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The rapidly growing communication, media and information technology and the widespread development of global information infrastructure has influenced the ways and patterns of business activities in the trade industry, social and political governance. Indonesia is one of the countries that has the largest internet growth after China and India. This growth is likely to form online buying and selling transactions. It is supported by a survey conducted by APJII (Association of Indonesian Internet Service Providers) about Internet Users in Indonesia in 2016 that the most frequently visited commercial content was online shop (62%) or equal to 82.2 million. Visitors and big opportunities for online shops have an impact on the emergence of more e-commerces whose goods or products sold come from the website or application itself without giving opportunity or place for other sellers to sell their products. Based on the data from CNN Indonesia, the number of Lazada app's downloaders is in first place followed by its competitors Tokopedia and Bukalapak. The abundance of e-commerce in Indonesia creates increasingly fierce competition. Many e-commerce applications or websites provide display menu that makes it easier for users to shop, quality and complete items, varied price ranges, and trusted image of the e-commerce.

The rapidly growing communication, media and information technology and the widespread development of global information infrastructure has influenced the ways and patterns of business activities in the trade industry, social and political governance. Indonesia is one of the countries that has the largest internet growth after China and India. This growth is likely to form online buying and selling transactions. It is supported by a survey conducted by APJII (Association of Indonesian Internet Service Providers) about Internet Users in Indonesia in 2016 that the most frequently visited commercial content was online shop (62%) or equal to 82.2 million. Visitors and big opportunities for online shops have an impact on the emergence of more e-commerces whose goods or products sold come from the website or application itself without giving opportunity or place for other sellers to sell their products. Based on the data from CNN Indonesia, the number of Lazada app's downloaders is in first place followed by its competitors Tokopedia and Bukalapak. The abundance of e-commerce in Indonesia creates increasingly fierce competition. Many e-commerce applications or websites provide display menu that makes it easier for users to shop, quality and complete items, varied price ranges, and trusted image of the e-commerce.

During the 15 years prior to the global financial crisis the volume of securitized assets transacted in the US grew substantially, reflecting a change in the nature of the financial intermediation process. Together with increased securitization of assets, financial entities, who participate more heavily in the asset-backed security (ABS) market and hold a diversified portfolio of assets, have also become more relevant. As a result, the volume of securitization, although traditionally associated with credit markets, influences the outcomes of other asset markets. We investigate the link between securitization and asset prices and show that increases in the growth rate of the volume of ABS issuance lead to a decline in both the bond and equity premia. We then build a model of bank portfolio choice where the creation of synthetic securities may occur. The pooling and tranching of credit assets relaxes both the funding and the risk constraints financial entities face allowing them to increase balance sheet holdings. This increase in asset demand depresses the compensation for undertaking risk in the economy, confirming our empirical results. Crucially, we show that declines in the compensation for risk taking in equity and bonds due to securitization may not be related to a decline in actual risk.

Die Notwendigkeit einer Wasservorsorgepolitik ist in den vergangenen Jahren in verstärktem Maße der Öffentlichkeit und den verantwortlichen Politikern bewußt geworden. Wasservorsorgepolitik ist nicht nur eine Aufgabe der Umweltpolitik, sondern auch der Raumordnungspolitik. Ziele einer Wasservorsorgepolitik sind die Sicherung einer ausreichenden Wassermenge, die Erhaltung und Verbesserung der Wasserqualität und der Schutz der Wasservorkommen. Das derzeitige rechtliche Instrumentarium der Wasservorsorgepolitik (WHG, Landeswassergesetze, Abwasserabgabengesetz) ist bei konsequenter Anwendung zum Schutz der Wasserversorgung ausreichend. Leider besteht aber in vielen Fällen ein Vollzugsdefizit. In der Raumordnungspolitik müßte das Konzept der Vorranggebiete zum Schutze der Wasservorkommen entschiedener durchgesetzt werden. Der Wasserverbrauch ist im Untersuchungsgebiet in den 70er Jahren leicht rückläufig. Dies ist zurückzuführen auf den Rückgang des Wasserverbrauches der Wirtschaft. Der Pro-Kopf-Verbrauch in den Haushalten ist dagegen gestiegen. Die Wirtschaft ist bemüht, durch Mehrfach- und Kreislaufnutzung Wasser zu sparen. Der Selbstversorgungsgrad der Wasserversorgung im Untersuchungsgebiet liegt unter 100 %, so daß Wasser aus benachbarten ländlichen Räumen importiert werden muß. Innerhalb des Untersuchungsgebietes lassen sich einzelne Überschuß- und Defizitgebiete abgrenzen (siehe Karte 1). Der durchschnittliche Wasserpreis lag im Untersuchungsgebiet unter dem Bundesdurchschnitt. Innerhalb des Untersuchungsgebietes ist die Schwankungsbreite aber erheblich. Die Höhe des Wasserpreises hat bisher noch keinen erkennbaren Einfluß auf den Wasserverbrauch der Haushalte. Anders dagegen verhält sich die Wirtschaft, die bei höheren Kosten für das Wasser verstärkt Wasser spart. Die Wasserqualität wird im Verdichtungsraum Rhein-Ruhr durch vielfältige andere Nutzungen gefährdet. Von den Wasserversorgungsunternehmen wurde an erster Stelle die Landwirtschaft genannt, insbesondere als Verursacher des Anstieges des Nitratgehaltes im Grundwasser. Sorge bereiten den Wasserversorgungsunternehmen auch die Verschmutzung der Oberflächengewässer, da ein großer Teil der Trinkwassergewinnung direkt oder indirekt davon abhängig ist. Wichtigstes Instrument der räumlichen Sicherung der Wasserversorgung ist neben der Ausweisung von Vorranggebieten durch die Regionalplanung, die Festsetzung von Wasserschutzgebieten nach dem WHG durch die sektorale Planung. Dabei besteht im Untersuchungsgebiet ein erhebliches Vollzugsdefizit. Erst etwas mehr als ein Drittel der notwendigen Wasserschutzgebiete ist förmlich festgesetzt und gewährt damit der Trinkwassergewinnung den notwendigen Schutz. Im Untersuchungsgebiet bestehen zwischen Wassergewinnung und anderen Nutzungen eine Reihe von Nutzungskonflikten, die immer wieder zu einer Beeinträchtigung der Wassergewinnung führen (siehe Karte 4). Besondere Bedeutung haben dabei die Landwirtschaft, der Abbau von Kies, Sand, Stein- und Braunkohle sowie die Deponierung von Abfällen. Sie ist in vielen Fällen eine Folgenutzung des Abbaues von Kies und Sand. Aber auch durch Siedlungen, Verkehrswege und die Industrie wird die Wassergewinnung im Untersuchungsgebiet gefährdet. Das Beispiel der Wasserversorgung des Verdichtungsraumes Rhein-Ruhr hat gezeigt, daß Wasserverbrauch und Wasserbedarf die Entwicklung eines Raumes von zwei Seiten beeinflussen können. Wassermangel auf der einen Seite und Nutzungsbeschränkungen zum Schutz der Wasservorkommen auf der anderen können die räumliche und wirtschaftliche Entwicklung eines Raumes begrenzen. ; Water supply problems of the Rhine-Ruhr agglomeration An attempt is made to demonstrate the problems of water supply in a densely settled and highly industrialized country, · using the example of the German Federal Republic's largest agglomeration area. That the Rhine-Ruhr agglomeration has paid particular attention to ensuring water supply over several decades is evident from the history and development of large associations in this area which are concerned with water management. In the most recent past in particular the debate over the preservation of our environment and of natural resources has led to an awareness of the necessity for a policy on water supplies among both the politicians concerned and the public at large. A policy for the provision of water is not only a task of environmental policy, but also one for regional an spatial planning policy. The aims of such a water supply policy are the securing of a sufficient quantity of water, the preservation and improvement of water quality, and the protection of water resources. The present legal instruments of the water supply policy ( Federal Water Law, Länder laws concerning water, and the sewage and effluent law) are sufficient for the protection of the water supplies if strictly applied. Unfortunately, however, there tend to be gaps in their application. In the regional/spatial planning policy the concept of favoured areas for the protection of water resources ought to be applied more rigorously. In the area under investigation, water consumption fell slightly in the 1970s. This is to be attributed to reduced consumption by industry. The household consumption per head has risen on the other hand. The economy seeks to save on water by multiple use and recycling. In the area under investigation the level of self-sufficiency is less than 100 per cent, with the result that water from adjacent rural areas must be imported. Within the study area certain regions can be identified as being in surplus or deficit (see Map 1). In the area under investigation the price of water was on average below that of the Federal German average, though there were considerable fluctuations. The level at which the price of water is fixed has so far had no discernible influence upon water consumption in households, whereas industry increasingly saves water when costs rise. Water quality in the Rhine-Ruhr agglomeration is threatened by a variety of other uses. In this water supply undertakings regard agriculture as the prime cause, especially in respect of the rise in the nitrate content of groundwater. The pollution of surface waters also causes concern, since a large part of the winning of drinking water depends directly or indirectly upon it. Apart from the setting aside of favoured areas by the regional planning authorities, the establishment of water protection areas in accordance with the Federal Water Law by sectoral planning is the most important instrument in the spatial safeguarding of water supplies. In this the area under investigation reveals considerable gaps in the carrying out of these measures. Only a little more than one third of the requisite water protection areas has been established thereby ensuring the protection necessary for obtaining drinking water. In the area under investigation there are a number of conflicts between the winning of water and other uses which lead to a reduction in such production time and time again (see Map 4). Interference is due primarily to the activities of agriculture, the quarrying of gravel, sand, coal and lignite, and the depositing of refuse. In many cases it is a consequence of excavating sand and gravel, although settlements, transport routes and industry are detrimental to the winning of water in the area studied. The example of water supply in the Rhine-Ruhr agglomeration shows that the demand for and supply of water can influence the development of an area from two sides. Scarcity of water on the one hand, and restrictions on its use on the other can limit the spatial and economic development of an area.

Este trabajo analiza la relación entre el volumen de titulización de activos de crédito y los precios de bonos y acciones. Se muestra que aumentos en la tasa de crecimiento de titulización generan una disminución considerable en primas en el mercado de bonos y de renta variable. En un modelo teórico se demuestra que cuando los bancos seleccionan su cartera de activos y crean activos sintéticos, la compensación por la exposición al riesgo en la economía disminuye en la medida que aumenta la titulización. La agregación y la división en tramos de activos crediticios relajan tanto los costes de financiación como la exposición al riesgo de los bancos, lo que permite aumentar la cartera de activos a bancos que mantienen una cartera diversificada. Por tanto, es posible que la disminución de la prima de riesgo no identifique la verdadera disminución en la exposición al riesgo de los activos en el mercado de bonos y de renta variable ; We investigate the link between securitization and asset prices and show that increases in the growth rate of the volume of ABS issuance lead to a sizable decline in bond and equity premia. Furthermore, we show that in a model where banks select their portfolio of assets and create synthetic securities, the compensation for undertaking risk decreases as securitization increases. The pooling and tranching of credit assets relaxes both the funding and the risk constraints banks face allowing them to increase balance sheet holdings. Accordingly, the drop in risk premium may be unrelated to a decline in actual risk

This paper discusses fiscal policy using a DSGE model with search and matching in the labour market. Fiscal policy is effective mainly via its impact through the labour market. Although public intervention tends to crowd out private consumption, public spending also improves the matching between unemployed workers and job vacancies. The mechanism modelled in this paper shares similarity with Baxter & King (1993) and Leeper et al. (2010). The model produces positive fiscal multipliers on impact and in the short term and consistently reproduces the reaction to a spending shock of the main labour market variables such as wages, employment or labour market tightness. These results are similar with that of Monacelli et al. (2010) except that the transmission channel does not depend on the downward adjustment of the reservation wage of workers. The size of the fiscal multiplier increases with the elasticity of matching to spending and is also negatively related with the steady state spending to GDP ratio in the presence of diminishing marginal returns on spending. For large value of the multiplier, there is a crowding in of consumption and investment. Lastly, this model produces output multipliers larger than 1 in the presence of nominal price rigidities.

Senior care organizations were some of the hardest hit by COVID-19 infections and deaths early in the pandemic, both for those receiving care as well as staff; 22% of COVID-19-related deaths through March, April, and May of 2020 occurred in the senior care facility population. Professionals in senior care are an important population to understand as they have had to navigate a constantly changing work environment, increasing workloads, less support to safely and effectively conduct their work, and an ever-evolving communication environment. Semi-structured interviews were conducted with seven professionals employed by a variety of senior care organizations across the United States. Inductive thematic analysis revealed four themes related to perceptions of organizational functioning in response to the COVID-19 pandemic. The themes indicate that similar issues were encountered by professionals working in senior care, however, job type impacted the perceptions of those issues. Structuration theory is applied to the findings to explain how structure and agency are created and reinforced in the social systems of senior care organizations.

This paper analyzes the constitutional determinants of cost reimbursement rules. In order to design the optimal incentive schemes, a possibly partisan planner will take into account the market cost structure, the institutional design of the supervision hierarchical structure and its technology. I employ electricity data from the U.S. electric power market to test the model's predictions. The evidence shows that reforms from low powered incentive scheme (COS) to high powered one (PBR) are linked to high cost industries, the presence of elected supervisors, high inter-party platform distance and large (slim) majority when the reformer is Republican (Democratic). Moreover, there is some evidence in the data that performance-based regulation lowers regulated prices.