A Review of the External Positions of the Oil-Importing Developing Countries and their Relationship to the World Oil Market

Many oil-importing developing countries faced greater difficulties coping with the second oil shock (1979–80) than with the first (1973–74). The recent decline in oil prices has offset only a small part of the adverse effect of the earlier increases, and a number of these countries continue to face severe problems in servicing their external debt. This paper explores the reasons for these difficulties, which are associated in part with the higher levels of real interest rates in recent years and with the slowdown in economic activity in industrial countries. Estimates are provided of the effects of changing oil prices on the net real cost of oil imports in developing countries. The paper concludes with an assessment of the medium-term prospects for the financing of external deficits.     

Quantifying Preferences for the Natural World Using Monetary and Nonmonetary Assessments of Value

Given that funds for biodiversity conservation are limited, there is a need to understand people's preferences for its different components. To date, such preferences have largely been measured in monetary terms. However, how people value biodiversity may differ from economic theory, and there is little consensus over whether monetary metrics are always appropriate or the degree to which other methods offer alternative and complementary perspectives on value. We used a choice experiment to compare monetary amounts recreational visitors to urban green spaces were willing to pay for biodiversity enhancement (increases in species richness for birds, plants, and aquatic macroinvertebrates) with self‐reported psychological gains in well‐being derived from visiting the same sites. Willingness‐to‐pay (WTP) estimates were significant and positive, and respondents reported high gains in well‐being across 3 axes derived from environmental psychology theories (reflection, attachment, continuity with past). The 2 metrics were broadly congruent. Participants with above‐median self‐reported well‐being scores were willing to pay significantly higher amounts for enhancing species richness than those with below‐median scores, regardless of taxon. The socio‐economic and demographic background of participants played little role in determining either their well‐being or the probability of choosing a paying option within the choice experiment. Site‐level environmental characteristics were only somewhat related to WTP, but showed strong associations with self‐reported well‐being. Both approaches are likely to reflect a combination of the environmental properties of a site and unobserved individual preference heterogeneity for the natural world. Our results suggest that either metric will deliver mutually consistent results in an assessment of environmental preferences, although which approach is preferable depends on why one wishes to measure values for the natural world. Preferencias de Cuantificación para el Mundo Natural Usando Estudios de Valor Monetario y No Monetario.     

Evidence of Local Adaptation in the Demographic Response of American Ginseng to Interannual Temperature Variation

Abstract: Bioclimatic envelope models of species’ responses to climate change are used to predict how species will respond to increasing temperatures. These models are frequently based on the assumption that the northern and southern boundaries of a species’ range define its thermal niche. However, this assumption may be violated if populations are adapted to local temperature regimes and have evolved population‐specific thermal optima. Considering the prevalence of local adaptation, the assumption of a species‐wide thermal optimum may be violated for many species. We used spatially and temporally extensive demographic data for American ginseng (Panax quinquefolius L.) to examine range‐wide variation in response of population growth rate (λ) to climatic factors. Our results suggest adaptation to local temperature, but not precipitation. For each population, λ was maximized when annual temperatures were similar to site‐specific, long‐term mean temperatures. Populations from disparate climatic zones responded differently to temperature variation, and there was a linear relation between population‐level thermal optima and the 30‐year mean temperature at each site. For species that are locally adapted to temperature, bioclimatic envelope models may underestimate the extent to which increasing temperatures will decrease population growth rate. Because any directional change from long‐term mean temperatures will decrease population growth rates, all populations throughout a species’ range will be adversely affected by temperature increase, not just populations at southern and low‐elevation boundaries. Additionally, when a species’ local thermal niche is narrower than its range‐wide thermal niche, a smaller temperature increase than would be predicted by bioclimatic envelope approaches may be sufficient to decrease population growth.     

Benefits of Investing in Ecosystem Restoration

Measures aimed at conservation or restoration of ecosystems are often seen as net‐cost projects by governments and businesses because they are based on incomplete and often faulty cost‐benefit analyses. After screening over 200 studies, we examined the costs (94 studies) and benefits (225 studies) of ecosystem restoration projects that had sufficient reliable data in 9 different biomes ranging from coral reefs to tropical forests. Costs included capital investment and maintenance of the restoration project, and benefits were based on the monetary value of the total bundle of ecosystem services provided by the restored ecosystem. Assuming restoration is always imperfect and benefits attain only 75% of the maximum value of the reference systems over 20 years, we calculated the net present value at the social discount rates of 2% and 8%. We also conducted 2 threshold cum sensitivity analyses. Benefit‐cost ratios ranged from about 0.05:1 (coral reefs and coastal systems, worst‐case scenario) to as much as 35:1 (grasslands, best‐case scenario). Our results provide only partial estimates of benefits at one point in time and reflect the lower limit of the welfare benefits of ecosystem restoration because both scarcity of and demand for ecosystem services is increasing and new benefits of natural ecosystems and biological diversity are being discovered. Nonetheless, when accounting for even the incomplete range of known benefits through the use of static estimates that fail to capture rising values, the majority of the restoration projects we analyzed provided net benefits and should be considered not only as profitable but also as high‐yielding investments. Beneficios de Invertir en la Restauración de Ecosistemas     

Population Bottlenecks and Increased Hatching Failure in Endangered Birds

Abstract: Severe population bottlenecks are expected to lead to increases in inbreeding depression and to reduce the long‐term viability of populations. We compared hatching failure across 51 threatened bird species to test the relation between the size of population bottleneck and population viability. Bottleneck size was defined as the lowest population size recorded in a species. Hatching failure was estimated as the proportion of eggs that failed to hatch due to infertility and embryonic death, both of which increase with inbreeding. The size of the bottleneck varied from 4 to 20,000 individuals across species and had a significant negative effect on hatching failure, a pattern that was consistent when we controlled for the confounding effects of phylogeny, body size, clutch size, time since the bottleneck occurred, and latitude. Hatching failure varied from 3 to 64% across species and was more than 10% in all populations passing through bottlenecks below 100–150 individuals. Our results show that the negative consequences of bottlenecks on hatching success are widespread in the populations of species we examined, and emphasize the conservation benefit of preventing bottlenecks below 150 individuals.