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on Regulation |
| By: | Yu-Fu Chen; Michael Funke |
| Abstract: | Labour market regulations aimed at enhancing job-security are dominant in several OECD countries. These regulations seek to reduce dismissals of workers and fluctuations in employment. The main theoretical contribution is to gauge the effects of such regulations on labour demand across establishment sizes. In order to achieve this, we investigate an optimising model of labour demand under uncertainty through the application of real option theory. We also consider other forms of employment which increase the flexibility of the labour market. In particular, we are modelling the contribution of temporary employment agencies (Zeitarbeit) allowing for quick personnel adjustments in client firms. The calibration results indicate that labour market rigidities may be crucial for understanding sluggishness in firms´ labour demand and the emergence and growth of temporary work. |
| Keywords: | Labour Demand, Dismissal Protection Legislation, Firing Costs, Real Options,Temporary Work Agencies, Temporary Employment |
| JEL: | J23 J58 D81 |
| Date: | 2007–10 |
| URL: | http://d.repec.org/n?u=RePEc:dun:dpaper:207&r=reg |
| By: | De Stobbeleir, K.; Ashford, S.; Buyens, D. (Vlerick Leuven Gent Management School) |
| Abstract: | Using a sample of 456 supervisor-employee dyads from 4 organizations, this study examined how employees use feedback seeking as a self-regulation strategy to manage their creative performance. As hypothesized, employees’ cognitive style and perceived organizational support for creativity affected two patterns of their feedback seeking, i.e. their tendency to inquire for feedback from various sources and their propensity to monitor their environment for indirect feedback cues. Feedback inquiry from various sources further related to supervisor ratings of employee creative performance. These results highlight the importance of studying employees’ self-regulatory behaviors in the creative process and support the proposition that feedback seeking is not only a strategy that facilitates individual adaptation, but also an individual resource that can help individuals to achieve creative outcomes. |
| Keywords: | self-regulation, feedback-seeking behavior, employee creativity, cognitive style, perceived organizational support for creativity. |
| Date: | 2008–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:vlg:vlgwps:2008-14&r=reg |
| By: | Jokivuolle, Esa (Bank of Finland Research); Virolainen, Kimmo (Financial Markets and Statistics Department); Vähämaa, Oskari (Bank of Finland Research) |
| Abstract: | Basel II framework requires banks to conduct stress tests on their potential future minimum capital requirements and consider ‘at least the effect of mild recession scenarios’. We propose a stress testing framework for minimum capital requirements in which banks’ corporate credit risks are modeled with macroeconomic variables. We can thus define scenarios such as a mild recession and consider the resulting credit risk developments and consequent changes in minimum capital requirements. We also emphasize the importance of stress testing future minimum capital requirements jointly with credit losses. Our illustrative results based on Finnish data underline the importance of such joint modeling. We also find that stress tests based on scenarios envisaged by regulators are not likely to imply binding capital constraints on banks. |
| Keywords: | Basel II; capital requirements; credit risk; loan losses; stress tests |
| JEL: | C15 G21 G28 G33 |
| Date: | 2008–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofrdp:2008_017&r=reg |
| By: | Alberto Pera (Gianni, Origoni, Grippo & Partners) |
| Abstract: | <p align="justify">During the last few years the application of EC antitrust law has been subject to a number of changes, aiming at giving a greater role to economic analysis. This is leading to the abandonment of the traditional ordoliberal inspiration of EC competition law. This paper explores how justi ed is this change. In particular it argues that economic analysis provides di erent views of how competition works and thet it may a ect the application of antitrust at di erent stages. From this point of view a more economic approach is not necessarily incompatible with a reformed ordoliberal paradigm. What appears incompatible is an approach which substitutes eciency for competition. Such an approach has gained a role in the US antitrust, but its extension to the EC legal context is bound to produce a number of problems, and to lead to results di erent from the desired ones.</p> |
| Keywords: | antitrust,models of competition,ordoliberal paradigm,EC competition law |
| JEL: | O1 O11 |
| Date: | 2008–03 |
| URL: | http://d.repec.org/n?u=RePEc:mcr:wpaper:wpaper13&r=reg |
| By: | Adams, Charles (National University of Singapore) |
| Abstract: | This paper looks at the development of the banking sector in emerging East Asia in the 10 years since the financial crisis of 1997/98. It suggests that the health of banking sectors in the region has improved substantially, with key changes including increased foreign ownership, movement into new business lines, greater transparency, and shifts toward household and real estate lending. In addition, supervisory and regulatory systems have been upgraded and have become more forward looking and risk based. However, it notes that major credit rating agencies continue to maintain relatively low ratings for many banks in the region, bank share prices have generally underperformed the market, and significant differences persist in the health of the region's banking systems. In addition, bank lending to private business has been weak across much of the region. Restructuring and reform are ongoing processes and will need to continue not only where further rehabilitation from the effects of the 1997/98 crisis is still required, but in other economies as well. |
| Keywords: | Financial crisis; restructuring and reform; credit rating; Basel core principles. |
| JEL: | G21 G24 G28 G32 |
| Date: | 2008–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbrei:0016&r=reg |