{"title":"Economic Governance: Improving the Economic and Regulatory Environment for Supporting Private Sector Activity","authors":"C. Kirkpatrick","doi":"10.2139/ssrn.2633566","DOIUrl":"https://doi.org/10.2139/ssrn.2633566","url":null,"abstract":"This paper reviews the state of knowledge on the effectiveness of donor interventions aimed at improving the regulatory environment for private sector development in developing countries. Where regulatory reform is undertaken, the expectation is that there will be improvements to economic and welfare outcomes. By providing a review of the evidence on the results of regulatory reform, the paper aims to increase understanding of the types of interventions that are likely to have a positive impact on private sector development in developing countries.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115647224","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":"To Regulate or Not to Regulate? – Economic Approach to Indefeasible Right of Use (IRU)","authors":"Magdalena Olender-Skorek","doi":"10.2139/ssrn.2296673","DOIUrl":"https://doi.org/10.2139/ssrn.2296673","url":null,"abstract":"The aim of this paper is to present an Indefeasible Right of Use (IRU) as a possible remedy for telecom infrastructure EU projects that (in Poland) have been lagged behind the time. Thanks for IRU, Beneficiaries of these EU projects will be able to save both: time and money and will finish projects successfully. The author discusses two possible methods of implementing IRU: via regulatory obligation and via incumbent’s goodwill. The author proposes a game theory model with payoffs depending on regulator’s and incumbent’s strategies. Using a game theory tree, the author shows that if only the incumbent is willing to offer his own network, IRU may be signed and most delays in EU projects disappear. The success is not so obvious while implementing IRU as an obligation – in this case EU projects will probably fail.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122933651","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 Law, Global Governance and the European Union","authors":"J. Wouters","doi":"10.2139/SSRN.2274810","DOIUrl":"https://doi.org/10.2139/SSRN.2274810","url":null,"abstract":"This contribution explores the interface between private law, global governance and the EU by focusing on the role that the EU plays, and should play, in relation to the use of forms of private law-based governance to make them suit public policy objectives at the European and global levels, on the one hand, and the pursuit of regulatory action to correct excesses of private norm-setting that go against global public goods (e.g., a free trading system and the stability of financial markets), on the other. Through examples concerning food standards, forest certification and credit default swaps, this contribution examines how the EU has taken initiatives that put at use or regulate private law-based governance schemes. It also assesses how the EU could best proceed in this area, taking into account its own constitutional principles and its cross-cutting external relations objectives laid down in Article 21 TEU.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133492204","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 Effect of Regulation on Insurance Pricing: The Case of Germany","authors":"Thomas R Berry-Stölzle, P. Born","doi":"10.1111/j.1539-6975.2010.01398.x","DOIUrl":"https://doi.org/10.1111/j.1539-6975.2010.01398.x","url":null,"abstract":"This article analyzes the impact of policy form regulation on the unit price of insurance and determinants of premium changes using the 1994 deregulation of the German property–liability market as a natural experiment. Our result show that policy form regulation did not increase prices above competitive levels. Factors influencing premium changes are significantly different for the two time periods, pre‐ and post‐deregulation, indicating that regulation affects insurance pricing. Focusing on highly competitive lines after deregulation, we find a significant price decrease, and this decrease is offset by higher prices in the remaining other lines.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126662615","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":"Insurance Protection Funds in the European Union—Quo Vadis?","authors":"Marek Monkiewicz","doi":"10.1111/j.1540-6296.2011.01211.x","DOIUrl":"https://doi.org/10.1111/j.1540-6296.2011.01211.x","url":null,"abstract":"Contrary to the development in other major insurance markets in the world only 13 out of 27 EU member states have introduced until now some type of insurance protection funds (IPF). As a result around a third of the market is without any collective protection. There is also a continuous debate since 2001 among the member states on the need for such a system at the community level. The experiences of the latest financial crisis have raised new arguments for reorganizing the existing system to avoid regulatory arbitrage and to strengthen consumer security. Even the prospective implementation of provisions strengthening supervisory bodies, and the new solvency directive (so‐called Solvency II) are not fail‐safe solutions. This article is an attempt to review the current situation as regards IPF in the EU and to discuss possible development scenarios.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123266602","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":"Ex-Ante Regulation and Co-Investment in the Transition to Next Generation Access","authors":"M. Bourreau, C. Cambini, Steffen Hoernig","doi":"10.2139/ssrn.2000694","DOIUrl":"https://doi.org/10.2139/ssrn.2000694","url":null,"abstract":"Investments in Next Generation Access Networks (NGANs) ask for a new set of regulatory remedies. This paper contributes to this debate by focusing on three issues: the migration from the legacy copper network to the NGA infrastructure, and how wholesale pricing regulation might affect this process; the introduction of differentiated wholesale remedies according to geographical differences in NGAN deployment; the impact of co-investment decisions on market outcomes and their interplay with access regulation. Using the recent economic literature, arguments and possible guidelines are proposed, which might be useful to regulators and policy makers.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128274874","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 Consumer Rights Directive Adopted","authors":"C. Cauffman","doi":"10.2139/SSRN.2000132","DOIUrl":"https://doi.org/10.2139/SSRN.2000132","url":null,"abstract":"This paper gives a brief overview of the genesis of the Consumer Rights Directive, its content and its impact on the level of consumer protection in the EU.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131136635","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 Diverging Approach to Price Squeezes in the United States and Europe","authors":"Kathryn Mcmahon, George A. Hay","doi":"10.2139/ssrn.2012450","DOIUrl":"https://doi.org/10.2139/ssrn.2012450","url":null,"abstract":"Notwithstanding assertions of greater harmonization and convergence between United States and European Union competition law, recent case law has identified significant differences in their approaches to the regulation of a price or margin squeeze. In the US after linkLine the likelihood of a successful claim has been significantly diminished, particularly if there has been no prior course of voluntary dealing and no downstream predatory pricing. In contrast, in a series of decisions in liberalized telecommunications markets, the EU Courts in applying an “as efficient competitor test” have focused on the preservation of competitive rivalry as “equality of opportunity.” This significantly broadens the potential liability for a margin squeeze in the EU and reconstitutes EU competition law as a form of de facto regulation in liberalized markets. Faced with the uncertainty of this standard, the dominant firm has an incentive to avoid liability by raising its retail prices, to the detriment of consumers. This article evaluates this divergence in approach to the regulation of a price or margin squeeze in the US and EU and traces these approaches to differing conceptions of dominant firm regulation which in turn have informed different understandings of the regulation of a “refusal to supply” and the intersection of competition law with sector-specific regulation.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"24 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132938809","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 Role of Traditional Exchanges in Fragmented Markets","authors":"U. Spankowski, M. Wagener, Hans-Peter Burghof","doi":"10.2139/ssrn.1980951","DOIUrl":"https://doi.org/10.2139/ssrn.1980951","url":null,"abstract":"The Markets in Financial Instruments Directive (MiFID) has changed regulated European equity trading significantly after its introduction in November 2007. This dissertation analyses the impact of MiFID on trading intensity and market quality from an intraday and interday perspective by investigating the British equity market. \u0000A second focus of this work is the analysis of the influence of high frequency traders in a fragmented market environment. In this context, this dissertation addresses the behavior of market participants and their influence on market quality during particular market scenarios in a fragmented market environment. \u0000Die Einfuhrung der Marktregulierungsrichtlinie MiFID im November 2007 hat den regulierten Wertpapierhandel in Europa masgeblich verandert. Diese Dissertation untersucht die Auswirkungen der MiFID auf Handelsintensitat und Marktqualitat am Beispiel des britischen Aktienmarktes aus Intraday- und Interdayperspektive. \u0000Ein zweiter Schwerpunkt der Arbeit liegt auf der Analyse des Einflusses von Hochfrequenzhandlern auf die einzelnen Handelsplatze. In diesem Zusammenhang wird das Verhalten der Akteure in unterschiedlichen Marktsituationen beleuchtet und deren Einfluss auf die Marktqualitat im Spannungsfeld der Handelsplatze beschrieben.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"36 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133008475","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}