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LaTeX is a very popular platform for writing papers in economics, mainly due to its superior aesthetics in print. The question is whether the aesthetic (and other) benefits of adopting LaTeX outweigh the opportunity costs of learning and using LaTeX, which can be high even for experienced users. FaKe LaTeX using Microsoft Word has a remarkably similar visual appearance to papers produced in native LaTeX and it is easy to learn and use. This low cost alternative may be appealing to many economists.

Summary This study estimated paper and paperboard demand, pulpwood demand, and carbon dioxide (CO2) emissions from production of paper and paperboard through 2050 in ten Asian countries. Under scenarios of varying population, gross domestic product (GDP), and per capita paper and paperboard demand, we analyzed the relationship between economic growth and consumption of paper and paperboard. We also evaluated options to reduce CO2 emissions through increased use of black liquor, waste paper pulping, and wood chemical pulping, as well as improvements in pulp, paper, and paperboard production technology. The quadratic curve model (inverted U) for per capita consumption of paper and paperboard against per capita GDP resulted in significant regression coefficients and higher adjusted R2 values than linear and logarithmic curve models for all uses of paper and paperboard. The estimated paper and paperboard demand in the ten countries in 2050 ranged from 112% (328%) to 156% (454%) of total 2005 consumption for the world (for the ten Asian countries). Of this estimated paper and paperboard demand, China accounted for about 50% and India 20%. The estimated pulpwood demand in these ten countries in 2050 ranged from 13% (48%) to 21% (84%) of global (ten country) 2005 wood supply potential. The introduction or increase of the use of black liquor, waste paper pulping, the combination of wood chemical pulping and black liquor, and technological improvements produced CO2 reductions of 24%, 5%, 32%, and 25%, respectively, compared to 2050 emission levels in the no-measure (unadjusted) option, assuming sustainable forest management.

This study examines stock market gambling using a comprehensive set of investor characteristics and past portfolio performance measures. We find that retail investors overinvest in ‘lottery stocks’, stocks with gambling-like properties. Significant portfolio underperformance is the result of gambling through lottery stocks. Investors are more likely to gamble following recent portfolio paper gains, regardless of realised performance, providing new evidence that paper gains trigger a house money effect. Investors trading greater values or holding more stocks, and older and female investors, are less likely to invest in lottery stocks.

Cross‐border travel for business, personal and tourism purposes is an important component of trade in services. In 2013, travel accounted for 25% of services export in the world. Trade in services accounted for 12% of GDP in the world. Hence, the role of travel in many economies is substantial. The current paper studies the determinants of cross‐border flows of people with a particular emphasis on the role of visa policies. We adopt the UN General Assembly Affinity Index, a measure of the quality of bilateral relations between nations, to instrument for bilateral visa policy. We find that, ceteris paribus, imposing visa restrictions on a country reduces travel from that country by about 73% in 2010 implying restrictive visa policies discourage cross‐border travel significantly. This implies an adverse impact of restrictive visa policies on trade‐in‐services.

The recent market freeze in third-party asset-backed commercial paper in Canada has given rise to a restructuring proceeding of unprecedented size and complexity in Canada. It has led the Courts to refine and perhaps define the interpretative principles underpinning the determination of the scope of under-inclusive commercial legislation. This paper is a commentary on this unusual proceeding and the judicial analysis employed in the proceeding. Copyright © 2008 John Wiley & Sons, Ltd.

The U.S. housing finance market has not yet recovered from the housing price bubble that peaked in late 2006. Even though prices have fallen significantly, there are still problems in clearing the market. For the last few years, a group of financial economists and practitioners who are part of the Financial Management Association's Practitioner Demand Driven Academic Research Initiative (PDDARI) have been studying the collapse of the housing market and have concluded that many market participants still have insufficient (and in some cases the wrong) incentives to take actions that would help restore the market's health. In January 2012, Ben Bernanke, Chairman of the Federal Reserve Board, released a white paper that reviewed current housing market conditions and created a framework for policy analysis designed to help reestablish the health of the U.S. housing market as part of the broader effort to foster economic recovery. Using this framework as its starting point, the PDDARI group has come up with a set of proposals whose centerpiece is an “incentive-compatible” mortgage that encourages homeowners to rebuild their home equity as an essential step to a housing recovery. By incorporating “price appreciation rights” that would provide stronger inducements for lenders or mortgage owners to make loan modifications (particularly, forgiveness of principal), the PDDARI mortgage structure could allow more homeowners to remain in their homes and avoid foreclosures and the large associated deadweight costs (as much as 40% of a home's assessed value). Additionally, the government-sponsored enterprises, including Fannie Mae and Freddie Mac, are also in need of radical reform, and a transition toward greater private market participation would promote the long-term health of the mortgage market.

This paper examines the relationship between the environmental and economic performance of firms in the European paper manufacturing industry. It initially discusses possible functional relationships between environmental and economic performance rooted in different theoretical frameworks and links these to recent empirical and theoretical analyses of the Porter hypothesis. Following this, it reports the results of an empirical study carried out in the European paper industry. Findings fit better with 'traditionalist' reasoning about the relationship between environmental and economic performance, which predicts the relationship to be uniformly negative. In particular they confirm the necessity for a more differentiated view of the Porter hypothesis. This paper examines the relationship between the environmental and economic performance of firms in the European paper manufacturing industry. It initially discusses possible functional relationships between environmental and economic performance rooted in different theoretical frameworks and links these to recent empirical and theoretical analyses of the Porter hypothesis. Following this, it reports the results of an empirical study carried out in the European paper industry. Findings fit better with 'traditionalist' reasoning about the relationship between environmental and economic performance, which predicts the relationship to be uniformly negative. In particular they confirm the necessity for a more differentiated view of the Porter hypothesis.

This article argues that reforms of higher education finance for undergraduates in England introduced by the Blair government in 2006 provided a progressive strategy for achieving the central objectives of higher education of quality (better), access (wider) and size (larger). Reforms in 2012 are a not a strategy but a collection of ad hoc arrangements. They include the good (a higher fees cap, a higher interest rate on student loans, better information and improved support for part-time study), the bad (abolishing most taxpayer support for teaching in the arts and humanities and the social sciences, and raising excessively the threshold at which loan repayments start) and the unspeakable (abolishing Education Maintenance Allowances and AimHigher). The reforms are fiscally costly and hence perpetuate the central problem of capped student numbers, and will not stand the test of time. The concluding section outlines the next White Paper.

In its first years in office, the Labour Government set out a wide-ranging and ambitious set of policies aimed at reducing poverty, inequality and social exclusion. A decade on, with the party facing probable catastrophic defeat in the next general election, how far can these ambitions be said to have been met? This article summarises the evidence. It also examines the most recent government White Paper on social mobility, New Opportunities: Fair Chances for the Future, published in January 2009, and asks whether this paper represents a serious last attempt to renew the equal opportunities agenda.

This paper adds to the literature on the information content of the paper-bill spread by explicitly taking into account the two sources of wider spreads, rises in the paper rate and declines in the bill rate. Results from impulse response analysis and variance decompositions suggest that decreases in real output are greater and last longer when a widening of the paper-bill spread comes from an increase in the paper rate rather than from an equivalent decrease in the bill rate. This is consistent with the idea that changes in the commercial paper rate have greater information content about future business cycles than do changes in the Treasury bill rate.

We consider the role of money as a means of payment, store of value and medium of exchange. I outline a number of quantitative and qualitative experiences of monetary management. Successful regimes have sprung up in a variety of surprising places, and been sustained with state (centralised) interventions. Although the link between state and money, and its standard of identity and account may be clear, particularly in earlier stages of economic development, the extent to which the state is widely felt to hold responsibility for 'sound money' is less clear in modern democracies, where there are many other public responsibilities implying ongoing trade-offs.

Summary This article presents a modeling framework that enhances our ability to analyze the implications of policy for future sustainability of industrial systems. The framework quantifies the relationship between physical input and waste flows, capital vintage, and investment behavior in the U.S. pulp and paper industry. A regional vintage model is developed that simultaneously incorporates investment decisions, vintage structure of the capital stock, and physical material and energy flows, in addition to paper demand. Each capital vintage is specified by size, output structure, and age-specific retirement rates, as well as fiber use and energy intensities. Both embodied and disembodied technological change are incorporated, as well as greenhouse gas emissions from fuel use, and decomposition and incineration of waste. Estimated equations are used to simulate industrial futures until 2020, from a system of nonlinear differential equations. Our results demonstrate the economic and physical inter-dependence between material and energy flows and the central role energy prices have in decision-making. For instance, an increase in average energy prices, ceteris paribus, will on average discourage paper recycling, which has implications for greenhouse gas emissions as well as for changes in energy intensity. The analysis of the data reveals diminishing rates of energy self-generation, and the immense longevity of capital, which hampers rapid change in input and carbon intensity. This stresses the importance of investment-led strategies in facilitating faster capital turnover to enhance future sustainability of the system.

Does the presence of a unionized nursing workforce retard US hospitals’ transition from paper-based to electronic health records (EHRs)? After tying archival data on hospitals’ structural features and health information technology (IT) investment patterns to self-gathered data on unionism, I find that hospitals that bargain collectively with their registered nurses (RNs) appear to delay or forego the transition away from paper, consistent with existing theory and research in industrial relations and institutional economics. However, this relationship is fully mediated by a hospital's payer mix: those serving a larger share of less lucrative, elderly, disabled and indigent patients are more likely to adopt EHRs if they are unionized than if they are not, a result that holds even at the median payer mix. Indeed, this accords with research on the interplay of labour and technology as the aforementioned dynamics are driven entirely by RN-exclusive bargaining units for whom the new IT serves as a complement rather than as a substitute in production. Given the outsized role that unions play in the US healthcare sector, the overall sluggish performance of the sector, and the expectations that policymakers have for EHRs, evidence that these unions are welfare-enhancing should be welcome news.

How do we evaluate the effects of unconventional monetary policy measures? To answer this question, we propose a simple structural model that enables us to identify the effects of liquidity facilities during financial turmoil. Specifically, we develop a model that examines the effects of the Bank of Japan's (BoJ's) commercial paper (CP) operations on the CP primary market. On the basis of the structural model, we measure the effects of CP operations as differences between the actual rates in the primary market and the counterfactual rates without the operations, and decompose the effects into three factors. We apply our model to identifying the effects of CP operations from October 2008 to May 2009, including the period after the BoJ introduced the outright purchase of CP and its special funds-supplying operation accepting CPs as collateral in addition to the CP repo operation. Our results suggest that the CP repo operation and the outright purchase of CP had marked effects initially; however, these effects were subdued subsequently. Moreover, the effects of the special funds-supplying operation were substantial and persistent from January to April 2009.

In this article we study three Norwegian reports concerning the environmental problems connected to use of natural resources and production of waste. The reports are responding to political initiatives in White Paper 58 (1996–97) and White Paper 8 (1999–2000). The reports describe, analyse and give reasons for various resolution strategies with regard to excessive consumption of virgin natural resources, inefficient economic processes and irresponsible waste management. The purpose of this article is threefold. First, we present a theoretical framework that enables an integrated analysis of economic problems. We have termed the theoretical context for our analysis circulation economics. Second, we illustrate the complexity of the problems through a discussion of the three different reports concerning waste management. Third, in the context of circulation economics the different reports elucidate various aspects of the phenomenon area and the new perspective can be used to synthesize the partial findings. In addition to this, we suggest where further work has to be done in the future. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.

A model previously developed by Lackman (C. L. Lackman, Forecasting commercial paper rates. Journal of Business Finance and Accounting15 (1988) 499–524) for the period 1960 to 1985 is updated to include the 1990s and incorporate statistical techniques relating to tests for stationary conditions not available in 1988. As in the previous model, the demand for commercial paper by each institution (Households (HH), Life Insurance Companies (LIC), Non-Financial Corporations (CRP) and Finance Corporations (FC)) and the total demand is simulated. Simulations of the commercial paper rate are also generated—using just the demand equations (total supply exogenous) and then employing the entire model (supply endogenous) to determine the rate. Simulation periods are from 1960:2 to 2001:4 for all demand simulations. The dynamic simulation of the total demand for commercial paper performs well. The resulting root mean square error, 3.485, compares favourably with the Federal Reserve Boston–Massachusetts Institute of Technology (FRB–MIT) estimate of the commercial paper rate (deLeeuw and Granlich, 1968). Copyright © 2004 John Wiley & Sons, Ltd.

Analyses of the foreign expansion of firms based on economics have recently been supplemented with institutionally-oriented studies demonstrating that foreign expansion is partly conditioned by the institutional environment in which the expanding firms are embedded. In this paper, we join this emerging stream of research with an empirical study on three Finnish-based paper industry firms from 1994 to 2000. By showing how changes in the patterns and forms of foreign expansion coincide with changes in the forms of corporate ownership and the cognitive constructions of organizational actors, our study confirms that foreign expansion cannot be adequately understood without reference to the institutional environment in which it originated. In particular, we show that foreign expansion can turn into an institutional requirement that directs the development of firms in part irrespective of the economic aspects involved.

After years of good service, EU legislation on chemicals is currently subject to a major review. This process, initiated by the Council of Ministers at Chester in April 1998, will soon lead to new legislative proposals. In the meantime, a review of the Commission's White Paper on "Strategy for a Future Chemicals Policy," published in February 2001, clearly shows that the regulatory landscape in this area will be significantly reshaped and that a new burden will be imposed on industry to demonstrate that the production and use of chemicals indeed conform to high standards of protection of human health and the environment. In the view of industry, on both sides of the Atlantic, while the objectives of the proposed reform can be supported, the measures proposed in the White Paper to implement these objectives are not properly balanced and will lead to substantial societal and economic drawbacks, unless significant adjustments are made. The purpose of this article is to present the pitfalls and difficulties of the reform as they are perceived by the EU Committee of the American Chamber of Commerce in Brussels, an organization that regroups about 150 European companies of American parentage, belonging to a broad range of European business sectors, including producers and users of chemicals. In view of the transatlantic and cross-business character of its membership, the EU Committee offers a different perspective on the debate.

In February 2001, the European Commission published its White Paper on a Strategy for a Future Chemicals Policy. The publication launched a heated debate on principles, aims, instruments, implementation and management of future chemicals control in the European Communities. The White Paper came in the wake of massive criticism of current chemicals legislation. Various parties involved repeatedly expressed their concern about a tremendous lack of effectiveness. Furthermore, comparisons with other industrialized countries outside the EU indicated that the current regulatory framework actually discourages innovation in the European chemicals industry. This paper examines current European chemicals policy and main elements of the White Paper strategy with a special focus on the impact of chemicals regulation on innovation towards sustainability. The claim that chemicals regulation tends to block innovation is rejected for lack of conclusive proofs. In contrast, the paper reinforces the view that the White Paper strategy is an important step forward towards sustainability in the chemicals sector. However, with the aim to make it pay for companies to pursue environmentally orientated innovation strategies, supporting measures and instruments need to be developed further. Copyright © 2003 John Wiley & Sons, Ltd. and ERP Environment

Most aspects of the argument of the UK government's 2000 White Paper on globalization and development stand up reasonably well to the findings of subsequent research. But there is significant new evidence in two areas: the size of the contribution of institutions to growth; and the complexity of the effects of increased openness on poor people. Copyright © 2004 John Wiley & Sons, Ltd.

This article investigates the reduction of water pollution at four Norwegian paper mills from the early 1970s until 1997. Especially during the 1990s water pollution from the mills has converged at a relatively low level. This is due to changes in the production processes, implementation of a common environmental strategy and investment in research and development. Over the years environmental improvements have become an integrated part of the technological trajectory in this industry. A common understanding of the problems and possible solutions between government and industry is one reason why we can talk about a greener technological trajectory. One reason for this common understanding is that the regulation of environmental problems in the paper industry has been based on the principles in Norwegian industrial policy. Integration of these principles into a site-specific environmental policy meant that questions concerning the regional economy were judged against local water pollution problems. This means that the regulation of the paper industry has to be seen in both a historical, geographical and institutional context. Copyright © 2000 John Wiley & Sons, Ltd. and ERP Environment.

Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine the quantities outstanding and their redemption dates, providing a substantial correction to the literature. Over 80 percent of this paper money's current market value was expected real asset present value and under 20 percent was liquidity premium. It was primarily a real barter asset and not a fiat currency. The liquidity premium was positively related to the amount of paper money per capita in circulation. This paper money traded below face value only due to time-discounting and not depreciation. Past scholars have simply confused time-discounting with depreciation.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.

As the world's largest industry, tourism is becoming increasingly global and places greater demands on the hotel trade. Tourist traffic had increased by 30% over the last five years, according to the World Tourism Organisation, and will shortly exceed one billion tourist arrivals per annum. Greater demand for hotel accommodation coupled with increasing separation of ownership and management has placed the hotel sector firmly in the investment spotlight. The following article explains why. Copyright © 2005 John Wiley & Sons, Ltd.

Summary In the past decade and a half, the U.S. paper industry became the target of an unusual convergence of environmental concerns. These concerns have focused on the industrys role in forest and biodiversity depletion, the municipal solid waste management crisis, and various toxic chemical pollution problems. Although such concerns are traditionally treated as distinct environmental policy areas, the prominence of the paper industvs impacts in each area gave rise to an increasingly integrated environmental perspective fixed on the system of paper production and consumption, and on the paper industry itself. The argument advanced here suggests that the structure of the modem industry itself must be a central focus in a more integrated environmental perspective that can meaningfully accommodate the multiple social, economic, and ecological goals of sustainabilrty. Two issues, paper recycling and the use of nonwood fiber sources, are discussed from this point of view. The article concludes with a discussion of how a sectoral analysis of environmental problems can be Addrw correspondence tot used to frame a comprehensive strategic vision of attemative futures in the industry, and to design effective public policies and strategies

Despite the growing importance of the commercial paper market there is no empirical work investigating the hedging performance of dynamic hedging strategies versus traditional static hedging strategies. This article proposes a dynamic hedging model for commercial paper that takes advantage of time dependencies present in the joint density of commercial paper and T-bill futures. The hedging effectiveness of the dynamic model is compared to that of the static regression model. There is clear evidence that dynamic hedging is superior to static hedging in terms of both total variance reduction and expected utility maximization. These results hold even when transactions costs are explicitly taken into account. © 1998 John Wiley & Sons, Inc. Jrl Fut Mark 18:925–938, 1998

A case study of the global pulp and paper industry is used to examine the implications of environmentalism for corporate strategy in the restructuring process. Previous economic analyses concerned with the dispersion of pollution-intensive industries from countries with strict environmental regulations to developing countries with weak environmental legislation, the so-called pollution havens, have shown that there is little or no significant causal relationships between the costs of regulation and the observed dispersion. Competing hypotheses of the environment–competitiveness linkage suggest instead that demand, resource endowment, and cheaper labour and construction costs for highly capital intensive industries are more persuasive factors in explaining the dispersion of dirty industries. In this study environmentalism is defined to encompass non-quantifiable variables involving stakeholder pressures from both consumers and governments. Environmentalism is shown to have significant implications for changes in spatial patterns of production in the pulp and paper industry and for an emerging pattern of international trade in wastepaper which has been recovered under the guise of environmentalism.

The UK Government published a new White Paper on International Development in November 1997. The White Paper sets out the UK Government's vision and new policies for the elimination of international poverty; it explains the new objectives and strategy for the Department for International Development and details the new objective of ensuring that all UK Government policies take account of their impact on sustainable development. This article summarizes the content of the White Paper and discusses in detail some of the issues involved in operationalizing the policies. It looks particularly at the new proposals for partnership between UK Government and developing countries and explores some of the implications of policies to support pro-poor economic growth. © 1998 John Wiley & Sons, Ltd.

The Labour government's new White Paper promises great changes in the British aid programme: re-focusing aid on poverty reduction, partnerships replacing one-sided conditionalities, and policy coherence so that the broad gamut of British policies in areas as diverse as agriculture, trade and investment are in line with the needs of international development. However, the Paper is stronger on broad policy statements than detail as to how to implement these strategies. Moreover, an examination of the history of British aid shows continuity to have been greater than change. Both Labour and Conservative governments have presided over cuts in UK aid, and so instead pointed to the high quality of British aid. But efforts to improve aid quality have been impeded by the use of aid to achieve political and commercial objectives. Whether the White Paper represents a break with the past cannot be determined by the Paper's brave rhetoric, but only by the future actions of the Department for International Development. © 1998 John Wiley & Sons, Ltd.

Summary The production of paper is a key economic activity accounting in value terms for about 2.5% of the world's industrial production and 2% of world trade. Paper products make a vital contribution to education, communications, packaging, and health care. In recent years the paper cycle has become the focus of environmental concerns about the impacts of forestry pollution from manufacturing, and waste. To address these concerns, the World Business Council for Sustainable Development commissioned the International Institute for Environment and Development (IIED) to examine the sustainability of the paper cycle. The first phase ofthe study involved a review of literature related to the paper cycle to identify the main debates and gaps in knowledge. This was followed by a journal of Industrial Ecology wide-ranging program of research and consultation on various aspects of the paper cycle. This article summarizes the key findings of the study for different stages of the cycle covering issues such as the impacts of forestry, the outlook for fiber supply, the role of nonwood fiber; the environmental and social impacts of pulp and paper manufacturing, the choice of options for wastepaper and the contribution of the paper cycle to greenhouse gas emissions. The study makes a number of recommendations for the pulp and paper industry, governments, international agencies, consumers, and nongovernmental organizations

Summary The PaperTask Force, a group of major U.S. paper purchasers convened by the Environmental Defense Fund (EDF), recently completed a life cycle-based study of various grades of paper that examined a broad range of economic, functional, and especially environmental issue. This 28-month effort culminated in the release of a final report and recommendations intended to educate paper purchasers about the consequences of their paper purchasing decisions. The report also provides actionable steps that can be taken to increase the purchase and use of environmentally preferable paper; defined as paper that reduces environmental impacts while meeting business needs. The technical basis for the PaperTask Force recommendations is an analysis of environmental impacts associated with the entire life cycle of several major grades of paper; reaching literally from the forest to the 1andfill. The Task Force's findings and recommendations cover each of the major areas of opportunity to lessen the environmental impacts of using paper: reduction in paper use; paper recycling and buying recycled paper: forest management; and pulp and paper manufacturing. journal of Industrial Ecology I5 paper recycling

Environmental standards imposed on the Australian paper industry have emerged in response to public concern over the logging of native forests and the ‘greening’ of consumer demand. Such standards play an integral part in the paper industry's restructuring. Neo-classical theorists hypothesised environmental standards as encouraging the relocation of polluting industries to countries with lax regulations. An alternative hypothesis is that environmental standards encourage in-situ restructuring that can positively affect a company's competitiveness. In considering this alternative hypothesis the implications for state and federal policy are briefly considered.

The White Paper signals a clear, strong and comprehensive commitment by the British government to use its aid and influence to help poor people. It spells out a range of specific aims to benefit and empower the poor and especially women. It endorses a new powerful concept of partnership with its own commitments to partners and it specifies the implications of any lack of commitment by them to poverty reduction. Unfortunately there is no systematic exposition of the changes in policies required to achieve pro-poor growth; there are ambiguities about targeting and no lessons are drawn about what has worked well in its own past interventions. DFID appears to want to ‘go it alone’ with little indication of the collective efforts (including other donors) required to achieve these ambitious goals. Nevertheless, the agency has organizational strengths to achieve its new strategy which gives confidence that more precise operational strategies will be devised and pursued with conviction in the coming years. © 1998 John Wiley & Sons, Ltd.

Environmental Information Services, Inc. (EIS) publishes detailed reports and offers custom research related to the full spectrum of environmental issues facing corporations. In this new article, EIS reports on the environmental performance, policies, and expenditures of the largest companies in the paper industry, focusing on toxic waste management, and a variety of key policy and expenditure issues. It is important to note that the following article does not contain data on hazardous waste management, penalties, spills, and Superfund sites. This, as well as additional policy and expenditure data, can be obtained from EIS. EIS reports help companies of all sizes benchmark their environmental performance and quality improvement efforts.

This commentary explores some of the main issues raised in the recent Green Paper ‘Resolving Employment Rights Disputes–Option for Reform’. The Green Paper is the first comprehensive review of the industrial tribunals since their inception in 1964, and an assessment is made of various options for reform outlined in the Paper.