The monetary model strikes back: Evidence from the world

We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We also find fundamentals-based models very successful in beating a random walk in out-of-sample prediction.     

The importance of the institutional environment on multifunctional farming systems in the peri-urban area of Brussels

The influence of local and regional policies on the uptake of multifunctional farming systems is analysed. The conceptual framework of how regional and local policies can influence farmers’ behaviour is empirically verified by analysing data on uptake of diversification and environmental management by farmers located in the Brussels’ peri-urban area. In a two-stage model, farmers’ participation and behaviour to influence local policy-makers is also examined. It has been found among other things that, in a municipality that attaches greater importance to environmental issues, the uptake of agri-environmental measures is higher and that promotion of local agriculture will encourage farmers to start processing or selling products on their farms.     

Monitoring quality of life in cities: The Durban case

South Africans were promised a better life for all in the run-up to the first democratic elections in 1994. Local governments throughout South Africa are seeking to improve service delivery to underdeveloped areas in line with the new policy. The seven councils of the Durban Metropolitan Area have a vision for the city, to be realised by the year 2015, that residents will live in acceptably serviced housing and will enjoy a generally high quality of life that can be sustained. To monitor performance towards achieving this vision, the Urban Strategy Department of the Durban Metropolitan Council initiated a project to guide budget allocations and measure the impact of local government actions on residents' perceptions of quality of life. This article reports on results from the pilot study for the project, which included a sample survey of 300 residents and in-depth interviews with a cross-section of 60 residents. The baseline study revealed vast differences in living conditions, access to services and life satisfaction across neighbourhoods. Satisfaction with housing and the neighbourhood, as indicated by disinclination to move, were major factors contributing to life satisfaction of Durban residents.