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This paper aims to clarify the regional characteristics of the development of tourism accompanying economic growth in India and the tourist industry using development in the Kumaon region of Uttarakhand. The state of Uttarakhand is known as a Himalayan hill resort area with various tourism resources, such as hillside summer retreats in regions with beautiful lakeside scenery and views of year-round snow of the Himalayan Mountains, Hindu pilgrimage sites and so on. In particular, the development of hillside summer retreats was facilitated by the forging of roads through steep mountainous regions and the construction of hotels and vacation homes by the English during the colonial period. In recent years tourists from all over India have visited Uttarakhand, and that number is increasing rapidly. While it is obvious that many of the tourists come from the North and South West regions of India, there is a particularly large number who come from the greater Delhi metropolitan area. It is assumed that these visits constitute utilization of leisure time by the middle class. With new development of hill resorts, Naukuchiatal has been one recipient of the ever-increasing number of domestic tourists. Surrounded by tourism resources centered on the lake, Uttarakhand has experienced growing development of lodging accommodations by local residents and hotel capital from inside and outside the state. Hence, a certain ripple effect to the local economy can be observed for both local residents and merchants within the region regarding employment at lodging accommodations, necessary services, and the demand for materials.

Land market regulations are often justified by the assumption that activities of foreign and nonagricultural investors drive up land prices in countries with low land price levels. However, empirical knowledge about the dynamics of agricultural land prices across borders is sparse. Using the German reunification as a natural experiment, we study the effect of the former inner German border on the dynamics of agricultural land prices in East and West Germany. We apply a land price diffusion model with an error correction specification that estimates to what extent agricultural land markets are spatially integrated. A novel feature of our model is its ability to distinguish price diffusion within states and across state borders. We find that local agricultural land markets in Germany are linked by a long-run equilibrium relationship. Spatial market integration, however, does not hold among all counties in our study area. Regarding our main research question, we provide evidence for a persistent border effect given that the fraction of spatially integrated counties is larger within states than across the former border. Moreover, we observe non-significant error correction terms for many counties along the former border. From a policy perspective, it is striking to realize that even 25 years after German reunification, pronounced land price differences persist. It is quite likely that price diffusion through existing borders within the EU would take even more time given language barriers, different administrative procedures for land acquisitions, different tax systems, and information asymmetries between domestic and foreign market participants.

The study examines the effects of trade liberalization on employment and the labour market in Mexico's manufacturing industry. The analysis places special emphasis on assessing the extent to which the industry's distinct trade performance is accompanied by an improvement in labour conditions with the objective of ensuring decent work. For this purpose, the study applies the framework of decent work indicators developed by the International Labour Organization (ILO), in combination with input-output analysis, to explore selected links between international trade and certain indicators of decent work in two industries of Mexico's manufacturing sector: automotive and textile. We chose these two industries because of the key differences in their organizational structures, their roles in global value chains (GVC) and their dynamism in recent decades. With the policy shift towards trade liberalization in recent decades, the automotive industry has come to be regarded as the jewel of Mexico's export market. The textile industry, in contrast, suffered a severe shock as trade liberalization brought about increased competition in Mexico's domestic market, despite the industry increasing its participation in GVCs. A key contribution of the study was to construct a set of relevant time series indicators of decent work for these two industrial activities in Mexico, based on ILO guidelines and official data. Taking into account this set of indicators, as well as Mexico's labour market regulatory reforms and their links to trade agreements, including the Agreement between the United States of America, the United Mexican States and Canada (USMCA), the study finds important differences in these two industries' advance towards decent work, which can be partly explained by their distinct performances in international trade. Based on these results, the study offers some policy recommendations to help achieve a more robust pace of progress towards decent work.

In this working paper, we explore these questions based on analysis of a dataset of mining and mineral exploration projects covering all the major commodities or commodity groups in six Arctic countries or territories - Canada, Greenland, Finland, Sweden, Norway and Alaska. We do so through an approach that moves beyond ownership of mines as a measurement of control. Mine ownership in itself has little significance for where the raw materials go to be processed. Industry demand and supply security hinge more on highly processed materials and advanced products than bulk raw materials. Our approach is instead to assess Chinese control over mineral flows from the Arctic using a comprehensive set of 'control parameters'. Compared to an ownership-based approach, we begin one step further upstream in the supply chain - at mineral exploration - and look one step further downstream, by taking into account control via, for example, offtake agreements or monopoly over processing technology. We find that Chinese companies are involved in a very small share of Arctic projects overall, that their activities cover a very wide range of commodities, most of which are focused on exploration, and that they are heavily concentrated in Canada. The scale of Chinese involvement might, however, be more extensive than our data shows because many Western miners view Chinese companies as their natural - and first choice - offtake partners. It is thus likely that many companies expect to sell to China but have not entered into a formal offtake agreement, or that we have just not been able to find evidence of such agreements. Our findings also suggest that while Chinese engagement in the Arctic mineral sector has been limited, the investments that have been made appear to support China's mineral strategy relatively well. This is evident from both the range of commodities that are targeted and from variations in degree of control across commodities that are differently prioritised in China's mineral strategy.

"Stochastic Analysis on Large Scale Interacting Systems". October 26～29, 2015. edited by Ryoki Fukushima, Tadahisa Funaki, Yukio Nagahata, Makoto Nakashima, Hirofumi Osada and Yoshiki Otobe. The papers presented in this volume of RIMS Kôkyûroku Bessatsu are in final form and refereed. In this article, we survey the author's recent results on an extension of the Brascamp-Lieb inequality; revealing its connection with a solution to the Skorokhod embedding problem, we extend the inequality.

The article examines the impact of the exhibitions “La Presenza del passato”, curated by Paolo Por-toghesi for the Venice Biennale of Architecture in 1980, and “Architectures en France: Modernité, post-modernité”, curated by Chantal Béret and held at the Centre Pompidou and the Institut français d’architecture in Paris in 1981 on two exhibitions centred on the concept of modernity and held in Paris in 1982: “La Modernité ou l’esprit du temps” (fig. 1), curated by Jean Nouvel, Patrice Goulet and François Barré and organised in the framework of the architectural section of the XIIe Biennale of Paris, and “La Modernité, un projet inachevé” (fig. 2), curated by Paul Chemetov and Jean-Claude Garcias and held at the École des beaux-arts in Paris. Through a comparison of these two exhibi-tions, it presents the divergences and affinities between the attitudes of Nouvel and Chemetov re-garding the commoditization and aestheticization of the image and their perception of the architectur-al signs. It departs from the controversy between Jürgen Habermas’s approach, in “La Modernité, un projet inachevé”, where he claims that modernity is an unfinished project, and Jean François Lyotard’s approach, in La condition postmoderne, where he considers modernity as an outdated project, in order to interpret the conflict between the aforementioned exhibitions. The debate between Haber-mas and Lyotard is related to the crisis of the idea that the architectural language must symbolize and embody the essence of the time, the Zeitgeist. This debate between Habermas and Lyotard is related to the question about the end or the continuation of modernity. According to Habermas, the project for the emancipation of modernity should not be abandoned. Habermas’ critiques of postmodernity are associated with his disapproval of Lyotard’s stance towards aesthetic modernity. Habermas criti-cised Lyotard for abandoning the idea that modernity can still bring about changes in the lived world and everyday life. The debate that the aforementioned exhibitions represent is linked to the emergence of two trends in relation to the reinvention of modernity. Following Pierre Bourdieu’s approach, we could claim that the tension between the ways in which each of these exhibitions treats the role of the image within archi-tectural design and the role of architecture for the construction of a vision regarding progress is the expression of two divergent positions in social space. The tension between the approaches of the two exhibitions is related to how their curators interpret Team Ten’s approach. Jean Nouvel claims that being “Modern today is not holding the torch of the modern movement, Team Ten or ‘ordinary ugli-ness’”, while Paul Chemetov is positive towards the ideas of Team Ten and the intention of its mem-bers to understand habitat as a place for social interaction. The article compares the approaches of the Atelier d’urbanisme et d’architecture (AUA) and Team 10, interpreting their differences as part of a generational conflict through the elaboration of concepts first developed by Pierre Bourdieu and Karl Mannheim. It also explains why the discourse of Team 10 is less critical vis-à-vis the generation of modernism than that of the AUA. The article examines whether the break with the founding myths of modernity is rather a generational rupture than a conceptual one, questioning whether the demystifi-cation of modernism is a generational or a conceptual stance.

Cambodia's foreign exchange market is cash-based, overshadowed by the retail transactions of money changers. Based on the original dataset of the enterprise survey on uses of currency exchange services, we elucidate the structure of the foreign exchange market and investigate how payment dollarization is related to the prosperity of money changers. The empirical evidence indicates that firms in the domestic business sector confront currency mismatch situations that mean they have to undertake currency exchange. Besides, cash transactions are the most common means of payment in the country. The combination of prevalent currency mismatch and cash-based transactions is considered to give rise to retail currency exchange transactions with which money changers are more compatible than banks are. The empirical results also suggest that the recent regulation to promote bank lending in Khmer Riels will boost banks' currency exchange services, a situation conducive to foreign exchange market development.

Vi undersøger fordelene ved at modellere udviklingen i danske statsrenter i et lavrentemiljø ved brug af en dynamisk rentemodel med en nedre grænse, en såkaldt skyggerente-model. Vi benytter en skyggerente-udvidelse af den velkendte arbitrage-fri Nelson-Siegel model. I litteraturen har skyggerentemodellen vist at kunne forbedre cross-sectional fit og renteforecasts, når renterne er tæt på nul. Vi finder imidlertid ikke de samme forbedringer ved at benytte en skyggerentemodel på dansk data. Skyggerentemodellen udfordres af, at de danske statsrenter over de seneste år er blevet stadig mere negative. Trods udfordringerne foretrækker vi stadig en skyggerentemodel frem for Gaussiske modeller, da førstnævnte fanger den asymmetriske fordeling af fremtidige renter, som karakteriserer lavrentemiljøet. Set fra et risikostyringsperspektiv finder vi, at skyggerente-udvidelsen kun påvirker løbetidspræmierne i en kort periode i begyndelsen af 2015, hvor renterne var på deres laveste. Til sidst viser vi, at en rentemodel med to frem for tre faktorer forbedrer renteforecasts i lavrentemiljøet. We model the dynamics of Danish government bond yields in a low-rate environment using a term structure model with a lower bound, a so-called shadow rate model. Specifically, we use a shadow rate extension of the well-known Arbitrage-Free Nelson