Capital Flows to Latin America (2003–17): A Critical Survey from Prebisch’s Business Cycle Theory

ABSTRACT

The economic literature on capital flows to developing countries has shared two important commonalities since the 1990s. Published works (whether they focus on the external situation or stress the domestic determinants of capital flows) tend to assume a beneficial effect of capital inflows, which leads to an improvement of peripheral institutions, whose deficiencies are ostensibly the main cause of economic turmoil and/or failure in attracting capital flows, in continuity with New Institutional Economics. In doing so, mainstream economists deliberately overlook the asymmetric characteristics of the international monetary system and the persisting hegemony of dollar. Raul Prebisch’s pioneering work on business cycles in Latin America provide an alternative view, one capable of amending the existing mainstream literature. On the one hand, Prebisch stressed the destabilizing role of capital inflows on Latin American economies, particularly short-term speculative capital. On the other hand, Prebisch designed a set of counter cyclical monetary policies in order to contrast capital volatility, particularly during downturns. An analysis of stylized facts shows that, when correctly updated, Prebisch’s theory has remarkable explanatory potential when applied to Latin America’s current economic and financial situation.     

Mandatory disclosure,greenhouse gas emissions and the cost of equity capital: UK evidence of a U-shaped relationship

This paper examines the effects of disclosing greenhouse gas (GHG) information mandatorily on the cost of equity capital (COC) using a longitudinal unbalanced panel database of the United Kingdom's FTSE 350 firms for the period 2011–2016. We use a nonlinear panel quantile regression (PQR) model to examine the relationship between GHG disclosure (GHGD) and COC in the United Kingdom. This technique was supplemented by conducting a two-step generalised method of moment (GMM) estimation to address any concerns related to the potential existence of endogeneity problems. Our findings suggest that high-level GHGD appeared to be negatively associated with COC up to a certain level, which is known as the turning point; then, any increase in GHGD is likely to increase the COC. This means that the nonlinear association between GHGD and COC is evidenced in our study and takes a U shape. Likewise, our findings are associative of a moderating effect of the 2013 carbon disclosure regulation (CDR) on the GHGD–COC nexus. We argue that mandatory GHGD and GHG risk are linked so that those companies that are associated with higher GHG risk have a tendency to be better disclosers. Consequently, we urge regulators to design GHGD regulations in a way that mirrors corporate environmental risk and leads to a lower COC in order to align the interests of corporations with those of the society at large.     

仙游抽水蓄能电站尾水系统充排水试验

为检查工程质量,查找输水系统可能存在的问题并消除隐患,保障电站安全运行,福建仙游抽水蓄能电站在投产发电前,要对输水发电系统进行充水试验与放空排水试验,在试验过程中监测输水系统的应力、应变与渗漏水情况。本文以尾水系统为例,介绍了试验所应具备的工程条件、工作程序及技术要求、试验成果分析和存在问题处理等。试验表明,仙游抽水蓄能电站尾水系统设计合理,施工质量优良,结构可靠,可供同类工程参考与借鉴。     

富水砂层盾构接收技术

针对富水砂层盾构接收易发生渗漏、涌砂、安全风险大等问题。在大量工程实践基础上,总结出以控制地下水为重点、坚持预防为主的施工理念,形成端头加固、止水帷幕、环箍注浆及止水装置的富水地层盾构接收技术,牢筑三道止水防线。技术成果在多项依托工程中成功应用,确保了该类地层盾构接收安全和风险可控。     

黑龙江省节水增粮行动(2012—2015年)实施方案

文章通过对黑龙江省高效节水现状,存在问题的分析,结合黑龙江省高效节水发展的支撑能力,阐述黑龙江省节水增粮目标、任务及总体布局,为黑龙江省2012—2015年节水增粮实施提供依据。     

新发展阶段中国水资源安全保障战略对策

进入新发展阶段，中国水资源安全保障需要以“节水优先、空间均衡、系统治理、两手发力”治水思路为指导，厘清问题、研判趋势、优化对策，支撑新阶段水利高质量发展。本文在全面分析我国水资源安全保障存在的突出问题与面临形势基础上，阐述了新发展阶段中国水资源安全保障的基本思路与战略路径，从保证资源安全、构建国家水网、强化供水保障、建设美丽河湖、改善水环境质量等方面提出了战略对策和需要进一步回答的重大问题，以期为完善新发展阶段中国水资源安全保障战略，全面提高国家水资源安全保障能力提供有力支撑。     

电磁精细探测法在隐伏型导水地质裂缝勘探中的应用

针对传统隐伏型导水地质裂缝勘探方法存在勘测精度较差的问题,提出电磁精细探测法探析隐伏型导水地质裂缝。依照屏蔽系数、实测场强和理论场强数据绘制综合曲线图,通过该图获取隐伏型导水地质裂缝所处位置几何阴影范围,采用层析成像法得到网格化的工作面,获取隐伏型导水地质图像。通过图像直接观测隐伏型导水地质工作面裂缝所处位置,在此基础上,观测四个电磁场分量,采用正交电磁场分量计算介质视电阻率,依据计算视电阻率数值和视电阻率分布状态研究裂缝发育情况和裂缝富水程度。结果表明:采用该方法能较为精准地获取隐伏型导水地质裂缝位置。通过裂缝位置进一步检测出隐伏型导水地质裂缝最大发育高度为63.5 m。当视电阻数值不断增加时,隐伏型导水地质裂缝和裂缝富水性逐渐减小,与实际情况较为相符,说明该种方法探析效果较好。     

Increasing linkages among European regions. The role of sectoral composition

This paper analyses changes in economic regional interlinkages in Europe over time and investigates the factors that could explain the dynamics of these changes. Our four main findings are the following: (i) we detect a significant surge in regional synchronisation after the Great Recession; (ii) we identify the regions most interrelated with the rest of Europe, namely, Ile de France, Inner London and Lombardia; (iii) we find that sectoral composition explains regional synchronisation in Europe, mainly after the Great Recession and (iv) we document that sectoral composition has important implications for aggregate economic fluctuations, in particular, that similarities in services-related sectors across regions explain a nonlinear relationship between sectoral composition and regional business cycle synchronisation. We also propose a new method to measure time-varying synchronisation in small samples that combines regime-switching models and dynamic model averaging.     

Characterizing physical habitat preferences and thermal refuge occupancy of brook trout (Salvelinus fontinalis) and Atlantic salmon (Salmo salar) at high river temperatures

Anthropogenic influences, including climate change, are increasing river temperatures in northern and temperate regions and threatening the thermal habitats of native salmonids. When river temperatures exceed the tolerance levels of brook trout and Atlantic salmon, individuals exhibit behavioural thermoregulation by seeking out cold‐water refugia – often created by tributaries and groundwater discharge. Thermal infrared (TIR) imagery was used to map cold‐water anomalies along a 53 km reach of the Cains River, New Brunswick. Trout and salmon parr did not use all identified thermal anomalies as refugia during higher river temperature periods (>21°C). Most small‐bodied trout (8–30 cm) were observed in 80% of the thermal anomalies sampled. Large‐bodied trout (>35 cm) required a more specific set of physical habitat conditions for suitable refugia, that is, 100% of observed large trout used 30% of the anomalies sampled and required water depths >65 cm within or adjacent to the anomaly. Densities of trout were significantly higher within anomalies compared with areas of ambient river temperature. Salmon parr were less aligned with thermal anomalies at the observed temperatures, that is, 59% were found in 65% of the sampled anomalies; and densities were not significantly different within/ outside anomalies. Salmon parr appeared to aggregate at 27°C, and after several events over 27°C variability in aggregation behaviour was observed – some fish aggregated at 25°C, others did not. We stipulate this is due to variances of thermal fatigue. Habitat suitability curves were developed for velocity, temperature, depth, substrate, and deep water availability to characterize conditions preferred by fish during high‐temperature events. These findings are useful for managers as our climate warms, and can potentially be used as a tool to help conserve and enhance thermal refugia for brook trout and Atlantic salmon in similar systems.     

Advancing environmental productivity: Organizational mindfulness and strategies

This study investigates the importance of mindfulness‐based organization systems and policies on the organization's continuous efforts to become a greener company. The study is devised as a pooled cross‐sectional time series analysis of productivity in energy consumption, water utilization, and waste generation and recycling of U.S. companies. The data set taken from U.S. Newsweek 500 recorded 600 companies dispersed into 63 industries during the period of 2012–2014 and provided 1,498 company–industry–year observations. The study found that systems and policies (e.g., deployment of third‐party auditors for its environmental metrics report; linkage of the remuneration of company's senior executive team with the achievement of environmental performance targets; and establishment of a committee at the Board of Directors' level whose mandate includes sustainability of the company in environment‐ and resource‐related matters) connect the company's mindfulness to its effort in improving the environmental quality through the company's productivity in energy consumption, water utilization, and waste generation and recycling. The relationships are positive and significant. Also, systems and policies serve as a motivator for the firm to continue to improve upon the current achievements. The study emphasizes the importance of translating organizational and individual mindfulness into organization policies and systems in order to motivate the organization to continuously improve its productivity in energy consumption, water utilization, and waste generation and recycling leading to improvements in environmental quality.