政治经济学季刊Pub Date : 2012-11-27DOI: 10.2139/ssrn.2182161
Seth H. Giertz, J. Feldman
{"title":"The Economic Costs of Tax Policy Uncertainty: Implications for Fundamental Tax Reform","authors":"Seth H. Giertz, J. Feldman","doi":"10.2139/ssrn.2182161","DOIUrl":"https://doi.org/10.2139/ssrn.2182161","url":null,"abstract":"The U.S. faces tremendous short-term policy uncertainty, including about $5.4 trillion in tax increases over the next decade. These changes are set to take effect on January 1, 2013. It is unlikely that these changes will fully materialize, but what will happen is anyone’s guess. Over the long term, uncertainty also looms large since the U.S. federal tax system is expected to bring in far less revenue than Congress is projected to spend. In this paper, we detail the tax policy uncertainty that the U.S. faces and the economic literature to assess how this uncertainty may be affecting the economy. We then build on this literature by posing an additional avenue through which policy uncertainty may harm the economy. We argue that uncertainty fosters rent-seeking, which represents a shift between productive and unproductive or destructive entrepreneurship. We present a simple empirical model that lends support to our hypothesis. We then discuss principles for tax reform that could result in more stable tax policy.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"08 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86035557","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}
政治经济学季刊Pub Date : 2012-11-26DOI: 10.1111/ISQU.12057
Raymond Hicks, H. Milner, D. Tingley
{"title":"Trade Policy, Economic Interests and Party Politics in a Developing Country: The Political Economy of CAFTA","authors":"Raymond Hicks, H. Milner, D. Tingley","doi":"10.1111/ISQU.12057","DOIUrl":"https://doi.org/10.1111/ISQU.12057","url":null,"abstract":"Developing countries have increasingly opened their economies to trade. Research about trade policy in developed countries focuses on a bottom-up process by identifying economic preferences of domestic groups. We know less about developing countries. We analyze how economic and political variables influenced Costa Rican voters in a referendum on CAFTA-DR, an international trade agreement. We find little support for Stolper–Samuelson models of economic preferences, but more support for specific factor models. We also isolate the effects of political parties on the referendum, controlling for many economic factors; we document how at least one party influenced voters and this made the difference for CAFTA-DR passage. Politics, namely parties using their organizational strength to cue and frame messages for voters, influenced this important trade policy decision. Theories about trade policy need to take into account top-down political factors along with economic interests.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87999744","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}
政治经济学季刊Pub Date : 2012-11-25DOI: 10.2139/SSRN.1940685
Herbert Hovenkamp
{"title":"Innovation and Competition Policy, Ch. 5 (2d ed): Competition and Innovation in Copyright and the DMCA","authors":"Herbert Hovenkamp","doi":"10.2139/SSRN.1940685","DOIUrl":"https://doi.org/10.2139/SSRN.1940685","url":null,"abstract":"This book of CASES AND MATERIALS ON INNOVATION AND COMPETITION POLICY is intended for educational use. The book is free for all to use subject to an open source license agreement. It differs from IP/antitrust casebooks in that it considers numerous sources of competition policy in addition to antitrust, including those that emanate from the intellectual property laws themselves, and also related issues such as the relationship between market structure and innovation, the competitive consequences of regulatory rules governing technology competition such as net neutrality and interconnection, misuse, the first sale doctrine, and the Digital Millennium Copyright Act (DMCA). Chapters will be updated frequently. The author uses this casebook for a three-unit class in Innovation and Competition Policy taught at the University of Iowa College of Law and available to first year law students as an elective. This document is Chapter 5, second edition, on competition policy and the Copyright Act and DMCA.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84706407","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}
政治经济学季刊Pub Date : 2012-11-23DOI: 10.2139/ssrn.2173806
Hezekiah Agwara
{"title":"Border Effects of Overlapping Regional Trade Blocs in Africa","authors":"Hezekiah Agwara","doi":"10.2139/ssrn.2173806","DOIUrl":"https://doi.org/10.2139/ssrn.2173806","url":null,"abstract":"This paper tests the hypothesis that overlapping and competing regional trade blocs undermine trade in Africa. Using the proposed merger of three trade blocs in the Eastern and Southern Africa region into a Free Trade Area and estimating gravity equations of bilateral trade flows, the hypothesis finds no support in the data. Instead, regional trade is a product of distance, adjacency, size dispersion and dual membership. I conclude that perceived negative effect of interregional borders may be exaggerated and hence a weak argument for merging the trade blocs.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74022992","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}
政治经济学季刊Pub Date : 2012-11-21DOI: 10.1093/OXFORDHB/9780199560530.013.0005
Orly Lobel
{"title":"New Governance as Regulatory Governance","authors":"Orly Lobel","doi":"10.1093/OXFORDHB/9780199560530.013.0005","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199560530.013.0005","url":null,"abstract":"New governance has emerged as a school of thought focusing on the significance of institutional design and culture for effective and legitimate regulation. This chapter analyzes the field of new governance from a regulatory perspective and examines the ways in which governments can effectively regulate markets from both a theoretical and practical lens. New governance as regulatory governance focuses on the ways that government and the private sector can successfully operate together - a distinct departure from traditional command-and-control regulation. The chapter explains the reasons for this shift away from traditional regulation toward regulatory governance and provides examples of the benefits of new governance’s approach as applied in environmental law, occupational safety, discrimination law, financial regulation, and organizational sentencing guidelines. In these contexts, the self-regulation structure of new governance relies on internal reporting, and the chapter therefore stresses the importance of private reporting to support the regulatory process. The chapter concludes by recognizing some of the limitations of regulatory governance and identifying directions for further research.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73341126","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}
政治经济学季刊Pub Date : 2012-11-20DOI: 10.2139/SSRN.2178696
Andrew Cardow, W. Wilson
{"title":"Privatisation: The New Zealand Experiment of the 1980’s: How Did Mom and Pop Fare?","authors":"Andrew Cardow, W. Wilson","doi":"10.2139/SSRN.2178696","DOIUrl":"https://doi.org/10.2139/SSRN.2178696","url":null,"abstract":"Many would judge the privatisation program which was a significant feature of the New Zealand Experiment of the 1980’s and 90’s, in which both Labour and National governments adopted extreme right wing policies, a failure. In looking at the privatisation of state assets we find they were, at least from an investors’ perspective reasonably successful. Returns to investors who held a portfolio of privatised assets outperformed the NZ share market as a whole. An investment strategy of buying each privatisation, on the market on day one, would have yielded a return of 12.71%, while a similar investment in the entire NZ market would have returned only 7.01%. Also there can be little doubt; the nine privatisations in this sample have had a considerable impact on the NZ stock market, following the listing of Telecom in 1991 total privatised assets comprising 49% of the NZ total market and for twenty years the capitalisation of the privatisation sample has averaged 37% of the NZ total market. Analysis of government papers of the day reveals the government’s overall objective was increased efficiency, flowing from a fundamental belief that government couldn’t and shouldn’t run commercial businesses. In this they were successful, but at what cost?","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83377207","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}
政治经济学季刊Pub Date : 2012-11-12DOI: 10.2139/ssrn.2174415
Juan Carlos Berganza
{"title":"Fiscal Rules in Latin America: A Survey","authors":"Juan Carlos Berganza","doi":"10.2139/ssrn.2174415","DOIUrl":"https://doi.org/10.2139/ssrn.2174415","url":null,"abstract":"This survey first discusses general characteristics, advantages and disadvantages of different types of fiscal rules. The criterion for classifying them is based on the emphasis given: long-term sustainability (reducing the deficit bias and controlling the growth in public debt) or reducing the procyclicality of fiscal policy (short-term stabilisation). It then reviews the experience with fiscal rules in seven Latin American countries, as their use has become more widespread since the early 2000s. Only Chile targets cyclically adjusted indicators, although Colombia is also taking that approach and the Mexican rule offers some stabilisation properties. Argentina, Brazil and Peru apply numerical rules targeting the overall/primary public balance and/or public spending. The Venezuelan framework has, in practice, been diluted after its introduction. The coverage of the rule depends on the degree of decentralisation of fiscal systems, with many countries including debt limits on the sub-national governments as a key tool to face the common pool problem that emerges in federal states. All in all, fiscal rules in Latin America have been more effective in helping to strengthen long-term sustainability than in responding to shocks, as proved by the recent financial crisis. Fiscal rules have had to be fine-tuned over the years and a “second generation” of fiscal rules – combining the sustainability objective with greater flexibility to accommodate economic shocks – appears to be necessary in order to increase their efficiency.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75928135","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}
政治经济学季刊Pub Date : 2012-11-12DOI: 10.2139/ssrn.2174259
Julia M. Puaschunder
{"title":"Ethical and Socially Responsible Investment","authors":"Julia M. Puaschunder","doi":"10.2139/ssrn.2174259","DOIUrl":"https://doi.org/10.2139/ssrn.2174259","url":null,"abstract":"Financial social responsibility (FSR) bridges the financial world with society in socially responsible investment (SRI). In socially conscientious screenings, shareholder advocacy, community investing and social venture capital funding, private investors choose SRI for efficiency and long-term competitive considerations coupled with altruistic and personal social responsibility, entrepreneurial endeavors and self-expression. FSR evolved due to historical incidents, legislative compulsion, and stakeholder pressure in response to social, environmental, and political deficiencies as well as humanitarian crises. Originally stemming from a small number of specialist ethical investment funds, SRI emerged into an investment philosophy adopted by a growing proportion of Western investment houses around the globe. International organizations define FSR standards from a global governance perspective. Portraying SRI as a panacea to avert future financial crises and means to bestow market actors with trust in globalized economies fosters financial market stability and societal progress.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"42 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88447461","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}
政治经济学季刊Pub Date : 2012-11-11DOI: 10.2139/ssrn.2001345
M. Molodchik, A. Bykova, E. Shakina
{"title":"Intellectual Capital Transformation Evaluating Model","authors":"M. Molodchik, A. Bykova, E. Shakina","doi":"10.2139/ssrn.2001345","DOIUrl":"https://doi.org/10.2139/ssrn.2001345","url":null,"abstract":"Purpose – This paper presents the framework that is developed for analysis of intellectual capital transformation into companies’ value, including an identification of the key factors of this process. Design/methodology/approach – The paper employs intellectual capital on the intersection of the value-based management (VBM) and resource-based view (RBV). Starting from a review of the results provided in the literature regarding intellectual capital evaluation and its link with firm performance, the system of proxy indicators related to IC transformation in both concepts was designed. The evaluation ability of the developed model was justified with the regression analyses. Findings – The detailed algorithm for intellectual capital evaluation in terms of the input-outcomes transformation. The Intellectual Capital Transformation Evaluating Model (ICTEM) provides a holistic view of intellectual resources as companies’ strategic investments. Research limitations/implications – The paper emphasizes that the ICTEM framework could be mostly applied for the analysis of a firm as a typical representative of the industry or the country. In that sense it is not applicable for specific features analysis of a company. Practical implications – The paper highlights the ICTEM as a tool of investments decision making mostly taking into account common trends, the prospects of industries and economies’ development. Originality/value – The ICTEM provides the ostensive framework of intellectual capital transformation analysis using a statistical approach.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"89 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72832187","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}
政治经济学季刊Pub Date : 2012-11-08DOI: 10.2139/ssrn.2188931
A. Blackman, María A. Naranjo, J. Robalino, F. Alpízar, Jorge Rivera
{"title":"Does Tourism Eco-Certification Pay? Costa Rica's Blue Flag Program","authors":"A. Blackman, María A. Naranjo, J. Robalino, F. Alpízar, Jorge Rivera","doi":"10.2139/ssrn.2188931","DOIUrl":"https://doi.org/10.2139/ssrn.2188931","url":null,"abstract":"According to advocates, eco-certification can stem environmental damages from tourism in developing countries. Yet we know little about tourism operators’ economic incentives to get certified. To help fill that gap, we use detailed panel data to analyze the Blue Flag beach certification program in Costa Rica where nature-based tourism has caused significant environmental damage. We use new hotel investment to proxy for private benefits, and fixed effects and propensity score matching to control for self-selection bias. We find that Blue Flag certification spurs significant new hotel investment, particularly in luxury hotels and in economically advantaged communities.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88161443","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}