The Countryside in the City - Situating a Farmers' Market in Birmingham

The City of Birmingham capitalized on the burgeoning trend in Farmer's Markets by establishing one in the city core. This paper first outlines the growth and origins of Farmer's Markets before offering empirical research on this particular market. The critical questions concern the advisability of putting such a market in a major city and issues surrounding the use made of the market by patrons. Stallholders and others are also interviewed to establish the balance of benefits and costs. The conclusions are that the effects have generally been positive and the initiative a worthwhile one.     

Notes and Communications

Summary The relationship between home ownership of Dutch elderly households and age is strongly negative. Other studies suggest that this age gradient should be attributed to a cohort effect. In this paper, we investigate where those cohort effects come from. We also observe that mortgage ownership among elderly home owners increased considerably during the nineties. Using panel data, we estimate models explaining home and mortgage ownership by age, cohort, and time effects, as well as other factors. Cohort and time effects are modelled explicitly using macro economic and housing market related variables. We find that the level of GDP per capita when the household head was young is the main factor explaining generation effects in home ownership among the elderly. After accounting for cohort effects it also appears that home ownership decreases slightly with age. Mortgage ownership among elderly home owners rose considerably during the nineties due to house price increases and due to financial innovation in the mortgage market. Cohort effects are also important. A supplementary analysis suggests that those cohort effects are due to the fact that the accidental bequest motive is becoming less important. We thank Maarten van Rooij, Konstantinos Tatsiramos, Casper van Ewijk, Wouter Vermeulen, Frederic Vermeulen, Frank de Jong and Marcel Lever for their useful comments     

Ambient Air Pollution in China: Predicting a Turning Point

One of the most debatable questions among developmental economists and sinologists today is the question that deals with the time it would take China to reduce its current ambient air pollution levels to the levels acceptable by the World Health Organization. Some studies suggest that an increase in the standard of living would improve the environmental situation, a phenomenon that is termed the environmental Kuznets curve (EKC). The objective of this study is to estimate the EKC and identify major factors leading to ambient air pollution in China during 2004–2013. We use time-series panel data in 27 provinces to estimate the variability in the levels of ambient air pollution as measured by particulate matter, sulfur dioxide and nitrogen dioxide. Some policy implications are drawn.     

Remittances and the Effectiveness of Foreign Aid

We argue that donors could improve the effectiveness of foreign aid by pursuing complementary and coherent non‐aid policies. In particular, we hypothesize that aid has stronger growth effects if recipients receive more aid from donors who allow for (temporary) worker mobility and (more permanent) migration. We focus on overall remittances paid by the donor countries to proxy for worker mobility and migration. Our empirical results support the hypothesis that higher remittances paid by donor countries strengthen the growth effects of foreign aid.     

Making an effort for free – volunteers' roles in destination-based storytelling

Many destinations are dependent on volunteers. Storytelling is one of the areas to which volunteers are increasingly contributing; however, the role of volunteers has been offered only sporadic attention. The aim of this study is to provide insights into volunteer involvement by studying volunteers as destination stakeholders with focus on their roles, influence, and contribution. A cross-case analysis of three Nordic cases is undertaken. A theoretical framework is developed based on volunteer tourism, stakeholder theory, and marketing literature on storytelling. A three-phase model of the storytelling process is developed. Findings show substantial variation. Unsurprisingly, early inclusion of volunteers result in substantial influence on the storytelling concept, however, this does not guarantee volunteer involvement later on. Conversely, late inclusion of volunteers does not necessarily hinder engagement among volunteers in the execution of the stories. All cases demonstrate that developing a strong concept that can tie together the efforts of stakeholders across professional and volunteer divides is a major challenge. The results point at the importance of strategic goals coordinating storytelling activities, volunteer inclusion, and ‘use’ of volunteers' local knowledge and enthusiasm in all phases of the destination-based storytelling process planned along with strategic goals such as ‘selling place’ or ‘building community’.     

R&D investment dynamics in agglomerations under weak appropriability regimes: Evidence from Indian R&D labs

What are the dynamics of R&D investment when firms agglomerate in environments with weak intellectual property rights protection? Specifically, do foreign and domestic firms present equal opportunities for free riding by domestic firms in such environments? We examine the impact on local firms' R&D investment from knowledge spillovers originating from co‐located foreign and domestic firms within and across industries. Building on fieldwork in India, we predict free riding by local firms on nearby foreign and local firms. Furthermore, we expect local firms to free ride more from other local firms within their industry and from foreign firms across industries. Analyzing a sample of 3,475 R&D lab investment decisions during 2003–2010 in India, we find that local firms free ride from other local firms both within and across industries. Copyright © 2014 John Wiley & Sons, Ltd.     

The central bank as shaper and observer of events: The case of the yield spread

The yield spread has commonly been employed as a successful predictor of economic growth and recessions, although its marginal predictive power has decreased since the 1990s. Notably, the yield spread's declining power to predict US economic activity coincided with its growing power to predict US interest rate changes. In my view, these phenomena are inevitably linked and share one cause. The central bank intended to enhance both its transparency and credibility through greater information disclosure; this disclosure improved interest rate predictability but might also have crowded out useful private information formerly in the yield spread that helped predict economic activity.