As a countermeasure against global warming, large scale afforestation of arid land which is hardly used for crop cultivation has been receiving attention. By large scale afforestation, atmospheric CO<SUB align="right"><SMALL>2</SMALL></SUB> will be fixed into plants. In arid land, however, most of the rainwater is lost by runoff and...</small></sub>

In reading this paper, keep in mind that it was written at the beginning of 1992. The recession which started in March 1991 has proved to be more stubborn than originally anticipated. As of this writing (December 1993), it has lasted for thirty-three months with no sign of recovery in sight. It...

Callum McCarthy joined the FSA in September 2003 from the Office of Gas and Electricity Markets where he was Chairman and Chief Executive. He had previously held senior positions in Barclays Bank, BZW and Kleinwort Benson, as well Department for Trade and Industry. He is an economist and...