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Anecdotal evidence suggests that the economies of South Africa and its neighbors (Botswana, Lesotho, Mozambique, Namibia, Swaziland, and Zimbabwe) are tightly integrated with each other. There are important institutional linkages. Across the region there are also large flows of goods and capital, significant financial sector interconnections, as well as sizeable labor movements and associated remittance flows. These interconnections suggest that South Africa’s GDP growth rate should affect positively its neighbors’, a point we illustrate formally with the help of numerical simulations of the IMF’s GIMF model. However, our review and update of the available econometric evidence suggest that there is no strong evidence of real spillovers in the region after 1994, once global shocks are controlled for. More generally, we find no evidence of real spillovers from South Africa to the rest of the continent post-1994. We investigate the possible reasons for this lack of spillovers. Most importantly, the economies of South Africa and the rest of Sub-Saharan Africa might have de-coupled in the mid-1990s. That is when international sanctions on South Africa ended and the country re-integrated with the global economy, while growth in the rest of the continent accelerated due to a combination of domestic and external factors.

Exports and Imports --- Macroeconomics --- Externalities --- Trade: General --- Education: General --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- International economics --- Education --- Economic growth --- Spillovers --- Exports --- Imports --- Business cycles --- Financial sector policy and analysis --- International trade --- International finance --- South Africa

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This book presents essential elements for understanding, interpreting, and conducting cost benefit analysis (CBA) in the context of local government. The cost benefit technique is so often referenced in government policy that a correct understanding is necessary for officials entrusted with public decisions. It is especially useful for those charged with preparing numerical analyses to assess the worthiness of a specific policy proposal. In this manual, costs and benefits are identified and analyzed in terms of economic efficiency and resource allocation.

Public works --- Cost effectiveness. --- cost benefit analysis (CBA) --- local government --- project evaluation --- discount rate --- willingness to accept --- willingness to pay --- economic efficiency --- positive time preference --- net discounted benefits --- present value of costs --- present value of benefits --- social welfare functions --- externalities/spillovers --- cost effectiveness analysis --- benefits ratio --- sensitivity analysis --- market failure --- government failure --- standing --- external/social costs --- external/social benefits --- existence values --- hedonic valuation --- hypothetical contingent valuation --- rent seeking --- regulatory capture

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The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks.

Monetary policy --- Capital movements --- Regression analysis --- Analysis, Regression --- Linear regression --- Regression modeling --- Multivariate analysis --- Structural equation modeling --- Econometric models. --- Banks and Banking --- Finance: General --- Macroeconomics --- Money and Monetary Policy --- Externalities --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy --- Price Level --- Inflation --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Monetary economics --- Spillovers --- Yield curve --- Unconventional monetary policies --- Asset prices --- Emerging and frontier financial markets --- Financial sector policy and analysis --- Financial services --- Prices --- Financial markets --- International finance --- Interest rates --- Financial services industry --- United States

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This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines how key European sovereign credit default swap (CDS) spreads affect each other; specifically, the paper analyses the volatility structure of Germany, Greece, Ireland, Italy, Spain and Portugal. The stability of Germany is a close proxy for the resilience of the euro area as markets use Germany’s sovereign CDS as a hedge for systemic risk. Although most of the CDS changes for Germany during 2009–12 were due to idiosyncratic factors, market developments in Italy and Spain contributed significantly, likely due to their relative importance in the region. Changes in Greece’s sovereign CDS had no significant effect on Germany’s sovereign CDS despite initial widespread concerns about such linkages. Spain and Italy show a notable co-dependence in explaining each other’s volatility while Germany also plays an important role. It is found that extreme bad news led to persistent and nearly permanent effects on the stochastic volatility of European sovereign CDS spreads.

Financial crises --- Debts, Public --- Country risk --- Country risk, Political --- Political risk (Foreign investments) --- Risk --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Econometric models. --- Finance: General --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Model Construction and Estimation --- Financial Markets and the Macroeconomy --- Financial Crises --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Externalities --- General Financial Markets: Government Policy and Regulation --- Monetary economics --- Economic & financial crises & disasters --- Finance --- Credit default swap --- Spillovers --- Systemic risk --- Global financial crisis of 2008-2009 --- Money --- Financial sector policy and analysis --- Credit --- International finance --- Financial risk management --- Global Financial Crisis, 2008-2009 --- Germany

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This book provides readers with information on the factors underlying the emergence of infectious diseases originating in animals and spreading to people. The One Health concept recognizes the important links between human, animal, and environmental health and provides an important strategy in epidemic mitigation and prevention. The essential premise of the One Health concept is to break down the silos among the different health professions and promote transdisciplinary collaborations. These concepts are illustrated with in-depth analyses of specific zoonotic agents and with examples of the successes and challenges associated with implementing One Health. The book also highlights some of the challenges societies face in confronting several specific zoonotic diseases. A chapter is included on comparative medicine to demonstrate the broad scope of the One Health concept. Edited by a team including the One Health Initiative pro bono members, the book is dedicated to those studying zoonotic diseases and comparative medicine in both human and veterinary medicine, to those involved in the prevention and control of zoonotic infections, and to those in the general public interested in the visionary field of One Health.

Zoonoses. --- Communicable diseases. --- Public health. --- Community health --- Health services --- Hygiene, Public --- Hygiene, Social --- Public health services --- Public hygiene --- Sanitary affairs --- Social hygiene --- Health --- Human services --- Biosecurity --- Health literacy --- Medicine, Preventive --- National health services --- Sanitation --- Contagion and contagious diseases --- Contagious diseases --- Infectious diseases --- Microbial diseases in human beings --- Zymotic diseases --- Diseases --- Infection --- Epidemics --- Animal-borne diseases --- Communicable diseases between animals and human beings --- Zoonotic diseases --- Communicable diseases --- Animals as carriers of disease --- Medical virology. --- Bacteriology. --- Emerging infectious diseases. --- Virology. --- Infectious Diseases. --- Emerging infections --- New infectious diseases --- Re-emerging infectious diseases --- Reemerging infectious diseases --- Microbiology --- Medical microbiology --- Virology --- Virus diseases --- Zoonoses --- Communicable Diseases, Emerging --- Public Health Practice --- Communicable Disease Control --- Interdisciplinary Communication --- Communication Research --- Cross-Disciplinary Communication --- Multidisciplinary Communication --- Communication, Cross-Disciplinary --- Communication, Interdisciplinary --- Communication, Multidisciplinary --- Communications, Cross-Disciplinary --- Communications, Interdisciplinary --- Communications, Multidisciplinary --- Cross Disciplinary Communication --- Cross-Disciplinary Communications --- Interdisciplinary Communications --- Multidisciplinary Communications --- Research, Communication --- Interprofessional Relations --- Parasite Control --- Control, Communicable Disease --- Control, Parasite --- Communicable Diseases --- Infectious Disease Medicine --- Disease Eradication --- Health Practice, Public --- Health Practices, Public --- Practice, Public Health --- Practices, Public Health --- Public Health Practices --- Communicable Diseases, Re-Emerging --- Communicable Diseases, Reemerging --- Infectious Diseases, Re-Emerging --- Infectious Diseases, Reemerging --- Infectious Diseases, Emerging --- Communicable Disease, Emerging --- Communicable Disease, Re-Emerging --- Communicable Disease, Reemerging --- Communicable Diseases, Re Emerging --- Disease, Emerging Communicable --- Disease, Emerging Infectious --- Disease, Re-Emerging Communicable --- Disease, Re-Emerging Infectious --- Disease, Reemerging Communicable --- Disease, Reemerging Infectious --- Diseases, Emerging Communicable --- Diseases, Emerging Infectious --- Diseases, Re-Emerging Communicable --- Diseases, Re-Emerging Infectious --- Diseases, Reemerging Communicable --- Diseases, Reemerging Infectious --- Emerging Communicable Disease --- Emerging Communicable Diseases --- Emerging Infectious Disease --- Emerging Infectious Diseases --- Infectious Disease, Emerging --- Infectious Disease, Re-Emerging --- Infectious Disease, Reemerging --- Infectious Diseases, Re Emerging --- Re-Emerging Communicable Disease --- Re-Emerging Communicable Diseases --- Re-Emerging Infectious Disease --- Re-Emerging Infectious Diseases --- Reemerging Communicable Disease --- Reemerging Communicable Diseases --- Reemerging Infectious Disease --- Reemerging Infectious Diseases --- Communicable Diseases, Imported --- Zoonotic Diseases --- Zoonotic Infections --- Zoonotic Infectious Diseases --- Disease, Zoonotic --- Disease, Zoonotic Infectious --- Diseases, Zoonotic --- Diseases, Zoonotic Infectious --- Infection, Zoonotic --- Infections, Zoonotic --- Infectious Disease, Zoonotic --- Infectious Diseases, Zoonotic --- Zoonotic Disease --- Zoonotic Infection --- Zoonotic Infectious Disease --- Disease Reservoirs --- Public Health --- prevention & control --- Flatten the Curve of Epidemic --- Flattening the Curve, Communicable Disease Control --- Zoonotic Spillover --- Spillovers, Zoonotic --- Zoonotic Spillovers --- Infectious diseases.