Choosing a discount point/contract rate combination

Confronted with an array of contract rate/discount point combinations from which to choose, a mortgagor must evaluate his/her wealth with respect to each choice. The future path of the cost of mortgage capital will affect the wealth of the mortgagor to a different degree depending on which contract rate/discount point combination he/she chooses. Using the Expected Monetary Value algorithm, we show that variation of marginal income tax rates and expectations about the future path of the cost of mortgage capital across mortgagors can explain the demand for different contract rate/discount point combinations. Our results provide a rationale for a mortgagor choosing an intermediate point/contract rate combination.Paper presented at the annual meeting of the A.R.E.U.E.A., 1989, Atlanta.     

Nontraded goods,uncertainty, and equilibration in the United States' economy

This paper examines 1) the empirical significance of nontraded goods by estimating the Hicksian gross substitutability between traded goods and goods in the United States' economy at large, and 2) structural changes in the speed of the substitution. The results suggest that the substitutability is substantial, but significantly less than perfect; that the period of price equilibration has been dramatically protracted in recent years, but the ultimate magnitude of the adjustment has not changed; and that exchange rate uncertainty and general price uncertainty appear to explain the protraction, with the latter the more significant factor.     

Ethnic banking in the USA

This paper describes the development of the ethnic banking market in the USA. It portrays the main ethnic groups involved and how they manage their relationships with banks, whether as individuals, families or small businesses. It analyses how banks have responded to the ethnic marketing opportunity and then suggests which areas banks need to focus on in order to improve management of their ethnic customers.     

Community-based tourism enterprises: challenges and prospects for community participation; Khama Rhino Sanctuary Trust,Botswana

This study assesses community participation in a community-based tourism enterprise in Botswana, the Khama Rhino Sanctuary Trust, founded in 1992. Data were collected using structured and semi-structured questionnaires, interviews with key stakeholders and community focus group discussions. Results indicate that although Community-Based Natural Resource Management is popular in many southern African nations, communities still face challenges and constraints which hinder their participation in community-based enterprises. While some other studies in Botswana indicate the value of community-based tourism, 95% of adult residents in the Khama Rhino Sanctuary Trust area did not know who owned the Trust, and 98% had never been to the Trust's lands. There was community disappointment about loss of cattle grazing and other land-related benefits, lack of communication with the community, lack of benefits, the low numbers employed and the slow progress of the project which did not record a profit until 2008. But the Trust now has over 25% of the rhinos in Botswana and has seen visitor numbers rise from 1820 in 1996 to over 21,000 in 2008. Suggestions for the future include appointment of a community liaison officer, training for local people in tourism and management and use of single-community rather than multi-community trusts.     

Loan guarantee schemes in the UK: the natural experiment of the enterprise finance guarantee and the 5 year rule

Loan guarantee schemes have existed since 1953 (in the US) and are widely used throughout the world to provide financial support to smaller firms by guaranteeing loans from commercial banks. The UK government has been an active supporter of loan guarantees since 1981, and has a long track record of modifying its scheme to reflect changing market conditions and the financing needs of its SME sector. Arguably the two most significant changes occurred in 2008 when the 5-Year Rule on eligibility was removed and in 2009 when the long-standing Small Firms Loan Guarantee Scheme was replaced by the Enterprise Finance Guarantee Scheme. We treat the removal of the 5-Year Rule as a natural policy experiment and empirically question whether, on economic grounds, this was a sensible policy. Our findings suggest that the 5-Year Rule was a better policy choice with regard to employment but had no impact on sales growth.     

Information technology, nurse staffing, and patient needs

As health care organizations increasingly adopt health information technology, time-sensitive data that track patients' requirements for nursing care and nurses' responsiveness to these needs might be available to support evidence-based nurse staffing decisions. care information technologies available in hospitals and on nursing units may provide valuable sources of information that can be translated into usable data. In this study, the usefulness of electronic data obtained from a nurse tracking call light system as a source of information for quality measurement was explored. The findings point to what might be under-utilization of existing health information technology to track patients' needs and nurses' responsiveness, patient census, and patient movements. The authors recommend health information technology be used less as support for other organizational systems and more as an administrative resource that can allow nurse executives to be more actively engaged within and across nursing environments.     

The Revenue Adequacy of Site Value Taxation in a Ricardian System of Economic Growth

A bstract . The federal administration has sought to reduce the growth of federal expenditures by shifting some government costs to state and local governments. An increased expenditure burden for the latter governments would require increased tax rates for existing types of taxes that have adverse impacts on economic incentives. Land taxes are considered as a source of revenue because of their efficiency aspects. Unfortunately this idea is all too often dismissed because of alleged revenue inadequacy. Thus an analysis is called for of the revenue adequacy of site value taxation in a Ricardian model of economic growth. The model allows analysis of revenue adequacy over time in an economic growth context that is suited for the long range tax-expenditure planning horizon with which local governments are faced. When revenue needs are primarily dependent upon the population size, and the fisc is initially operating at a deficit, for a land tax to permit attainment of balance, per capita rents must be increasing over time. Also when the economy's public service demand is primarily dependent upon income, deficits will not occur if rental share exceeds the share of income devoted to public output. Not all income goes to fiscal output, so rent eventually exceeds expenditures.     

Fracture incidence among elderly people in institutional care: linking injury surveillance data with a postal code-based register of residential and nursing homes

Fracture prevention strategies will be most cost-effective if targeted at groups of frail elderly people who are at particularly high risk of falls and fractures. Elderly people living in residential and nursing homes are one potential target population, but fracture incidence in this setting remains poorly defined in many countries. We have used the All Wales Injury Surveillance System (AWISS) in a population-based study of people aged over 65 living in the city of Cardiff. We linked a postal code-based register of all care homes in the city with injury data from Cardiff’s only Accident and Emergency department. Cardiff has 47,520 residents aged over 65, and 1,874 (3.9%) live in residential or nursing homes. Fracture incidence was 25/1,000/year overall, and 5/1,000/year for hip fracture. During 1997, the care home residents suffered 162 fractures, 82 of which were of the hip; an incidence of 86/1,000/year overall, 44/1,000/year for hip fracture. Even after adjustment for the age and sex profile of the care home population, fracture incidence remained 2.3 times higher and hip fracture incidence 3.6 times higher than in the general elderly population. Such figures support the potential cost-effectiveness of strategies that prevent fractures in care homes, and are of special interest to those planning intervention studies in this setting.