” (OVOP) in four peri‐urban villages in China's Yangtze River Delta. China's agricultural transformation, including the introduction of new corporate actors and the growing pressure of market discipline, has challenged the relevance of villages in the organization of agricultural production. In response, village cadres in thousands of Chinese villages have used OVOP to transform their villages into agro‐industrial firms and re‐exert their control over the agricultural surplus, echoing earlier examples of village corporatism. Rooted in agricultural specialization, OVOP encompasses a diversity of strategies for the production of locality‐based value. I disaggregate these strategies into four sociospatial dimensions that comprise locality—place, network, territory, and scale. Place‐based branding is the dominant strategy, but village cadres also pursue complementary sociospatial strategies to ensure their control over the realization of the brand's value and reconstitute their redistributive and administrative powers.     

精准扶贫中基层党组织功能的理论与实证研究

基层党组织在精准扶贫工作中的功能问题,是推进精准扶贫以及基层党组织建设的实践需求。以习近平关于精准扶贫工作中的重要论述为理论根基,将精准扶贫中基层党组织功能定位为组织建设、产业创新、整合资源、基础保障四个方面。基于北京市通州区西集镇耿楼村的个案研究,分析基层党组织在扶贫工作中的现实表现和问题,提出基层党组织精准扶贫的对策建议。     

基于能力贫困理论的新疆连片特困地区主要民族多维贫困分析

[目的]考察新疆连片特困地区主要民族多维贫困的程度和特征,为新时期精准扶贫、精准脱贫提供有价值的参考。[方法]基于能力贫困理论构建新疆连片特困地区多维贫困识别指标体系,利用AF法,基于新疆连片特困地区农户生计调研数据测度汉族、维吾尔族、柯尔克孜族多维贫困的程度,利用对比分析的方法,并结合当地实际情况研究各主要民族多维贫困的特征,剖析其产生原因。[结果]连片特困地区各主要民族都面临着多维贫困问题,且非收入贫困比收入贫困严重;与汉族相比,维吾尔族和柯尔克孜族的多维贫困覆盖率高,贫困程度严重;从各维度对多维贫困指数的贡献率来看,汉族的教育维度贫困对多维贫困的贡献最大,维吾尔族和柯尔克孜族的收入、教育和健康维度贫困对多维贫困的贡献较大。[结论]收入低下和人力资本积累不足是新疆连片特困地区主要民族摆脱多维贫困的重要障碍,新时期反贫困工作应充分考虑各主要民族贫困的差异性和多维性特征,尤其要重视从人力资本方面提升贫困人口的自我发展能力。