Thomas Jefferson on the repudiation of public debt

Thomas Jefferson's theory of public debt repudiation illustrates both the normative and positive aspects of public debt repudiation. Using Jefferson's model, this paper attempts to reveal several characteristics of public debt repudiation. First, that the positive characteristics of repudiation can not be analyzed apart from the normative and institutional issues. Second, how a debt repudiation rule might be incorporated into a country's constitution and, finally, how such a rule may lead to an improvement of the country's credit terms over those that would exist otherwise. In other words, a country may be better off announcing its standards for repudiation then if it denied any intention to repudiate under any conditions. A related issue, which is beyond the scope of this paper, is the sufficient conditions for repudiation. Jefferson's model develops only the necessary conditions. I would like to thank J. Richard Aronson, Wayne Brough, Dean Crawshare, James Dearden, Kenneth Greene, Vince Munley, the anonymous referees, and seminar participants at the 1990 Public Choice Society meetings and at Lehigh University for helpful comments and suggestions. Of course, the author is responsible for any errors. The author is grateful to The Martindale Center for the Study of Private Enterprise which supplied research support.     

Asset pricing and energy consumption risk

This paper proposes energy consumption in the US as a new measure for the consumption capital asset pricing model. We find that (i) industrial energy growth produces reasonable values for the relative risk aversion coefficient and the implied risk-free rate; (ii) compared to alternative consumption measures, industrial energy performs well in explaining the cross-sectional variation in stock returns with the lowest implied risk aversion and pricing errors; (iii) the industrial energy consumption risk model performs equally well as the Fama–French three-factor model in the cross-sectional asset pricing tests; and (iv) total energy consumption risk is priced in the presence of the Fama–French factor risks.     

Author Index

In 1998, in response to the escalating problem of violence and its impact on all sectors of the society, the Ministry of Health (MOH), Jamaica, established a pilot violence-related injury surveillance system (VRISS) in the country's leading public hospital, the Kingston Public Hospital (KPH) situated in the nation's capital. After six months' operation, VRISS was extended to include all injuries. Nine months later, the Jamaican Injury Surveillance System (JISS) was successfully introduced to four other hospitals and has been in operation since. Extension to an additional six institutions was implemented at the end of 2001. What were the challenges faced in introducing an injury surveillance system into the Accident &; Emergency Department (A&;E) of a general hospital, how they were overcome and what were the lessons learnt in the process?     

Making tourism work for the poor: Strategies and challenges in southern Africa

This article analyses strategies for 'pro-poor tourism' (PPT), ie strategies that increase the benefits to poor people from tourism development. Based on an international review of six pro-poor tourism case studies, it outlines the wide range of pro-poor tourism strategies used and their impacts to date, with particular focus on southern African case studies. By analysing their progress, problems and the critical factors influencing them, the article identifies implications for the way forward. This review underpins four propositions. First, despite commercial constraints, much can be done to enhance the contribution of tourism to poverty reduction, and a 'PPT' perspective assists in this endeavour. Secondly, PPT strategies can, and should be, incorporated by all actors in tourism, whether in government or business, at local or policy level. Thirdly, a wide range of impacts on poor people, going well beyond jobs, need to be recognised and enhanced. Finally, PPT strategies are difficult, but particularly relevant in southern Africa given the challenges of economic and political transformation, as well as the opportunity to influence international discussions on 'sustainable tourism' at the World Summit on Sustainable Development in Johannesburg in 2002.     

Exercise test on the older patient: is it still as predictive as for the younger patient?

Exercise testing predicts both cardiac events and mortality after age 65, just as it does for younger patients. In both age groups, functional aerobic capacity itself is a potent indicator of mortality risk. In the elderly, achievement of predicted functional aerobic capacity identifies favorable mortality even in the presence of CAD and CAD risk factors.     

Coronary angiography report

Reports of coronary angiography frequently determine underwriting decisions. This report exemplifies the ideal format and content for effective clinical or insurance risk assessment.