Capital Markets and Capital Formation in Australia 1890–1945

This survey article examines the interaction between the domestic capital markets and capital formation in Australia from the 1890s up to the end of World War II. The disenchantment of the City of London with Australian securities in the 1890s opened a window for the development of domestic capital markets. It was the demands of the government for funds, especially during both wars, that transformed the scale and character of local markets. Local deposit taking institutions and stock exchanges handled a sufficient volume of domestic savings to fund the lion's share of both public and private sector capital formation.     

An Economic Analysis of Auto Compensation Systems: Choice Experiences From New Jersey and Pennsylvania

Nearly since the first automobile traveled on U.S. soil, questions about how best to compensate people injured by their use have been raised. As early as in 1932, in fact, the tort system of imposing costs on negligent drivers was strongly criticized, and a system of compensation without regard to negligence recommended. Yet despite various efforts to identify and implement improved systems during the past more than 70 years, no clear best compensation mechanism has been found. Current discussions have focused on the “choice” system, under which insureds are allowed to select either a tort system or a no‐fault system of compensation at the time of insurance purchase. New Jersey and Pennsylvania, which implemented very similar choice programs in 1989 and 1990, respectively, offer an opportunity to observe the effects of choice on outcomes such as: use of attorneys, speed of payment, and consistency (equity) of payment. Our results indicate outcomes consistent with expectations in New Jersey (NJ), which switched from no‐fault to choice, but inconsistent with expectations in Pennsylvania (PA), which switched from tort to choice. Furthermore, analysis of tort versus no‐fault selectors postchoice in New Jersey and Pennsylvania does not offer clear evidence of no‐fault's lower administrative costs and speedier, more equitable payment in these jurisdictions.     

Restoration challenges for urban rivers.

Urban sources account for significant quantities of important diffuse pollutants, and urban watercourses are typically badly polluted. As well as toxic metals, hydrocarbons including PAHs, and suspended matter, priority urban pollutants include faecal pathogens and nutrients. Can urban watercourses be restored by sufficient reductions in pollution loads? Case studies in the UK and Sweden provide insights and some grounds for optimism. A major trans-Atlantic review of the performance of best management practices (BMPs) is informing BMP planning. New approaches such as the maximisation of self-purification capacity in the receiving waters may also need to be developed, alongside BMPs at source. Other initiatives in Europe, USA and China, including collaborative projects, are trying to address the intractable issues such as persistent pollutants from transport and urban infrastructure. The challenge is daunting, but there are clear ways forward and future research needs are evident.     

Implementation of sustainable sanitation in existing urban areas: long-term strategies for an optimised solution.

If technologies for decentralised sanitation and reuse (DESAR) and for natural stormwater management should at least partially replace existing systems, then intensive reconstruction work becomes essential. A conversion can only be realised successively over a long period due to high construction and financial expenses and requires new strategies. This paper presents the development and practical implementation of a mathematical tool to find an optimised strategy for the realisation of alternative and more decentralised drainage and sanitation concepts in existing urban areas. The succession of construction measures (e.g. the implementation of decentralised greywater recycling) for the whole period of consideration is determined based upon a mathematical optimisation model on the condition that the favoured future state is known. The model describes the complex interdependencies of the urban water and nutrient cycle and enables the minimisation of both financial efforts and ecological impacts on the way toward the future state. The results of the implementation for a rural area in Germany show that the mathematical optimisation is an adequate instrument to support decision-making processes in finding strategies for the realisation of sustainable urban water management.     

Biocides used in building materials and their leaching behavior to sewer systems.

There is increasing concern about diffuse pollution of aquatic systems by biocides used in urban areas. We investigated sources and pathways of biocides significant for the pollution of storm water runoff. Main sources seem to be building envelopes, i.e. facades (paints, plasters) and roof sealing membranes. First results from a defined urban catchment drained by a separated sewer system without any agricultural activities reveal a substantial occurrence. Even after the first flush, concentrations of terbutryn, carbendazim, mecoprop as well as Irgarol 1051 and its metabolite exceeded the Swiss water quality standard of 0.1 microg/L. In laboratory experiments, leaching of mecoprop used as a root protection agent in bitumen sheets for roof waterproofing was determined. The concentrations differed in 16 different sheets two orders of magnitude, depending on the product composition. Using optimized products, it is expected to be the most efficient and sustainable way to reduce the environmental impact. To understand transport dynamics and environmental risk, further storm water events will be analyzed. Based on the ongoing project URBIC, first measures will be proposed to limit the release to surface and ground water.     

The occurrence of micopollutants in the aquatic environment: a new challenge for water management.

The occurrence of micropollutants in the aquatic environment has become a crucial topic in the last two decades owing to the innovative development of analytical instrumentation such as LC tandem MS. Using these new techniques it became obvious that pesticides, pharmaceuticals, ingredients of personal care products, biocides, flame retardants, and perfluorinated compounds are entering rivers and streams via treated wastewater. Also contamination of bank filtrates, groundwater and in a few cases even drinking water was identified. Wastewater treatment plants are not designed to remove polar persistent organic pollutants occurring in the sub-mg/L range and hence many of these organic pollutants are passing WWTPs to a high extent. Waterworks with a potential pesticide contamination in their raw water are equipped with advanced techniques such ozonation, activated carbon or nanofiltration enabling the removal of a high variety of other organic compounds. However, waterworks without an expected pesticide contamination are frequently equipped with common treatment processes not enabling the removal of these kinds of organic pollutants. Therefore, comprehensive management activities for protection of aquatic environments and water resources must consider the removal of all micropollutants relevant to water quality and ecology, independent of their usage or origin.     

Child malnutrition and school performance in China

Data on the height, weight, age and grade level of over 3,000 children in five quite different locations in China allow computation of how far behind in school each child is, relative to where he should be given his age, as well as of the nutritional status variables of height-for-age, weight-for-age and weight-for-height. This paper uses these data to estimate the impact of the nutritional variables on the available measure of school performance. Children tend to be about one grade further behind in rural areas than in the provincial capitals, and about one-half a grade further behind in the provincial capitals than in Beijing. Even after controlling for location, however, lower nutritional status (particularly height-for-age) was found to affect school performance adversely; a one standard deviation reduction in height-for-age, for example, would result in a child's being about one-third of a year further behind. Though results from a geographically limited sample should be generalized only with substantial caution, and alternative interpretations of the data are possible, it does appear likely that malnutrition in rural China remained sufficiently prevalent in 1979 to retard the school advancement of large numbers of children.