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on Regulation |
| By: | Sahbi Farhani; Muhammad Shahbaz |
| Abstract: | This study attempts to explore the causal relationship between renewable and nonrenewable electricity consumption, output and carbon dioxide (CO2) emissions for 10 Middle East and North Africa (MENA) countries over the period of 1980–2009. The results from panel Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) estimates show that renewable and non-renewable electricity consumption add in CO2 emissions while output (real Gross domestic product (GDP) per capita) exhibits the inverted U-shaped relationship with CO2 emissions, i.e. environment Kuznets curve (EKC) hypothesis is validated. The short-run dynamics indicate unidirectional causality running from renewable and non-renewable electricity consumption and output to CO2 emissions. In the long-run, there appears to be bidirectional causality between electricity consumption (renewable and non-renewable) and CO2 emissions. The findings suggest that future reductions in CO2 emissions might be achieved at the cost of economic growth. |
| Keywords: | Electricity consumption; Output; CO2 emissions; MENA region. |
| Date: | 2014–07–24 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-455&r=reg |
| By: | Louis-Gaëtan Giraudet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Centre de coopération internationale en recherche agronomique pour le développement [CIRAD] : UMR56 - CNRS : UMR8568 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - AgroParisTech); D. Finon (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Centre de coopération internationale en recherche agronomique pour le développement [CIRAD] : UMR56 - CNRS : UMR8568 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - AgroParisTech) |
| Abstract: | White certificate obligations impose energy savings targets on energy companies and allow them to trade energy savings certificates. They can be seen as a means of internalizing energy-use externalities and addressing energy efficiency market failures. This paper reviews existing evaluations of experiences with white certificate obligations in Great Britain, Italy and France. Ex ante microeconomic analysis find that the obligation is best modelled as a hybrid subsidy-tax instrument, whereby energy companies subsidize energy efficiency and pass-through the subsidy cost onto energy prices. Ex post static efficiency assessments find largely positive benefit-cost balances, with national differences reflecting heterogeneity in technical potentials. Compliance involved little trading between obligated parties. Whether the cost borne by obligated parties was recovered through increased energy revenue could not be ascertained. Ex post dynamic efficiency assessments find that in addition to addressing liquidity constraints through subsidies, white certificate obligations seem to have addressed informational and organisational market failures. Confidence in these conclusions is limited by the fact that no econometric analysis was performed. Yet the lack of publicly available data, a counterpart to the rationale of the instrument of harnessing private financing, makes any empirical evaluation of white certificate obligations challenging. |
| Keywords: | White certificate obligation, energy savings, energy efficiency gap, static efficiency, dynamic efficiency |
| Date: | 2014–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ciredw:hal-01016110&r=reg |
| By: | Jägemann, Cosima (Energiewirtschaftliches Institut an der Universitaet zu Koeln) |
| Abstract: | Renewable energy (RES-E) support schemes have to meet two requirements in order to lead to a costefficient renewable energy mix. First, RES-E support schemes need to expose RES-E producers to the price signal of the wholesale market, which incentivizes investors to account not only for the marginal costs per kWh (MC) but also for the marginal value per kWh (MV el) of renewable energy technologies. Second, RES-E support schemes need to be technology- and region-neutral in their design (rather than technologyand region-specific). That is, the financial support may not be bound to a specific technology or a specific region. In Germany, however, wind and solar power generation is currently incentivized via technology- and region-specific feed-in tariffs (FIT), which are coupled with capacity support limits. As such, the current RES-E support scheme in Germany fails to expose wind and solar power producers to the price signal of the wholesale market. Moreover, it is technology- and region-specific in its design, i.e., the support level for each kWh differs between wind and solar power technologies and the location of their deployment (at least for onshore wind power). As a consequence, excess costs occur which are burdened by society. This paper illustrates the economic consequences associated with Germany's technology- and region-specific renewable energy support by applying a linear electricity system optimization model. Overall, excess costs are found to amount to more than 6.6 Bn e2010. These are driven by comparatively high net marginal costs of offshore wind and solar power in comparison to onshore wind power in Germany up to 2020. |
| Keywords: | Technology- and region-specific renewable energy support; marginal costs; marginal value |
| JEL: | C61 Q28 Q42 |
| Date: | 2014–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:ewikln:2014_005&r=reg |
| By: | Lucca, David O. (Federal Reserve Bank of New York); Seru, Amit (Federal Reserve Bank of New York); Trebbi, Francesco (Federal Reserve Bank of New York) |
| Abstract: | Drawing on a large sample of publicly available curricula vitae, this paper traces the career transitions of federal and state U.S. banking regulators and provides basic facts on worker flows between the regulatory and private sectors resulting from the revolving door. We find strong countercyclical net worker flows into regulatory jobs, driven largely by higher gross outflows into the private sector during booms. These worker flows are also driven by state-specific banking conditions as measured by local banks’ profitability, asset quality, and failure rates. The regulatory sector seems to experience a retention challenge over time, with shorter regulatory spells for workers, and especially those with higher education. Evidence from cross-state enforcement actions of regulators shows that gross inflows into regulation and gross outflows from regulation are both higher during periods of intense enforcement, though gross outflows are significantly smaller in magnitude. These results appear inconsistent with a “quid pro quo” explanation of the revolving door but consistent with a “regulatory schooling” hypothesis. |
| Keywords: | banking regulation; revolving door; inter-industry worker flows |
| JEL: | G21 G28 |
| Date: | 2014–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:678&r=reg |
| By: | Laure Jaunaux; Marc Lebourges |
| Abstract: | This paper discusses the relevant cost standard for the economic replicability test for Next-Generation Access (NGA) networks, described in the Recommendation on Costing and Non-discrimination adopted by the European Commission. According to the Recommendation itself, in order to reconcile investment and competition, wholesale prices should have nonlinear characteristics and be only partly variable with the number of accesses. We demonstrate that a cost standard for the economic replicability test that implies fully fixed and variable cost recovery for the access seeker, including the total wholesale price, would be incompatible with the economics of NGA networks and that such a test would deter NGA investment. Therefore the cost standard for the economic replicability test should include only the variable part of the wholesale prices. However, we underline that during a transition phase, until competitors have secured access to NGA infrastructure, a temporary second test called the “competition migration test” should be added to ensure incumbent NGA retail prices do not foreclose copper-based efficient entrants. The tests we propose surpass the limits of the “ladder of investment” theory by including the “business migration effect” developed by Bourreau et al. (2012). |
| Keywords: | Margin squeeze test, Regulation, Next-generation access networks |
| JEL: | L51 L96 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rsc:rsceui:2014/75&r=reg |
| By: | Growitsch, Christian (Energiewirtschaftliches Institut an der Universitaet zu Koeln); Meier, Helena (Energiewirtschaftliches Institut an der Universitaet zu Koeln); Schleich, Sebastian (Energiewirtschaftliches Institut an der Universitaet zu Koeln) |
| Abstract: | The promotion of renewable energies in Germany by the Erneuerbare Energien Gesetz (EEG, Renewable Energy Act) leads to various distributional effects. |
| Date: | 2014–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:ewikln:2014_008&r=reg |
| By: | Thomas Plückebaum; Stephan Jay; Karl-Heinz Neumann |
| Abstract: | VDSL Vectoring is a transmission technology over copper access line pairs enabling the transmission of higher bandwidth to the end customers, but harms the infrastructure based competition using physical unbundled copper lines. Thus regulators have to decide between infrastructure based competition of physical unbundling against earlier broadband rollout meeting the DAE goals in time and bandwidth, while pure fibre based broadband networks will require more time and investment for serving whole areas, but then provide higher bandwidth. Thus VDSL Vectoring is an interim solution. This paper highlights the benefits of such solution and the regulatory challenges and options being faced. The Virtual Unbundled Local Access (VULA) is one regulatory tool forming a compromise between the advantages of physical unbundling and the need to early satisfy higher bandwidth supply targets. |
| Keywords: | Access regulation, market 4, Vectoring, VULA |
| Date: | 2014–06 |
| URL: | http://d.repec.org/n?u=RePEc:rsc:rsceui:2014/69&r=reg |
| By: | Clementina Sebillote (INRA-UR1303 ALISS) |
| Abstract: | This article analyzes co-regulation as a policy instrument that makes it possible to achieve synergy between public support and private efforts in the food sector. Our objective is to demonstrate the interest and the limits, as well as the conditions of the effectiveness of this instrument, through the analysis of the French voluntary agreements for nutritional improvements. We compared our interpretation of the French model for political action on the nutritional quality of the food offer to the results of our assessment of the agreements. We observed a gap between the political aspirations declared, the model designed and the actually trajectory that was followed: this public intervention is a response to the seriousness of the problem but not to its urgency. This analysis deals with two key dimensions of the modification of the offer by voluntary commitments: the intrinsic quality of the commitments and the part of the overall offer covered by these commitments. Should we attempt to minimally improve a large part of the offer or, instead, to try to obtain a radical improvement that may only involve a small part of it? We attempt here to provide new insights into this question. |
| Keywords: | Voluntary Agreements, Nutrition Policy, Voluntary Commitments, Public-Private Coregulation, Nutritional Environment, Quality of Food Offer, Charter Network, Obesity |
| JEL: | I18 D22 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:ali:wpaper:2013-03&r=reg |
| By: | Boon, Ling-Ni; Brière, Marie; Gresse, Carole; Werker, Bas J. M. |
| Abstract: | Using the most comprehensive publicly available data to-date, we study the effect of three aspects of pension regulation (namely quantitative investment restrictions, minimum return or benefit guarantee, and the type of supervising authority) on risk-adjusted funded pension performance in 27 countries. Regulatory strictness’ influence on the Sharpe ratio of investment return depends on a country’s level of economic development. In emerging market economies, existence of quantitative investment restrictions across asset classes adversely affects risk-adjusted returns. This impact is more severe if higher investment limits are imposed on equities and foreign assets, as opposed to on bonds. Having a minimum benefit or return guarantee, as well as having a specialized supervising authority has no statistically significant effect on the risk-adjusted returns regardless of economic development. |
| Keywords: | Régulation bancaire et financière; Fonds d'épargne-retraite; Funded pension; Pension regulation; |
| JEL: | G23 G28 H55 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/13629&r=reg |
| By: | Pedro Bento (West Virginia University, College of Business and Economics) |
| Abstract: | I develop a model of monopolistic competition in which I distinguish between niche markets and mass markets, in the spirit of Holmes and Stevens (2013). Firms choose between entering a small niche market with high markups or a large mass market with low markups. Entry costs have a much greater impact on output in the niche market as the gains to specialization are high, relative to the mass market where varieties are highly substitutable. Calibrated to match data from U.S. manufacturing, the model generates an elasticity of total factor productivity with respect to entry costs more than twice that in a model that abstracts from heterogeneous markets. I use data on entry costs across countries to show entry costs alone can account for half of the cross-country variation in productivity and income per worker, consistent with recent empirical estimates. |
| Keywords: | aggregate productivity, niche, mass market, entry costs, regulation |
| JEL: | O1 O4 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:wvu:wpaper:13-11&r=reg |
| By: | Chatterjee, Urmilla; Kanbur, Ravi |
| Keywords: | Agricultural and Food Policy, Production Economics, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:cudawp:180157&r=reg |
| By: | Nadezhda Volovik (Gaidar Institute for Economic Policy) |
| Abstract: | This paper deals with the broad specter of Russia's foreign trade issues. The authors analyze major indicators, geographical profile regulation and the terms of Russia's foreign trade. |
| Keywords: | Russian economy; foreign trade; Russia's foreign trade regulations; |
| JEL: | F10 F13 F19 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:177&r=reg |
| By: | Henrik Braconier; Jenifer Ruiz-Valenzuela |
| Abstract: | Income and earning inequality has been on the rise in most of the OECD and in many emerging economies since the 1980s. This paper estimates a model of earnings inequality across OECD countries that incorporates determinants of relative demand and supply of more and less-skilled labour. Drawing on OECD data we find that skill-biased technological change – measured as a common cross-country time trend and the level of multi factor productivity – has been the key driver in increasing earning differentials. The analysis also shows that educational attainment has mitigated the impact of skill-biased technological change on earning differentials, but has in most countries been unable to fully compensate. In line with previous OECD analysis, changes in structural policies and labour market institutions, such as deregulation of product and labour markets have exerted upward pressure on inequality. The estimated model is used to decompose historical changes in earning differentials and to construct forward looking scenarios up to 2060. If the common cross-country trend of skill-biased technological change observed during the last 25 years prevails, earning differentials will on average increase by almost 30% in the OECD by 2060. Finally, the model is used to simulate the consequences of alternative policy scenarios over the coming 50 years. Inégalités de revenus dans les pays de l'OCDE et les grandes économies non membres : Facteurs déterminants et scénarios futurs Les inégalités de revenus se creusent dans la plupart des pays de l’OCDE et nombre d’économies émergentes depuis les années 1980. Dans ce document, on évalue un modèle des inégalités de revenu intégrant les déterminants de l’offre et de la demande relatives de main d’oeuvre plus qualifiée et moins qualifiée. En analysant la base des données de l’OCDE, on observe que le changement technologique– mesuré comme un effet temporel commun à tous les pays – et le niveau de productivité multifactorielle ont été les principaux moteurs du creusement des écarts de rémunération. L’analyse montre également que le niveau de formation a atténué l’effet du changement technologique sur les écarts de revenus, mais que dans de nombreux pays, il n’a pas suffi à le compenser. Comme l’indiquent de précédentes analyses de l’OCDE, les évolutions des politiques structurelles et des institutions du marché du travail (déréglementation des marchés des produits et du travail notamment) ont exercé une pression à la hausse sur l’inégalité. Le modèle évalué est employé pour décomposer les évolutions historiques des écarts de revenus et pour élaborer des scénarios prospectifs à l’horizon 2060. Si le changement technologique valorisant les compétences observé au cours des 25 dernières années persiste, les écarts de revenus se creuseront de près de 30 % en moyenne d’ici à 2060 dans l’OCDE. Le modèle est par ailleurs utilisé pour simuler les conséquences de scénarios différents dans les 50 prochaines années. |
| Keywords: | globalisation, education, product market regulation, labour market institutions, earning inequalities, skill-biased technological change, changement technologique valorisant les compétences, institutions du marché du travail, éducation, réglementation des marchés de produits, mondialisation, inégalité des revenus |
| JEL: | D31 I24 J24 J31 J38 J58 O33 O38 |
| Date: | 2014–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1139-en&r=reg |
| By: | Yuri Bobylev (Gaidar Institute for Economic Policy) |
| Abstract: | Oil and gas comprise the main sector of the Russian economy that continues to play a key role in shaping the state budget revenues and the balance of trade. In 2013, against the background of continuing high global prices for oil and gas, petroleum production in Russia reached its highest level since 1990, and the export of oil and petroleum products reached a historic high. However, there was then a slowdown in petroleum production and a worsening of conditions for its production. In 2013, in order to create appropriate conditions for the further development of the oil and gas sector legislative solutions were adopted involving tax incentives for the development of resources where oil recovery was difficult, the differentiation of gas production taxation and the application of a special tax regime for deposits being developed on the continental shelf, together with a liberalisation of the export of liquefied natural gas (LNG)? |
| Keywords: | Russian economy; oil world prices; oil production structure; oil and gas exports; tax regulation of the oil and gas sector; |
| JEL: | L71 L72 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:176&r=reg |
| By: | Mikhail Khromov (Gaidar Institute for Economic Policy) |
| Abstract: | This paper deals with Russia's banking sector in 2013. The author focuses on relationship between banks and corporate customers, foreign transactions in the banking sector, banking regulation |
| Keywords: | Russian economy; banking sector; foreign transactions; banking regulation; |
| JEL: | E41 E51 E58 E21 E24 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:185&r=reg |
| By: | Aicha Blama (Institut National de la Recherche Agronomique d'Algérie); Fateh MAMINE (Marchés, Organisations, Institutions et Stratégies d'Acteurs, INRA; Montpellier SupAgro - Centre International d'Etudes Supérieures en Sciences Agronomiques) |
| Abstract: | L’Algérie reconnue par sa diversité variétale en plantes médicinales et aromatiques, ainsi que leurs diverses utilisations populaires dans l’ensemble des terroirs du pays. Cette communication présente les résultats d’une étude ethnobotanique, dans deux régions sahariennes situées au sud de l’Algérie, le Touat(Adrar) et le Tidikelt (In Salah), connues depuis l'antiquité comme les oasis des palmiers dattiers et les cultures intercalées sous ces palmiers. Elles consistent entre autres de plantes médicinales et aromatiques, qui sont arrosées par les foggaras (système d’irrigation ancestral sous terraine). La culture de ces plantes comme le Touat Jadis surnommé « le Touat el henné », explique leur intérêt dans la société touatienne pour ses diverses utilisations. Notre contribution par cette étude sociologique, inscrite dans le cadre des projets de recherche scientifique, à travers des enquêtes sur terrain portant sur la relation entre l’Homme et les plantes médicinales et aromatiques dans ces deux régions. Au total 280 personnes ont été enquêtées (200 personnes dans la région de Touat et 80 dans la région de Tidikelt). L’enquête a été complétée par des observations participatives réalisées auprès des agriculteurs, des guérisseurs, des herborisées et des vendeurs des plantes médicinales. Elle nous a permis de colleter des renseignements précis, pour chaque région, sur l’emploi et les usages de ses plantes. Nous avons ainsi constaté que les connaissances rudimentaires des pratiques médicales des gens du Touat et Tidikelt, sont infiniment basées sur les plantes médicinales et aromatiques utilisées dans le but de guérir principalement les maladies du système gastro-intestinal ; et de relancer des événements sociaux, religieux, occasionnels. |
| Abstract: | The Algeria recognized by its varietal diversity in medicinal and aromatic plants, as well as their various uses popular in the whole of the terroirs of the country. This communication presents the results of an ethnobotanical study, in two Saharan regions located in the south of Algeria, the Touat(Adrar) and the Tidikelt (In Salah), known since ancient times as the oasis of date palms, and the intercalated cultures under these palm trees. They consist among others of medicinal and aromatic plants, which are watered by foggaras (ancestral irrigation system underground). The cultivation of these plants as the Touat Jadis nicknamed "the Touat el henné", explained their interest in the touatian society for its various uses. Our contribution by this sociological study included in the framework of scientific research projects, through surveys on ground on the relationship between man and the medicinal and aromatic plants in these two regions. In total 280 people have been investigations (200 persons in the region of Touat and 80 in the region of Tidikelt). The survey was supplemented by participatory observations made from the farmers, healers, herborisees and sellers of medicinal plants. It allowed us to collect specific information, for each region, on the employment and the usage of its plants. We have thus found that the rudimentary knowledge of medical practices of the people of the Touat and Tidikelt, are infinitely based on medicinal and aromatic plants used in the purpose of cure mainly diseases of the gastro-intestinal system ; and to relaunch social events, religious, casual. |
| Keywords: | etude ethnobotanique, plantes médicinales, marocplante médicinale, plante aromatique |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:inr:wpaper:224089&r=reg |
| By: | Pierre-Richard Agénor; K. Alper; L. Pereira da Silva |
| Abstract: | A dynamic stochastic model of a small open economy with a two-level banking intermediation structure, a risk-sensitive regulatory capital regime, and imperfect capital mobility is developed. Firms borrow from a domestic bank and the bank borrows on world capital markets, in both cases subject to a premium. A sudden flood in capital flows generates an expansion in credit and activity, as well as asset price pressures. Countercyclical capital regulation, in the form of a Basel III-type rule based on credit gaps, is effective at promoting macro stability (defined in terms of the volatility of a weighted average of inflation and the output gap) and financial stability (defined in terms of three measures based on asset prices, the credit-to-GDP ratio, and the ratio of bank foreign borrowing to GDP). However, because the gain in terms of reduced economic volatility exhibit diminishing returns, in practice a countercyclical regulatory capital rule may need to be supplemented by other, more targeted macroprudential instruments when shocks are large and persistent. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:man:cgbcrp:191&r=reg |
| By: | Latruffe, Laure; Salanié, Julien; Minvie, Jean Joseph |
| Abstract: | Using data from individual transactions for the period 1994-2010 in the French NUTS2 region Brittany, the authors investigated how environmental regulations and transaction land regulations influence the price of sold plots. Regressions on three sub-samples of buyers were performed in order to assess whether different buyers have different attitudes or plans regarding the farmland purchased: a sub-sample including only farmer-buyers, a sub-sample including non-farmer individual buyers, and a sub-sample including non-farmer non-individual buyers. Estimations were performed ignoring and accounting for spatial interactions (model SARAR). Results indicate that the price of land decreases when buyers are farmers, that the nitrate surplus area zoning increases the price of land, even more so for farmer-buyers. Regarding land transaction regulations, there is a negative effect, on land price, of the purchaser being the current tenant or being the land regulating public body SAFER. Estimating the model on different sub-samples depending on the buyers’ type shed light on the factors that are more important for each buyer. |
| Keywords: | land, environmental regulations, land transactions, Land Economics/Use, |
| Date: | 2013–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:ags:famawp:157111&r=reg |
| By: | International Monetary Fund. Monetary and Capital Markets Department |
| Keywords: | Financial Sector Assessment Program;Insurance supervision;Insurance regulations;Reports on the Observance of Standards and Codes;Hong Kong SAR; |
| Date: | 2014–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/206&r=reg |
| By: | International Monetary Fund. Monetary and Capital Markets Department |
| Keywords: | Financial Sector Assessment Program;Securities markets;Payment systems;Securities regulations;Capital markets;Hong Kong SAR; |
| Date: | 2014–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/208&r=reg |