nep-law New Economics Papers
on Law and Economics
Issue of 2021‒07‒19
23 papers chosen by
Eve-Angeline Lambert, Université de Lorraine

  1. Control of the Administration of Insolvency Proceedings By Anca Roxana Bularca
  2. None for the Road? Stricter Drink Driving Laws and Road Accidents By Francesconi, Marco; James, Jonathan
  3. Land titling and litigation By Benito Arruñada; Marco Fabbri; Michael Faure
  4. The Basis of Punishment. The State’s Right to Punish By Mariana Mitra-Nita
  5. The Offenses Against Religious Freedom According to the Romanian Criminal Code of 2014 By Teodor Manea
  6. Corporate Social Responsibility by Joint Agreement By Maarten Pieter Schinkel; Leonard Treuren
  7. The Making of Fraudulent Economic Operations and Identity Theft as Cybercrimes in Romania By Dan Cristian
  9. Some Aspects of the Modern and Contemporary History of Heritage. The Division of the Succession Patrimony of the Monks in the Romanian Law By Marilena Marin
  10. The Parliamentary Assembly of the Council of Europe Monitoring on the Implementation of the European Court of Human Rights Judgments By Titus Corlatean
  11. Sentence Length and Recidivism: A Review of the Research By Berger, Elizabeth; Scheidegger, Kent
  12. Drugs: History, Law, Consequences By Robert Serbanescu
  13. What Does Codetermination Do? By Simon Jäger; Shakked Noy; Benjamin Schoefer
  14. International Investment Agreements, Double-Taxation Treaties and Multinational Activity: The (Heterogeneous) Effects of Binding By Monika Sztajerowska
  15. SUITCEYES Scoping Report on Law and Policy on Deafblindness, Disability and New Technologies: United Kingdom By Woodin, Sarah L.
  16. Gender Policy and Intimate Partner Violence in Colombia By Durevall, Dick
  17. Do Workers Benefit from Wage Transparency Rules? By Oliver Gürtler; Lennart Struth
  18. Comparing Intellectual property policy in the Global North and South -- A one-size-fits-all policy for economic prosperity? By Madhumitha Raghuraman; Malavika Ranjan; S Sidhartha Narayan
  19. Shareholder Liability and Bank Failure By Felipe Aldunate; Dirk Jenter; Arthur Korteweg; Peter Koudijs
  20. Tailoring Regulations By Rebecca Reubenstein; Asani Sarkar
  21. Legislative and Jurisprudential Analysis Regarding the Satisfaction of Romanian Patients Regarding the Performance of the National Health System By Cristina-Luiza Erimia
  22. Bilateral investment treaties and sovereign default risk By Eichler, Stefanie; Nauerth, Jannik A.
  23. Does the European Certificate of Succession Ensure the Direct Exercise of Successor Rights in Member States of the European Union? By Diana Geanina Ionas

  1. By: Anca Roxana Bularca (Transilvania University of Brasov, Romania)
    Abstract: This material presents an analysis of the control exercised by the courts over insolvency practitioners for the conduct of insolvency proceedings. Depending on the legal systems and the choice of the legislator, the Member States of the European Union have chosen differently on the way of how the court intervenes in the conduct of insolvency proceedings. Thus, there are opinions according to which the insolvency procedure must be carried out entirely outside the court, but also opinions according to which the court must have a significant control within the insolvency procedure. The Romanian legislator combined the two opinions, totally opposite, establishing that the court, through judges specialized in insolvency, should have legal control over the conduct of insolvency proceedings, and only in cases expressly provided by law, to exercise control over opportunity.
    Keywords: insolvency, principle, court, control, judicial administrator, judicial liquidator, syndic judge
    Date: 2021–03
  2. By: Francesconi, Marco (University of Essex); James, Jonathan (University of Bath)
    Abstract: Reducing drink drive limits is generally regarded an effective strategy to save lives on the road. Using several new administrative data sources, we evaluate the effect of a stricter limit introduced in Scotland in 2014. This reduction had no effect on drink driving and road collisions. Estimates from a supply-of-offenses function suggests that the reform did not have much ex-ante scope for sizeable effects. The unavailability of cheaper alternative means of transportation and weak law enforcement seem to have been the main channels behind the lack of an impact. We find no externality on a wide range of domains, from alcohol consumption to criminal activities other than drink driving.
    Keywords: driving under the influence, road collisions, health, alcohol, crime
    JEL: I12 I18 D62 K42
    Date: 2021–06
  3. By: Benito Arruñada; Marco Fabbri; Michael Faure
    Abstract: We study a large-scale land titling reform implemented as a randomized control-trial to isolate its causal effects on litigation. The reform consisted of demarcating land parcels, registering existing customary rights, and granting additional legal protection to rightholders. We find that, ten years after implementation, the reform doubled the likelihood of households experiencing land-related litigation, but disputes do not escalate into more frequent violent episodes. We suggest that this litigation increase is likely to reflect the complementarity of land titling by registration and by judicial procedures aimed at further clarifying property rights, as the reform registered titles to all parcels but left many of these titles subject to adverse claims. This raised the demand for complementary litigation aimed at perfecting titles for low value parcels which, under the customary system, it was individually optimal to keep unclarified. Consistent with this explanation, we find that the observed increase in litigation takes place among households characterized by low levels of wealth and market integration, who are likely to own land of lower value.
    Keywords: Experimental survey, informal institutions, land rights formalization, land tenure reform, litigation, randomized control trial
    JEL: K11 K4 Q15
    Date: 2021–07
  4. By: Mariana Mitra-Nita (Ovidius University of Constanta, Romania)
    Abstract: One of the three fundamental institutions of the criminal law is the sanction. It represents the right, and also the obligation of the state to intervene when a legal norm with a criminal character is violated. However, what is this right of the state to sanction? What is the origin of this right and what is its usefulness? These make up only a small part of the many questions that jurists and philosophers have raised throughout history, trying to objectively justify the basis of punishment. The reason for repression must consist not in the state’s desire for revenge, but in preventing in the future the commission of dangerous acts related to the most important social values, since, as Cesare Beccaria said, "it is more effective to prevent than to treat!" The need for punishment stems from the innate human instinct of conservation in order to preserve one's own species.
    Keywords: punishment, rule of law, prevention, preservation, crime
    Date: 2021–03
  5. By: Teodor Manea (Titu Maiorescu University, Romania)
    Abstract: The latest Romanian Criminal Code came into force on the 1st of February 2014. Given that the previous Criminal Code entered in effect on the 1st of January 1969, it was designed according to the ideology of the Communist regime and it was becoming increasingly difficult to adapt it to the changes which occurred in the Romanian society after the Revolution of December 1989. Therefore, the need for a new, unified and updated criminal legislation was keenly felt in 2014. This paper will address one of the innovations proposed by this normative act, the crimes against religious freedom and respect owed to the deceased. The analysis will begin with a few remarks concerning the theoretical structure of an offense (infracțiune) in the Romanian Criminal Law, as the international public might not be aware of the subtle differences between the terminology used by this legal system and some of the concepts used in other English-speaking countries. Having succinctly clarified these differences, the paper then proceeds to a study of the four offenses included in this category: preventing the freedom to practice religion (art. 381), desecration of places or objects of worship (art. 382), desecration of corpses or graves (art. 383), illegal harvesting of tissues or organs (art. 384). The conclusions are meant to highlight a few of the key concepts which have to be taken into account if one attempts to realize a comparative study between this segment of the Romanian criminal law and other domestic legal systems.
    Keywords: offense, religious freedom, Romanian, criminal code, law
    Date: 2021–03
  6. By: Maarten Pieter Schinkel (University of Amsterdam); Leonard Treuren (University of Amsterdam)
    Abstract: Industry-wide voluntary agreements are touted as a means for corporations to take more corporate social responsibility (CSR). We study what type of joint CSR agreement induces firms to increase CSR efforts in a model of oligopolistic competition with differentiated products. Consumers have a willingness to pay for more responsibly manufactured products. Firms are driven by profit, and possibly by intrinsic motivation, to invest in costly CSR efforts. We find that cooperative agreements directly on the level of CSR reduce CSR efforts compared to competition. Such agreements throttle both for-profit and intrinsic motivations for CSR. CSR efforts only increase if agreements are permitted solely on output. Such production agreements, however, reduce total welfare in the market and raise antitrust concerns. Taking externalities into account may help to justify a production agreement under a total welfare standard, but not agreements on CSR directly. Moreover, simply requiring a higher CSR level by regulation while preserving competition always gives higher within-market welfare.
    Keywords: CSR, voluntary agreement, cartel, competition policy, externalities, regulation
    JEL: K21 L13 L40 Q01
    Date: 2021–07–04
  7. By: Dan Cristian (Dimitrie Cantemir Christian University of Bucharest, Romania,)
    Abstract: In the 21st century, information has gained a huge value, mainly because the human activities have transitioned from the physical world to the digital one. Among these activities, we can find the innovated economic one, represented by the accumulation of capital in virtual accounts handled and insured by the banks. Another transitioned element consists of the social processes, this being done nowadays on different networks and mobile applications. Due to the fact that humans have created the systems by which our personal data is protected and which assure ones right of property over a digital monetary transaction alongside the right to a private life when it comes to a conversation on platforms with one or more people, these programs are susceptible to fraudulent activities done by individuals with high informatics skills. The current paperwork will analyze from a legal approach the crimes which can be committed in regards to the above-mentioned aspects. The branch of criminal law will serve as the main building block for reaching valid conclusions.
    Keywords: cybercrimes, criminal law, psychology, identity theft, victims, social networks, criminal resolution, data protection systems, the subjective criminal side
    Date: 2021–03
  8. By: Anatoliy Kostruba (Vasyl Stefanyk Precarpathian National University)
    Abstract: Legal norms in themselves do not give rise to legal relations, do not give rise to subjective rights and legal obligations of parties of relationship. In order for public relations, or rather the social ties of members of society to be successfully coordinated with each other in the appropriate legal framework, legal grounds for their emergence are necessary. The ground for the emergence of rights to objects are juridical facts. They mean the consequences of circumstances of reality (factual or legal), with which parties, due to formal legal certainty (contract, custom, court decision, legal norm) link emergence, change or termination of rights, individual competences or entire legal relationship to the relevant object. Actions are the acts of person characterizing the external expression of his/her will and consciousness as a result of purposeful activity in a social environment governed by law. The most common ground for emergence of the right to an object related to the action is a transaction, which means the action of a person aimed at establish-ing, changing and terminating civil rights and obligations. The most widespread ground for the emergence of rights to an object in legal relations of obligations is a contract. In the system of juridical facts, the contract is declared in such lawful actions as a transaction (bilaterally binding one). The contract as a juridical fact is the ground for the acquisition of property right, ensures the transformation of an absolute legal relationship into an obligation one with the subsequent establishment of a new absolute legal relationship. The fulfillment of contractual obligations on the transfer of property into ownership leads to the emergence of property rights for one party (purchase and sale, dona-tion) or for both parties (exchange). The ground for the emergence of rights to objects is also a legal act. It is under-stood as an action that entails a legal consequence, regardless of whether these actions were aimed at the consequences, which (by virtue of the rule of law) are called, or not. Acts cause legal consequences, regardless of whether the subject was aware or not aware of their legal significance, whether he/she wanted or did not want them to occur. The above grounds for the emergence of rights to an object are initially caused by the commission of legally significant actions that are not related to the onset of legal and actual consequences in the form of transfer of ownership to another person. The content of a legal act in this case is due to the need to ensure the safety of property of another when it is identified. In the future, the formation of such a configuration of juridical facts as the discovery of property of another, public noti-fication of incidentis and the expiration of the statutory period for ensuring the safety of this property entails the onset of legal consequences in the form of the emergence of a real right to an object. It should also be noted that a legal act leads to the creation of such real right object as a literary, artistic, musical or scientific work (Articles 437, 451, 458 of the Civil Code of Ukraine), an invention, a utility model, an industrial design (Ar-ticle 462 of the Civil Code of Ukraine), rationalization proposal (Article 484 of the Civil Code of Ukraine), commercial secret (Article 506 of the Civil Code of Ukraine) and other objects of intellectual property rights. The writing of a poem creates copyright regardless of whether the author was aware of the meaning of his/her actions or not. The motivation of the subject of intellectual property rights is aimed not at achieving the legal consequences stipu-lated by the norm in the form of material remuneration or the acquisition of other property rights, but at the realization of the individual's own creative abilities. Illegal actions as a juridical fact (tort) serve as the basis for the emergence of protective legal relations, the content of which is the implementation of the com-pensatory and restorative function of civil law. Tort is the basis for the emergence of rights to such object as a property claim for compensation for material and mor-al damage caused. This is an object of law of a special kind, implemented only in protective legal relations. Its peculiarity, in contrast to other objects of the material world, is that this object is not subject to free circulation in civil law transactions. This is due to the nature of protective legal relations, the essence of which boils down to the need to compensate for the damage caused directly to the victim by the causer, the inextricable connection of such compensation with the personality of the subjects of the tort legal relationship. The grounds for the emergence of rights to objects juridical facts are unique in their nature. Their uniqueness lies in their singularity, which is caused by the nature of human behavior in social conditions. Depending on the content of the social environment in which they arise, juridical facts are configured according to individual characteristics. Their diversity cannot be reflected normally or doctrinally. It is possible to single out only the general contours in which they find their external manifestation. Such contours are the strong willed nature of the subject of law, which allows us to combine juridical facts in the following algorithms: action event; event action; legal act act of law; legal act event legal act, etc.
    Keywords: Civil law scholarship,civil law,civil rights,Civil obligation,object of civil law
    Date: 2021–05–21
  9. By: Marilena Marin (Ovidius University of Constanta, Romania)
    Abstract: This paper proposes the historical and legal analysis of a part of the matter of inheritances, namely, the succession patrimony of the monks, from the perspective of Romanian law, in the modern era and the contemporary era. We started in the study of this subject from a problem encountered in practice, which concerned the request of the relatives of a deceased monk to hand over to them the goods he owned during his life, in their capacity as successors. First, I analyzed the legal issue through the prism of civil law, as the first impulse of the legal practitioner. After that, I researched the rules of canon law and the norms in the status of various cults, which regulate the legal status of goods that are acquired by monks during the period in which they function as such within the church. In Romanian law there are few cases of this kind, which would allow outlining a judicial practice in the field, which is why we can analyze the problem from the perspective of the normative acts in force and the doctrine, even if it is quite poor. At the same time, to have a correct representation of the factual and legal situation, but also to understand as correctly as possible the issue of inheritances as it is regulated and perceived in the monastic world, I considered necessary the analysis of modern and contemporary legislation and consulted the statute of several cults, to better understand the legal regulation specific to canon law.
    Keywords: inheritance, succession patrimony, church patrimony, potentials successors, successors
    Date: 2021–03
  10. By: Titus Corlatean (University Dimitrie Cantemir, Bucharest, Romania,)
    Abstract: The European Convention on Human Rights (ECHR) is the most important international treaty to protect fundamental Human Rights and Freedoms at European level. The Convention was adopted on November 4, 1950 in Rome by the governments of the member states at that time of the Council of Europe. Currently all 47 members of the Council of Europe, international European organization founded in 1949 in Strasbourg, France, are party to the Convention. The implementation of the European Court of Human Rights (ECtHR) judgments is supervised by the Council of Europe Committee of Ministers (CM), according to article 46 para 2 of the ECHR. Beyond the primary responsibility of the CM in this field, the Parliamentary Assembly of the Council of Europe (PACE) increased significantly its contribution to this process during the past 10-15 years. Its 10th report on the implementation of ECtHR judgments focuses on a number of member states and cases pending before the CM still to be implemented, that reveals structural problems, complex and difficult issues related for instance to inter-State cases or individual cases displaying inter-State features reflecting particular difficulties for the execution process, sometimes for already more than 10 years after the Court’s judgments. The PACE report addresses therefore a number of specific requests and recommendations to the member states and the CM for supporting an accelerated process for the full implementation of these judgments.
    Keywords: Parliamentary Assembly, Council of Europe, European Convention on Human Rights, Court, judgments, execution, structural problems
    Date: 2021–03
  11. By: Berger, Elizabeth; Scheidegger, Kent
    Abstract: In response to increasing concerns about jail and prison overcrowding, many officials and legislatures across the U.S. have undertaken different efforts aimed at reducing the prison population, such as reduced sentence lengths and early release of prisoners. Thus, there is currently a high degree of public interest regarding how these changes in policy might affect recidivism rates of released offenders. When considering the research on the relationship between incarceration and recidivism, many studies compare custodial with non-custodial sentences on recidivism, while fewer examine the impact of varying incarceration lengths on recidivism. This article provides a review of the research on the latter. While some findings suggest that longer sentences may provide additional deterrent benefit in the aggregate, this effect is not always consistent or strong. In addition, many of the studies had null effects, while none of the studies suggested a strong aggregate-level criminogenic effect. Overall, the literature on the impact of incarceration on recidivism is admittedly limited by important methodological considerations, resulting in inconsistency of findings across studies. In addition, it appears that deterrent effects of incarceration may vary slightly for different offenders. Ultimately, the effect of incarceration length on recidivism appears too heterogenous to be able to draw universal conclusions. We argue that a deepened understanding of the causal mechanisms at play is needed to reliably and accurately inform policy.
    Date: 2021–06–18
  12. By: Robert Serbanescu (Member, Romanian Forensic Association, Bucharest, Romania)
    Abstract: The drug phenomenon represents a various and important subject in society nowadays, due to the fact that it is the cause for many studies, criminal activities, legal regulations, international co-operations and lives affected. In this manner, a good understanding of the relationship between humans and narcotics can be formed by researching its evolution throughout history. Since ancient times, people have manifested interest in these substances, either from a philosophical approach or simply by the curiosity of experimenting their effects. The perspective towards drugs suffered many variations, from a positive one, thanks to their medical properties, to a negative one, mainly caused by the severe consequences of overdose and the continuous growth of the underground network belonging to the producers, carriers and dealers. By becoming a threat to the social order, the states had to create and apply laws to counter this rapidly evolving trend. The legal norms brought into existence by the legislative powers covered different topics such as: rules in regards to the production, selling and acquiring, alongside consumption. Domains such as Psychology and Medicine joined forces, especially in the last century, to research and present the effects of long or short term consumption of narcotics.
    Keywords: history, narcotics, psychology, law, consequences
    Date: 2021–03
  13. By: Simon Jäger; Shakked Noy; Benjamin Schoefer
    Abstract: We provide a comprehensive overview of codetermination, i.e., worker representation in firms’ governance and management. We cover the institution’s history, implementation, and the best available evidence on its economic impacts. We argue that existing quasi-experimental estimates suggest that codetermination has zero or very small positive effects on worker and firm outcomes at the partial-equilibrium firm level. In addition, we test for general-equilibrium effects of codetermination laws using novel cross-country event studies exploiting a series of codetermination reforms between the 1960s and 2010s, and find no evidence that codetermination laws shift aggregate economic outcomes or the quality of industrial relations. We offer three potential explanations of the institution’s limited impact. First, existing codetermination laws convey relatively little authority to workers. Second, countries with codetermination laws have high baseline levels of informal worker involvement in decision-making, independently of formal codetermination. Third, codetermination laws may interact with other labor market institutions, such as union representation and collective bargaining. We close by discussing implications of these facts for recent codetermination proposals in the United States.
    Keywords: codetermination, unions, worker representation, wages, GDP
    JEL: J08 K31 M10 M50
    Date: 2021
  14. By: Monika Sztajerowska (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: There are close to 3,000 international investment agreements (IIAs) that aim to protect and promote cross-border investment. Do they achieve their main purpose? This paper provides novel firm-level evidence on the effects of IIAs on location decisions of multinational enterprises (MNEs) in a multi-country context. It uses unique micro-level data on the location of MNEs' affiliates globally and country-pair data on the coverage and content of treaties over a twenty-year period (1990-2010). It finds that IIAs, in particular those with the investor state dispute settlement (ISDS), increase the probability of MNEs' first foreign entry when they are accompanied by a double-taxation treaty. This interaction between investment and tax treaties can have important policy implications.
    Keywords: Double Taxation Treaties,Bilateral Investment Agreements,Multinational Enterprises,Double Taxation Treaties Multinational Enterprises,Double Taxation Treaties F23,F14,F15,F53
    Date: 2021–06
  15. By: Woodin, Sarah L.
    Abstract: This report discusses law and policy on new technologies: artificial intelligence (AI), machine learning and the Internet of Things (IoT) in relation to disabled people and people with deafblindness in the UK. Written as part of the SUITCEYES project, it provides a broad overview of formal rights and the extent to which disabled people can access new technologies in practice. The field is fast moving and volatile, with judgements regularly made and overturned in the courts and frequent new initiatives. The UK government emphasises the importance of investing in new technologies as a means of strengthening the economy. The opportunities represented by technological developments have been largely welcomed by disabled people but questions remain about how the technology might be used and developed by disabled people and people with deafblindness themselves and the need for safeguards against exploitation.
    Date: 2020–05–31
  16. By: Durevall, Dick (Department of Economics, School of Business, Economics and Law, Göteborg University)
    Abstract: In 1995, Colombia signed the first legally binding international treaty that criminalizes all forms of violence against women. After this, the government took a number of steps to improve laws and policies, but progress was slow. This paper employs a differences-in differences approach and Demographic and Health Surveys from 2010 and 2015 to estimate the impact of a renewed effort to reduce intimate partner violence (IPV), based on recommendations by the UN. To identify the effect of the national policies, it uses the fact that while the central government passes laws and formulates policies, it partly relies on departments (provinces) to implement them. Of Colombia’s 33 departments, about a quarter had a gender policy in place by 2010. The main finding is that self-reported physical violence decreased from 20% to 16% between 2010 and 2015 in departments that had implemented IPV policies, while it stayed at 18% in the others.
    Keywords: gender policy; domestic violence; physical violence; sexual violence; unfaithfulness
    JEL: I18 J12 K36
    Date: 2021–07
  17. By: Oliver Gürtler (University of Cologne); Lennart Struth (University of Cologne)
    Abstract: Wage transparency rules arguably enable workers better to assess their contribution to firm value, allowing them to make wage demands that more accurately reflect their value for the employing firm and to lower wage gaps in turn. This paper contains a formal analysis of transparency rules and their effects on wages. We find that these rules induce firms to behave strategically with the aim of manipulating the information workers receive. We identify a large class of rules that yield an identical equilibrium outcome. For productivity distributions with decreasing (increasing) hazard rate, transparency rules increase (potentially decrease) workers' payoff.
    Keywords: Wage-setting, transparency rule, payoff, strategic effect, learning effect
    JEL: J31 J71 K31 M51
    Date: 2021–07
  18. By: Madhumitha Raghuraman; Malavika Ranjan; S Sidhartha Narayan
    Abstract: This paper attempts to analyse policymaking in the field of Intellectual Property (IP) as an instrument of economic growth across the Global North and South. It begins by studying the links between economic growth and IP, followed by an understanding of Intellectual Property Rights (IPR) development in the US, a leading proponent of robust IPR protection internationally. The next section compares the IPR in the Global North and South and undertakes an analysis of the diverse factors that result in these differences. The paper uses the case study of the Indian Pharmaceutical Industry to understand how IPR may differentially affect economies and conclude that there may not yet be a one size fits all policy for the adoption of Intellectual Property Rights.
    Date: 2021–07
  19. By: Felipe Aldunate; Dirk Jenter; Arthur Korteweg; Peter Koudijs
    Abstract: Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in neighboring U.S. states with different liability regimes during the Great Depression. The distress rate of limited liability banks was 29% higher than that of banks with enhanced liability. Results are robust to a diff-in-diff analysis incorporating nationally-regulated banks (which faced the same regulations everywhere) and are not driven by other differences in state regulations, Fed membership, local characteristics, or differential selection into state-regulated banks. Our results suggest that exposing shareholders to more downside risk can successfully reduce bank failure.
    Keywords: limited liability, bank risk taking, financial crises, Great Depression
    JEL: G21 G28 G32 N22
    Date: 2021
  20. By: Rebecca Reubenstein; Asani Sarkar
    Abstract: Regulations are not written in stone. The benefits derived from them, along with the costs of compliance for affected institutions and of enforcement for regulators, are likely to evolve. When this happens, regulators may seek to modify the regulations to better suit the specific risk profiles of regulated entities. In this post, we consider the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) passed by Congress in 2018, which eased banking regulations for smaller institutions. We focus on one regulation—the Liquidity Coverage Ratio (LCR)—and assess how its relaxation affected newly exempt banks’ assets and liabilities, and the resilience of the banking system.
    Keywords: banking regulations; tailoring; liquidity coverage ratio
    JEL: E5 K2
    Date: 2021–07–12
  21. By: Cristina-Luiza Erimia (Ovidius University of Constanta, Faculty of Pharmacy, Constanta, Romania)
    Abstract: Health spending in Romania is the lowest in the EU, both per capita and as a percentage of GDP, and lack of financial resources and demographic challenges endanger the sustainability of the health system. Because a key factor of patient satisfaction is the responsiveness of the national healthcare system and the strategic changes’ implementation, this article aims to analyse how the standard of protection created at the level of the European Union by means of the Directive on cross-border healthcare is implemented and complied with in national legislation. A modern healthcare system must be centred on patient needs, to have dynamic and integrated structures, adaptable to the various and changing healthcare needs of society in general and of individuals in particular. For these reasons, by presenting the Petru case, the article examines the degree of harmonization of national policies in view of reforming the national health system, contributing to social cohesion and social justice, as well as to eliminate any restrictions to the fundamental freedoms of European citizens.
    Keywords: patient satisfaction, European law, national legislation, health system, patient mobility, cross-border healthcare, fundamental rights
    Date: 2021–03
  22. By: Eichler, Stefanie; Nauerth, Jannik A.
    Abstract: This paper analyzes the impact of bilateral investment treaties (BITs) on sovereign bond returns of 25 emerging markets from 1993 to 2016. Under a BIT, foreign investors can use an international arbitration scheme to enforce compensation claims against the domestic government in case of direct or indirect expropriation. We focus on the so far unexplored effects of legal risk associated with BITs on sovereign creditworthiness. We find small unconditional effects of BITs on sovereign bond returns. Taking the heterogeneity of BITs and political regimes into account, we find robust and strong negative effects. In countries with high political risk of expropriation (measured by low executive constraints), we find that the implementation of investor-friendly BITs is associated with a significantly negative impact on sovereign bond returns, accounting for roughly 15% of bond returns' standard deviation.
    Keywords: Sovereign default risk,Bilateral investment treaty,Political risk,Legal risk,Emerging markets
    JEL: G15 G12 F30 K33
    Date: 2021
  23. By: Diana Geanina Ionas (Transylvania University of Brasov, Romania)
    Abstract: The European Certificate of Succession (ECS) represents the tool which allows successors, legatees, will executors or administrators of the successor goods to prove their statute and exercise their rights in another member state of the European Union. Its main objective is the direct exercise of successor rights in member states. However, in Romania, the issue of an ECS by the public notary requires the previous or simultaneous issue of a national inheritance certificate. Also, in Romania, even if the heir presents an ECS issued in another member state, his rights over immobile goods will only be acquired by registration in the cadastral register, an operation which does not register in the ECS database, as this is not an authenticated document. The current paper aims to analyze the utility and possibility to implement the ECS, in relation to national legal provisions.
    Keywords: Regulation, cross border succession, European Certificate of Succession, national certificate of succession, publicity registers
    Date: 2021–03

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