|
on Central and Western Asia |
| By: | Catherine Wolfram; Orie Shelef; Paul J. Gertler |
| Abstract: | Most of the medium-run growth in energy demand is forecast to come from the developing world, which consumed more total units of energy than the developed world in 2007. We argue that the main driver of the growth is likely to be increased incomes among the poor and near-poor. We document that as households come out of poverty and join the middle class, they acquire appliances, such as refrigerators, and vehicles for the first time. These new goods require energy to use and energy to manufacture. The current forecasts for energy demand in the developing world may be understated because they do not accurately capture the dramatic increase in demand associated with poverty reduction. |
| JEL: | O13 Q47 |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17747&r=cwa |
| By: | Jochen H. F. Güntner (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg) |
| Abstract: | Building on Kilian and Park's (2009) structural VAR analysis of the effects of oil demand and supply shocks on the U.S. stock market, this paper studies the responses of a broader set of stock markets in six OECD member countries. The focus is on the differences and commonalities in the response of stock prices in net oil exporting and net oil importing economies during 1974-2011. Structural oil price shocks aid our understanding of historical fluctuations in stock returns - in particular of the 2008 stock market crash. I find that unexpected shortfalls in global oil supply have no significant impact on the stock market in any of the six countries. While an increase in global aggregate demand consistently raises oil prices and cumulative stock returns, the effect is more persistent for net oil exporters and more pronounced for Norway. Other, e. g., precautionary oil demand shocks have a detrimental impact on the stock market in oil importing countries, a statistically insignificant effect for Canada, and a significantly positive effect for Norway. Oil prices account for a larger fraction of the forecast error variance in global relative to national stock returns. |
| Keywords: | Net oil exporters; Oil price shocks; Stock market returns; Structural VAR estimation |
| JEL: | C32 O57 Q41 Q43 |
| Date: | 2011–12 |
| URL: | http://d.repec.org/n?u=RePEc:mag:wpaper:110028&r=cwa |
| By: | Bazhanov, Andrei |
| Abstract: | The studies of the International Monetary Fund offer a model for recommending sustainable budget policy to oil-exporting countries including Russia. The model does not contain any resource as a factor of production and assumes that Russian oil reserves will be exhausted by the middle of the 21st century. The current paper examines the sustainability of open and closed models, which are calibrated on Russia's data and include a resource as a factor of production. The open-model case shows that monotonic economic growth is impossible given the current state of the Russian economy. This paper offers an approach for estimating changes that improve long-term sustainability. |
| Keywords: | nonrenewable resource; weak sustainability; open imperfect economy; Russian oil extraction |
| JEL: | Q32 Q38 O13 |
| Date: | 2011–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:35870&r=cwa |
| By: | Christos Kollias; Catherine Kyrtsou; Stephanos Papadamou |
| Abstract: | This paper, investigates the effect war and terrorism, have on the covariance between oil prices and the indices of four major stock markets - the American S&P500 and the European DAX, CAC40 and FTSE100 - using nonlinear BEKK-GARCH type models. Findings reported herein indicate that the covariance between stock and oil returns is affected by war. A tentative explanation is that the two wars examined here, predispose investors and market agents for more profound and longer lasting effects. On the other hand, in the case of terrorist incidents that, vis-à-vis war, are of a more transitory nature and one-off security shocks, only the co-movement between CAC40, DAX and oil returns is affected. No significant impact for the same terrorist events is observed in the relationship between the S&P500, FTSE100 and oil returns. This difference in the reaction may tentatively be interpreted as indicating that the latter markets are more efficient in absorbing the impact of terrorist attacks. |
| Keywords: | war, terrorism, crude oil, stock market returns, co-movement |
| JEL: | G10 E0 C5 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diweos:diweos57&r=cwa |
| By: | Arora, Vipin; Tanner, Matthew |
| Abstract: | Using a recursive vector autoregression (VAR), this paper considers the relation between the U.S. real interest rate and the real oil price. Theoretically, as outlined in Hotelling (1931) and Working (1949), a lower real interest rate results in reduced production and increased storage, implying a higher oil price. The results presented here show that the robustness of this relationship depends crucially on how the real interest rate is calculated, and the time-frame of the sample. Consistent with earlier studies, the oil price falls with an innovation to the ex-ante U.S. real interest rate. However, this is not true if the real interest rate is calculated ex-post. In this case, the oil price only falls in response to an innovation in short-term U.S. real interest rates (three months or less). Additionally, the response of the oil price to longer-term ex-ante U.S. real interest rates must include the period through 2006 for this relationship to appear. The oil price consistently responds to innovations in short-term rates throughout the entire sample. We draw two conclusions from the results. The first is that the oil price is consistently responsive to short-term U.S. real interest rates, underlying the importance of storage. Second, oil prices have become more responsive to longer-term U.S. real interest rates. The reasons behind this change are unclear and require further study. |
| Keywords: | Oil price; Real interest rate; VAR; Hotelling; Storage |
| JEL: | F49 Q43 |
| Date: | 2011–12–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:35883&r=cwa |
| By: | Nicolas Veron (Peterson Institute for International Economics) |
| Abstract: | This working paper aims to take stock of global efforts towards financial reform since the start of the financial crisis in 2007–08 and to provide a synthetic (if simplified) picture of their status as of January 2012. Underlying dynamics are described and analyzed both at the global level (particularly G-20, International Monetary Fund, and the Financial Stability Board) and in individual jurisdictions, as well as the impact the crisis has had on these regions. The possible next steps of financial reform are then reviewed, including: the ongoing crisis management in Europe, the new emphasis on macroprudential approaches, the challenges posed by globally integrated financial firms, the implementation of harmonized global standards, and the links between financial systems and growth. |
| Keywords: | banks, financial regulation, global financial crisis, global governance, international standards |
| JEL: | F02 G15 G28 G32 G38 |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp12-2&r=cwa |
| By: | Ana Luiza Cortez |
| Abstract: | This paper assesses the effectiveness of non-tariff special and differential treatment (SDT) offered exclusively to the least developed countries by WTO agreements. SDTs are inefficient in at least four aspects. First, they are not easily accessed as they require a certain level of institutional capacity. Second, when accessible they either need to be complemented by other policy interventions or are offset by measures taken elsewhere. Third, some do not respond to LDC needs. Fourth, many are too vaguely defined to provide concrete benefits. Effectiveness can be enhanced by increased LDC ownership and improved policy coherence by trading and development partners. |
| Keywords: | special and differential treatment, least developed countries, World Trade Organization, Uruguay Round, technical assistance, accession, multilateral trade regime, institutional capacity, enhanced integrated framework |
| JEL: | F13 F15 O24 |
| Date: | 2011–12 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:109&r=cwa |
| By: | Jean-Marc Bottazzi; Jaime Luque; Mario R. Pascoa; Suresh Sundaresan |
| Abstract: | By Covered Interest rate Parity (CIP), the FX swap implied currrency interest rates should coincide with actual interest rates. When a difference occurs, the residual is referred to as the cross currency basis. We link the Euro- Dollar currency basis (e.g. in 2008) to shadow prices of dollar funding constraints and interpret the basis as the relative physical possession value of the scarcer currency, or the “convenience yield” associated with that currency. This is similar to specialness in repo markets, expressing the physical possession value of a security. We examine how the coordinated central banks intervention can reduce the currency basis. |
| Keywords: | FX swaps, Repo, Euro-Dollar currency basis, The 2008 dollar squeeze, Possession |
| JEL: | D52 D53 G12 G14 G15 G18 |
| Date: | 2011–12 |
| URL: | http://d.repec.org/n?u=RePEc:cte:werepe:we1139&r=cwa |
| By: | Wim Naudé (Maastricht School of Management, Endepolsdomein 150, 6229 EP Maastricht, The Netherlands and UNU‐ WIDER, Katajanokanlaituri 6b, 00160 Helsinki, Finland) |
| Abstract: | This paper provides an evaluation of the state of global development two years after the global financial crisis of 2008. It argues that in the wake of the crisis a number of re‐assessments of global development has taken place, especially with respect to (i) the surprising origins of the crisis, (ii) the surprising resilience of the developing world, and (iii) the shortcomings of the global financial architecture (GFA). Despite these re‐assessments, progress in dealing with the deep causes of the crisis has been slow, and there are strong vested interests against reform of the GFA due to the incentives that many years of deregulation and regulatory capture has created. These incentives influences entrepreneurial and managerial behaviour in ways that may frustrate reform and re‐regulation and leave global development vulnerable to further financial (and other) crises. The paper draws out some implications for the entrepreneurial economy. |
| Keywords: | Global financial crisis, international trade, finance, developing countries, entrepreneurship |
| JEL: | F33 O11 M13 |
| Date: | 2011–01 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2011/01&r=cwa |
| By: | Ayaz Ahmed (Pakistan Institute of Development Economics, Islamabad.); Henna Ahsan (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | The services sector has provided steady support to Pakistan’s economic growth. It share in GDP now stands a more than 50 percent. The paper analyses its continuation in the growth of the economy in general and the development of trade and genera tion of employment in particular. The study identifies the bottlenecks in its growth and suggest measures to remove them. A set of policy reforms has been suggested to make the sector more effective in the growth of the national economy. |
| Keywords: | Services Sector, Industry, Employment, Financial Institutions and Pakistan’s Economy |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2011:79&r=cwa |
| By: | Peter Hoeller; Isabelle Joumard; Mauro Pisu; Debbie Bloch |
| Abstract: | Countries differ widely with respect to the level of labour income inequality among individuals of working age. Labour income inequality is shaped by differences in wage rates, hours worked and inactivity rates. Individual labour income inequality is the main driver of household market income inequality, with family formation as well as self-employment and capital income dispersion playing a smaller role. Household disposable income dispersion is lower in all OECD countries than household market income inequality, due to the redistributive effect of tax and transfer systems, but redistribution differs widely across countries. This paper maps income inequality for all OECD countries across various inequality dimensions and summarises them in inequality outcome diamonds. It also provides a cluster analysis that identifies groups of countries that share similar inequality patterns.<P>Moins d'inégalités de revenu et plus de croissance – Ces deux objectifs sont-ils compatibles? : Partie 1. Cartographie des inégalités de revenu dans les pays de l'OCDE<BR>Les inégalités des revenus du travail entre les personnes en âge de travailler varient largement selon les pays. Elles reflètent les écarts de salaire, de nombre d‘heures ouvrées et de taux d‘inactivité. Ces inégalités sont le principal facteur d‘inégalité du revenu marchand des ménages, la composition de la famille, l‘emploi indépendant et la répartition des revenus du capital jouant un moindre rôle. La répartition du revenu disponible des ménages dans tous les pays de l‘OCDE est moins importante que l‘inégalité du revenu marchand des ménages en raison de l‘effet redistributif de l‘impôt et des systèmes de transfert, mais cette redistribution est très variable selon les pays. Ce document dresse une cartographie des inégalités de revenu dans tous les pays de l‘OCDE en distinguant les différentes composantes de revenus et en les synthétisant sous forme de figures en diamant rendant compte des résultats obtenus. Il présente en outre une analyse par clusters mettant en évidence les groupes de pays ayant en commun les mêmes structures d‘inégalité.Countries differ widely with respect to the level of labour income inequality among individuals of working age. Labour income inequality is shaped by differences in wage rates, hours worked and inactivity rates. Individual labour income inequality is the main driver of household market income inequality, with family formation as well as self-employment and capital income dispersion playing a smaller role. Household disposable income dispersion is lower in all OECD countries than household market income inequality, due to the redistributive effect of tax and transfer systems, but redistribution differs widely across countries. This paper maps income inequality for all OECD countries across various inequality dimensions and summarises them in inequality outcome diamonds. It also provides a cluster analysis that identifies groups of countries that share similar inequality patterns. |
| Keywords: | poverty, welfare, cluster analysis, inequality, pauvreté, bien-être, inégalité, analyse par clusters |
| JEL: | C38 D30 D6 D63 E24 I24 I3 |
| Date: | 2012–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:924-en&r=cwa |
| By: | Henna Ahsan (Pakistan Institute of Development Economics, Islamabad.); Zainab Iftikhar (Pakistan Institute of Development Economics, Islamabad.); M. Ali Kemal (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | Controlling prices is one of the major tasks for the macroeconomic policy-makers. The recent oil price hike that shifted the policy towards biofuels and some natural calamities increased food prices around the world. This paper analyses the demand- and supply-side factors that affect food prices in Pakistan. Long-run relationship is analysed using the Autoregressive Distributed Lag Model (ARDL) for the period 1970 to 2008. The result indicates that supplyside factors (subsidies and world food prices) have a significant impact on food prices , whereas demand-side factors, such as money supply, are the main cause of the increase in food prices in the short as well as the long run. The error correction is statistically significant and shows that market forces play an active role to restore the long-run equilibrium. |
| Keywords: | Food Prices, ARDL Approach, Pakistan |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2011:76&r=cwa |
| By: | Aoki, Reiko |
| Abstract: | We give and over view of the Japanese 4th Science and Technology Basic Plan, 1 April 2011 - 31 march 2016, focusing on the four major challenges: recovery & revitalization from earthquake disasters, green innovation, life innovation, and science, technology and innovation system reform. Then we examine two important topics from other essential schemes in the Basic Plan: East Asia Joint Research Program (e-Asia JRP) and Small Business Innovation Research (SBIR). e-Asia JRP consists of multilateral collaboration in science and technology research and funding among participating countries. It will constitute a part of larger East Asian collaborative efforts in science, technology and innovation. SBIR is a scheme to help individuals and new firms develop and then commercialize innovative technology and products. SBIR consists of initial subsidies and then loans on very favorable terms. We also look at three examples of SBIR success: motor insulation ideal for hybrid and electric vehicles, cancer fighting cyclodextrin, and a key system for high security machines. |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:hit:cisdps:534&r=cwa |
| By: | Carlos Serrano-Cinca; Begoña Gutiérrez-Nieto |
| Abstract: | Poor people were excluded from financial services until microfinance institutions (MFIs) emerged. The mission of MFIs is to alleviate poverty, contributing to women empowerment especially in rural communities. Microcredits can be analyzed under Pareto’s 80/20 Principle. Their clients are situated in the long tail of the wealth distribution function. This niche market is not very attractive, because of its high administrative costs, lack of deposits and the need for compensating low revenues with fluctuating subsidies. Some MFIs have drifted from their mission. This paper presents a model to explain microfinance and mission drift, tested with hypotheses. The results from the empirical study show a pattern of mission centered MFI: a small NGO, with labor productivity, receiving donations and obtaining a high margin. The need for reducing interest rates is concluded. According to the long tail theory, this can be done through the use of efficient technology, as the e-commerce sector has achieved. |
| Keywords: | Microfinance; financial ratios; outreach; social performance; mission drift; long tail; bankruptcy |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/107018&r=cwa |
| By: | Umer Khalid (Pakistan Microfinance Network, Islamabad); Sajjad Akhtar (Centre for Research on Poverty Reduction and Income Distribution, Islamabad) |
| Abstract: | The paper attempts to empirically test a naïve version of what is rather stylistically termed as “feminisation of poverty”, using the sub-sample of female -headed households (FHHs) from two household surveys in Pakistan. Although, the database is constrained by quality factors and small sample size, the following findings add to the richness of current research in this area: (a) The numerical incidence of poverty among households headed by females is less than that for all households in the country, at the national, urban and rural level for both the years. This can be traced to the finding that more than 70 percent of households headed by females receive remittances, (b) The incidence of poverty among FHHs during the period 2000-01 to 2004-05 did not decline as fast as it did for mixed households, nationwide. In urban areas, it did not decline at all, (c) Among the determinants of poverty of FHHs, illiteracy, dependency and rural residence exacerbate poverty, while remittances domestic and/ or foreign reduce poverty, (d) The dynamics of incidence of poverty among FHHs during the period indicated that Illiteracy as the factor exacerbating poverty became less important in 2004-05. Moreover, residence in rural areas was also a weaker factor in determining the incidence of poverty. By far the most notable contribution in reducing the incidence of poverty was self-employment in agriculture in 2004-05. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2011:80&r=cwa |
| By: | Minten, Bart; Murshid, K.A.S.; Reardon, Thomas |
| Abstract: | In Bangladesh—one of the poorest countries in Asia, where rice accounts for almost 70 percent of consumers' caloric intake—the share of the less expensive, low-quality coarse rice is shown to be rapidly decreasing in rice markets and the quality premium for the best-quality rice has been consistently on the rise in the last decades. It thus seems that the role of rice as only a cheap staple food is being redefined. The off-farm share in the final consumer price increases from 27 percent to 35 percent to 48 percent for low-, medium-, and high-quality rice, respectively, and the increasing demand for higher quality is thus seemingly associated with a more important off-farm food sector—in particular, milling, retailing, and branding—as well as a transformed milling industry. We further find that the labor rewards for and the technical efficiency of growing different rice qualities are not significantly different, and farmers do not benefit directly from consumers' increased willingness to pay for higher rice quality. |
| Keywords: | Markets, milling, Quality, rice, value chains, |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:1141&r=cwa |
| By: | Giovanni Valensisi (UNCTAD. Corresponding address giovanni.valensisi@unctad.org); Junior Davis (UNCTAD. Corresponding address junior.davis@unctad.org) |
| JEL: | Q54 O13 |
| Date: | 2011–11 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2011/27&r=cwa |
| By: | Soumyananda Dinda (Chandragupt Institute of Management Patna, E-mail: s.dinda@cimp.ac.in, sdinda2000@yahoo.co.in, & sdinda@gmail.com) |
| Abstract: | This study focuses on trade opportunities of climate smart goods and technologies (CSGT) in Asia. Paper mainly highlights the export gaps for climate smart goods and technologies (CSGT) in Asia and identifies the trade opportunities among trade partners in intraregional and interregional. Applying the gravity model we estimate the export gap for the CSGT as the difference between the actual bilateral export flow and the mean value predicted by the model. In other words, ‘export gap’ is the difference between the actual and predicted export value. There is a scope to increase the export of climate smart goods and technologies with trading partners when the actual trade is below the predicted value ( i.e., negative value of the export gap). This gap actually provides the opportunity to raise the trade and attracting investment in CSGT sector and thereby development takes place. This paper also identifies the export gaps in CSGT for each regional member in its trade with partners within the region, EU, and North America (i.e., the US and Canada). This study contributes to the empirical literature in terms of measuring and identifying the potential trade opportunity of CGST in Asia. The paper also suggests that the climate smart export-led growth model is still valid in emerging Asian countries. |
| Keywords: | Bilateral trade flow, Climate Smart Goods and Technologies, Export, Gravity model, Export gap, Potential Trade, Asia. |
| JEL: | C13 F18 O53 Q Q54 O11 O13 |
| Date: | 2011–11 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2011/16&r=cwa |
| By: | Gabriela Miranda; Graham Larcombe |
| Abstract: | The transition to a green economy will not necessarily mean job losses, but there are some barriers that need to be overcome in order to ensure a successful transition. The need to align local and national strategies towards green growth, build strong partnerships, identify transferable skills, better target up-skilling programmes, support green entrepreneurship, and leverage the role of public authorities in supporting green growth activities are some of the recommendations emanating from a report just released by the LEED Programme, on Enabling Local Green Growth: Addressing Climate Change Effects on Employment and Local Development. The recommendations are illustrated by good practice models identified from across the globe. |
| Date: | 2012–01–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2012/1-en&r=cwa |
| By: | Seema Joshi (The author is working as Visiting Professor to Indian Council for Cultural Relation’ s (ICCR’s) recently constituted Tagore Chair, the Department of Indian Studies –Faculty of Oriental Studies, University of Social Sciences and Humanities in Ho Chi Minh City, Vietnam. She was also a And participant in the MsM Annual Research Conference, November 2011) |
| Abstract: | In a knowledge-intensive world driven by information technology, primary education is a must but the importance of higher education cannot be ignored. This current era of globalization has offered immense opportunities. But people must have the necessary knowledge, skills, capacities and capabilities to seize those opportunities. Herein lays the role of education and especially higher education in building up and improving human capital. Since the economic growth of India in recent years is driven primarily by services sector and within services sector by IT and ITES the sustainable development of higher education is not an option but imperative. In this light, the paper raises the following questions: Where does India’s higher education stand today? What are the challenges confronting this sector? And what are proposed reform measures in this sector? The paper concludes that there is a serious mismatch between demand and supply in higher education sector. It is imperative therefore to enhance Indian talent pool by reforming higher education system to maximize the potential of IT and ITES on the one hand and to catalyze the country’s growth driven by services sector on the other. The expansion of the higher education sector and improvement in its quality can assist India in avoiding the unemployability of graduates on the one hand and the phenomenon of ‘missing teachers’ on the other. In addition it can ensure inclusive growth by making higher education accessible and affordable. India’s Eleventh Five Year Plan is aiming at enhancing public spending, encouraging private initiatives and initiating long major institutional and policy reforms to bring about positive changes in India’s education system. The outcomes will depend upon political commitment and good governance. |
| JEL: | O53 O30 O15 |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2012/01&r=cwa |
| By: | Dargnies, Marie-Pierre |
| Abstract: | Recent experimental results indicate that women do not like competitive environments as much as men do. Another literature is interested in the effect of social identity on economic behaviors. This paper investigates in the lab the impact of social identity on men and women's willingness to compete both individually and as part of a team. To this aim, participants from the Identity sessions had to go through group identity building activities in the lab while participants from the Benchmark sessions did not. The main result is that men are only willing to enter a team competition with a teammate of unknown ability if they share a common group identity with him or her. This change of behavior seems to be caused by high-performing men who are less reluctant to be matched with a possibly less able participant when he or she belongs to his group. On the other hand, group identity does not seem to induce women to take actions more in the interest of the group they belong to. -- |
| Keywords: | Social Identity,Gender Effects,Tournament,Teams |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbmbh:spii2011202&r=cwa |
| By: | Sarah Carmichael; Tine De Moor; Jan Luiten van Zanden |
| Abstract: | The study of the ages women marry and the age gap between husband and wife is well accepted by social-economic historians and demographers as it is highly associated with the growth of a population. There is however another reason for studying marriage patterns, that of female agency. Young girls who marry men many years their senior are likely left with very little say as to the terms of the union and later decisions made within the household. This is a hypothesis that has been explored by a number of authors recently as marriage patterns data is available on a large scale over a long time period. But how good a measure are ages at marriage of women and spousal age gaps. Rather than explore the mechanisms underlying this relationship this paper seeks to test marriage patterns as a measure of female empowerment by comparing a global set of marriage patterns data against three measures currently in use in the international development community, the Gender –related Development Index, the Global Gender Gap Index and the Gender Inequality Index. We use a new index of marriage ages (the Girlpower-Index) constructed by subtracting spousal age gap from marriage age and find that female SMAM and the Girlpower-Index both correlate strongly with the modern gender empowerment indices. This lends support to the use of marriage patterns as a historical measure of gender empowerment. |
| Date: | 2011–12 |
| URL: | http://d.repec.org/n?u=RePEc:ucg:wpaper:0019&r=cwa |