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The notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation is addressed. We develop a formal model of an innovation arising from the combination of two existing modules, with the objective to optimize the net benefits of diversity. The model takes into account increasing returns to scale and the effect of diversification of investments on the probability of emergence of a third option. We obtain analytical solutions describing the dynamic behaviour of the values of the options. Next, diversity is optimized by trading off the benefits of recombinant innovation and returns to scale. We derive conditions for optimal diversity under different regimes of returns to scale. Threshold values of returns to scale and the recombination probability define regions where either specialization or diversity is the best choice. When the investment time horizon is beyond a threshold value, a diversified investment strategy is the best choice. This threshold will be larger for higher returns to scale. This problem is relevant to allocation of scarce funds by governments, research councils, firms and investors.

International audience ; The failure in 1697 of the 'Malt Lottery', the second Lottery-Loan, presents a beautiful case study. From a practical point of view, it tells us three things. 1) The technical features of the English State lotteries-loan were established for more than a century after only three experiments. 2) Its two components ('lottery' and 'loan') led to an abnormally poor return for investors since its expected return was 3.91% whereas its effective one was 5.84% - --- two figures in contradiction with the 6.3% advanced by Dickson (1967). 3) A most strange solution was imagined to counteract the failure: delivering the unsold tickets to the Exchequer for being used as cash. From a more theoretical point of view, the condition North and Weingast (1989) advanced for a successful financial issue proves necessary but not sufficient. The Malt Lottery failed (1,763 tickets sold out of 140,000) because it did not meet the three requirements for success: its return was too low and was lower than the return on competitive assets; its reimbursement dates were uncertain; and the economic and political environment was gloomy.

The study presents a critical examination of the impacts of capital flight on Nigeria economic growth over a period of 30 years (1981-2010). The Johansen co-integration test was employed to investigate the dynamic relationship between capital flight and economic growth. Results show that there is a long run co-integration among the variables. Furthermore, that capital flight has negative impact on economic growth only holds in the short run. It was also discovered that capital flight significantly and positively influence Nigerian economic growth in the long run. The beneficial aspect of capital flight as revealed in this study was traceable to importation of capital/industrial goods payments for which constitute capital outflows and the uses of which transform to economic growth. Based on the empirical findings, it was recommended that creation of enabling/friendly business environment is a way of encouraging foreign investors to come and invest in the country as well as re-investing the profits and that curbing of political crisis with provision of infrastructures to reduce operating cost will be a right step in a right direction.

We study the sustainability of sovereign debt accumulation in 15 OECD countries using quarterly data from 1980 to 2010 with a focus on how and in what countries debt sustainability changed after the commencement of the Euro Convergence Criteria in 1997 as well as after the financial meltdown in 2007. We define sustainability as the validity of the inter-temporal budget constraint of the government and test a sufficient condition motivated by Bohn (1998) using single-country and pooled regressions. We find evidence that the Euro Convergence Criteria contributed to the sustainability of debt accumulation. Further, while the yield spreads suggest the debt crisis is a problem of the southern Euro countries, we find a lack of debt sustainability for Greece, Portugal and France but not for Italy and Spain. In terms of debt sustainability, the crisis adversely affected primarily stand-alone countries rather than members of the European Monetary Union. Nevertheless, yield spreads increased more in the southern countries of the monetary union than in stand-alone countries. Our results support the view that countries within a monetary union are more prone to investors' sentiments than stand-alone countries.

This study aims to know the types of agro-tourism can be an attraction in and formulate appropriate strategies for development. In this study there are several steps that are used starting agroindustry identification, collection and sampling, identification places agro-industry, External & Internal Environment Analysis, Strategy formulation using SWOT and final selection of alternative strategies using QSPM The results showed that the analysis of internal factors and external objects have been surveyed from the two sampled agro-tourism obtained IFE total weighted scores for 2,769 and 2,874 by placing second EFE agro-tourism that the cells in the matrix V IE. These positions describe both agro tourism can implement defense strategies. Priority selection strategy by using QSPM, recommending business development strategy based on six strategy alternatives derived from the SWOT matrix and matrix IE put alternative strategy Working with investors or with relevant government agencies to maximize the quality and quantity of agro products and agro-industry development opportunities in Denpasar to Bedugul tourist track on the top spot with a total score of weight 5,719 Keywords: agro-tourism, agro-industry, strategy, tourist atractions. PENDAHULUAN

The so called resource curse, the fact that countries rich in natural resources often show lower rates of economic growth compared to resource-poor countries, is commonly attributed to the low quality of governance in resource-rich countries. The Extractive Industries Transparency Initiative (EITI) was founded in 2003 to address this problem through increasing the quality of the public financial management of resource flows. By joining this initiative, governments show their willingness to reform and to improve their governance. As the quality of governance is an important factor for investors in deciding where to invest, this signal has the potential to improve a country's appeal for foreign direct investment (FDI). This study shows in a panel of 81 countries that joining the EITI increases the ratio of FDI inflows to GDP on average by around two percentage points. This is a remarkable increase given that the average ratio of FDI inflows to GDP in the sample is five percent. The results are robust when controlling for selection bias due to the voluntary decision to join the initiative and possible endogeneity of the candidate variable.

International audience ; The failure in 1697 of the 'Malt Lottery', the second Lottery-Loan, presents a beautiful case study. From a practical point of view, it tells us three things. 1) The technical features of the English State lotteries-loan were established for more than a century after only three experiments. 2) Its two components ('lottery' and 'loan') led to an abnormally poor return for investors since its expected return was 3.91% whereas its effective one was 5.84% - --- two figures in contradiction with the 6.3% advanced by Dickson (1967). 3) A most strange solution was imagined to counteract the failure: delivering the unsold tickets to the Exchequer for being used as cash. From a more theoretical point of view, the condition North and Weingast (1989) advanced for a successful financial issue proves necessary but not sufficient. The Malt Lottery failed (1,763 tickets sold out of 140,000) because it did not meet the three requirements for success: its return was too low and was lower than the return on competitive assets; its reimbursement dates were uncertain; and the economic and political environment was gloomy.

This report reviews how the Nordic countries can develop a strategy for renewable energy that delivers efficiently on the two underlying policy objectives of climate change and energy security challenges. The overarching elements in the evaluation of existing polices and the policy recommendations that follows from the analysis falls into three main parts: • Expanding renewable energy is not an end in itself, but a tool to deliver on the two real policy targets: climate change and energy security. • Too much policy focus at the Nordic and EU level is dedicated to boost renewable energy share of energy production in the near term, and insufficient resources are allocated to develop future low carbon technologies, which are required when CO2 abatement targets become more ambitious. • The long term nature of the challenges and huge investments in low carbon technologies required to deliver on long term targets puts a very high premium on policies that reduces policy risks as perceived by investors. The report was commissioned by the Nordic Council of Ministers and written by Copenhagen Economics.

This paper provides an overview of the sustainability of Japan's government debt, emphasizing the viewpoint of market participants in the Japanese government bonds (JGB) market. The Japanese government will be able to finance its debt as long as current surpluses continue, meaning there is sufficient domestic demand for JGB. Looking at domestic investors' portfolio choices, both life insurance companies and pension funds are increasing their holdings of long-term government bonds to match the maturities of their assets and their payments to households. Japanese banks, on the other hand, are increasing their holdings of short-term government debt, almost proportionally to the increase in their deposits. However, there is substantial heterogeneity in portfolio choice. Three megabank groups (Mitsubishi–Tokyo–UFJ, Mizuho, Sumitomo–Mitsui) and large regional banks have decreased their portfolio weights of JGB recently. Smaller banks specializing in small-firm lending and agricultural lending as well as Japan Post Bank (Yu-cho) have increased the proportion of government debt in their portfolios. Hence, potential losses in their portfolios, once the JGB yield starts to increase, are much higher with the latter group of financial institutions.

Приведено определение административного ресурса как запаса возможностей органов законодательной и исполнительной власти, используемых для регулирования отношений между хозяйствующими субъектами. Отмечено, что улучшение инвестиционного климата в регионах происходит в результате предоставления преференций инвесторам, согласования интересов участников инвестиционного процесса при стимулирующей роли государства. Приведена динамика рейтинга инвестиционного климата Воронежской области и с помощью кластерного анализа доказана ведущая роль в активизации инвестиционного процесса администрации области. Администрации муниципальных районов содействуют в размещении крупных инвестиционных проектов и в организации продвижения более мелких проектов. ; We give a definition of administrative resources as a reserve capacity of the legislative and executive authorities, used to regulate the relations between economic entities. It is noted that the improvement of the investment climate in the region is the result of preferences for investors, coordinating the interests of participants in the investment process in the stimulating role of the state. Shows the dynamics of rating of the investment climate of the Voronezh region and through cluster analysis proved a leading role in enhancing the investment process of the regional administration. Administrations of municipalities assist in placing large investment projects and the organization of promoting smaller projects.

В статье рассматриваются актуальные проблемы привлечения инвестиций в Российскую Федерацию. Инвесторы сталкиваются с огромным количеством рисков, несмотря на распространенные защитные механизмы инвестирования и государственные гарантии. До сих пор наибольшей активностью, с инвестиционной точки зрения, остается топливно-энергетический комплекс, который в общем объеме притока иностранных инвестиций занимает около трети. Государственное регулирование взаимосвязано с рыночными механизмами, действующими в стране, поэтому ключевой, по мнению автора, является инвестиционная политика, способная повлиять на структуру накоплений и сбережений граждан, их инвестиционную активность. ; The article deals with the actual problems of attracting investments into the Russian Federation. Investors face with a huge number of risks, despite the common defense mechanisms of investment and government guarantees. So far, the fuel and energy complex, which has about one third in total amount of the foreign investment, remains most active from the investment point of view. State regulation is interrelated with market mechanisms operating in the country, so the key factor, in the author's opinion, is the investment policy that can affect the structure of savings of the citizens and their investment activity.

The implementation of Natura 2000 is causing difficulties in the EU's Member States, including Slovenia. In addition to the positive environmental it also results in the negative economic, social, and governance-administrative effects. To prevent similar quandaries in adopting and implementing EU policies, the project ESPON EATIA developed a participatory process for the territorial impact assessment. Testing the Habitat Directive has shown that in addition to the positive effects regarding the conservation of biodiversity, the directive represents a major obstacle for the economy and the delivery of investments. At the same time it represents the potential of the area for tourism and opportunity for the development of new industries. The regulation contributes to a better quality of life, but also extends the spatial planning procedures and conflicts between investors and the local community. This approach has proven to be an appropriate medium for the exchange of experiences of various stakeholders who are involved in either the preparation or the implementation of the rules and as the proper tool for the global assessment of the effects of selected EU regulation.

Building on existing attempts to theorize the role of ideas in politics, this article argues that legal experts can shape how policy-makers see the world and what courses of action they deem viable. More particularly, expert opinion can signal policy-makers what kind of societal demands deserves primary political attention and whose interests are of secondary importance. The empirical analysis examines how the perceived importance of shareholders' interests among German corporate law experts developed throughout the twentieth century and how this development influenced the political process underlying corporate governance reforms. After a stakeholder-oriented view had dominated the legal discourse for many decades, corporate lawyers put greater emphasis on shareholders' interests in the 1990s. It is also shown that legal experts used their position as advisors for both the opposition and the government to infuse a shareholder-centred vision of corporate law into the rule-making process and to make the extension of shareholder rights appear a politically compelling response to the internationalization of financial markets and the growing economic power of institutional investors. Adapted from the source document.

From 1880 until 1914, the Mexican state of Yucatán enjoyed an economic boom thanks to the export of henequen. During this period, hundreds of North American and European immigrants came to the peninsula in different capacities, as investors, merchants, managers, professionals and technicians, but also as laborers and service personnel. From a culturally arrogant position, some of them saw themselves as part of a "civilizing mission", by means of which they would help "educate" the locals. From an ethno-historical perspective, the present communication explores the causes that originated the migration of German-speaking peoples into the Mayab, considering the preexisting socio-cultural, political, and legal conditions that gave way to such a favorable receiving context for the foreigners. In contrast to other studies, some of the main consequences for the hosting society and the immigrants themselves are also explored, as well as various sub-cultural perspectives. This contribution presents one aspect of the preliminary results of a large dissertation project that draws its conclusion on hundreds of primary and secondary sources consulted and/or gained in Austria, Germany, the United States, and México.

The notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation is addressed. We develop a formal model of an innovation arising from the combination of two existing modules, with the objective to optimize the net benefits of diversity. The model takes into account increasing returns to scale and the effect of diversification of investments on the probability of emergence of a third option. We obtain analytical solutions describing the dynamic behaviour of the values of the options. Next, diversity is optimized by trading off the benefits of recombinant innovation and returns to scale. We derive conditions for optimal diversity under different regimes of returns to scale. Threshold values of returns to scale and the recombination probability define regions where either specialization or diversity is the best choice. When the investment time horizon is beyond a threshold value, a diversified investment strategy is the best choice. This threshold will be larger for higher returns to scale. This problem is relevant to allocation of scarce funds by governments, research councils, firms and investors.