Academic literature on the topic 'Economic aspects of Information measurement'

ABSTRACT We describe the context wherein a Fortune 500 company's performance measurement model (PMM) has endured and evolved over a 15-year period. The PMM's tenure and continued importance refute the alleged faddish nature of PMMs such as the Balanced Scorecard, at least in this case, and allow identification of factors that add to theory about PMM longevity. We use a behavioral-economic framework and qualitative and quantitative data to examine the mechanisms behind this successful PMM. Aspects of the way the PMM is designed and implemented appear to enable the company using the PMM to exploit or mitigate common behavioral heuristics and biases in decision-making. The PMM helps manage cognitive load in a way that is consistent with the company's priorities, and it manages biases by allowing the company to frame performance information in ways that nudge managers toward strategically important results and risks. The behavioral-economic connection might be a reason why this PMM, and perhaps others, endures. Thus, this study adds to and presents preliminary empirical support for testable behavioral-economic PMM theory. Data Availability: Use of all data collected for this study is regulated by a strict nondisclosure agreement, which requires the researchers to protect the company's identity and its proprietary information.

ABSTRACT This article contributes to the perception that the users’ learning process plays a key role in order to apply an accounting concept and this involves a presentation that fits its informative potential, free of previous accounting fixations. Deprival value is a useful measure for managerial and corporate purposes, it may be applied to the current Conceptual Framework of the International Accounting Standards Board (IASB). This study analyzes its utility, taking into account cognitive aspects. Also known as value to the business, deprival value is a measurement system that followed a path where it was misunderstood, confused with another one, it faced resistance to be implemented and fell into disuse; everything that a standardized measurement method tries to avoid. In contrast, deprival value has found support in the academy and in specific applications, such as those related to the public service regulation. The accounting area has been impacted by sophistication of the measurement methods that increasingly require the ability to analyze accounting facts on an economic basis, at the risk of loss of their information content. This development becomes possible only when the potential of a measurement system is known and it is feasible to be achieved. This study consists in a theoretical essay based on literature review to discuss its origin, presentation, and application. Considering the concept’s cognitive difficulties, deprival value was analyzed, as well as its corresponding heteronym, value to the business, in order to explain some of these changes. The concept’s utility was also explored through cross-analysis with impairment and the scheme developed was applied to actual economic situations faced by a company listed on stock exchange.

The analysis of profitability enables the assessment of business efficiency while also providing information on the company’s current economic situation and further development opportunities. The purpose of this paper is to identify the definitional and analytical problems related to the profitability of agricultural cooperatives, and to exemplify the possible solutions. The sample used in this study consists of ca. 100 agricultural production cooperatives based in Poland. Trend extrapolation and analysis of variance and correlation were the techniques employed to investigate the profitability (ROE, ROA, ROS, VI) and its relationship with main lines of production and the size (UAA) and quality (soil valuation index) of agricultural land. The results of research allowed to conclude that the profitability of agricultural cooperatives is decreasing each year; it does depend neither on the main line of production nor on the size and quality of agricultural land. The need for an in-depth study of profitability of agricultural cooperatives was pointed out. It was also stated that the potential determinants of profitability may include management quality and other internal and organizational issues.

Information and communication technology diffuse through the whole of our current practices and form our entire life. Just in the media, at political, economic and scientific level, and often even in normal conversation among people is the global environment very frequented and discussed question. The results of the environment monitoring in Czech Republic (its natural and humane components) are publicized in numeric form (field measurements data including derived indicators) and in cartography representation (Geographical Information System) at any internet servers of various levels of public administration. Environment indicators are nation-wide. At self-government region management authority level publication of regional indicators describing natural and human components of environment is null practically, in both print and electronic form. Similar situation persists in describing preserved natural territories (nature monuments and reservations, Natura2000 areas, etc. …). Somewhat better is the situation of historical and in part of technical objects. Complex description of regional environment is missing.

Purpose – The purpose of this paper is to define the problem and to initiate discussion on library evaluation as significant part of institutional evidence-based management from public administration approach. Design/methodology/approach – In order to fulfilling the purpose, special attention to present the concepts of valuing information, library performance evaluation, measurement, etc. is drawn, main evaluation functions are analysed. Economic aspects of information services vs intellectual ones are discussed. Consistent patterns and principles of public administration as well as possibilities of public administration influence in creation of systematic base of library performance evaluation as well as of information services impact to the user are analysed. Findings – The paper provides insights about different aspects of information services evaluation. Results of analysis of economic aspects of information services vs intellectual ones are presented, consistent patterns and principles of public administration, possibilities of public administration influence in creation of systematic base of library performance evaluation as well as of information services impact to the user possibilities are presented. Originality/value – The paper fulfills need to study how public administration could involve library evaluation as tool for evidence-based decision making.

AbstractThe type and amount of information needed by top management of large companies is primarily determined by the role of individual managers. Thus, managers at the top of the hierarchy in complex enterprises need information that is different from the information managers of individual divisions or strategic business units. Starting from these requirements, strategic management accounting has developed a number of ways to provide information aimed at shaping corporate strategy. In this regard, the paper will be discussed various aspects of performance measurement in multinational companies, as well as the tasks to strategic management accounting should meet within them. Bearing this in mind, the main objective of this paper consists in analyzing the importance of strategic management accounting is to successfully manage the performance of multinational companies. Adequate application of theoretical concepts and research methods chosen, the work is expected to extending domestic literatures in this field meet our economic releases to the role of strategic management accounting in the measurement and control of the performance of multinational companies.

Concept of quality, quality assurance, quality policy and quality management have long since become indispensable in economic aspects. Quality management systems and their meaning are no longer discussed every now and then they have become reality and economic necessity. Also, in public administration, in politics, in education and in the non-profit sector, declarations of quality and their steering and securing are of fundamental importance. The general trend is higher expectations as to the quality of the most diverse products - whether physical products or services - is accompanied by the growing awareness that only through continuous and consistent improvements. A high product quality adds to satisfy the needs of the population. Therefore, the extraction of high-quality information based on the measurement technology. The measurement technology is integrated into the production process maximally strongly.

The main research subject is an assessment of a current state of the economy and the population well-being using conventional economic indicators. The article presents main trends that are available when people apply information and communication technology to business models and products that transform the economy and social and economic interaction. The analysis completed has showen that as an indicator in terms of digital economy the gross domestic product has no longer adequately presented an increase in a number and variety of services and complexity of the solutions developed. Authors propose new approaches to valuating a digital product based on measurements of the consumer surplus. Authors have shown that to solve problems of measuring the digital economy, we need reliable statistics for activity in the digital economy, so that the ongoing national economic policy does not have negative consequences for the country. There is the conclusion that in the near future, due to the lack of alternatives, the gross domestic product as an indicator will still be in use for measurements of the population well-being. Therefore, statistics quality, techniques for such data analysis, and efficient managerial decision-making based on them have been getting the most relevant.

Subject. The article examines theoretical, methodological and practical aspects of applying modern methods and information technologies to improve the economic risk analysis of organizations. Special attention is focused on internal audit and control, in particular, on the self-assessment procedure, being an innovative tool for monitoring and assessing risks to identify and minimize them within the corporate governance system. Objectives. The purpose is to study possibilities for improving the methodology for economic risk analysis of organizations through modern information technologies, innovative tools, and mathematical models. Methods. The study rests on methods of quantitative, qualitative analysis, popular scientific and empirical research in the field of economic sciences, including comparative, structural and functional methods of economic analysis, the desk study, methods of expert assessments, situation analysis, statistical assessment, testing parameters, etc. Results. The offered methodology is aimed at risk assessment and risk analysis of organizations. The results of the study contribute to the implementation of new tools of internal control, audit and analysis, in particular, the self-assessment procedure and the coefficient of reliability of results, which have a positive impact on efficient risk management and the enhancement of investment appeal of organizations. Conclusions. The automation of the risk analysis process and selected procedures and techniques should create conditions for a logical transition to more accurate (as compared to currently prevailing in practice) quantitative measurement methods, and for building the mathematical models that make it possible to predict and obtain results based on empirical data rather than on expert estimates.

Abstract Given the complexity of measuring the fair value of agricultural biological assets, which generally do not have an active market and are dependent on climatic, environmental and biological factors, there is a need for an interdisciplinary view that considers inputs other than economic and accounting. In this sense, the present theoretical essay aims to propose an interdisciplinary methodology to measure the fair value of agricultural biological assets considering also the agronomic factors. As a method, a bibliographic research of an exploratory-descriptive nature was adopted. To support the interdisciplinary methodological proposal, a theoretical framework was developed using the disciplinary lenses of accounting, economics and agronomy, with a focus on agrometeorological modeling. In addition to the methodological proposition, an application was made in the sugarcane sector to demonstrate the behavior and range of the variables. The main contribution of this study is the proposition of an innovative measurement methodology, which considers the agronomic aspects in accounting measurement, which can result in an improvement in the quality of the information, mainly as regards reliability. JEL Code: O32, Q16, C18.

Many Information and Communication Technologies for Development (ICTD) projects are established with the overall aim of positively developing the communities they are implemented in. However, the solutions that are provided are often commonly developed without the needs of these communities being sufficiently investigated beforehand. As a result the ICTD strategy of the project ends up not well aligned with the aims and targets of the needs of the community. As a result of this, an appropriate programme theory for the project and relevant impact indicators fail to be adequately developed. Consequently, when an impact assessment is conducted it is often found that the intended effects are not directly linked to the needs of the community or what the community had hoped to gain from the ICTD initiative. The purpose of this research serves to develop a needs-ICTD strategy alignment foundation that supports the identification and formulation of impact assessment indicators. Through this research, a framework is developed to support the alignment of ICTD strategy, the development and the promotion of contextual needs of rural communities and other frequently marginalized areas. The Needs-ICTD strategy alignment framework is composed of eight main components that describe the process that can be used to align ICTD strategy with community needs. These components include: collaboration between the internal and external stakeholders, the development of the community, conducting baseline studies, the needs assessment, the ICTD strategy, linking of the needs-ICTD strategy, and lastly the identification of impact indicators. An interpretive research approach is used to explore and inform the framework through a multi-case study investigation of the Siyakhula Living Lab and two projects in the Systems Application Products (SAP) Living Lab. Two main case study questions drive the exploration of the framework, that being: 1) How are the needs of the community elicited and how is the ICTD strategy aligned to the needs of the community? 2) And, why were the selected approaches chosen for aligning the needs of the community and ICTD strategy? Data for this research was collected qualitatively through interviews, document analysis and participant observation. Key findings indicate that the involvement of internal (local) stakeholders in the development and alignment of ICTD strategy to the needs of the community is still lacking. As a consequence, many community members end up not fully understanding the project objectives and how these objectives aims are to be achieved. The research also finds that ‘solution specific’ projects also fail communities as they focus specifically on one target group and repeatedly fail to assist the community holistically in supporting their information and their community development needs.

Information may resolve uncertainty and uncertainty is pervasive. Thus, seeking, producing and trading of information are common economic activities. This is also true in the economics of the environment and for the different stakeholders therein involved. The central aim of this research is to investigate some theoretical aspects of the value and effects of information in environmental economics. Information is valuable either as a decision aid in contexts where either health and environmental characteristics of goods are uncertain or as the object of direct valuation under different provision rules. In a choice context three questions arise providing grounds for empirical investigations.

The purpose of this research was to identify factors that impact on tablet PC usage in low-income communities. In order to determine and identify these factors a main research question and sub-research questions were formulated. The primary research question of this study was "What factors impact on tablet PC usage in low-income communities?" This main research question was answered by creating three sub-research questions followed by triangulating the results from these questions. The first sub-research question was aimed at determining whether prior exposure to touch screen technology impacts the user experience. In order to reach this objective an extensive literature review was conducted on the tablet PC landscape in South Africa. This literature review, coupled with the case study helped answer this first research question. The second sub-research question was concerned with determining whether existing user experience guidelines are relevant to South African users. A thorough literature review was conducted on user experience guidelines and related studies. This literature review, together with the results from the case study helped answer this second research question. The third sub-research question involved identifying specific factors which help improve the user experience of tablet PC users in a specific context. This research question was addressed in the case study. Each sub-research question provided results which were analysed in order to answer the main research question. The factors which impact on tablet PC usage were thus identified and recommendations were proposed.

Additive Manufacturing (AM) refers to the use of a group of technologies capable of combining material layer-by-layer to manufacture geometrically complex products in a single digitally controlled process step, entirely without moulds, dies or other tooling. AM is a parallel manufacturing approach, allowing the contemporaneous production of multiple, potentially unrelated, components or products. This thesis contributes to the understanding of the economic aspects of additive technology usage through an analysis of the effect of AM s parallel nature on economic and environmental performance measurement. Further, this work assesses AM s ability to efficiently create complex components or products. To do so, this thesis applies a methodology for the quantitative analysis of the shape complexity of AM output. Moreover, this thesis develops and applies a methodology for the combined estimation of build time, process energy flows and financial costs. A key challenge met by this estimation technique is that results are derived on the basis of technically efficient AM operation. Results indicate that, at least for the technology variant Electron Beam Melting, shape complexity may be realised at zero marginal energy consumption and cost. Further, the combined estimator of build time, energy consumption and cost suggests t AM process efficiency is independent of production volume. Rather, this thesis argues that the key to efficient AM operation lies in the user s ability to exhaust the available build space.

Throughout the last two decades, biodiversity has been increasingly acknowledged as a valuable asset. However there are numerous challenges to managing the asset. Firstly, there is no universally accepted measure of biodiversity per se. As a consequence, rather than measuring the intrinsic value of biodiversity the focus has typically shifted to valuing biodiversity services. Secondly, biodiversity issues should not be considered in a vacuum, but rather alongside general natural resource management problems. Conservation agencies and regulators alike would greatly benefit from more transparent biodiversity targets for conservation policies and natural resource management. This thesis makes a number of contributions to meet these challenges including measuring biodiversity, modelling diverse ecosystems and considering biodiversity outcomes in the management of an environmental resource. To value biodiversity, it is essential to measure it. Focusing on pairwise genetic dissimilarities at the species level, this thesis develops two models for measuring biodiversity. An axiomatic diagnosis of the existing and new measures is presented. This comparison suggests that the adequate biodiversity measure depends on the context. The diversity measures describe the biodiversity catalogue available at a given point in time. Modelling biodiversity is important for forecasting the impact of conservation decisions and understanding the future value of biodiversity. The importance of each species, however, depends on its role in the ecosystem as well as its genetic diversity. The interactions between species are therefore investigated and described, using a new model built around CES production functions. Three existing models based on predator-prey equations are extended to the multi-species case. These interaction models provide the necessary link for biodiversity maintenance over time. The four models are compared using simulations and an axiomatic approach. This approach shows that the new model performs well, offers the flexibility required to describe different types of ecosystems and is less data intensive. Finally, a case study of natural resource exploitation is presented, illustrating the idea that biodiversity loss can have direct economic implications in natural resource management. The model shows the impact of market structures on the extraction path of the resource and the distribution of the resource rent.

Abstract. Purpose – the aim of the article is to present the concept of cultural economics upon analysing the scientific literature and to single out the factors that influence the development of cultural economics. Research methodology – analysis and synthesis of scientific literature. The articles published in CA WoS were analysed in order to extract high-quality information on the topic of cultural economics. Findings – after analysis of the scientific literature, the factors of cultural economics have been determined. They are as follows: creativity; new technologies; consumer society; public authorities; artistic forms; media, information, digitisation; local cultural identity; public sector approach to culture; theatre, cinema, museums, crafts; media, social networks; the needs for a consumer society and culture; public sector funding for culture. Research limitations – the main limitation of the current research is that the factors of cultural economics are distinguished from the scientific literature. For more precise identification, the experts should be interviewed as well. Practical implications – the distinguished factors could be used for measurement of the level of a country’s cultural economics level. Originality/Value – the article summarises

Purpose – the purpose of this research is to systematically understand the behavioral and emotional aspects of potential tourists and investigated the conceptual model in the context of the travel marketers’ (TMs) facebook fan pages. Research methodology – the present study performed the two-step SEM approach suggested. the first step involved confirmatory factor analysis (CFA), which was used to validate scales for the measurement of specific constructs proposed in a research model and SEM followed. Findings – the supportive part of the conceptual framework studied how the cognitive (information source, social interaction ties, design characteristics) and effective (entertainment) factors influenced attitudes. Research limitations – the key limitation of this topic may belong to the propensity of the sample to embody the population. This also has a certain influence on SEM exploration. Practical implications – this study provides important guidelines for fan pages’ designers and marketers in the tourism sector especially during the time of destination image crisis. Originality/Value – this research was the earliest to relate the prototype willingness model on travel and tourism Facebook fan pages. In a sense, this research offers a basis for acclimating the prototype willingness model to the touristry social media setting.

The research area “Virtual Manufacturing (VM)” is the use of information technology and computer simulation to model real world manufacturing processes for the purpose of analysing and understanding them. As automation technologies such as CAD/CAM have substantially shortened the time required to design products, Virtual Manufacturing will have a similar effect on the manufacturing phase thanks to the modelling, simulation and optimisation of the product and the processes involved in its fabrication. After a description of Virtual Manufacturing (definitions and scope), we present some socio-economic factors of VM and finaly some “hot topics” for the future are proposed.

Figure. Distributed Ledger Token Accounting System. Figure. Subjects of Social Relations Based on the Decentralized Information Platform. Figure. Derivativeness of a Digital Asset. Figure. Semantic Features of the Concept of a “Digital Asset” in Economic and Legal Aspects. Figure. Derivativeness of Polyassets and Monoassets. Figure. Types of Tokenized Assets Derived from Property. Figure. Visual Representation of the Methods of Financial and Management Accounting of Property Using Various Types of Tokenized Assets. Figure. Visual Representation of the Classification of Virtual Assets Based on the Complexity of Their Nature. Table. Comparison of Properties of Various Types of Virtual Assets of the Distributed Ledger Derivative of the Original Asset. Table. Main Properties and Parameters of Types of Tokenized Assets. Table. Classification of Virtual Assets as Tools for Implementing the Methods of Financial and Management Accounting of Property.

Previous research on the reproductive health of adolescents and youth in Pakistan has not addressed the diversity of adolescent experiences based on social status, residence, and gender. To understand the transition from adolescence to adulthood more fully, it is important to assess social, economic, and cultural aspects of that transition. This brief presents the experience of married and unmarried young people (males and females) from different social strata and residence regarding their own attitudes and expectations about reproductive health. More young people aged 15–24 live in Pakistan now than at any other time in its history—an estimated 36 million in 2004. Recognizing the dearth of information on this large group of young people, the Population Council undertook a nationally representative survey from October 2001 to March 2002. The analysis presented here comes from Adolescents and Youth in Pakistan 2001–02: A Nationally Representative Survey. The survey sought information from youth aged 15–24, responsible adults in the household, and other community members in 254 communities. A total of 6,585 households were visited and 8,074 young people were interviewed.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.

Eminent Domain is the power of the government or quasi-government entities to take private or public property interests through condemnation. Eminent Domain has been a significant issue since 1879 when, in the case of Boom Company v. Patterson, the Supreme Court first acknowledged that the power of eminent domain may be delegated by state legislatures to agencies and non-governmental entities. Thus, the era of legal takings began. Though an important legal dispute then, more recently eminent domain has blossomed into an enduring contentious social and political problem throughout the United States. The Fifth Amendment to the United States Constitution states, “nor shall private property be taken for public use, without just compensation.” Thus, in the wake of the now infamous decision in Kelo v. City of New London, where the Court upheld the taking of private property for purely economic benefit as a “public use,” the requirement of “just compensation” stands as the primary defender of constitutionally protected liberty under the federal constitution. In response to Kelo, many state legislatures passed a variety of eminent domain reforms specifically tailoring what qualifies as a public use and how just compensation should be calculated. Texas landowners recognize that the state’s population is growing at a rapid pace. There is an increasing need for more land and resources such as energy and transportation. But, private property rights are equally important, especially in Texas, and must be protected as well. Eminent domain and the condemnation process is not a willing buyer and willing seller transition; it is a legally forced sale. Therefore, it is necessary to consider further improvements to the laws that govern the use of eminent domain so Texas landowners can have more assurance that this process is fair and respectful of their private property rights when they are forced to relinquish their land. This report compiles statutes and information from the other forty-nine states to illustrate how they address key eminent domain issues. Further, this report endeavors to provide a neutral third voice in Texas to strike a more appropriate balance between individual’s property rights and the need for increased economic development. This report breaks down eminent domain into seven major topics that, in addition to Texas, seemed to be similar in many of the other states. These categories are: (1) Awarding of Attorneys’ Fee; (2) Compensation and Valuation; (3) Procedure Prior to Suit; (4) Condemnation Procedure; (5) What Cannot be Condemned; (6) Public Use & Authority to Condemn; and (7) Abandonment. In analyzing these seven categories, this report does not seek to advance a particular interest but only to provide information on how Texas law differs from other states. This report lays out trends seen across other states that are either similar or dissimilar to Texas, and additionally, discusses interesting and unique laws employed by other states that may be of interest to Texas policy makers. Our research found three dominant categories which tend to be major issues across the country: (1) the awarding of attorneys’ fees; (2) the valuation and measurement of just compensation; and (3) procedure prior to suit.