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  • 1
    Publication Date: 2020-08-31
    Print ISSN: 1432-847X
    Electronic ISSN: 1867-383X
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 2
    Publication Date: 2020-07-15
    Print ISSN: 1567-9764
    Electronic ISSN: 1573-1553
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 3
    Publication Date: 2020-07-10
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 4
    Publication Date: 2020-07-09
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 5
    Publication Date: 2020-07-06
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 6
    Publication Date: 2020-06-30
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 7
    Publication Date: 2020-07-02
    Print ISSN: 1432-847X
    Electronic ISSN: 1867-383X
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 8
    Publication Date: 2020-07-04
    Print ISSN: 1567-9764
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 9
    Publication Date: 2007-03-07
    Print ISSN: 1567-9764
    Electronic ISSN: 1573-1553
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 10
    Publication Date: 2015-08-16
    Description: We analyze the impact of the pro-Russian conflict on stock returns in Russia and the Ukraine during the period November 21, 2013 to September 29, 2014. We utilize four newly created indicators for the degree of (de-)escalation based on an Internet search for conflict-related news. We find that escalation of the conflict is bad news for investors in both stock markets. Russian returns decrease by as much as 21 basis points (bps) after a 1 percentage point (pp) increase in escalation and Ukrainian returns drop by even more (up to 30 bps). In total, (de-)escalation of the pro-Russian conflict in the Ukraine accounts for a variation of up to 14.6 (33.4) pp in the Russian (Ukrainian) stock market. We also find that news from international sources is more relevant for investors in the Russian stock market than is news from Russian sources.
    Print ISSN: 1612-4804
    Electronic ISSN: 1612-4812
    Topics: Political Science , Economics
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  • 11
    Publication Date: 2015-11-21
    Description: In the aftermath of the Great Recession 2008/2009 European youth unemployment rose sharply from below 4.2 m in 2007 to more than 5.6 m young people under 25 unemployed in the EU28 countries in 2013. The youth unemployment rate expanded from 15.5 in 2007 to 25.5 in 2013. Beyond the consequences for individuals youth unemployment as a mass phenomenon is potentially menacing the stability of democratic societies. Hence there are good reasons to fight youth unemployment by any means. The paper analyses the specific structure and causes of youth unemployment. Although youth unemployment is also influenced by individual factors like insufficient qualification, we show that country-specific factors - institutions, traditions and characteristic structures - are of high importance in explaining the huge disparities between European countries. Using panel data estimates with specific country and time fixed effects we show that especially the Mediterranean countries responded to the economic downturn in a specific way. However, the high correlation of changes in the youth and adult unemployment rates across countries points to the fact that not only structural factors but also business cycle effects are important for explaining the sharp increase in the youth unemployment rate in Europe. The rise in joblessness is in fact closely related to macroeconomic slackness. Therefore, we argue that a two-handed approach combining institutional improvements with growth stimulating measures is needed to overcome the problem.
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    Topics: Political Science , Economics
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  • 12
    Publication Date: 2015-11-23
    Description: The frequent occurrence of crises in recent decades has triggered a debate between the proponents of Efficient market hypothesis and Fractal market hypothesis. While, the proponents of Efficient market hypothesis view crises as non-existent and highly improbable, the advocates of Fractal market hypothesis view crises as the dominance of certain investment horizons. We test whether the assertion of Fractal Market hypothesis regarding the dominance of certain frequencies during financial crises hold for the global stock markets. Following Kristoufek (Sci Rep 3:2857, 2013) the wavelet power spectra based on continuous wavelet framework are used to test the said hypothesis. It is shown that stock markets around the globe indicate the dominance of higher frequencies during the crises periods, hence, validate the assertions of Fractal market hypothesis. The results drawn are robust to the use of different countries as well as different crises.
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    Topics: Political Science , Economics
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  • 13
    Publication Date: 2015-05-31
    Description: The paper assesses the contribution of key drivers of external imbalances in the Eurozone through the estimation of a panel-data Vector Autoregressive model over 1975–2011. Growth fluctuations, initially associated with demand booms triggered by unusually low interest rates, and later with demand contractions resulting from the crisis and policy adjustments, have played an important role in current account balance fluctuations. Changes in real exchange rates or unit labor costs have played a less important role. Demand shocks have contributed more to current account balance dynamics in the Eurozone periphery than in the core, whereas competitiveness has been a less prominent factor in the periphery but relatively more important in the core. Some broad policy implications of the findings for demand management in a currency union are discussed, including for fiscal policy coordination and macroprudential policies when union members face asymmetric shocks. The role of internal devaluation policies as a means of correcting external imbalances is also reassessed.
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    Topics: Political Science , Economics
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  • 14
    Publication Date: 2015-05-24
    Description: The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The combination of a macroeconomic production function and a new progress function, plus the assumption that the output elasticity of capital is positively influenced by the size of the R&D sector, sheds new light on innovation and growth as well as income inequality: Thus there is a new approach for explaining Piketty’s historical findings of a medium term rise of the capital income share in industrialized countries – both in the earlier and later part of the 19th century and in 1990–2010. A rising share of capital income can be explained within this approach by the increase in the output elasticity of capital, which has been developed in a new way, namely in the context of R&D. In the approach presented herein, the golden rule issues are also highlighted and it is shown that choosing the right size of the R&D sector will bring about maximum sustainable per capita consumption. While the basic new model is presented for the case of a closed economy, one could easily accommodate both trade and foreign direct investment and thereby get a better understanding of complex international investment, trade and FDI dynamics – including with respect to the envisaged Transatlantic Trade and Investment Partnership.
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    Topics: Political Science , Economics
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  • 15
    Publication Date: 2016-07-17
    Description: This paper re-examines the relationship between exports and economic growth in OECD countries. We apply the multi-horizon causality method developed by Dufour et al. (J Econ 132(2):337–362, 2006 ) for the first time, taking into account the possibility of infrequent structural trend breaks. Econometric techniques that avoid the circular problem when testing for segmented trends and unit roots have been employed along with a hybrid estimator of break location. The empirical evidence indicates that there is a unidirectional causal relationship from exports to economic growth for Finland, Germany, and the United States in the short run horizon, and directly in the cases of Austria and Ireland. We verify a direct causal relation from economic growth to real exports in France, Luxembourg and Portugal in various continuous horizons. Bidirectional causal relations between exports and economic growth were detected in Greece and Norway.
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    Topics: Political Science , Economics
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  • 16
    Publication Date: 2016-08-06
    Description: The links between exchange-rate movements and gold-price fluctuations have been extensively studied in earlier research using various econometric techniques. Our contribution to this research is that we apply a novel nonparametric causality-in-quantiles test to study the causal links between exchange-rate movements and gold-price fluctuations. We use daily data for the sample period 1994–2015 for major gold-producing countries to illustrate the novel test. We find that, for the majority of countries, gold-price fluctuations help to predict in sample the returns and the volatility of exchange rates. While exchange-rate movements predict in sample gold volatility, they do not predict gold returns.
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    Topics: Political Science , Economics
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  • 17
    Publication Date: 2016-05-06
    Description: This paper examines the dynamics of the yield curve in India. The study decomposes the entire yield curve into three latent factors (viz. level, slope and curvature) for both the Indian and US sovereign bond markets using the dynamic Nelson Siegel model applying Kalman filter in state space framework. The extracted level factor represents long term, the slope represents short term and the curvature represents medium term interest rate factor. Using the extracted latent factors, the impact of the US yield curve interactions upon the Indian yield curve has been investigated. It provides a new dimension to the literature through investigating the influence of external factors (i.e. US contribution) on the emerging economy yield curve. It is found that the level and slope of the US market leads the long end of the Indian yield curve. The Indian slope was domestic in nature, but after the global financial crisis, linkages between the Indian slope and the US yield curve have increased. The results of this study would enable policy makers to understand the interactions between the domestic yield curve and US market and ensure monetary policy stabilisation. The linkages will also help the global investors in their asset allocation decisions.
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    Topics: Political Science , Economics
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  • 18
    Publication Date: 2016-05-27
    Description: In this paper we focus on the role institutions and structural parameters play in macroeconomic policy design and test the differential effects of tax policies on two structural parameters: the degree of international capital mobility and the rules of wage indexation practiced in the economy. We evaluate counterfactual changes in taxation in the Argentine economy using a Computable General Equilibrium (CGE) Model with unemployment, calibrated with 2006 data, showing that policy mistakes (diagnosis failures) are costlier when the degree of capital mobility is greater and the rules to determine salaries could amplify the losses. Among other taxes, we evaluate the choice of export taxation, historically one of the preferred revenue sources of Argentine governments. We discuss the choice of taxes that an optimistic and a pessimistic policymaker will make under Knightian uncertainty and find that, in the case of our CGE, an optimistic policymaker prefers to tax export goods, while a more pessimistic one tends to tax imports or non-tradable goods.
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  • 19
    Publication Date: 2013-09-14
    Description: In EU countries, opening up of telecommunications markets and regulations have helped to reduce the price of digital services which is an important quasi-input factor in all firms. Integrating the use of telecommunications in a macroeconomic production function is the analytical starting point for our interdependent analysis of output, use of telecommunications and employment. Based on unit root and co-integration analysis as well as an error correction three-equation model which is estimated simultaneously, we present results both on long run links and short run links between telecommunications, output and employment. Considering various scenarios suggests that a fall in the relative price of telecommunications can generate a cumulated employment increase of 760,000 within seven years in Germany. The institutional setup for regulating telecommunications could be improved in Germany and other EU countries; investor-friendly regulation is required.
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    Topics: Political Science , Economics
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  • 20
    Publication Date: 2013-09-16
    Description: In this paper the influence of ICT investments on the international activities of Russia is analyzed. Firstly, ICT investments are considered as a factor of the international competitiveness of the Russian economy (in comparison with some other countries). Dynamics of both export volumes and openness of national economies are used as the main criteria for comparison. Then, the role of ICT in the development of international activities on the regional level is analysed. Cluster analysis is performed for the set of data on the Russian regions. Finally, the accession of Russia to the WTO is considered in the context of the development of the ICT sector and the international activities of the Russian economy.
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    Topics: Political Science , Economics
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  • 21
    Publication Date: 2013-09-27
    Description: This paper shows that in a two-country two-overlapping-generations model with migration, capital mobility and an immobile production factor (land), a locally welfare-improving pension reform at the cost of the neighboring country is possible if land plays a minor role in production. Furthermore, differences in the size of the PAYG pension schemes between the countries distort the international allocation of labour and capital. As a result, a Pareto-improving pension reform is possible if countries employ PAYG pension schemes of different size, provided that a federal government exists that redistributes benefits and losses of the reform both intergenerationally and internationally.
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  • 22
    Publication Date: 2013-10-05
    Description: Since its introduction in 1999, the euro has shown pronounced swings against the US dollar and the British pound. In this study, we investigate whether this evolution has affected bilateral German exports to two of its major export destinations: the US and the UK. Applying the autoregressive distributed lags bounds testing approach, we find different elasticities of trade between the two export destinations. Our results show that the export demand equation for the US seems to be more stable than that for the UK. Furthermore, it seems that the short-run dynamics in particular have changed.
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  • 23
    Publication Date: 2013-10-05
    Description: This study examines the effectiveness of the Reserve Bank of India’s (RBI) intervention policy in the foreign exchange market. An attempt is made to capture volatility spillovers between the RBI’s intervention and exchange rate. The results indicate that the past volatility of intervention has a positive impact on the present volatility of the exchange rate. Similarly the past volatility of the exchange rate, increases the present volatility of intervention. The volatility of the exchange rate is more sensitive to its past shock than the past shock of an intervention. Similarly, the volatility of intervention is more sensitive to the past volatility of exchange rate compared to the past volatility of intervention.
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  • 24
    Publication Date: 2013-09-12
    Description: Energy and climate policy drive large scale integration of distributed generation and demand side management, with massive consequences for distribution grids. New technologies and actors shape the transformation of electricity networks towards smart systems. We argue that future regulation of smart grids needs to allow more flexibility. Firstly, the core of network monopoly starts to weaken allowing for more third party involvement. Secondly, the increasing number and heterogeneity of stakeholders makes “one-size-fits-all” regulation simply less suitable, whilst regulation needs to take account of various interests. In this paper we discuss stakeholder involvement and make policy recommendations to render regulation of smart systems more flexible.
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  • 25
    Publication Date: 2015-05-16
    Description: In this paper, we examine monetary responses to global oil price changes across a panel of seven major net oil consuming countries and three major net oil producing countries using monthly data from January 1986 to August 2013. Employing a variety of linear and nonlinear causality tests, our main findings are as follows. First, oil price movements directly affect monetary aggregates in both net oil consuming and net oil producing countries. Second, nonlinear causality tests reveal strong causal influences from oil prices to monetary aggregates. Third, nonlinear parametric and nonparametric models reveal oil price changes account for significant changes in monetary aggregates in Denmark, Germany, the Netherlands, and the US among net oil consuming countries and in Canada and Mexico among net oil producing countries. Finally, monetary aggregates in these countries respond nonlinearly only to oil price increases.
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  • 26
    Publication Date: 2014-11-05
    Description: Modern macroeconomics has failed in the analysis of both the US banking and the euro crises, respectively, and there is also a rather inadequate view on a range of relevant policy issues. The approach presented herein looks at the reasons for analytical failure and suggests means of improvement – picking up proposals from the literature as well as contributing new ones. The economics profession did not anticipate the banking crisis and there is reluctance to switch to a new paradigm for stabilization policy analysis. Beyond this, there are several analytical challenges which should be integrated into a post-crisis approach: for example, the question of the true degree of economic openness and the role of multinational companies. Moreover, the macroeconomic impact of the digital economic expansion is largely underestimated. The traditional view on asset bubbles has become doubtful. A new paradigm should emphasize the triple analytical challenge of short-term financial market analysis, the routine new questioning of the systemic stability of economic systems and standard macroeconomic modeling – with some refinements; a “Schumpeterian Mundell-Fleming-Solow-Akerlof-model” and sustainability aspects are important on the one hand, on the other hand NKM models have to integrate a broader array of market imperfections. The perspectives presented could jump-start a new paradigm that combines a more realistic macro perspective with a complementary critical institutional analysis.
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  • 27
    Publication Date: 2016-03-31
    Description: We examine how international transfers affect the welfare levels of a donor with a higher marginal propensity to save and a recipient with a lower marginal propensity to save when both countries adopt a pay-as-you-go (PAYG) pension system using a one-sector overlapping generations model. We demonstrate that in a dynamically efficient economy, except at the golden rule, when a per capita PAYG pension contribution of either a donor or a recipient increases marginally, the effect of the transfer on the donor’s welfare can be reduced, whereas whether the effect of the transfer on the recipient’s welfare is reduced is ambiguous. These results imply that the existence of a PAYG pension might hinder the effectiveness of the transfer on the donor’s welfare, and the adoption of a PAYG pension system is likely to cause a weak transfer paradox in which both a donor and a recipient immiserize. Our results also suggest that the introduction of a PAYG pension system, which is used as a domestic policy instrument for intergenerational income redistribution, reduces the donor’s incentive to make an international transfer to a recipient, which is a form of international income redistribution.
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  • 28
    Publication Date: 2016-04-04
    Description: Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well understood. In this paper, we investigate the international business cycle effects of intangible capital. To this aim, we build an otherwise standard two-country real business cycle model augmented by a production sector for intangibles and allow for the non-rivalrous use of intangible capital in the production of final output goods and new intangibles. We find that a model including intangibles is associated with international co-movement of tangible investment, which is a feature observed in the data that many models fail to produce.
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  • 29
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉How has ecological knowledge been applied in Norwegian management of hydropower and protected areas? By recognizing a diversity of environmental ‘knowledges’ and science as potentially subordinated to political and economic interests, we explain the link between ecological knowledge and management by the state and scale of knowledge, political conflict and international commitments. The analysis is guided by case-study methodology. We find that ecological knowledge has had weak impact in the management reform of protected areas and been reduced as a decision-making premise in hydropower management. Differing combinations of case-specific factors have produced these outcomes. In the case of protected areas, ecological knowledge was suppressed mainly by opposing economic interests. The hydropower case showed how competing environmental knowledge and international commitments related to renewable energy and climate change overshadowed nature management concerns. These observations highlight the importance of differentiating between types of environmental knowledge and between knowledge and interests in the study of nature management.〈/p〉
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  • 30
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper provides empirical evidence regarding the effect of energy based taxes on economic growth. The analysis is based on a panel dataset of 31 OECD (Organisation for Economic Co-operation and Development) member countries from 1994 to 2013, using multiple imputation algorithm to address missingness pattern. Employing the instrumental variables with two-stage least squares instrumental variable estimator, we found that energy based taxes have a negative effect on economic growth rate. This effect may rely significantly on the level of the economy’s dependence on polluting energy use as a share of total energy used in the production process. In addition, our study shows that an increase in energy based taxes can enhance significantly the economic growth rate, as the initial level of country’s richness increases.〈/p〉
    Print ISSN: 1432-847X
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  • 31
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉We capitalize on access to plant-level data in examining the changes in emissions of biochemical oxygen demand (BOD), total suspended solids (TSS), and greenhouse gas (GHG) for a set of Canadian pulp and paper mills from 2005 to 2013. In particular, we investigate the roles played by changes in output, emission intensity, allocation of production among surviving plants, and plant closures. Output change is the main factor and improvement of emission intensity by surviving plants—the so-called technique effect—brings a small, yet positive contribution. However, there are no indications that market operations determining plant output and plant survival lead to lower emissions.〈/p〉
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  • 32
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Despite the expansion of international fisheries law, fish stocks are still threatened by illegal, unreported and unregulated (IUU) fishing. An inevitable question arises: What can be done to better induce state compliance with international fisheries law? This article reveals a factor affecting compliance with international fisheries law that had not yet been explored in the compliance studies literature: the processes for implementing that law. It notes that one actor’s implementation processes may enhance other actors’ compliance with international fisheries law if the processes aim to affect others’ behaviour and others conform to them. Accordingly, the purpose of this article is to identify conditions under which the implementation processes have such a socialisation effect. These conditions are explored in two case studies concerning IUU fishing: that existing between the Republic of Korea and the European Union (2013–2015) and that between the Republic of Korea and the Commission for the Conservation of Antarctic Marine Living Resources (2011). The case studies show that, from an institutional perspective, the design of transparent implementation processes with dialogue between the actors involved is crucial and, in terms of social context, the international leverage and reputations of the implementing actor and the targeted actor, as well as collaboration with media and civil society, are also significant factors in the processes’ socialisation effect.〈/p〉
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  • 33
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper examines the interaction of two types of provisions in international environmental agreements: an identity-based minimum participation clause (MPC) and an equal treatment provision. While MPCs have been widely studied in the context of multilateral agreements, this paper is the first to formally introduce treaties specifying equal proportional reductions from the no-treaty equilibrium for all participants. Does the presence of these two provisions assist or impede the formation and efficiency of the grand coalition? In cases of equal treatment and heterogeneity of agents, smaller coalitions may result in higher welfare than requiring the grand coalition. Using game theoretic analysis of a 〈em〉set〈/em〉 of games, this paper gives a set of sufficient conditions for this welfare result to hold in a one-shot negative externality coalition game and presents examples of when smaller agreements do, and do not, improve upon unanimity. Furthermore, this paper focuses on how the choice of negotiation rules affects the optimal set of signatories. By specifying equal treatment (e.g. a proportional reduction rule) in a treaty, gains to the “narrow but deep” approach may warrant a smaller coalition.〈/p〉
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  • 34
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉We present the results of a series of economic laboratory experiments designed to study the compliance behavior of polluting firms when penalties are stochastic. The experiments consist of a regulatory environment in which university students faced emission standards and an enforcement mechanism composed of audit probabilities and penalties (conditional on detection of a violation). We examine how uncertainty about the penalty affects the compliance decision and the extent of violation with two levels of enforcement: one in which the regulator induces perfect compliance and another one in which it does not. Our results suggest that in the first case, uncertain penalties increase the extent of violations in firms with higher marginal benefits. When enforcement is not sufficient to induce compliance, the uncertain penalties do not have any statistically significant effect on compliance behavior. Overall, the results suggest that a cost-effective design of emission standards should include complete, public information on the penalties for violations.〈/p〉
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  • 35
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This article offers a descriptive and normative economic analysis of international environmental rights. States, sovereignty, international negotiations, and international law resemble legal persons, property, the market, and private law, respectively. Just as the initial entitlement of persons’ property rights is important to increasing welfare when transaction costs are significant, so too is that of states’ sovereignty rights, including those regarding the environment. What is the initial entitlement of these rights? Is this relatively efficient? How are these rights protected? The article considers three possible initial entitlements. First, states’ right to cause transboundary environmental harm and, second, their right to be free therefrom are each rejected due to weak theoretical support and insufficient state practice. These initial entitlements would also be less efficient. In contrast, an initial entitlement consisting of both the prevention of transboundary harm and the equitable use of shared natural resources is supported by theory and practice. This entitlement appears relatively efficient, and the relevant legal instruments reveal an implicit underlying economic logic. These international environmental rights are generally protected by mechanisms that resemble liability.〈/p〉
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  • 36
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The literature is abundant with studies analyzing inequality in carbon emissions at the macroeconomic level, but very limited at the household level. The issue of household carbon footprint inequality is relevant in mitigating climate change through curbing household emissions. This study investigates household carbon footprint inequality in the Philippines and decomposes it into consumption sources applying the standard method used in analyzing income inequality. Results show that the richest 20% of the population has an aggregate share of more than 50% in the total household emissions. Between 2000 and 2006, the Gini coefficient of carbon footprint increases from 0.455 to 0.475. This implies that there is a high and worsening carbon footprint disparity among Filipino households. This disparity in emissions is more pronounced among rich and poor households relative to the middle-income households depicting a non-monotonous kind of relationship between household income and carbon emissions. This suggests that variations in lifestyle and consumption preferences determine overall household emissions inequality. In addition, the decomposition analysis suggests that inequality in carbon footprint is mainly driven by energy-intensive consumption such as fuel, light and transportation. At any affluence level, promotion of less carbon-intensive or energy-efficient consumption allows for the reduction of not just the emissions level, but also the disparity in household carbon footprint.〈/p〉
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  • 37
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉While Regional Fisheries Management Organizations (RFMOs) face many challenges in their pursuit of sustainable resource development, climate change is among the most pressing and least addressed. Research has identified a host of expected or ongoing physical, biological, ecological, and social impacts of climate change on the marine environment, creating a strong climate change adaptation imperative for RFMOs. Through a case study of the Inter-American Tropical Tuna Commission (IATTC), we describe two serious limitations of current RFMO climate change adaptation strategies: (1) a weakened efficacy of resource management and conservation policies caused by viewing climate change as a general climate stressor rather than a unique environmental challenge, and (2) a reliance on incremental policy reform, problematic because it may not enable a pace or scale of policy change proportional to the sustainable development challenges created by a rapidly changing ocean. We discuss the benefits and drawbacks of incrementalism and outline potential solutions to the environmental and structural challenges facing the IATTC and other RFMOs, including the concept of adaptation pathways.〈/p〉
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 38
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The Paris Agreement on climate change recognizes, reluctantly albeit, the importance of ‘climate justice’ in its Preamble. Despite a change from a top-down burden-sharing approach to a bottom-up pledge and review regime, concerns of distributive justice remain central to the evolution of climate research, regime, and policy. The Paris Agreement also proposes a new market-based mechanism to promote ambition. Reasserting the unavoidability of ‘climate justice’ concerns, and responding to the suggestion that the proposed new market-based mechanism could learn from the experience of the Clean Development Mechanism (CDM), this paper argues that such a recommendation should be tested against a comprehensive understanding of compatibility between justice and the market. This paper postulates that both justice and the market have institutional underpinnings, which embed them into deeper, and interconnected, layers of values and relations. Arguing that ‘climate justice’ is best understood as ‘an agreed ensemble of values,’ we propose that the architecture of the UNFCCC in which these values are articulated, negotiated, and agreed upon needs to be conceptualized as consisting of four distinct, but evolving, institutional spheres: ambition, obligations and entitlements, mechanisms, and deliberation. The approach is illustrated using the case of the CDM, and implications are suggested for the proposed market-based mechanism under the Paris Agreement. The paper argues that the concerns of ‘climate justice’ have multiple institutional dimensions, and the market-based mechanisms may contribute to realizing certain dimensions of ‘climate justice,’ while considerably subverting others. The extent of both outcomes depends greatly on the ‘agreed’ conception of justice, design of mechanisms, and capabilities of the participants. Our findings suggest a judicious combination of non-market mechanisms with the market-based mechanisms would better serve the desired goal.〈/p〉
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  • 39
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The international debate about trade imbalances often puts the focus on the role of domestic GDP/foreign GDP and the role of real exchange rate changes – with respect to the latter adjustment channel, the standard question is whether or not the Marshall-Lerner condition is fulfilled. While recent trade literature has focused on exchange rate pass-through the role of FDI has not been much discussed. With outward foreign direct investment (FDI) and inward FDI becoming increasingly important, the question about the real exchange rate impact on the trade balance has to be restated as imports are proportionate to real gross national income and this indeed implies a new Marshall-Lerner condition. It is shown that with outward cumulated FDI, the modified condition is stricter than the traditional case and with both outward FDI and inward FDI, the elasticity requirement is ambiguous. “FDI globalization” might go along with unpleasant trade imbalance problems so that additional empirical research is needed as well as stronger international policy cooperation as high trade balance deficits/high trade balance surplus positions could be rather difficult to correct through exchange rate adjustments only. Looking at the import elasticities for all partner countries of the US – or country x – together is quite misleading for policymakers.〈/p〉
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  • 40
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The prolific literature on the relationship between the trade and environmental regimes suffers from three shortcomings. First, it myopically focuses on multilateral institutions, while the vast majority of trade and environmental agreements are bilateral. Second, when studies consider preferential trade agreements’ (PTAs) environmental provisions, they are often limited to USA and EU agreements. Third, it examines how the trade and environmental regimes negatively affect each other, leaving aside their potential synergies. Conversely, this article assesses the potential contribution of PTAs to international environmental law. Several PTAs include a full-fledged chapter devoted to environmental protection and contain detailed commitments on various environmental issue areas. One possible scenario is that countries that are dissatisfied with traditional settings for environmental lawmaking engage in a process of “regime shifting” toward PTAs to move forward on their environmental agenda. The alternative is that PTAs’ environmental provisions are the result of “tactical linkages” and merely duplicate extant obligations from international environmental law to serve political goals. We shed light on this question by building on two datasets of 690 PTAs and 2343 environmental treaties. We investigate four potential contributions of PTAs to environmental law: the diffusion of multilateral environmental agreements (MEAs), the diffusion of existing environmental rules, the design of new environmental rules, and the legal prevalence of MEAs. The article concludes that the contribution of PTAs to the strengthening of states’ commitments under international environmental law is very modest on the four dimensions examined.〈/p〉
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  • 41
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Governance is a basic factor explaining the poor economic, social and environmental performance of many developing countries. Since good governance impacts the environment and management of carbon emissions, in this study, we examine the relationship between governance and economic performance and its impact on CO〈sub〉2〈/sub〉 emissions, employing the World Bank’s Aggregate Governance Indicators. To this end, data from Organization of the Petroleum Exporting Countries over 8 years (from 2006 to 2015) is analyzed through spatial econometric techniques for panel data. The results show that the governance index (with a negative sign) and GDP growth variable (with a positive sign) have the greatest impact on carbon dioxide emissions. The inflation rate, exports, imports, foreign investment, and employment also have an impact on CO〈sub〉2〈/sub〉 emissions. The policy recommendations of this research are that governments can help protect the environment by adopting better governance practices, improving the governance structure, and implementing a clean technology strategy in production to reduce greenhouse gas emissions.〈/p〉
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  • 42
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Major new multilateral environmental agreements (MEAs) have entered into force in 2016, including the Paris Agreement (PA) under the United Nations Framework Convention on Climate Change (UNFCCC) with nationally determined contributions (NDCs) for greenhouse gas (GHG) reduction, the Kigali Amendment (KA) to the Montreal Protocol with a phase-down schedule for HFC production and use in all countries as well as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) under the International Civil Aviation Organization, an offset mechanism for GHG emissions. Regarding climate change mitigation, these MEAs are implicitly and explicitly linked to each other. However, the interaction effects between them have not yet been studied. We apply document analysis to assess the following question: how does the MEA interplay impact the scope and effectiveness of international market-based climate policy instruments defined in Article 6 of the PA (Paris Mechanisms) regarding NDC achievement? The Paris Mechanisms can generate early reductions in HFCs that lower the KA baseline and thus the entire phase-down schedule, thereby generating long-term GHG mitigation. Reduction in HFC-23—a large, controversial source of carbon credits under the Kyoto Protocol’s Clean Development Mechanism (CDM)—is now mandated through the KA and thus no longer available for international market mechanisms. If it accepts CDM credits predating 2020, CORSIA will not generate demand for emission units generated by the Article 6 mechanisms and thus not impact their effectiveness. Otherwise, CORSIA demand for Article 6 credits enhances effectiveness, provided that ‘double counting’ of credits is prevented through corresponding adjustments.〈/p〉
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  • 43
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Unilateralism remains an opaque concept associated with discriminatory or coercive policy implications. Legal controversies about unilateralism have not prevented a continuing proliferation of unilateral trade measures in domestic fishery management regimes to deter illegal, unreported and unregulated fishing. The widespread application of trade leverage requires a refined study of the confluence of multilateral trade and environmental governance frameworks on novel state activism. This article probes the long-running trajectory of the US 〈em〉Tuna〈/em〉 and 〈em〉Shrimp〈/em〉 disputes within the cross-institutional context of the World Trade Organization, multilateral environmental agreements and regional fisheries management organizations. It aims to shed new light on the nexus between unilateral trade measures and multilateral environmental agreements as an evolving and mutually adaptive process. Inspired is the critical thinking on elevating trade and environmental partnerships to coherently monitor and discipline trade unilateralism in its indirect role to ameliorate global environmental problems.〈/p〉
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  • 44
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉In the present paper, we investigate the effects of the disagreement in expectations about exchange rate on the disagreements in expectations about inflation and about monetary policy interest rate in Brazil. The analysis seeks to verify whether the uncertainty related to the future behavior of the exchange rate affects both the process of inflation expectation formation and the process of monetary policy interest rate expectation formation. Besides, the paper investigates the role of monetary policy credibility in mitigating the effects of the disagreement in expectations about exchange rate on the disagreements in expectations about inflation and about monetary policy interest rate. The results indicate that the disagreement in expectations about exchange rate impacts the disagreements in expectations about both inflation and monetary policy interest rate. In addition, the findings indicate that credibility is capable of mitigating the transmission of uncertainties about the exchange rate to uncertainties about the inflation rate and the monetary policy interest rate. Thus, our estimates reveal that (i) the marginal effect of disagreement in expectations about exchange rate on the disagreement in expectations about inflation decreases with the level of credibility and, (ii) the marginal effect of disagreement in expectations about exchange rate on the disagreement in expectations about monetary policy interest rate decreases as credibility increases.〈/p〉
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  • 45
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper empirically investigates the three-way linkages amongst foreign direct investment (FDI), shadow economy and institutional quality by applying the panel dynamic simultaneous-equation modelling approach for a sample of 19 developing Asian countries over the period of 2002–2015. The empirical results by two-step System GMM show that institutional quality attracts inward FDI and FDI in its turn improves institutional quality, institutional quality is not only the cause but also the consequence of the shadow economy, and FDI inflows help reduce shadow economies though the channel of institutional improvement and lower shadow economies – which increase institutional quality – encourage FDI inflows. The empirical insights suggest helpful policy implications to deal with these dynamics simultaneously.〈/p〉
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  • 46
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper investigates empirically the relationship between specialisation in the production of tradable output and the current account balance. According to the ‘tradability hypothesis’ that is examined, countries that specialise in highly tradable sectors tend to run current account surpluses while countries with dominant non-tradable sectors risk running current account deficits. In order to test this hypothesis empirically we develop a value-added based tradability index which captures the tradability of a country’s output. Applied to a large sample of European countries, our empirical model provides strong evidence in favour of the tradability hypothesis. The main policy implication is that the anxieties about ‘de-industrialisation’ in large parts of Europe seem justified with a view to growing external imbalances.〈/p〉
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  • 47
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Using event-study techniques, we investigate the impact of Brexit-related events on the corporate bond yield spreads in the United Kingdom and Eurozone, respectively. We want to find out whether Brexit-related news, including the Brexit referendum itself, had an impact on the risk conditions in those two corporate bond markets. Our estimation results indicate that the announcement of the referendum result is associated with increasing credit spreads in the UK and EA. However, only the actual announcement of the UK referendum result itself had an influence on the credit spreads. Furthermore, we distinguish between the financial and the non-financial economic sectors in order to analyze more specific sector-related effects of the referendum event. Our estimation results suggest that UK credit spreads were more strongly influenced by the announcement of the results of the Brexit referendum than credit bond spreads in the Eurozone were. Finally, we split our sample into pre-referendum and post-referendum periods to consider the potential changing evaluation of the determinants of corporate bond spreads due to altering risk pricing triggered by the Brexit referendum result. We find that the effect of credit default risk is far stronger and plays a significant role in the post-referendum period in UK and EA, respectively.〈/p〉
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  • 48
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper considers the implications of the UK leaving the European Union (EU) for ‘The City’ of London and the wider UK financial sector and for the EU’s Capital Markets Union (CMU) project. The extent of the impact of Brexit through job losses in London and gains in EU financial centres and the relocation of financial sector business will depend on the degree of ‘hardness’ or ‘softness’ of Brexit and indeed whether an exit treaty deal is struck or ‘no-Brexit’ follows a second referendum. At the time of writing (in November 2018) the likely denouement was far from clear. For the EU’s flagship CMU project, the loss of the core London capital markets will require the construction of a more fragmented system based in a number of cities within the EU. In this digital age, the various hubs can perhaps be fully networked whilst better serving distinct regional needs.〈/p〉
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  • 49
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper uses a small and simple theoretical DSGE model in order to conduct some exercises in comparative dynamics of shocks that can be associated with Brexit. We do so by comparing two policy environments, one where a flexible macroprudential regulation (FMR) is in place and one, where this is not the case. This enables us to evaluate whether and to what extent FMR helps to mitigate the Brexit related shocks. We conclude that FMR would indeed be helpful, although in quantitative terms only slightly so.〈/p〉
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  • 50
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Using event-study techniques, we investigate the impact of Brexit-related events on the spot exchange rate of the British pound against the euro and the US dollar. We want to find out whether Brexit-related news, including the Brexit referendum itself, has an impact on British pound exchange rates. By splitting our Brexit-related events into ‘good’ Brexit news and ‘bad’ Brexit news, we find that Brexit news has an impact on British pound exchange rates. Bad Brexit news is associated with a depreciation of the British pound against the euro and the US dollar whereas ‘good’ Brexit news appreciates the Pound against the euro. Furthermore, our empirical results suggest that market participants display a delayed reaction to bad Brexit news. As the referendum has clearly a significant impact on both British pound/euro and British pound/US dollar exchange rate volatility, the impact of Brexit news is only for the British pound/euro exchange rate volatility measurable. Besides the asymmetric volatility pattern towards positive and negative shocks in general, we find that the statistically significance and the magnitude of the impact of good Brexit news is higher than these of bad Brexit news. Concerning the British pound/US dollar exchange rate volatility, our results display a weak presence of volatility asymmetry in terms of shocks and good/bad Brexit news, respectively.〈/p〉
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  • 51
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Interdisciplinary scholars and policymakers in the European Union (EU) claim that increasing material productivity improves the competitiveness of firms. However, the current evidence base has two main shortcomings. First, most studies fail to provide evidence beyond case studies, thus not considering dynamic effects and heterogeneity across firms, sectors, and countries. Second, they do not adequately take the endogeneity of changes in material productivity into account. In this paper, we investigate data from the Community Innovation Survey comprising over 52,000 firms across 23 sectors and 12 EU member states. Moreover, we take an instrumental variable approach to account for endogeneity. Our findings provide evidence for a positive and causal effect of material productivity improvements on microeconomic competitiveness for those firms that received targeted public financial support to realise eco-innovations. The effect tends to be limited to firms in certain material-intensive sectors and countries. We further show that such increases in material productivity reduce the firms’ carbon dioxide footprint, thus achieving both economic and environmental objectives. Therefore, our findings provide the important policy insight that tailoring the availability of public financial supports to sector and country specific circumstances and those eco-innovations that increase material productivity is most promising in reconciling competitiveness and climate change mitigation objectives.〈/p〉
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  • 52
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper examines the interaction of different policies used to control two types of agricultural pollution. Pollution control policy is efficient when both pollution types are controlled by taxes, although a tax increase on one type of pollution can increase the quantity of another type of pollution if farm inputs are substitutes. However, if one of the pollutions is controlled by a local emissions trading scheme, and another pollution type is taxed, then the pollution type which is taxed becomes less responsive to a change in its own tax levels. This policy scenario results in inefficient levels of environmental pollution outcomes unless the cap for the local emissions trading scheme is constantly being shifted in response to the tax.〈/p〉
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  • 53
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper investigates the consumption tax and subsidy as an environmental policy instrument for environmentally aware consumers by applying the model of price discrimination. We discover that a higher rate of subsidy should be set for less eco-friendly consumers for the purpose of achieving socially optimal environmental qualities under positive externalities and this retrogressive subsidization differs from the current progressive subsidization in the Japanese automobile industry, and could alleviate crowding out effects on prosocial behavior. Moreover, it is revealed that the optimal policy instrument for eco-friendlier consumers shifts from a subsidy to a tax, as the level of negative externalities increases.〈/p〉
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  • 54
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Switching to more energy-efficient appliances may lead to higher energy demand. This phenomenon is known as the rebound effect, which may lead to less power saving than expected prior to the switch. Using a combination of propensity score matching with the difference-in-differences method, we examine the change in household electricity consumption that may be caused by replacing air conditioners with more energy-efficient ones. Based on the results of our estimations, we calculate the magnitude of the rebound effect for summer and winter. We find that the rebound effect is positive in summer and winter, and the magnitude is higher in winter (7.87% versus almost 100%, respectively). The estimated rebound effect is small in summer, implying that the power-saving effect due to switching to energy-efficient air conditioners is sizable. On the other hand, no power-saving effect due to the switch was found in winter.〈/p〉
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  • 55
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The US federal government spent 6 billion dollars to protect endangered species in 2013. The previous studies have shown that federal funding allocated under the Endangered Species Act is not necessarily based on the priority a species has been assigned by the Fish and Wildlife Service. This paper asks whether this continues to be the case using more recent data from 2013. It analyzes what factors affect total species funding by various federal agencies under the Endangered Species Act, and particularly examines the role of animal charisma using the number of Google results per species as a proxy. Results show that, while federal priority ranking had no effect on funding, charisma had a significant effect, suggesting biased funding for some species of animals.〈/p〉
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  • 56
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper investigates the impacts of firms’ mobility on the environmental policy. We focus on two issues. The first one is the relationship between the stringency of environmental regulation and the distribution of environmental rents; the second one is how the interjurisdictional competition shapes the selection of instruments. We find that, in the absence of firms’ mobility, an instrument that allocates more rents to firms will give rise to a lower pollution tax rate, but, in the presence of mobile firms, this result may be reversed. Another finding is that the interjurisdictional competition for mobile firms can lead the governments to adopt non-revenue-raising instruments. This provides an explanation for the prevalence of such instruments without relying on political reasoning. We also find that a larger number of jurisdictions may tighten the regulation, which differs from the conventional results.〈/p〉
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  • 57
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The objective of this paper is to examine the innovation impacts of renewable energy support policies, and their interaction in the empirical context of solar photovoltaics (PV) technology. This is achieved using data on patent applications for 13 countries over the period 1978–2008, and unconditional negative binomial estimators. The analysis addresses one technology-push instrument, public R&D support, and two demand-pull instruments, feed-in tariffs (FIT), and renewable energy certificate (REC) schemes. The results indicate that: (a) both FIT and REC schemes induce solar PV patenting activity, but the impact of the former policy appears to be more profound; (b) public R&D support has overall been more influential than FIT and REC schemes in encouraging solar PV innovation; (c) policy interaction exists in that the impact of public R&D support on innovation is greater at the margin if it is accompanied by the use of FIT schemes for solar PV. A corresponding interaction effect is harder to detect for public R&D support and REC schemes, possibly due to the stronger technology selection pressure under the latter policy. The results following several robustness tests support the existence of a positive interaction effect between public R&D and FIT schemes.〈/p〉
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  • 58
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The purpose of this paper is to study the role of social insurance design in a comparative-advantage model of offshoring and trade. To do so, we incorporate social insurance into a modified version of the Grossman and Rossi-Hansberg (Am Econ Rev 98(5):1978–1997, 〈span〉2008〈/span〉) model by formalizing its administrative, compensation, cost, labor-supply and productivity effects. The compensation and productivity effects, which are novel, give rise to important offshoring and trade implications that can contribute to explain how social insurance provision can be sustained under globalization pressure and why similar globalization pressure can lead to different skill premia developments in Western economies.〈/p〉
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  • 59
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper examines the extent to which women’s education, fertility rate, corruption and urbanization affects long-term economic growth in Egypt. We are particularly interested in the impact of female education and fertility rate on economic growth, but we also examine the relationship between economic growth and corruption. The results suggest that investments in female education can reduce fertility rate with a small but significant immediate effect. As the fertility rate increases real GDP growth decreases with a lag of 2 years. The immediate effect of greater female education on real GDP is negative but overall it has a positive impact when lags are taken into account. Interestingly, the immediate effect of urbanization on real GDP growth was negative and turned to be positive on the long run. Finally, corruption was found to have a negative impact on GDP growth in Egypt over our studied time period.〈/p〉
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  • 60
    Publication Date: 2018
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  • 61
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The aim of this paper is to explore the impact of environmental innovation on employment in 85 Russian regions (federal subjects) for the period 2010–2014. In particular, we use latitude and longitude coordinates to compute the distance between Russian regions according to haversine formula. In this way, we measure the spillovers as the weighted sum of R&D capital stock on the basis of computed distance. The contribution to the literature is to explore whether environmental innovations are labour-friendly or labour-saving in Russia. From the empirical results of least squares dummy variable corrected (LSDVC) estimator, we observe different results by Federal Districts (groupings of the federal subjects) of the Russian Federation. The finding is very important in terms of policy implications for supporting employment.〈/p〉
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  • 62
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Numerous recent studies project that ‘climate engineering’ technologies might need to play a major role in the future. Such technologies may carry major risks for developing countries that are often especially vulnerable to, and lack adaptive capacity to deal with, the impacts of such new technologies. In this situation, one would expect that developing countries—especially the least developed countries that are most vulnerable—should play a central role in the emerging discourse on climate engineering. And yet, as this article shows in detail, the discussion about whether and how to engage with these technologies is shaped by experts from just a small set of countries in the Global North. Knowledge production around climate engineering remains heavily dominated by the major research institutions in North America and Europe. Drawing on information from 70 climate engineering events between 2009 and 2017 along with extensive document analysis, the article maps a lack of involvement of developing countries and highlights the degree to which their concerns remain insufficiently represented in politically significant scientific assessment reports. The article concludes by sketching options that developing countries may have to influence the agenda on climate engineering, reflecting on earlier attempts to increase control over novel technologies and influence global agenda setting.〈/p〉
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  • 63
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The “rational design approach” to studying international agreements holds that policy-makers evaluate costs and benefits of cooperation when designing treaties and subsequently deciding on participation. To influence this cost–benefit calculus, treaty designers sometimes include a fund from which financial assistance is provided to treaty members and to which treaty members contribute. We argue that the inclusion of a funding mechanism in a treaty can increase but also decrease the costs (benefits) of membership and can thus influence state choices on participation in both directions. Specifically, we argue that: (1) overall, states are more likely to join international agreements that include a fund; (2) the probability of joining is higher for agreements including a fund if contributions to the fund are voluntary; and (3) countries are more likely to join agreements including a fund that disburses assistance only to a select group of treaty members. We test these arguments using a new dataset with information on 154 countries’ ratification behavior toward 178 multilateral environmental agreements (MEAs) from 1950 to 2011. Our findings are in line with these arguments. The main policy implication is that MEA designers interested in maximizing treaty participation should include a formal funding mechanism and, in an effort to balance out positive and negative effects this might have on participation, base this mechanism on voluntary contributions and selective entitlements.〈/p〉
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  • 64
    Publication Date: 2018
    Description: 〈p〉Mistakenly, a prior, premature version of this article was published online, which did not reflect revisions made based on a last round of external peer review. The original article has been corrected.〈/p〉
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  • 65
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The IPBES conceptual framework (CF) serves an instrumental value to translate usable knowledge into policy across spatial scales, alongside a normative function to engage diverse knowledge systems, promoting inclusivity and enhancing legitimacy. It has been argued that the CF operates as a boundary object, a communication and organisation tool for those working across diverse knowledge systems, designed to help them reach shared goals. The paper focuses on this claim, exploring the three core characteristics of a boundary object: interpretive flexibility, material and organisational structure, and the recognition of dissention. We suggest that too much emphasis is placed within the CF upon interpretive flexibility, whilst meeting information needs and the work requirements of all individuals, groups and communities who use the CF are overlooked. By forcing consensus, the IPBES CF ignores the critical dimensions of a boundary object. We argue that embracing the full characteristics of a boundary object will enable the IPBES to support knowledge coproduction and translation across the knowledge systems, better achieving its goal of providing policy advice.〈/p〉
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  • 66
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper examines how the EU can best use its powers to establish marine protected areas (MPAs) in Antarctica. It first discusses the EU’s role in Antarctic governance and legal basis for the EU’s actions, with particular focus on the pending Joined Cases C-625/15 and C-659/16 at the Court of Justice of the European Union. Secondly, the paper analyses the negotiation process of the EU’s MPA proposals in the Southern Ocean within the Commission for the Conservation of Antarctic Marine Living Resources. Thirdly, it provides suggestions regarding the EU’s potential actions that might help achieve proposed Antarctic MPAs.〈/p〉
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 67
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper analyzes the international monetary and financial implications of the UK's potential exit from the European Union, focusing on the impact on cross-border capital flows, on London's status as an international financial center, on the roles of sterling and the euro as international and reserve currencies, and on the roles of the UK and EU in the institutions of global governance (the International Monetary Fund, World Bank, Group of Seven, Group of Twenty, and Financial Stability Board. All such conclusions are necessarily speculative at this stage, but the implications are potentially farreaching.〈/p〉
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  • 68
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper examines the effect of economic growth and the association of environmental degradation on economies’ technological change and technological catch-up. Using a conditional nonparametric frontier analysis to a sample of 73 economies over the time period 1980–2014, empirical evidence of the examined relationship is provided both under full and partial frontiers in the constant and variable returns to scale (VRS) models. Specifically, the newly proposed time-dependent conditional nonparametric frontier estimators have been applied. In our case the time-dependent conditional efficiency estimators allow us to model directly the effects of growth and time on economies’ estimated performance without requiring any specification of the production functional form and without assuming the separability condition between time, economic growth and the support of inputs and outputs. The overall results reveal that the efficiency results of full and partial frontiers tend to lead to the same results, except in the cases of full VRS models where energy use and carbon dioxide emissions are incorporated as an additional input and output, respectively. The results demonstrate that countries with a higher environmental efficiency are those that have signed the first agreement between nations (Kyoto Protocol) to mandate country-by-country reductions in greenhouse-gas emissions, while countries that have not signed are relatively inefficient. Ultimately, the empirical findings also suggest that the effect of economic growth is determined by economies’ development stage and geographical region.〈/p〉
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  • 69
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Subsidies to electricity generation from renewable energy sources (RES-E) implemented next to an emissions trading scheme (ETS) are frequently criticised for producing no additional benefit in terms of mitigating climate change and increasing the costs of emissions abatement. We re-assess the performance of this policy mix in a setting in which electricity generation produces multiple externalities (beyond climate change) and in which these externalities cannot be addressed by first-best policies. Using an analytical partial equilibrium model, we show that the optimal composition of the policy mix depends on the market interactions between the multiple externalities. We complement this analysis by a quantitative policy assessment, combining a top-down, global macro-economic model and a bottom-up, global electricity sector model. The quantitative analysis suggests that RES-E subsidies may be effective in partly reducing externalities from fossil fuel combustion (by crowding out gas- and oil-fired generation) and in mitigating radiation hazards (by crowding out nuclear generation). However, RES-E subsidies are not necessarily suited to address externalities related to the extraction and transportation of fossil fuels or risks of sudden supply interruptions for imported fuels. With respect to these latter externalities, tightening the ETS cap may be a more effective, but politically less feasible approach.〈/p〉
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  • 70
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Applications of individual observation travel cost models have employed two alternative dependent variable specifications, (〈em〉trips〈/em〉) and (〈em〉person〈/em〉-〈em〉trips〈/em〉), defined as (〈em〉trips*groupsize)〈/em〉. For 58 National Park Service data sets, willingness to pay (WTP) was estimated using both the 〈em〉trips〈/em〉 and 〈em〉person〈/em〉-〈em〉trips〈/em〉 construction. Significant differences were found in pairwise comparisons of the alternative WTP estimates in 29 of 58 cases. For a subset of 31 data sets where statistically significant travel cost parameters could be estimated under both dependent variable specifications, 23 of 31 models showed statistically significant differences in WTP between the two models. In all 23 cases of a significant difference in WTP, the specification using 〈em〉person〈/em〉-〈em〉trips〈/em〉 as the dependent variable was greater than the cases using 〈em〉trips〈/em〉 as the dependent variable. Additional analysis showed that lack of dispersion in the 〈em〉trips〈/em〉 variable, as measured by the percent of visitors reporting taking only one trip to the site, was positively correlated with the differences in the WTP estimates.〈/p〉
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  • 71
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉We adopt a Cointegrated Vector-Autoregressive (CVAR) model to analyze the long-run behavior and short-run dynamics of stock markets across five developed and three emerging economies. Our main aim is to check whether liquidity conditions play an important role for stock market developments. As an innovation, liquidity conditions enter the analysis from three angles: in the form of a broad monetary aggregate, the interbank overnight rate and net capital flows which represent the share of global liquidity that arrives in the respective country. A second objective is to understand whether central banks are able to influence the stock market.〈/p〉
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  • 72
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Banking prudence and efficiency to manage their risks in different business cycle and environment would help to alleviate crises and losses. Hence, the effective assessment of credit risk is an essential component of a comprehensive technique to credit risk assessment and critical to the long-run of not only banking institutions but also the economy as a whole. Therefore, it has received a great interest from scholars across finance and economics to investigate such assessments by banks in different countries using diverse theoretical underpinnings and methodologies. Hence, this paper is developed to review analytical conceptualisations of credit risks assessments that have been developed in the academic literature. By means of a systematic review, it provides a comprehensive analysis that encompasses approaches used in research papers. There has been no prior review on analytical conceptualisations in this area. Moreover, this review is done in a systematic manner, i.e. categorising journal articles into different categories such as purposes, perspectives and methodologies through a transparent and thorough process. Thus, it will be able to provide an objective review. Finally, the paper will outline the evolution of methodologies and theoretical underpinnings in credit risk management research and a landscape for possible future research directions.〈/p〉
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  • 73
    Publication Date: 2019
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  • 74
    Publication Date: 2019
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    Topics: Political Science , Economics
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  • 75
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉I examine the welfare effects of emission permit trading in an economy where the use of energy in production generates welfare-harming emissions, there is a regulator that sets industry-specific emission permits and the industries influence the regulator by paying political contributions. I show that policy with nontraded emission permits establishes aggregate production efficiency. Emission permit trading hampers efficiency and welfare by increasing the use of emitting inputs in dirty and decreasing that in clean industries.〈/p〉
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  • 76
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    Springer
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Brexit has been and continues to be a huge economic burden for the UK economy and its partners. We estimate that the Eurozone as a whole missed around EUR60bn of potential outlets on the UK market since the Brexit vote. It may take a last minute decision to avoid the costs of a hard Brexit, which are significant and underestimated by many prominent proponents of Brexit. In our view, a “no deal Brexit” would trigger two consecutive years of recession in the UK and cut Eurozone growth by at least −0.5 pp. per year. A “no Brexit deal” would have strongly negative repercussions for the UK’s trading partners, especially for Germany. Exports in EUR terms fell by almost −6% in 2016–17 cumulated (or EUR5bn in value terms) and export losses should reach EUR8bn per year in a “no Brexit deal” scenario. The type of a Free Trade Agreement between the UK and the EU is most essential in the long run. We estimate UK growth to average 1.5% over the transition period, half of the 2000–07 average for example.〈/p〉
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  • 77
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The City of London has been the global leader for the provision of international banking services since the 1980s when Thatcher-era deregulation, followed by the EU single market program, stimulated big international FDI inflows – mainly of US banks – into the UK. The “single passport” rule allowed international banks in the UK to serve the whole of the EU28 market from London whose supply-side dynamics contributed to economic growth in the UK and a rising output share of the UK banking system in British GDP. With the expected BREXIT, there are serious challenges for the City since the passporting of banks will end and the regulatory framework will be adjusted; EU equivalence rules for UK banks that might be valid after the implementation of BREXIT cannot be a substitute for passporting so that lower FDI inflows and higher FDI outflows in the banking sector should be expected; inflow dynamics should also be shaped by international M&A dynamics influenced by the real Pound depreciation in 2016, while the prospects of reduced EU market access post-BREXIT also became relevant in 2017/18 and should influence the FDI dynamics of the UK – a similar pattern might occur in the BREXIT implementation year (i.e. 2019) and the following adjustment period where the change in City banks’ access to the single market will matter; as regards the latter, quasi-tariff-jumping FDI outflows from the UK can be expected where the FDI of City of London banks could go primarily to the EU27/Eurozone or the US. The empirical findings confirm the expected FDI pattern for the UK banking sector – overall FDI inflows in the wake of the BREXIT referendum have increased, in line with the Froot-Stein effect, while FDI inflows to the UK banking sector have declined.〈/p〉
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  • 78
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This study estimates health cost of salinity contamination in drinking water in the severe salinity affected three south-western districts of Bangladesh. We collected information on self-reported health status, household characteristics, and laboratory-tested salinity concentration in drinking water from randomly selected 266 households. Our findings show that an increase in the concentration of 100 mg sodium chloride per litre in the drinking water raises annual health cost BDT 262 (USD 3.28) per household, all other things being equal. For average salinity concentration (868.26 mg L〈sup〉−1〈/sup〉), we computed gross annual health cost per household BDT 2270 (USD 28.38). Limiting salt concentration at the safe level could save approximately BDT 1617 (USD 20) per household or BDT 170 (USD 2.12) million in aggregate annually, which accounts for almost 1% of their disposable income. A benefit–cost analysis shows that net present value of benefits from a 10-year project for supplying safe drinking water to the entire population is around USD 7.33 million, and thus, the study indicates financial viability of alternative supply system (pond sand filtering) to the concerned authorities.〈/p〉
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  • 79
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The risk–risk trade-off method is a technique used to elicit the relative trade-off between changes in morbidity and mortality risks in stated preference surveys. The responses can be used to inform the (relative) values or weights that should be given to different accidents in cost–benefit analyses of road-safety projects that reduce the risk of death or injury. While the method has some distinct advantages over eliciting direct monetary measures of value, it is likely to suffer from similar problems that are found in other stated preference surveys, which might mitigate against its more widespread use. This study explores this issue, but shows that the estimates from a risk–risk trade-off study can be improved by employing a pre-survey learning experiment in which respondents make incentivised risky choices and also using a frame that focuses on the total risk or risks that respondents face, thereby broadening the toolkit available to measure preferences over road-safety interventions.〈/p〉
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  • 80
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉A number of researchers have found that imports by pollution heavy industries do not increase in response to tighter pollution policy. We empirically evaluate the impact of an sudden and unexpected increase in Swedish electricity prices in the 2000s on the imports of intermediate inputs by Swedish manufacturers. We find that imports declined as domestic electricity prices rose for firms with the most electricity-intense in-house production. We rationalize these findings by developing a simple model of trade in intermediate inputs, which illustrates that energy-intense firms may decrease imports if it is sufficiently difficult to substitute between domestic- and foreign-sourced inputs as domestic energy prices rise. The offshoring mechanism which we identify can help to reconcile conflicting empirical results in the carbon leakage and pollution haven literature, and also has implications for determining the extent to which energy intense trade-exposed sectors should be exempt from domestic climate change policy.〈/p〉
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  • 81
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper addresses voluntary donations in Bangladesh with a specific eye on natural disaster mitigation. We conducted a questionnaire survey of 1000 respondents in which labor and money donations to collective disaster mitigation were elicited. We characterize labor and money donations in relation to socioeconomic variables such as income, education, family structure, and occupation using bivariate probit and Tobit regressions. The analysis finds that age, family structure, education, income and occupation are important determinants for Bangladeshi people to decide between labor and money donations as well as their respective amount. The poor and less educated households with high natural resource dependence are identified to significantly contribute to overall donations via labor. The rich and more educated people with low natural resource dependence are willing to donate money and little labor, but the magnitude of donations is small. Labor and money donations exhibit the relation of substitutability with respect to most socioeconomic variables. Education and income do not positively affect overall donations in Bangladesh. This finding is in sharp contrast with the studies in USA or Europe, and illustrates that labor donation is an important channel to natural disaster mitigation that should be utilized for public betterment in developing countries.〈/p〉
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  • 82
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Using the nonlinear ARDL bounds test for cointegration, this empirical study explores the long and the short run asymmetric impact of exchange rate shocks on the demand for money in Turkey from 1986:Q1 to 2014:Q4. Two specifications of money demand have been investigated that reveal that demand for money is explained by the scale and opportunity cost variables as well as the foreign exchange rate which accounts for currency substitution. In particular, the nonlinear ARDL model provides strong proof for asymmetry by using the bootstrap test. Our findings suggest that the response of money demand to a negative shock in exchange rate (appreciation) was stronger than its reaction to a positive shock (depreciation). Thus, individuals should expect further appreciation when Turkish lira appreciates. In addition, based on the dominated effect of inflation expectation caused by the currency depreciation, monetary policy makers should achieve more stable exchange rates to anchor price fluctuations. Furthermore, the findings of stable money demand behaviour emphasizes the important role of money to conduct an efficient monetary policy and achieve price stability.〈/p〉
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  • 83
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This article examines three historical monetary unions: the Latin Monetary Union (LMU), the Scandinavian Monetary Union (SMU), and the Austro-Hungarian Monetary Union (AHMU) in an attempt to derive possible lessons for the European Monetary Union (EMU). The term ‘monetary union’ can be defined either narrowly or broadly depending on how closely it conforms to Mundell’s notion of ‘Optimal Currency Area’. After examining each of the historical monetary unions from this perspective, the article concludes that none of them ever truly conformed to Mundell’s concept, nor does the EMU. Nevertheless, the article argues that some lessons may be learned from these historical experiences. First, it is necessary that there exist robust institutions such as a common central bank and a unified fiscal policy in order to withstand external shocks. The three early unions could not withstand the shock of WWI. Another important lesson is that continuing national rivalries can undermine any monetary union.〈/p〉
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  • 84
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Recurring themes in the literature on European environmental policy-making is the leader–laggard spectrum and regulatory competition. European environmental policy is driven towards expansion because certain states take up leadership roles and manage to have their preferred regulatory solution adopted by the relevant European policy-making institution. During the policy process, leaders face ‘laggards’, states that do not favour ambitious regulation and drag their feet. The leader–laggard spectrum is volatile. States play different roles depending on the issue of interest, and over time their roles shift as well. This article investigates the role of relatively small-scale national events on the position of states on the spectrum. The regulatory competition involved in the leader–laggard spectrum may create an amplification effect of national problems: Through the efforts of the state afflicted by it, they acquire a European dimension they might otherwise not have had. They can cause member states to exhibit an extraordinary interest in a certain policy field and certain type of regulation for a brief period of time, shaping it considerably. After that, specific national problem has been solved or has blown over though they withdraw, leaving a gap for new contenders to fill. Yesterday’s champions may be the laggards of tomorrow and vice versa. New champions bring their specific regulatory styles, their favourite solutions and their policy-making philosophy to bear on EU environmental regulation, exacerbating the already patchy character of this policy field.〈/p〉
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  • 85
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉A trinity composed of legally binding regulations, an independent financial mechanism, and a compliance mechanism characterizes the institutional design of the Minamata Convention on Mercury. Meanwhile, few existing environmental treaties feature an independent financial mechanism as well as a compliance mechanism. Why did the Minamata Convention acquire two mechanisms? There are two rival hypotheses on uncertainty about institutional consequences and international agreements. The rational design school posits that countries can predict institutional consequences by acquiring all pieces of relevant information and views the trinity as a rational design to enhance developing countries’ regulatory capabilities under strict compliance. In contrast, the institutional diffusion school assumes that countries have limited information-processing abilities and use cognitive heuristics in designing institutions and argues that countries designed the trinity by learning from existing cases. In this paper, I compare the negotiations process of the Minamata Convention with that of the Stockholm Convention on Persistent Organic Pollutants (POPs). To test the hypotheses, I examine how countries resolved informational uncertainty in both negotiations by utilizing negotiations records and personal interviews with key officials as data. The analytical results support the institutional diffusion hypothesis by indicating that the trinity within the Minamata Convention is a product of countries’ heuristic and incremental learning from existing treaties.〈/p〉
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  • 86
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The architecture of global carbon markets has changed significantly since the Paris Agreement and the 2030 Agenda for Sustainable Development Goals were both agreed in 2015. Voluntary, international cooperative approaches established in Article 6 of the Paris Agreement allow Parties to work together to achieve the targets set out in their respective Nationally Determined Contributions to limit global warming to an increase below 1.5–2 °C. In Article 6.4, a sustainable mitigation mechanism is established for which rules, modalities and procedures will be developed internationally considering the experience and lessons learned from existing mechanisms, such as the Clean Development Mechanism (CDM) and its Sustainable Development (SD) Tool. Historically the issue of making integrated assessments of sustainable development and mitigation actions has been politically and methodologically controversial for many reasons: developing countries fear that an international definition of SD will interfere with their sovereignty and therefore their ability to define their own development pathways; players in the carbon market fear that markets can only handle one objective, namely mitigation outcomes; and sustainable development is regarded as too complex and costly to be measured and quantified. In an effort to address these concerns, the article proposes a new methodology for the sustainability labelling of climate mitigation actions relevant to Article 6 approaches. The article draws on an application of the CDM SD tool to analyse 2098 Component Programme Activities that had entered the CDM Pipeline by January 2017. The article demonstrates that assessment of the sustainable development benefits of climate actions can be graded and labelled based on the analysis of qualitative data, which is less costly than applying a quantitative approach.〈/p〉
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  • 87
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The advent of ‘Peace Parks’ on the African continent is puzzling from the perspective of institutional theory. We focus on the world’s largest transfrontier conservation cooperation that exists to date, the Kavango–Zambezi Treaty, which was ratified by Angola, Botswana, Namibia, Zambia, and Zimbabwe in 2011. The collaboration seeks to foster sustainable governance of resources in the region. The paper asks two questions: What were the main factors facilitating the establishment of the Kavango–Zambezi Treaty? What potential challenges for the treaty remain on the operational level? Analysing interviews with key informants, we contribute by providing insights regarding the emergence and existing challenges of the treaty. Factors reducing coordination problems during the treaty’s establishment included that it did not compete with existing institutions at the international level, the important role played by moral authorities such as Nelson Mandela, and that consensus rather than conflict prevailed between respective political actors as they realized the function of this cooperation. The treaty is challenged by differences in macro-institutional factors amongst participating nations and a variation in the extent to which communities trust in and comply with these institutions. There are significant remaining obstacles with regard to harmonizing policies in the five partner countries.〈/p〉
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  • 88
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The pledge-and-review architecture of the Paris Agreement on Climate Change has been praised as a new model of global environmental governance. Instead of internationally agreed-upon emission reduction targets, the agreement relies on countries’ repeated, voluntary pledges and actions. A key mechanism for monitoring progress toward shared global goals, putting pressure on countries to live up to their promises, and increasing ambition over time is the global stocktake. The stocktake’s twin-purposes to act simultaneously as a review and ambition mechanism render it a global governance innovation. Absent a clear institutional precedent, the global stocktake presents a design challenge for the climate negotiation community. This paper develops a number of lessons for designing the stocktaking process based on a review of relevant scholarship and an analysis of the 2013–2015 Periodic Review as a limited precedent within the climate regime. While we cannot predict what will make the stocktake successful, these design principles could increase the chances for its effectiveness. These lessons offer potential guidance for decision-makers with implications for the future effectiveness of the Paris Agreement.〈/p〉
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 89
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    Publication Date: 2019
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 90
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Recent scholarly work on the European Union (EU) in international environmental agreements has thus far lacked a focus on explaining variation in EU performance/effectiveness in different negotiation processes within one agreement, especially when it comes to less prominent issue areas such as biodiversity. To fill that gap, this article seeks to explain the EU’s effectiveness (goal achievement—GA) as a negotiator in the Convention on Biological Diversity (CBD) in three key negotiation processes: (1) the negotiations on the coming into being of the CBD (1990–1992); (2) the negotiations towards a Cartagena Protocol on biosafety (1995–2000); and (3) the negotiations towards a Nagoya Protocol on the access to and benefit-sharing of genetic resources (2004–2010). For each case, the article measures EU effectiveness/GA by comparing the EU’s objectives for the international negotiations at the early stages of the process with the outcome of these negotiations. It tries to explain the degree of EU GA by considering EU diplomatic engagement and the EU’s position in the constellation of all negotiating parties in terms of issue-specific bargaining power and interests. It highlights the EU’s successful performance as a mediator and bridge builder in the negotiations on the Cartagena and Nagoya Protocols. This diplomatic engagement resulted in a high degree of EU GA as it was well adapted to the EU’s position in the constellation of all negotiating parties in terms of bargaining power and interests. This article emphasises the need to adapt EU diplomatic engagement to this position to boost EU GA.〈/p〉
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 91
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉International environmental governance by global and, especially, regional regimes is gaining attention in both political practice and academia. We study the South Asian Association for Regional Cooperation’s (SAARC) regime for economic integration. Based on qualitative data for 1985–2017 from key regime and policy documents and interviews, we propose the following. Besides issue-related institutional design and the resulting regime 〈em〉structures〈/em〉, the 〈em〉policies〈/em〉 and 〈em〉policy capacities〈/em〉 developed within a particular regime make the regime an environmental one. We analyze the environmental policy SAARC developed within the formal institutional framework between 1985 and 2017. The results show that 〈em〉institutional design〈/em〉, particularly membership and control issues, is a highly political affair, given China’s ambition to join the agreement as well as the struggle between Pakistan and India for hegemony. In 2010, the SAARC Convention on Cooperation on Environment formally extended the regime’s scope. The preceding environmental policy and its related capacities were fragmented and strongly built on decentralized, issue-specific environmental SAARC centers in different member states. The 2010 Convention on Cooperation on Environment streamlined this environmental policy but reduced the issue-specific policy capacities of the regime. We conclude that the formalization of environmental regimes into stronger institutional designs does not necessarily lead to stronger environmental regime policies and capacities. The proposed conceptual distinction between regime 〈em〉structure〈/em〉 and regime 〈em〉policy〈/em〉 will enable future regime studies to combine international relations, policy analysis, and comparative government methodologies when examining the policies of regimes and their dynamics.〈/p〉
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  • 92
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉In May 2018, the process which may ultimately lead to the negotiation of a legally binding Global Pact for the environment formally commenced under the auspices of the United Nations General Assembly. Expectations for the Pact are high, evidenced in particular by its multiple and overlapping objectives: to serve as a generic binding instrument of international environmental law (IEL) principles; to integrate, consolidate, unify and ultimately entrench many of the fragmented principles of IEL; and to constitute the first global environmental human rights instrument. In the wake of the impending intergovernmental process, the paper offers a thorough critique of the draft Pact in its present iteration. We do so with the aim of evaluating the strengths and weaknesses of the present draft Pact by interrogating: (a) its diplomatic and symbolic relevance and possible unique contribution at the policy level to global environmental law and governance, and (b) its potential at the operational level of IEL and global environmental governance, focusing on the extent to which the draft Pact accommodates both existing and more recent rules and principles for environmental protection. As the Pact’s primary ambition is to become a universally binding global treaty, it would be churlish not to recognise its potential for innovation, as well as the considerable opportunity that the negotiation of the Pact will have to generate broad-sweeping and positive impacts. However, our central thesis is that only if the Global Pact were to incorporate ambitious normative provisions to strengthen those public and private global governance efforts that aim to halt the deterioration of Earth system integrity, as well as to maintain and improve integrity, will it be able to offer a firm foundation of the type of Anthropocene Law, termed here as the 〈em〉Lex Anthropocenae〈/em〉, required to confront head-on the deep socio-ecological crisis of the Anthropocene.〈/p〉
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 93
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉This paper explores the geopolitical overlay that is shaping dynamic hydropolitical interactions of the Harirud River Basin, which is a basin that spans Afghanistan, Iran and Turkmenistan. This paper argues that the control and capture of water resources are not solely for economic development but rather for geopolitical reasons that serve the security interests of the actors involved, particularly outside-basin powers like the US and India. The Afghan Government similarly views dams as symbols of nation-building and a way of staying in power. In the absence of a lasting trilateral agreement, the existing nature of the geopolitical dynamics of the basin has led upstream Afghanistan and downstream Iran and Turkmenistan to unilaterally establish their rights to control the “rules of the game”. This paper suggests that sustainable solutions will not be reached unless the geopolitical nature of the basin and outside interventions can center on a normative understanding of the regional interests, identities, and commonalities of all the riparian states.〈/p〉
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  • 94
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Environmental concerns are increasingly being incorporated into regional trade agreements (RTAs) to promote environmental quality and ultimately ensure compatibility between trade and environmental policies. This occurs in a context where air pollution and its effects on human health are of major concern. This paper investigates whether the proliferation and depth of environmental provisions (EPs) in RTAs are associated with lower concentration levels of particulate matter. We present an index of EPs in RTAs that measures the breadth and depth of the provisions and use it to estimate the effect of ratifying RTAs with different levels of EPs on changes in PM〈sub〉2.5〈/sub〉 concentration levels in a panel of OECD countries over the 1999–2011 period. Using an instrumental variables strategy, we find that countries that have ratified RTAs with EPs show lower levels of PM〈sub〉2.5〈/sub〉 concentrations when we control for scale, composition and technique effects and for national environmental regulations. Moreover, the PM〈sub〉2.5〈/sub〉 concentration levels in the pairs of countries that belong to an RTA with EPs tend to converge for the country sample. The results also hold for a longer period of time (1990–2011) and a broader sample of 173 countries as well as for other pollutants, namely CO〈sub〉2〈/sub〉 and NO〈sub〉2〈/sub〉.〈/p〉
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  • 95
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉The Paris Agreement on climate change recognises the central role of forests in achieving the well-below 2 °C goal through mitigation options covered by the REDD+ mechanism. Moreover, the actions that a country intends to take to address climate change under the new treaty are translated through the implementation of its Nationally Determined Contribution (NDC). In this context, Brazil included REDD+ in its NDC submitted to the UNFCCC. Here, an overview of Brazil’s NDC is provided; focusing on its relation to the forest scope. Likewise, a discussion on the implications for the REDD+ governance framework in supporting the NDC compliance process is presented. Ultimately, it is argued that the goals announced in the country’s NDC can be considered unpretentious, and a paradox to the conservation approach. Brazil is not keeping up the momentum of accepting the importance of the driving role of forests along with other sectors for the accomplishment of its NDC. For instance, this can be clearly noticed by the flexibilisation of the forest national legislation adopted in 2012. On the other hand, the country has the potential to contribute more than the announced targets in the attempt to limit expected global warming. However, even to achieve the current established targets, the government must better engage in public policies to leverage and change the country’s course of development, which is still characterised by the dichotomy ‘development 〈em〉versus〈/em〉 environmental conservation’.〈/p〉
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  • 96
    Publication Date: 2018
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Biodiversity loss remains one of the most pressing issues for global governance. This situation can be seen in Argentina and Chile through the effects of biodiversity loss caused by the introduction and expansion of beavers in Southern Patagonia. This case is interesting because, despite the Beagle conflict (i.e., the border dispute) between these countries some decades ago, nowadays Argentina and Chile are facing shared environmental problems and both are actively seeking solutions. The main question in this paper is, how did Argentina and Chile search for a solution to shared environmental problems caused by the expansion of beavers in Southern Patagonia? This paper tackles this question and presents the results of the conducted qualitative research. The results indicate that, in order to understand what Argentina and Chile are doing to achieve a solution to their shared environmental problems, research cannot be exclusively focus on domestic affairs. Instead, this issue requires taking into account how international dimensions influenced domestic policies. As this paper argues, in Argentina and Chile, international cooperation is a method of influencing biodiversity governance through funds granted by international organizations and international expert recommendations.〈/p〉
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  • 97
    Publication Date: 2019
    Description: 〈h3〉Abstract〈/h3〉 〈p〉Since the UNFCCC 1992 mandated technology transfer commitments, how to fulfil the commitments and effectively facilitate the international transfer of climate-friendly technology in reality has been the subject of debate. In theory, climate change policymakers provide a broad framework for technology transfer through the UNFCCC regime. The 2015 Paris Agreement commits the Parties to strengthening cooperation on climate technology. In practice, however, the dynamic transfer of these technologies on an international scale does not take place fast enough to reach the full potential required by the UNFCCC. This shortcoming is partly due to intellectual property rights, which pose a significant obstacle to quick and efficient technology transfer. This article examines the kinds of changes in intellectual property laws needed to promote accessible, affordable and adaptable technology transfers and to help prepare host countries for potentially mandatory emission reductions in the post-Paris era.〈/p〉
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  • 98
    Publication Date: 2019
    Description: 〈p〉The Article had been published accidentally in an uncorrected and unapproved state and therefore had to be updated.〈/p〉
    Print ISSN: 1612-4804
    Electronic ISSN: 1612-4812
    Topics: Political Science , Economics
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  • 99
    Publication Date: 2015-07-19
    Description: This paper evaluates the performance of East Asian banks during the period of 2000–2010 by controlling country-specific conditions comprehensively. Particularly, it seeks to show that country-specific conditions are significant factors in estimating the common frontier by which the performance of all banks are compared. Thus, disregarding political conditions, regulatory environments, and country risk would lead to inaccurate efficiency scores because of the inaccurate common frontier. Following this further, an inaccurate measure of bank performance can hardly reveal bank problems before turning into a crisis. Our results confirm the significant impact of country-specific conditions on the common frontier, and hence bank efficiencies. The findings suggest that researchers, bank managers, and regulators also consider other factors other than economic conditions in their evaluations and decisions.
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    Topics: Political Science , Economics
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  • 100
    Publication Date: 2016-06-29
    Description: This study investigates the role of government activity in economic growth, arguing that economic systems are important and that, therefore, one size of government does not fit all countries. Taking a panel of 111 countries over the years from 1971 to 2010, we consider clusters of economic systems as predicted by an extended Varieties of Capitalism (VoC) approach. The empirical growth impact of government activity is positive but u-shaped and depends on both the quality of institutions and the institutional setting. For the polar cases of liberal economies and Scandinavian coordinated market economies, the potential growth impact is quite similar and superior to other clusters of countries. However, the maximum growth effect is realized for above-average levels of government activity in the Scandinavian countries, while this would be detrimental to growth in liberal countries. Hence, high levels of government activity are consistent with growth but only in economic systems consistently rooted in a high level of government activity.
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    Topics: Political Science , Economics
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