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651. The Economic Impact of London Luton Airport

Author:
Oxford Economics
Publication Date:
01-2016
Content Type:
Research Paper
Institution:
Oxford Economics
Abstract:
​London Luton Airport Limited and London Luton Airport Operations Limited commissioned Oxford Economics to undertake an analysis of the nature and scale of the economic impact of London Luton Airport on the UK as a whole, and on the surrounding sub-regional and local economies. The report sets out the results of that analysis, measuring the economic contribution of the airport in terms of jobs created, contribution to GDP and government tax receipts. We present results for the value of this impact in 2013 and forecast it out to 2030 under two scenarios for the future of the airport. The report goes on to explore the value that London Luton Airport creates for its passengers by offering them cheap and local air transport, and by relieving pressure on the air transport system elsewhere in the south east of England.
Topic:
Science and Technology, Labor Issues, Economic Growth, Transportation, and Airline Companies
Political Geography:
United Kingdom, Europe, and London

652. Economic Valuation of the Royal Botanic Gardens, Kew

Author:
Oxford Economics
Publication Date:
04-2016
Content Type:
Research Paper
Institution:
Oxford Economics
Abstract:
This study assesses the total economic value generated by the Royal Botanic Gardens (RBG), Kew. It considers a range of benefits, including the value accruing to visitors; the value attributed to Kew by non-users; educational benefits for visiting students; and productivity benefits which result from RBG Kew’s scientific research. We find that RBG generated a total of £182 million of economic value for the UK in 2014/15. A further £8 million of value accrues to international visitors and students. This valuation should be regarded as conservative since it does not incorporate some important areas of RBG Kew's work, such as the ‘insurance’ value and potential future economic value of species held in RBG Kew’s scientific collections; the benefits of increased planting activity encouraged amongst the wider UK population; and the international value of RBG Kew’s scientific research. The latter, in particular, could be very substantial, both because of the large contribution Kew makes to the infrastructure upon which large swathes of plant biology research around the world rely, and because much of RBG Kew’s conservation and other applied work primarily benefits other countries.
Topic:
Science and Technology, Tourism, Conservatism, and Economic Development
Political Geography:
United Kingdom and Europe

653. One Million Opportunities: The Impact of Mobile Internet on the Economy of Southeast Asia

Author:
Oxford Economics
Publication Date:
06-2016
Content Type:
Research Paper
Institution:
Oxford Economics
Abstract:
​This study investigated the economic and social impact of mobile internet technology across the economies of South East Asia. In-house econometric research established the relationship between mobile internet penetration and key enablers of supply side growth including productivity and labour force participation. These results were applied to a group of economies in South East Asia to quantify the economic benefits of observed and forecast future increases in mobile internet penetration. Overall, increased mobile internet penetration is forecast to create an extra $58.1 billion in GDP and one million new job opportunities by 2020.
Topic:
Economics, Internet, Mobility, and Social Order
Political Geography:
Asia and Southeast Asia

654. Consumer Detriment: Counting the Cost if Consumer Problems

Author:
Oxford Economics
Publication Date:
09-2016
Content Type:
Research Paper
Institution:
Oxford Economics
Abstract:
Every year, millions of UK consumers suffer from some form of consumer detriment, be it a delayed delivery, substandard service or the purchase of a faulty item. Such experiences are a familiar feature of everyday lives, but quantifying the scale and impact of these experiences for UK consumers in a systematic way is a complex task. This research project takes account of the monetary and time costs of consumer detriment, as well as compensation, to arrive at a considered estimate of total net cost for the UK population. This valuation incorporates three core elements. Firstly, it calculates the direct monetary costs borne by consumers who experience problems. These might be cash outlays caused by the problem itself (for example, when a broken toy is simply written off or when a poorly fitted boiler causes knock-on problems that have further costs) as well as any resulting loss of earnings. Secondly, it calculates the value of any leisure time given up by the consumer in experiencing or attempting to resolve the issue, so-called ‘time costs’, which might include things like time wasted on a delayed train, or time spent in a phone queue to get through to customer services. Thirdly, it calculates any compensation payments awarded in light of any claims made by the consumer, and subtracts these from the monetary and time costs described above. This approach seeks to present a comprehensive picture of UK consumer detriment, both larger and smaller problems.
Topic:
Markets, Services, Customer Service, and Consumerism
Political Geography:
United Kingdom and Europe

655. How to Make a Deal: The Role of Rankings and Personal Ties in Creating Trust in the M&A Market

Author:
Valérie Boussard, Olivier Godechot, and Nicolas Woloszko
Publication Date:
06-2016
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
This paper examines the selection of intermediaries in the French mergers and acquisitions (M&A) market, which is an opaque environment. Buyers and sellers cope with uncertainty as to the value of exchanged assets. They thus rely on the help of experts in order to secure deals. But as the valuators might be prone to opportunism, firms need to find a way to trust them. We identify two trust devices: social ties and public rankings. We explore whether these personal and impersonal devices are substitutes, independent or complementary. We study the French M&A market through a mixed-method approach, with both an ethnographic study (76 interviews) and the statistical analysis of 694 M&A deals in France in 2010. We show that both previous contacts and league table rankings of firms contribute to trust and to dealmaking. These trust devices are all the more likely to be used if the deal is risky, especially within the sell side (more at risk). We also find that firms tend to make deals only with other firms at the same level in the league tables: high-status firms tend to make deals together. Finally, we find some evidence of substitution between rankings and personal ties, especially for low-value deals.
Topic:
Economics, International Political Economy, Macroeconomics, and Corporations
Political Geography:
France

656. Economic Discourse and the European Integration of Financial Infrastructures and Financial Markets

Author:
Troels Krarup
Publication Date:
06-2016
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “competitive conception of the market” is identified as producing these parallel problems and controversies in European market integration and economic theory because it implies a contradictory “integration of fragmentation.” These themes and parallels can be specifically identified in a recent major project to integrate financial market infrastructures: a pan-European settlement platform – “Target2-Securities (T2S)” – to overcome existing fragmentation between the systems that perform the actual delivery of money and securities from financial transactions. Moreover, a close analysis of T2S answers a question that existing sociological and political economy approaches to European integration – focusing primarily on the interests and ideas of powerful players – struggle with: why T2S will become de facto a monopoly for the European Central Bank when early on in the integration process EU institutions emphasized an industry-led integration. Foucault’s notion of “discursive formation” is employed to conceptualize these arguments.
Topic:
Economics, International Political Economy, Finance, Financial Markets, Economic Theory, and Michel Foucault
Political Geography:
Europe

657. The Power of Weak Interests in Financial Reforms: Explaining the Creation of a US Consumer Agency

Author:
Lisa Kastner
Publication Date:
06-2016
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Dodd-Frank, the US financial reform law passed in response to the 2008 financial crisis, established the Consumer Financial Protection Bureau (CFPB), a new federal regulator with the sole responsibility of protecting consumers from unfair, deceptive, or abusive practices. This decision marked the end of a highly politicized reform debate in the US Congress, involving lobbying from business associations and civil society groups, in which proponents of the new bureau would normally have been considered to be much weaker than its opponents. Paradoxically, an emerging civil society coalition successfully lobbied decisionmakers and countered industry attempts to prevent industry capture. What explains the fact that rather weak and peripheral actors prevailed over more resourceful and dominant actors? The goal of this study is to examine and challenge questions of regulatory capture by concentrated industry interests in the reform debates in response to the credit crisis which originated in the US in 2007. The analysis suggests that for weak actors to prevail in policy conflicts over established, resource-rich opponents, they must undertake broad coalitionbuilding among themselves and with influential elite allies outside and inside of Congress who share the same policy goals.
Topic:
Economics, Government, Political Economy, Regulation, Finance, Economic Policy, Macroeconomics, and Consumerism
Political Geography:
United States

658. Balancing Development and Community Livelihoods: A Framework for Land Acquisition and Resettlement in Uganda

Author:
Max A. Anyuru, Russell Rhoads, Onesmus Muyenyi, Joseph Ekwenyu, and Tom Balemesa
Publication Date:
01-2016
Content Type:
Research Paper
Institution:
Advocates Coalition for Development and Environment (ACODE)
Abstract:
Land acquisition for development projects by government, private investors and land speculators is a critical source of tensions and conflicts in many parts of Uganda. Following the discovery of commercially viable oil reserves in 2006, Uganda turned attention to extractives and oil development as a matter of national priority. Evidence of this assertion can be found in the recent 2016-17 national budget allocations, where the portion for oil development is substantial. Development of petroleum and mining sectors requires substantial capital investments, often relying on foreign-based capitalization and multinational firms to construct facilities and operate them. Several foreign companies have drilled exploratory wells in Uganda, in which estimated reserves are at 6.5 billion oil barrels. The government of Uganda has issued production licenses to several foreign oil companies. All these activities have triggered land acquisition by Government for purposes of infrastructure development: - in the form of roads,dams and power grids, refineries and pipelines. Land acquisition is also triggered by private investment and the development of auxiliary services. Secondly, infrastructual developments have a “multiplier effect” since they generate businesses and services, and increase inflationary pressures on services and the land market. As expected, land speculation is also on the rise.
Topic:
Development, Land, Community, and Livelihoods
Political Geography:
Uganda and Africa

659. Assessing Public Expenditure Governance: A Conceptual and Analytical Framework

Author:
Jacklyn A. Makaaru and George Bogere
Publication Date:
01-2016
Content Type:
Research Paper
Institution:
Advocates Coalition for Development and Environment (ACODE)
Abstract:
Although governance is not a new concept, the concept of public expenditure governance is relatively new. Our defnition of public expenditure governance emphasizes the process and change aspects of interactions between actors, and how these interactions affect public expenditure outcomes. We make a contribution to the discourse on measurement/assessment of governance by developing a framework for assessing public expenditure governance. The assessment of public expenditure governance is imperative because it helps us understand governance issues that, for example, constrain effcient service delivery, accountability, and responsiveness at different decision making points along the public expenditure chain. Measurement and assessment of public expenditure governance should embody a strategy for learning what governance mechanisms are effective, effcient, and robust across different contexts. In this manner, assessment is more diagnostic as opposed to assigning a value to governance of public expenditure as being good or bad or weak or poor. Our view is that diagnostic assessment of public expenditure governance enhances utilization of specifc inputs for policy making and action programs and assesses the relative costs in utilization of resources along the public expenditure chain by creating linkages to specifc public expenditure outcomes.
Topic:
Development, Governance, and Public Spending
Political Geography:
Uganda and Africa

660. Socio-Economic Effects of Chinese Agricultural Investments on the Environment and Local Livelihoods in Uganda

Author:
Ramathan Ggoobi and Julian Barungi
Publication Date:
01-2016
Content Type:
Research Paper
Institution:
Advocates Coalition for Development and Environment (ACODE)
Abstract:
7he nature and signifcance of &hinaȺs engagePents with $frican agriculture continues to be hotly debated in the media, academia and policy circles around the world. Although China has been engaged in Uganda’s agriculture for more than 40 years, the recent jostle for agricultural land by private Chinese investors is Pystifying and Mustifes the need to conduct a scientifc study to provide clear evidence before the issue gets bundled into the messy anecdotal media inquiry. 7he priPary oEMective of this study was to profle &hinese investPents in Uganda’s agriculture sector and establish their socio-economic effects on the environment and local livelihoods. The analysis was done on the basis of the 6ustainaEle 5ural /ivelihood $pproach 6858/$ which uses fve key criteria for the analysis of sustainable livelihoods i.e. gainful employment; poverty reduction; well-being and capabilities; livelihood adaptation, vulnerability and resilience; and natural resource base sustainability.
Topic:
Agriculture, Development, Environment, Investment, and Sustainability
Political Geography:
Uganda, Africa, China, and Asia