"... In PAGE 22: ... See footnote 17 for the assumptions used to estimate the useful life of human capital. Table11 shows the estimated rates of return on the different expenditure programmes in Galicia together with the information required for their calculation. Column (1) gives average annual public expenditure in each programme.... In PAGE 23: ...he relevant programmes after a quot;useful life quot; that I estimate in 34.13 years.17 Hence, it is assumed that the flow of output gains generated by CSF training expenditure remains constant over this period (which amounts to ignoring death and migration) and drops to zero thereafter. Inspection of column (6) of Table11 shows that the estimated rates of return are quite respectable. In both scenarios, the aggregate social rate of return on CSF expenditure in Galicia exceeds 30%.... ..."

"... In PAGE 14: ... Energy consumption per passenger varies with the speed and increases rapidly when the speed is over 300 kph (Pavaux 1991). Table6 presents the average costs used in this study. These were adopted from estimates for high-speed rail in Europe developed by IN- RETS/INTRAPLAN (1994), which have been used by the French Railroad to estimate operating costs for future planned TGV lines.... In PAGE 16: ...7 billion seat-kilometers. Table6 shows the different components of the operating cost as well as the rolling stock and infrastruc- ture capital cost. Dividing the operating cost of $ 280 million by 5.... In PAGE 23: ... Given all of the uncertainty inherent in the data, our analysis provides a first order estimate of the full cost of the trip on the California corridor from Los Angeles to San Francisco (677 km) of $ 163 per trip. Our esti- mates, shown in Table6 , suggest that the proposed high-speed rail system would require a public subsidy of $ 590,100,000 per year to be competitive with air transportation. It is important to understand the linkages between demand, supply, and cost.... ..."

"... In PAGE 7: ... We also exclude individual firm-year outliers for capital structure and the market-to-book ratio, as discussed below. Table1 reports summary statistics of capital structure, investment decisions (measured by the change in assets), and financing decisions. The variables are summarized in IPO time cross- sections, which hold the number of years since the initial public offering constant, and also in calendar time cross-sections.... In PAGE 8: ... We drop firm-year observations where the equity-to-assets ratio is negative. 1 Table1 shows that the average equity-to-assets ratio is relatively stable in both IPO time and calendar time. It declines slightly as firms age.... In PAGE 11: ...ook (1.42 from Table 2) increases net equity issues by 4.97 percentage points, which is 33 percent of one standard deviation (15.05 from Table1 ) and 72 percent of the mean (6.86 in Table 1) in net equity issuance for firms of this vintage.... ..."

"... In PAGE 18: ...17 Property rights and the rate of public investment Both models of property rights predict that, in the presence of rent-seeking that takes the form of non-productive public investment, observed public investment ratios to national income and private investment should be higher in countries that exhibit less secure property rights. Table1 focuses on the institutional model of property rights, and compares public investment across countries with different property rights and institutional environments. The institutional/property rights variables are measured at the beginning of the period to minimize endogeneity concerns.... In PAGE 19: ... Again, public investment is higher in countries that exhibit lower values for these institutional variables: executive constraints, checks3 and the competitiveness of executive elections. Table1 , therefore, supports both the predictions and the underlying institutional arguments of the institutional model of property rights. Table 2: Effect of institutions on public investment/GDP (1974-98) (OLS, robust standard errors in parentheses) Bureaucratic Performance Predictable Government Checks3 Electoral Competitiveness (EIEC) Institutional Variable -0.... In PAGE 19: ...43 85 .47 Table 2 examines the logic underlying Table1 , but controls for other variables that might influence the government decision to supply public investment, including initial ... In PAGE 21: ...19 83 .20 As with Table1 , the results in Table 3 might be sensitive to omitted variables and to possible biases created by the use of private investment rather than the private capital stock. Table 4 presents a more controlled comparison of the determinants of the ratio of public to private investment across countries.... ..."

"... In PAGE 9: ... These numbers reflect the statistical dominance of the many newly public firms at the end of the sample, in addition to any real trends in the financing practices of established firms. Table2 presents summary statistics for four variables that Rajan and Zingales (1995) show to be related to capital structure in several developed countries. The four variables are market-to-book, asset tangibility, profitability, and size.... In PAGE 10: ... Firm size is measured as the log of net sales [Item 12]. The variables are lagged once so that, for example, the IPO+1 row in Table2 summarizes the variables as of the IPO year. The market-to-book ratio declines steadily with firm age, while asset tangibility and firm size both rise with firm age.... In PAGE 11: ... For a one-year-old firm, a one-standard-deviation increase in market-to- book (1.42 from Table2 ) increases net equity issues by 4.97 percentage points, which is 33 percent of one standard deviation (15.... ..."

"... In PAGE 7: ... Including all the TEs would bring the number of countries covered to about 90 and the episodes to well over 100. Table2 turns to a subset of 26 countries (29 cases) for which more detailed information was available and reviews the factors cited as important causes of the crisis, its size and the resolution cost, a brief note on the approach taken in this resolution process, and the real credit and real GDP growth leading up to the episode. A closer look at this subset of banking system insolvencies further shows that a variety of factors (column 1) can be cited as causes of the banking crisis.... In PAGE 25: ...Table2 : The Main Characteristics of the Banking Crises 21 Af,rica Benin * public banks lending to parastatal * 80% of entire l losses amounted to 95hn . all existing banks were liquidated and tour -25.... In PAGE 27: ...Table2 : The Main Characteristics of the Banking Crises 23 Kenya * ToT shock and drought; 4 banks and 24 non- restructuring measures put into place dealt -7.4, 1.... In PAGE 28: ...Table2 : The Main Characteristics of the Banking Crises 24 Senegal * deteriorating Tol, drought; * 7 banks were * US$ 830 million. * 6 banks were liquidated; their assets and -1.... In PAGE 29: ...Table2 : The Main Characteristics of the Banking Crises 25 gt; apos;S~~~~~~~~e Malaysia * economic recession brought on by a * 24 DITCs 3.3% of * reported losses * commercial banking sector: high interest 13.... In PAGE 30: ...Table2 : The Main Characteristics of the Banking Crises 26 84- -t~~~~~~~~~~~~~~~~~~.... In PAGE 31: ...Table2 : The Main Characteristics of the Banking Crises 27 .... In PAGE 32: ...Table2 : The Main Characteristics of the Banking Crises 28 . .... In PAGE 33: ...Table2 : The Main Characteristics of the Banking Crises 29 Colombia * loan concentration and fraud; * crisis affected institu- * rough estimate: 5%of * one small bank (accounting for 2.3% of all 10.... In PAGE 34: ...Table2 : The Main Characteristics of the Banking Crises 30 ;~~~~~~~~~~~~~~~~~~~~ .... In PAGE 35: ...Table2 : The Main Characteristics of the Banking Crises 31 Latvia * deficient bank management * affected banks * not yet clear * Bank Baltija taken over by government. with -66.... In PAGE 36: ...Table2 : The Main Characteristics of the Banking Crises 32 Turkey * 79/80 l apos;urkey slid into a recession * 5 small banks were * restructuring of 5 banks * initially Central Bank provided liquiditv 3.8, .... ..."

"... In PAGE 3: ...Contents Page Foreword ii The Rate of Return to New Zealand Research and Development Investment 1 Introduction 1 Building the Data Set 2 Table 1: Investment in R amp;D in New Zealand (1962-98 $m) 3 The Production Function Approach to the Rate of Return on R amp;D 4 Table2 : Real Estimates of R amp;D Stocks in New Zealand 1961-98 $82-83m 6 Productivity Performance 6 Figure 1: Components of National Productivity 7 Figure 2: TFP for Agriculture, Fishing and Forestry 7 Figure 3: TFP for Primary Processing, Manufacturing and Energy 8 Figure 4: TFP for Building, Transport and Services 8 Table 3: Productivity Growth Rates 1962-1998 (% per annum) 8 The Rate of Return to R amp;D 9 Table 4: Determinants of Total Factor Productivity 1962-98 9 Table 5: Rates of Return 10 Spillovers in Agriculture 10 Table 6: Sensitivity Analysis for Agriculture 11 Discussion 11 References 13 Technical Appendix: The Rate of Return to New Zealand Research and Development Investment 14 Definition of Capital Assets in Total Factor Productivity (TFP) 14 First look at rates of depreciation 14 Dropping non-significant variables 15 Distributed Lags in the R amp;D Stocks 15 The Cobb-Douglas specification: are factor shares approximated? 17 The Incentive to Invest in R amp;D 20 Glossary of Terms... In PAGE 9: ... Thus a rate of 5-10 per cent might be quite appropriate for a country like New Zealand - the results presented here are calculated at 5 per cent (this is discussed further in the technical appendix). The resulting calculations at the national level are shown in Table2 . These numbers represent the notional capital stocks of R amp;D knowledge in real terms available to producers and firms who might benefit from their availability.... ..."

"... In PAGE 11: ... Hence, coefficients pairs {pic1,s, pic2,s} with opposite signs and pairs with zero and non-zero values provide clear indications of inefficiency. Table1 displays elasticity coefficients for several numerical versions of the OG economy. The benchmark is an economy with traditional wage-linked defined- benefit pension system and safe debt.... In PAGE 12: ... (Most results below are robust to reasonable parametric variations.) In Table1 , Col.3 shows the allocation of risk in the benchmark case; Col.... In PAGE 36: ...Table 2. Policy Alternatives Policies: Risk/Exposure Safe Debt (For comparison = Table1 , Col.3) GDP- indexed Debt Wage- indexed Debt Longevity- indexed Debt Column: (1) (2) (3) (4) Productivity (at) Workers pic1,a 0.... In PAGE 37: ...Table 3. The Role of Capital Income Taxes Setting: Risk/Exposure Initial Benchmark (For comparison = Table1 , Col.3) Modified: with capital income taxes Column: (1) (2) Productivity (at) Workers pic1,a 0.... In PAGE 37: ...o macroeconomic disturbances. Col.1 reproduces the original benchmark allocation from Section 2.3 (= Table1 , Col.... ..."

"... In PAGE 27: ... A number of authors, Blanchard and Fischer (1989) for instance, refer to this reduction as the `survivors premium. apos; Table6 shows what happens when we add perfect annuities to the xed-price environ- ment with zero capital taxation. Eliminating estate taxation as a means of public nance makes for a substantial increase in the income tax rate required to balance the budget in the SQ economy.... In PAGE 27: ...he SQ economy. The tax rate increases from 24.7% without annuities (Table 5) to 31.7% with annuities ( Table6 ). In addition, the adjustment we apply to equate the net tax burden across experiments (recall the above discussion) has the PP agent paying a 5.... In PAGE 30: ...SA experiment increases from 0.6% to 2.1%. Note that, in each case, the welfare loss associated with the economy with no xed e ects is larger than that from Table6 . This is simply a result of increasing the conditional variance in the manner we have described.... ..."

"... In PAGE 2: ... I call Marx apos;s theory of capital the classical theory of capital . Subsequent theoretical modifications and refinements have retained the basic elements of capital in the classical theory, as represented in Table1 . Fundamentally, capital remains a surplus value and represents an investment with expected returns .... ..."