NEW ESTIMATES OF AUSTRALIAN PUBLIC BORROWING AND CAPITAL RAISED IN LONDON, 1849–1914

Current statistics of Australian public borrowing to 1914 suffer from several limits. On the basis of a comprehensive revision, an upward bias is shown in all the alternative time series of London borrowing, while statistics of local bond issues are derived for the first time. The new time series show the importance of the initial borrowing cycle during the 1850s and 1860s; the scale of debt repatriation from the mid-1890s; the interaction between domestic and overseas borrowing before the 1880s; and the potential significance of remittance as an 'invisible stabiliser' of the exchanges and alternative indirect source of capital imports.     

Policy transfer and the introduction of road pricing in Valletta,Malta

Charging motorists to pay for driving at times and/or in places where there is insufficient capacity to meet the level of demand has long been recognised by transport economists as an efficient way to address traffic congestion. However, only a few locations have actually decided to use this mechanism, with Valletta one of the more recent cities to introduce such a scheme. This paper aims to present a case study of road pricing in Valletta and the role played by policy transfer in its introduction. To do this, it applies data gathered from existing literature, in-depth interviews and direct observation with those involved in the policy development. Experience of road pricing was gained from London, Durham, Edinburgh and Stockholm. One of the major barriers to policy transfer was felt to be the unique geography of the island however international events, local conditions and a political champion driving change were critical factors to the successful implementation of the road pricing scheme. Policy transfer was deemed useful in terms of policy development, relations with stakeholders, scheme design and administrative approaches. This paper concludes by identifying the contributions of the case study of Valletta to the policy transfer literature.     

The implementation of road user charging and the lessons learnt: the case of Valletta,Malta

Whilst the theory on road pricing is well developed there are only a few schemes operating worldwide with others which have failed to be implemented. One scheme which has received relatively little attention is the Controlled Vehicular Access System (CVA) recently implemented in Valletta, Malta. This paper draws on the experience of Valletta with a move from a fixed annual charge (V-licence) for access into the city to a time-based road user charge implemented in May 2007. The aims of this paper are to identify the reasons why a fixed charge was initially introduced; to review the literature related to implementation of road user charging schemes around the world; to compare the V-licence with the CVA and identify the issues relating to the change from one scheme to another. Through the direct involvement of one of the authors in the design and implementation of the road user charge in Valletta, this paper is based on archival data, direct observation and qualitative interviews. This paper concludes on what lessons can be learnt from the case of Valletta for other cities contemplating the introduction of a road user charge.