Financial intermediation and economic growth in Southern Africa

Using various indicators of financial development, this paperinvestigates the role of financial intermediation in stimulatingeconomic growth in Southern Africa. The results lend some supportto the hypothesis that financial development is positively correlatedwith the growth rate of real per capita GDP. This relationshipis more evident in regressions that use pooled data (5-yearcross-sections) than those using annual data. This finding suggeststhat the finance-growth nexus is a long-run phenomenon. Thedata indicate that while Botswana and Mauritius are catchingup with South Africa towards a high-income steady state, therest of the countries are stagnating to low income levels andlow growth rates.     

Alpha- and beta-characteristic functions in cooperative non-sidepayment games: An experimental test

This article investigates theories of payoff allocation in cooperative non-sidepayment games, that is, games where players can form coalitions and coordinate strategies but cannot redistribute payoffs via sidepayments. A labotatory experiment was conducted with 4-person, 3-strategy non-sidepayment games. The goal of this experiment was to ascertain which characteristic function, V_α(S) or V_β(S), provides the more accurate basis for payoff predictions from solution concepts. Predictions from each of three solution concepts (core, stable set, imputation set) were computed on the basis of both V_α(S) and V_β(S), making a total of six theories under test. The results showed two basic findings. First, for each of the three solutions, the prediction computed on the basis of V_α(S) was more accurate than the prediction computed from V_α(S). Second, the β-core was the most accurate of the six theories tested. Overall, these results support the view that V_β(S) is superior to V_α(S) as a basis for payoff predictions in cooperative non-sidepayment games.     

Area-based differences in injury risks in a small Swedish municipality – Geographic and social differences

The current study investigates the geographic and social differences in injury risks across living areas in a small semi-urban Swedish municipality. The study population consisted of all people living in the municipality during the years 1992–1996 (31,820, December 1996). Area comparisons were made based on data related to the municipality’s 15 census districts and grouped according to the geographic location and three different social characteristics (proportion of unemployed, of low educated, or of people born outside Sweden). Injury data was gathered for the period 1992–1996 from two data sources: Sweden’s National Hospital Discharge Register, and the local outpatient register. Three diagnosis groups were used: all injuries aggregated, traffic injuries and other unintentional injuries. Odds-ratios were calculated for males and females separately. There were no remarkable differences in injury risks between areas, whether compared on the basis of their geographic location or some of their socio-economic characteristics. These findings could be attributed to either a lack of sensitivity of the measures employed or the existence of a well-functioning safety promotion program in the municipality that impacts on injury risk distribution between areas. This, in turn, does not imply that members of underprivileged social groups are not in need of special support regardless of the area to which they belong.     

The economics of on-farm processing: model development and an empirical analysis

Recent trends in the developments of the Common Agricultural Policy suggest an increasing attention towards rural development issues. On-farm processing may offer an alternative for diversification, income generation and rural development in the event of increasingly deregulated agricultural markets. In this study, the economics of on-farm processing for the case of the Swedish potato industry is examined. An interregional partial equilibrium model is developed. Various stages of the potato marketing chain are explicitly modelled. It is empirically demonstrated that, in some regions, on-farm processing is a part of a socially optimal industry structure. Furthermore, it is shown that on-farm processors are more robust towards import competition than bulk product producers. Hence, the results support the notion that small scale processing may contribute towards satisfying some of the objectives of an effective rural development agenda.     

Twenty-five years of bicycle helmet promotion for children in Skaraborg District, Sweden

The purpose of this study is to describe some of the results of a long-term bicycle helmet campaign for children in Skaraborg District, Sweden. The hospital discharge data for bicycle-related injuries occurring in children under the age of 15 were reviewed, to assess changes in patterns for head and other body injuries. The study shows that head injuries to children as a result of bicycle injuries were reduced between 94 and 99% in the study areas. The tremendous gains in safety for children who ride bicycles in Skaraborg District were the result of not only national policy changes that occurred in the latter half of this study period but also the result of local collaborations based on the Safe Communities model, which were organised during the first part of the study period.     

Shareholder-value maximization and product-market competition

We investigate product-market competition when managers maximizeshareholder value rather than their expected discounted valueof profits. If share-holders are imperfectly informed aboutfuture profitability, shareholder-value maximization can leadto either more or less aggressive product-market strategies.Lower rivals' profits lead investors to believe that the firm'scosts are low relative to those of its rivals and that the industry'sprospects are poor. If the former (latter) inference dominates,each firm tries to lower (raise) its rival's profits to increaseits own stock price. We also consider implications for corporatefinancial structure.     

Injury mortality in local communities in Sweden and in the three Baltic States: implications for prevention

This study provides a comparative time-trend evaluation of injury mortality in local communities in Sweden and the three Baltic States, considering their national socio-political and economic situations and with analysis of local injury prevention structures and activities. Data for the period from 1990 to 2002 were gathered from national statistical offices for the cities of Bor?s, Tartu, Jelgava and Kaunas and from WHO databases for national level analyses. The death rates for Bor?s remained relatively stable over the time period, while the Baltic communities had increasing rates until 1994 and seemed to stabilize after 1997. The differences in injury mortality in the studied communities were highest for the 0 - 19 year age group and especially in the 20 - 64 year age group, but not for the 65+ year age group. Local communities in the Baltic States should consider coordinated safety promotion and injury prevention programmes as a complement to national safety promotion framework.     

Motivation in sport and exercise: a comparison between the BRSQ and BREQ

Quality & Quantity - This study aimed to test whether the Behavioral Regulation in Sport Questionnaire and the Behavioral Regulation in Exercise Questionnaire can measure the same constructs in...     

Cost-effective nitrogen leaching reduction as influenced by linkages between farm-level decisions

This article focuses on how the linkages between various farm‐level decisions affect the choice of measures to reduce nitrogen leaching from crop production. A mathematical programming model is developed. The model considers not only management decisions that affect nitrogen leaching directly, but also other decision variables such as scheduling of field operations and machinery investments. A simplified analysis that ignores the latter management decisions, and the linkages between the various decisions, may result in abatement policies that are not cost‐effective because the policies will have other effects than expected. As an example, the empirical results show that subsidies to catch crops and spring ploughing may contribute to increased nitrogen load, quite contrary to the purpose of these subsidies. Further, it is noted that the characteristics of the production system make it costly to change land use, tillage practices, or fertilizer use drastically. Instead, cost‐effective nitrogen abatement includes a mix of various adjustments of farm‐level production practices. The EU set‐aside payment appears to reduce abatement costs.