Reassessing traffic accidents in developing countries

Current approaches to traffic accidents in developing countries have followed methods utilized in industrialized countries, based on the ‘man-vehicle-road’ causal factors. The persistence of poor traffic safety conditions attests to the inadequacies of these methods. The paper proposes that current unsafe conditions have to be analyzed instead in the context of the physical, political, technical and enforcement environments. Alternative approaches are suggested, based on the acknowledgment of the accident as an environmentally related problem and the acceptance of the safe circulation space as a political right. Accordingly, alternative policy actions are suggested.     

Nonlinearities in the Brazilian Yield Curve

ABSTRACT

The article indicates the yield curve can be modeled using a continuous estimator as smooth transition regression, instead of traditional switch models, because bonds are traded continuously in the financial market. The results indicate that nonlinearity in the yield curve explains the pitfalls of monetary policy. The positive correlation between inflation and spread is consistent with a rise on uncertainty due to inflation risk or seems to indicate Brazilian Central Bank’s monetary policy credibility in the sample period. Therefore, if dependence on international capital exists, the Brazilian economic policy makers must monitor the movements in yield and analyze its feedback frequently in order to guide their plans and decisions.     

What drives mortgage fees in Australia?

We investigate the factors that affect total, ongoing and origination fees of mortgages in Australia during the period 1996 to 2011. We find that banks charge significantly higher total and ongoing fees than mortgage corporations although they require lower origination fees. We also find that fee levels are dependent on loan size, loan‐to‐value ratio and loan features like term of the loan and presence of an offset account. Further, we confirm that lenders trade‐off higher (lower) interest rates with lower (higher) fee levels. Finally, our results show that mortgage fees are significantly affected by market conditions.     

Towards a common Eurozone risk free rate

We present a tentative estimate of a common risk free rate for the Eurozone (EZ) countries from January 2004 to November 2009. In a first stage, we analyse the determinants of EZ sovereign yield spreads and find significant effects of the credit quality, macro, correlation, liquidity, and interaction variables. Based on these results we estimate the yield a common EZ bond would provide. Finally, we compute potential savings in financing costs for countries participating in the scheme under a number of different scenarios. Although positive on average, these savings are dependent on market conditions and present substantial variation over time and across countries.     

Effectiveness of interventions to prevent motorcycle injuries: systematic review of the literature

Globally, 49% of deaths from traffic crashes occur among vulnerable road users, including pedestrians, bicyclists, and motorcyclists. Approximately, a quarter of those killed are motorcyclists. The authors carried out a systematic review of the literature to evaluate the effectiveness of interventions to prevent motorcycle crashes and the associated morbidity and mortality. The studies included in this review provide evidence for the effectiveness of helmet use, protective clothing, training, and penalties for alcohol consumption and speeding in preventing injury and death to motorcyclists. The use of helmets is effective, especially if it is universally required by law for drivers and passengers. Training to obtain a license also has positive effects but not when it is totally voluntary. There is limited but consistent evidence that strengthening laws for penalties related to alcohol consumption or speeding has an impact on risk. Traffic calming interventions could help reduce crashes in urban areas. In jurisdictions where there is limited regulation or adherence to effective measures, such as the use of helmets, efforts should be directed primarily at expanding such practices. In other areas, efforts can focus on approaches based on alternative effective measures or on more innovative interventions adapted to local conditions.     

Returning to flight: simulation‐based training for the US National Aeronautics and Space Administration's Space Shuttle Mission Management Team*

Following the tragic loss of Columbia in early 2003, executives at the National Aeronautics and Space Administration implemented a simulation‐based training program to facilitate the development of the Space Shuttle Mission Management Team (MMT). This article discusses the findings from an evaluation of two multi‐day simulation training events. The results of both evaluations suggested that MMT members: (1) possessed shared beliefs in their joint capabilities to execute their corecompetencies; (2) were motivated and ready for their Return to Flight mission; (3) achieved targeted levels of team performance during the simulations; and (4) were both satisfied with the training program and found it useful for facilitating performance improvements. This note concludes with a discussion of lessons learned.     

Optimal Structure of the Ginning Industry in the Southern High Plains of Texas

This study addresses the optimal structure of the cotton ginning industry in the Southern High Plains of Texas, assuming a monopolistically competitive market structure. Employing survey, regression, simulation, and mathematical programming techniques, the study determines the optimal structure of the ginning industry. Results indicate that a restructuring of the ginning industry in the Southern High Plains of Texas could save the industry about $15 million per season.     

International and Institutional R&D Spillovers: Attribution of Benefits among Sources for Brazil's New Crop Varieties

Reported rates of return to agricultural R&D are generally high, but they are likely to be biased, particularly because of attribution problems—mismatching research benefits with costs. The importance of attribution biases is illustrated here with new evidence for Brazil. During 1981–2003, varietal improvements in upland rice, edible beans, and soybeans yielded benefits of $14.8 billion in present value (1999 prices) terms. Attributing all of the benefits to Embrapa, a public research corporation accounting for more than half of Brazil's agricultural R&D spending, the benefit-cost ratio would be 78:1. Under alternative attribution rules, the ratio drops to 16:1.     

Why So Small? Explaining the Size of Firms in Latin America

On average, Latin American firms are small with respect to world patterns, both in terms of the quantity of assets they control and the amount of employment they generate. We examine data on firm size from developed and developing countries around the world to assess the influence of demand, supply and institutional factors on the size of the largest firms in each country. We find that, besides the size of the economy and the level of income per capita, the key determinants of the size of firms are trade openness, stock market capitalisation and physical infrastructure. Our simulations suggest that if the gaps with respect to the best Latin American performer were closed in each of these three areas, firm size in the countries of the region would – on average – reach world patterns.