University of Oxford Legal Studies Research Paper Series最新文献

{"title":"Mapping the Shadow Payment System","authors":"Dan Awrey, Kristin van Zwieten","doi":"10.2139/ssrn.3462351","DOIUrl":"https://doi.org/10.2139/ssrn.3462351","url":null,"abstract":"Recent years have witnessed the emergence and rapid growth of a large, diverse, and constantly evolving shadow payment system. The shadow payment platforms (SPPs) that populate this system perform many of the same core payment functions as conventional deposit-taking banks: including custody, funds transfer, and liquidity. The crucial difference is that SPPs operate outside the perimeter of bank regulation, thereby depriving customers of the deposit guarantee schemes, lender of last resort facilities, special resolution regimes, and other legal protections typically enjoyed by bank depositors. This paper represents the first attempt to map the global shadow payment system and identify what mechanisms, if any, SPPs use to protect their customers. Examining the business models and customer contracts of over 100 SPPs, we find that it is often difficult to ascertain information essential to evaluating levels of customer protection and, where such information is available, that customers generally enjoy relatively limited structural, contractual, or other private legal protections. This puts enormous pressure on public regulatory frameworks to ensure a sufficient level of consumer protection. Regrettably, we also find that the applicable regulatory frameworks in several key jurisdictions often provide a level of protection that is far below that enjoyed by bank depositors. These findings suggest that, at least from a consumer protection perspective, SPPs are currently not an effective substitute for bank-based payment systems.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127919737","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":"EU Competition Law Goals and the Digital Economy","authors":"Ariel Ezrachi","doi":"10.2139/ssrn.3191766","DOIUrl":"https://doi.org/10.2139/ssrn.3191766","url":null,"abstract":"New competition dynamics in the digital economy raise questions as to the normative scope of competition enforcement. The question - ‘Is this a competition problem?’ has become common in the face of new business strategies, new forms of interaction with consumers, the accumulation of data and the use of big analytics. This paper seeks to outline the goals and values advanced by European Competition law, and their application to digital markets. The discussion then moves on to explore the tension between the multitude of goals and economic analysis. It further reflects on the different scope of US antitrust law and the limitations of convergence.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121671307","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":"Successful Universities towards the Improvement of Regional Competitiveness: ‘Fourth Generation’ Universities","authors":"M. Lukovics, Bence Zuti","doi":"10.2139/ssrn.3022717","DOIUrl":"https://doi.org/10.2139/ssrn.3022717","url":null,"abstract":"Nowadays several successful examples prove that universities have a quite intense role in the improvement of competitiveness of certain territories and in many cases they have an active role in endeavors regarding economic development. Modern economic development demands that due to the increased social and economic commitments the traditional (education and research) activities of the universities should broaden. To be able to exploit their optimal potential regarding economic development, high quality education is a necessary but not sufficient factor. High-standard research and the adaptation of research outputs by the local economy are also necessary. Through this the competitiveness of enterprises will increase that may result in the increase of competitiveness in the region. However, these processes and effects improve the competitiveness of a certain territory through direct or indirect, mainly complex transposals. These processes and effects may vary in case of regions with different competitiveness. The goal of this study is to review and systematize the active and passive activities of universities that serve the improvement of regional competitiveness. We explore the success factors, „bricks” with which we can characterize the internationally successful universities that have significant impact on local economic development.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115331802","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":"Employees, Workers, and the 'Sharing Economy': Changing Practices and Changing Concepts in the United Kingdom","authors":"M. Freedland, Jeremias Adams-Prassl","doi":"10.2139/ssrn.2932757","DOIUrl":"https://doi.org/10.2139/ssrn.2932757","url":null,"abstract":"Recent years have seen a radical shift in the practice and profile of the labour economy in the United Kingdom consisting in the considerable growth of the so-called ‘Sharing Economy’ or ‘Gig Economy’, better identified as the ‘On-demand Economy’. From that starting point, it is argued that a corresponding change seems to have occurred in the set of concepts which the labour/ employment law of the United Kingdom uses to analyse and to characterize the work relations and work contracts which are created, made, and operated within this rapidly growing sector of the labour market. Two recent high-profile Employment Tribunal decisions in the Uber and Citysprint cases, and a decision of the Court of Appeal in this same area in the Pimlico Plumbers case have served to confirm the legislative creation of a third intermediate category of ‘workers’ who benefit from a set of employment rights which is more limited than that enjoyed by employees but which is nevertheless very important. This crystallization of labour law’s newly tripartite taxonomy of work relations has occurred very largely in the context of the on-demand economy, and is beneficial to those located in that sector. This is, however, a rather fragile conceptual structure.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"131 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127377738","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":"Destination-Based Cash Flow Taxation","authors":"A. Auerbach, M. Devereux, M. Keen, J. Vella","doi":"10.2139/SSRN.2908158","DOIUrl":"https://doi.org/10.2139/SSRN.2908158","url":null,"abstract":"This paper presents, analyses, and further develops the idea of a destination-based cash-flow tax (DBCFT). Its purpose is expositional: to describe the DBCFT, how it might work, what its effects would be and some of the challenges that its implementation would face. The paper starts by introducing the basic mechanics of the DBCFT before evaluating it against five criteria: economic efficiency, robustness to avoidance and evasion, ease of administration, fairness and stability. It does so both for the case of universal adoption by all countries and the more plausible case of unilateral adoption. The paper then looks closely at the application of DBCFT treatment to the financial sector, which is a familiar problem under the VAT but has been little considered under the DBCFT. Finally, the paper sets out some core implementation issues, and how they might be addressed. It also compares the implementation of a DBCFT with the economically equivalent reform option that introduces a broad-based, uniform rate VAT (or achieves the same effect through an existing VAT), and reduces taxes on payroll by the same proportion.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"493 1-2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116819775","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":"Private Regulation, Compliance and Reviewability of Contracts","authors":"Dorota Leczykiewicz","doi":"10.4337/9781784710668.00019","DOIUrl":"https://doi.org/10.4337/9781784710668.00019","url":null,"abstract":"This chapter examines the relation between private regulation, effectuated through contract, and the desirability of compliance with such regulation, from the perspective of the fundamental precepts of contract law. Its purpose is to determine what intellectual advantages can be gained by looking at the question of contractual performance as that of regulatory compliance. It is argued that much can be gained by adopting a regulatory approach to contractual performance in the case of contracts which have broader regulatory effects. In particular, given resistance to public regulatory interference into contractual content, it may be valuable to reformulate questions of state regulation of contracts as questions of state control of private regulation. The regulatory approach also invites us to elucidate the strategic choices which states need to take vis-à-vis the enforcement of private regulatory regimes, such as those concerning the availability of legal enforcement to those regimes. Moreover, the regulatory approach creates a space within which desirability of private regulation through contract can be raised as an independent line of inquiry because the issue is not predetermined by the traditional contract law approach focusing on freedom of contract and its binding (i.e. legally enforceable) character. The chapter argues, however, that despite its limitations, it is contract law which offers a much more promising start to the question of grounds of judicial review of contracts producing regulatory effects. This claim is based on the fact that contract law already possesses a developed normative framework, consisting of such values as voluntariness, reciprocity and freedom from domination, as sources of review standards. An uncertain place of more socially oriented grounds of review, such as community welfare, distributive justice or positive freedom obviously leaves traditional contract law open to challenge as a source of private regulation’s review standards. The chapter argues that these deficiencies should be addressed within the contract law theory which, unlike the regulatory approach, guarantees that the freedom to choose one’s individual goals and the ability to bargain remain relevant considerations.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133638708","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":"Political and Legal Accountability in the European Banking Union: A First Assessment","authors":"Menelaos Markakis","doi":"10.5553/HYIEL/266627012016004001032","DOIUrl":"https://doi.org/10.5553/HYIEL/266627012016004001032","url":null,"abstract":"textabstractThis chapter looks at political and legal accountability in the European Banking Union. It is structured as follows. The discussion begins with a sketch of the constitutional structure and administrative machinery in the area of Banking Union. The focus then shifts to the concept of accountability, in an attempt to explain key concepts that will be used in this paper. This is followed by analysis of political accountability in the Single Supervisory Mechanism and the Single Resolution Mechanism, which are the main building blocks of the Banking Union thus far. The paper examines the respective roles of the European Parliament, Council, Eurogroup and national parliaments in holding the Banking Union actors accountable for the exercise of their duties. The penultimate section of the chapter concerns internal administrative review of supervisory measures and resolution actions, which is carried out by the Administrative Board of Review and the Appeal Panel respectively, as well as review by the Court of Justice of the European Union and national courts. The final section of the chapter glimpses briefly the vexed issue of the European Central Bank’s legitimacy in exercising supervisory tasks over banks in the Euro area (and potentially beyond).","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"194 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125726217","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 UK and the Eurozone After the Referendum","authors":"Pavlos Eleftheriadis","doi":"10.2139/SSRN.2787906","DOIUrl":"https://doi.org/10.2139/SSRN.2787906","url":null,"abstract":"Public debate in the run up to the Referendum of 23 June has focused on many economic issues, including the status of the United Kingdom as a member state outside the Eurozone. Those campaigning to leave have argued that the government ‘has given away its veto’ over the further integration of the Eurozone for ‘little in return’. The government, on the other hand, claims that the new UK-EU settlement gives additional protection to the UK against potential discrimination. In this paper I discuss these claims on the basis of European Union law and the new UK/EU legal settlement. The discussion proceeds largely from first principles, since there is very little relevant case law. My conclusion is that a) the UK has not given up its veto over further Eurozone integration, b) the UK’s financial services industry will be far better protected against potential discrimination by the Eurozone if the UK stayed in the EU than if it left and c) the protection against discrimination is not an achievement of the renegotiation, but a standard feature of the treaties which has pre-existed the UK/EU settlement. The law of the single market, which binds all member states in the same way, envisages a clear prohibition against discrimination on the basis of nationality. Given that the creation and management of currency as legal tender is an aspect of the special dominion exercised by sovereign states, any discrimination on that ground will also constitute discrimination on the basis of nationality.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126719937","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":"Behavioral Economics and Private International Law","authors":"Horst Eidenmueller, J. Stark","doi":"10.2139/ssrn.2591084","DOIUrl":"https://doi.org/10.2139/ssrn.2591084","url":null,"abstract":"This article explores the relevance of behavioral economics for legal issues in private international law. It finds that this relevance is limited. Choice of law problems in particular can be fruitfully analyzed with the neo-classical apparatus of economic theory that includes information asymmetries and externalities. Behavioral economics enhances our understanding of such problems especially because of phenomena such as status quo bias, availability heuristics, over-optimism and hyperbolic discounting.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126715310","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 Avoidance in Social Rights Adjudication","authors":"Farrah Ahmed, Tarunabh Khaitan","doi":"10.1093/OJLS/GQV003","DOIUrl":"https://doi.org/10.1093/OJLS/GQV003","url":null,"abstract":"In Judging Social Rights, Jeff King makes a powerful case for a limited, incrementalist, judicial approach to social rights adjudication. We argue that while King’s presciptions are justified, he is too cautious about the applicability of his incrementalist prescriptions to legal systems that suffer systemic administrative inefficiencies. Using the Indian experience as a case study, we show that such caution is misplaced, and that at least one of King’s incrementalist strategies, constitutional avoidance, has particular salience for such jurisdictions.","PeriodicalId":367754,"journal":{"name":"University of Oxford Legal Studies Research Paper Series","volume":"209 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124703766","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}