LSN: Investment (Topic)最新文献

{"title":"Natural Disasters and Macroeconomic Performance: The Role of Residential Investment","authors":"H. Strulik, Timo Trimborn","doi":"10.2139/ssrn.2407885","DOIUrl":"https://doi.org/10.2139/ssrn.2407885","url":null,"abstract":"Recent empirical research has shown that income per capita in the aftermath of natural disasters is not necessarily lower than before the event. In many cases, income is not significantly affected and surprisingly, can even respond positively to natural disasters. Here, we propose a simple theory based on the neoclassical growth model that explains these observations. Specifically, we show that GDP is driven above its pre-shock level when natural disasters destroy predominantly residential housing (or other durable goods). Disasters destroying mainly productive capital, in contrast, are predicted to reduce GDP. Insignificant responses of GDP can be expected when disasters destroy about equally residential structures and productive capital. We also show that disasters, irrespective of whether their impact on GDP is positive, negative, or insignificant, entail considerable losses of aggregate welfare.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130181635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Constitutional Property Rights and Elision of the Transnational: Foucauldian Misgivings","authors":"D. Schneiderman","doi":"10.2139/ssrn.2552575","DOIUrl":"https://doi.org/10.2139/ssrn.2552575","url":null,"abstract":"Neoliberal thought has for some time been shaping policy outcomes in many parts of the world. According to the neo-liberal frame, the economy functions as an internal limit on government. If neoliberalism has had some success in framing democratic discourse, then there should be evidence, both inside and outside of states, of neoliberal values being channeled by constitutionally relevant actors and institutions. Scholars of comparative constitutional law mostly are disinterested in inquiries of this sort. The paper takes up, as evidence, recent work in comparative property rights. The value of Michel Foucault's 1979 lectures at the College de France bring neoliberalism is that they relocate neoliberalism into the centre of discussion. They portend new transnational regimes to complement national ones, like that of international investment law, and the development of new subjectivities beyond the national frame, one that conjoins the liberal rights holder with the bearer of economic interests. Comparative property theorists, by contrast, rely on forms of juridical right disassociated from the global economic context. They oddly fail to account for a critical part of what provide the context for contemporary debates over global property rights.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124678593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Using the Public Law Concept of Proportionality to Balance Investment Protection with Regulation in International Investment Law: A Critical Reappraisal","authors":"Prabhash Ranjan","doi":"10.7574/CJICL.03.03.227","DOIUrl":"https://doi.org/10.7574/CJICL.03.03.227","url":null,"abstract":"Due to the adjudication of a large range of regulatory measures under investment treaty arbitration (ITA), the belief that bilateral investment treaties (BITs) fail to balance investment protection with a host country's right to regulate has gained currency as of late. In order to balance investment protection with regulation, many scholars have advocated for the use of public law principle of proportionality to interpret BITs. This paper critically examines the application of the principle of proportionality in BITs under four heads. First, given the fact that many questions related to independence and impartiality of ITA remain unanswered, the use of proportionality in ITA might further dent the credibility of the system by granting significant discretion to arbitrators. Second, proportionality principle has been applied in a flawed manner by many arbitral tribunals, which raises doubts about its application. Third, one should be very careful in relying on jurisprudence of European Court of Human Rights and the WTO to support the application of proportionality in ITA because of the many contextual differences between the two. Fourth, when interpreting BITs, application of principle of proportionality in many instances will completely ignore the clear textual language and thus violate the rules of treaty interpretation.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"95 8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114168183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Islamic Finance in Sub-Saharan Africa: Status and Prospects","authors":"E. Gelbard, R. Maino, Yibin Mu, Etienne B. Yehoue","doi":"10.2139/ssrn.2489212","DOIUrl":"https://doi.org/10.2139/ssrn.2489212","url":null,"abstract":"Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116934875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"International Aid, Corruption and Fiscal Policy Behavior","authors":"S. Asongu, Mohamed Jellal","doi":"10.2139/ssrn.2493442","DOIUrl":"https://doi.org/10.2139/ssrn.2493442","url":null,"abstract":"The Okada & Samreth (2012, EL) and Asongu (2012, EB; 2013, EEL) debate on ‘the effect of foreign aid on corruption’ has had an important influence in policy and academic circles. This paper provides a unifying framework by using investment and fiscal behavior transmission channels in 53 African countries for the period 1996-2010. Findings unite the two streams of the debate and broadly suggest that while the ‘government’s final consumption expenditure’ channel is consistent with the latter author, the investment and tax effort channels are in line with the former authors. Justifications for the nexuses are provided. Policy implications on how to use foreign aid constraints in managing fiscal behavior as means of reducing (increasing) corruption (corruption-control) are discussed.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132675308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Issuing International Sovereign Bonds Opportunities and Challenges for Sub-Saharan Africa","authors":"Mauro Mecagni, Jorge Iván Canales-Kriljenko, C. A. Gueye, Yibin Mu, Masafumi Yabara, S. Weber","doi":"10.2139/ssrn.2491120","DOIUrl":"https://doi.org/10.2139/ssrn.2491120","url":null,"abstract":"This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"77 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116699299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Substituted Compliance: An Alternative to National Treatment for Cross-Border Transactions and International Financial Entities","authors":"Lily D. Vo","doi":"10.2139/SSRN.2512768","DOIUrl":"https://doi.org/10.2139/SSRN.2512768","url":null,"abstract":"The recent trend toward globalization of financial markets has resulted in a growing need for effective U.S. policies with respect to foreign banking organizations that conduct business with U.S. persons or within U.S. territory. These foreign financial entities typically fall within the jurisdiction of both the U.S. and their home countries. Due to concerns that excessively risky activities of foreign entities could adversely affect U.S. markets, the Dodd-Frank Act defaults toward the National Treatment Model, mandating that all foreign entities within U.S. jurisdiction comply with U.S. regulations in addition to their home country regulations. However, the Dodd-Frank approach creates problems due to variations in financial regulations among jurisdictions — U.S. regulations are often redundant or in conflict with the entities’ host country rules. This article therefore recommends that U.S. agencies develop a policy that would: permit efficient transactions with jurisdictions that previously had conflicting regulations; reduce costs associated with complying with duplicative regulations; and minimize the risk of contagion to U.S. markets.This article will evaluate several potential regulatory frameworks for international entities — specifically harmonization, minilateralism, mutual recognition, and outcome-based substituted compliance — in the areas of entity registration; prudential standards, such as capital adequacy and liquidity; and transaction requirements, such as margin. Substituted compliance is a policy in which international financial institutions with operations in the U.S. could be deemed in compliance with U.S. law and regulations by complying with their host countries’ regulations, provided that the regulations in the host country are declared to be \"equivalent\" to their U.S. counterparts. If correctly implemented, substituted compliance could be the most effective framework for achieving the desired policy objectives in the areas of entity registration and over-the-counter derivative transactions. However, despite the benefits of substituted compliance, this article recognizes the lack of viability of substituted compliance with respect to prudential requirements until U.S. regulators have increased confidence in foreign regulators’ abilities to control contagion. This article suggests potential reforms that could provide such confidence.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116807368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does an Investment Treaty Tribunal Need Special Consent for Mass Claims?","authors":"B. Demirkol","doi":"10.7574/CJICL.02.03.126","DOIUrl":"https://doi.org/10.7574/CJICL.02.03.126","url":null,"abstract":"Abaclat v. Argentina, the first case in the history of investment arbitration where an investment treaty tribunal dealt with a mass claim (a claim initiated by numerous claimants), stimulated many debates even before the tribunal rendered its decision on jurisdiction and admissibility. This article focuses on only one of the matters on which the case triggered discussion, though probably the most important: whether or not an investment treaty tribunal needs special consent for mass claims. The views of the parties and of the majority and dissenting arbitrators in both Abaclat and Ambiente Ufficio diverged as to whether or not special consent is required for mass claims. The discussion rests mainly upon the qualification of mass claims in investment arbitration and their distinction from class arbitration, traditional mass claims processes and other multi-party proceedings. The article explores the merits of the arguments of both camps to determine which gives a more convincing answer to the question.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128325781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Liberalization and Financial Sector Competition: A Critical Contribution to the Empirics with an African Assessment","authors":"S. Asongu","doi":"10.2139/ssrn.2493399","DOIUrl":"https://doi.org/10.2139/ssrn.2493399","url":null,"abstract":"This paper investigates how financial, trade, institutional and political liberalization policies have affected financial sector competition in Africa using updated data to appraise second generation reforms. The ‘freedom to trade’ and ‘economic freedom’ indices are employed. Hitherto, unexplored financial sector concepts of formalization, semi-formalization, informalization and non-formalization are also introduced. The following findings are established. Firstly, relative to money supply: (1) with the exception of the economic freedom mechanism, liberalization policies have generally decreased the growth of the formal financial sector to the benefit of other financial sectors; (2) apart from the foreign direct investment and economic freedom channels, liberalization policies have been fruitful for semi-formal financial development at the cost of other financial sectors and; (3) with the exception of economic freedom, both the informal and non-formal sectors have developed owing to liberalization to the detriment of the formal financial sector. Secondly, relative to GDP, the semi-formal, informal and/or non-formal financial sectors have also generally improved as a result of liberalization. Policy implications are discussed.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130505504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Margin of Appreciation in International Investment Law","authors":"J. Arato","doi":"10.2139/ssrn.2319559","DOIUrl":"https://doi.org/10.2139/ssrn.2319559","url":null,"abstract":"Investment treaties tend to say nothing, or only very little, about the appropriate standard of review for arbitrating disputes between sovereign states and foreign investors. Most treaties do not address whether states should be afforded any deference in their own assessment of their treaty obligations. Neither do they specify the converse, that state action must be strictly reviewed. They are simply silent – and their silence has been interpreted in innumerable ways by different tribunals. This interpretive chaos has generated calls for a unified approach – one that would resolve the uncertain and fragmented status quo, while being sufficiently flexible as to admit the application of different standards of review in different contexts. To some, the venerable doctrine of the margin of appreciation appears to fit just this bill – a solution finding growing favor among tribunals and commentators, not to mention advocates for respondent states. This Article challenges the suitability of the margin of appreciation in the adjudication of investment disputes. This judge-made doctrine is famously a product of Strasbourg, manufactured by the European Court of Human Rights. Its halting import into the global investment regime is only a recent phenomenon. Through comparison to the ECtHR, I suggest that certain key grounds for affording the margin in its original context do not obtain within investment law – calling into question doctrine’s propriety in its new setting. Beyond questioning the suitability of the margin of appreciation within ad hoc investment disputes, this Article challenges the broader premise that the problem of fragmented approaches to the standard of review among investment tribunals can be best resolved through recourse to any unified a priori doctrine of deference. As evidenced by the adventures of the margin in several recent arbitral awards, such attempts tend to produce only a pernicious illusion of unity. I argue, instead, that the desired certainty can be achieved only gradually, through judicial practice and dialogue over the medium to long term.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115842012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}