Raquel García Alcubilla and Javier Ruiz del Pozo
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199608867
- eISBN:
- 9780191739125
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199608867.001.0001
- Subject:
- Economics and Finance, Financial Economics, Macro- and Monetary Economics
In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis ...
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In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis that highlighted relevant deficiencies in the rating agencies’ activities and their systemic relevance, led to an international consensus to establish public oversight and regulation of the rating business. The book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address those failures and the European implementation of such a consensus. It also provides an overview of the new European System of Financial Supervisors implemented as a reaction to the crisis and examines the supervisory and enforcement powers of ESMA, the new authority in charge of the registration and oversight of rating agencies. Through an in-depth analysis of the European Regulation’s requirements on governance, conflicts of interest, methodologies, disclosures, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. The explanation of all these aspects is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO’s recommendations, and US legislation. Finally, the book discusses possible new regulatory developments in areas such as the agencies’ business model, competition, civil liability, and ratings of sovereign debt. It concludes with the authors’ support for an enhanced regulatory and oversight coordination at global level, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory regime.Less
In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis that highlighted relevant deficiencies in the rating agencies’ activities and their systemic relevance, led to an international consensus to establish public oversight and regulation of the rating business. The book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address those failures and the European implementation of such a consensus. It also provides an overview of the new European System of Financial Supervisors implemented as a reaction to the crisis and examines the supervisory and enforcement powers of ESMA, the new authority in charge of the registration and oversight of rating agencies. Through an in-depth analysis of the European Regulation’s requirements on governance, conflicts of interest, methodologies, disclosures, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. The explanation of all these aspects is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO’s recommendations, and US legislation. Finally, the book discusses possible new regulatory developments in areas such as the agencies’ business model, competition, civil liability, and ratings of sovereign debt. It concludes with the authors’ support for an enhanced regulatory and oversight coordination at global level, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory regime.
Lokke Moerel
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199662913
- eISBN:
- 9780191746208
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199662913.003.0012
- Subject:
- Law, Intellectual Property, IT, and Media Law
This chapter presents the overall conclusions, looking at issues relating to Binding Corporate Rules, Corporate Social Responsibility, and Data Protection Regulation. It provides recommendations and ...
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This chapter presents the overall conclusions, looking at issues relating to Binding Corporate Rules, Corporate Social Responsibility, and Data Protection Regulation. It provides recommendations and gives an evaluation of the research objectives and hypotheses.Less
This chapter presents the overall conclusions, looking at issues relating to Binding Corporate Rules, Corporate Social Responsibility, and Data Protection Regulation. It provides recommendations and gives an evaluation of the research objectives and hypotheses.
Agnès Hurwitz
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199278381
- eISBN:
- 9780191706998
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199278381.003.0004
- Subject:
- Law, Criminal Law and Criminology, Public International Law
This chapter examines 2003 ‘Dublin’ Regulation determining the State responsible for examining applications for asylum lodged in one of the Member States of the European Communities. After discussing ...
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This chapter examines 2003 ‘Dublin’ Regulation determining the State responsible for examining applications for asylum lodged in one of the Member States of the European Communities. After discussing the scope and key objectives of the Dublin allocation system, the operation of the Dublin Regulation is evaluated based on State practice and case-law in several Member States. The basic principles underpinning the Regulation is first examined, followed by an analysis of the criteria listed in the Regulation to determine which State is responsible for examining an asylum claim. The procedural features of the system are then presented, including the provisions of the Eurodac Regulation. The final section offers a critical evaluation of the Dublin regime in its current operation.Less
This chapter examines 2003 ‘Dublin’ Regulation determining the State responsible for examining applications for asylum lodged in one of the Member States of the European Communities. After discussing the scope and key objectives of the Dublin allocation system, the operation of the Dublin Regulation is evaluated based on State practice and case-law in several Member States. The basic principles underpinning the Regulation is first examined, followed by an analysis of the criteria listed in the Regulation to determine which State is responsible for examining an asylum claim. The procedural features of the system are then presented, including the provisions of the Eurodac Regulation. The final section offers a critical evaluation of the Dublin regime in its current operation.
Robin R. Churchill and Daniel Owen
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199275847
- eISBN:
- 9780191706080
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199275847.003.0008
- Subject:
- Law, EU Law, Environmental and Energy Law
This chapter addresses public expenditure in the fisheries sector. It deals first with two EC financial instruments: the European Fisheries Fund (EFF) and Regulation 861/2006. The latter is ...
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This chapter addresses public expenditure in the fisheries sector. It deals first with two EC financial instruments: the European Fisheries Fund (EFF) and Regulation 861/2006. The latter is complementary in purpose to the EFF and is sometimes referred to as ‘the second fisheries instrument’, i.e., second to the EFF. The EFF and Regulation 861/2006 are not the only sources of EC funding for the Common Fisheries Policy (CFP). A further important source is the European Agricultural Guarantee Fund (EAGF). The EAGF funds the market intervention system (i.e., permanent withdrawal, ‘carry-over’, ‘private storage’, and the ‘compensatory allowance’ for tuna producers) as well as providing some other funding to producer organizations. Some other Community financial instruments provide support in connection with fisheries, albeit not under the CFP. After dealing with the EFF and Regulation 861/2006, the chapter moves on to consider State aid, i.e., aid granted by Member States to the fishing industry other than in conjunction with funds from any EC financial instrument.Less
This chapter addresses public expenditure in the fisheries sector. It deals first with two EC financial instruments: the European Fisheries Fund (EFF) and Regulation 861/2006. The latter is complementary in purpose to the EFF and is sometimes referred to as ‘the second fisheries instrument’, i.e., second to the EFF. The EFF and Regulation 861/2006 are not the only sources of EC funding for the Common Fisheries Policy (CFP). A further important source is the European Agricultural Guarantee Fund (EAGF). The EAGF funds the market intervention system (i.e., permanent withdrawal, ‘carry-over’, ‘private storage’, and the ‘compensatory allowance’ for tuna producers) as well as providing some other funding to producer organizations. Some other Community financial instruments provide support in connection with fisheries, albeit not under the CFP. After dealing with the EFF and Regulation 861/2006, the chapter moves on to consider State aid, i.e., aid granted by Member States to the fishing industry other than in conjunction with funds from any EC financial instrument.
Katarina Trimmings and Burcu Yüksel
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9781474447850
- eISBN:
- 9781474476492
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9781474447850.003.0006
- Subject:
- Law, Private International Law
This chapter draws on the findings of an EU-funded project titled (‘Cross-Border Litigation in Europe: Private International Law Legislative Framework, National Courts and the Court of Justice of the ...
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This chapter draws on the findings of an EU-funded project titled (‘Cross-Border Litigation in Europe: Private International Law Legislative Framework, National Courts and the Court of Justice of the European Union’ (EUPILLAR) and discusses concerns over the lack of uniformity in the interpretation and application of the key EU Private International Law Regulations (Brussels I Regulation, Brussels IIa Regulation, Rome I Regulation, Rome II Regulation, Maintenance Regulation) across the EU Member States. The chapter provides examples of differing interpretations and applications of the same EU private international law rules in the EU through examples from various EU Member States, analyses the reasons behind the non-uniform interpretation and application, and suggests specific ways to rectify these problems.Less
This chapter draws on the findings of an EU-funded project titled (‘Cross-Border Litigation in Europe: Private International Law Legislative Framework, National Courts and the Court of Justice of the European Union’ (EUPILLAR) and discusses concerns over the lack of uniformity in the interpretation and application of the key EU Private International Law Regulations (Brussels I Regulation, Brussels IIa Regulation, Rome I Regulation, Rome II Regulation, Maintenance Regulation) across the EU Member States. The chapter provides examples of differing interpretations and applications of the same EU private international law rules in the EU through examples from various EU Member States, analyses the reasons behind the non-uniform interpretation and application, and suggests specific ways to rectify these problems.
Cinnamon Piñon Carlarne
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199553419
- eISBN:
- 9780191594984
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199553419.003.0004
- Subject:
- Law, Environmental and Energy Law, Private International Law
This chapter examines how public and private actors are using litigation, regulation, and international law to influence federal climate policy. It begins by reviewing past and present climate change ...
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This chapter examines how public and private actors are using litigation, regulation, and international law to influence federal climate policy. It begins by reviewing past and present climate change litigation in the US to suggest the role of litigation in shaping federal climate policy. It then explores the varied ways in which domestic and foreign citizens are attempting to use existing domestic legal and regulatory regimes and international legal mechanisms to compel the US federal government to limit domestic greenhouse gas emissions. The chapter concludes by examining how domestic and international efforts to use litigation and regulation coupled with on-going sub-federal legal and political initiatives influence climate policy in the US.Less
This chapter examines how public and private actors are using litigation, regulation, and international law to influence federal climate policy. It begins by reviewing past and present climate change litigation in the US to suggest the role of litigation in shaping federal climate policy. It then explores the varied ways in which domestic and foreign citizens are attempting to use existing domestic legal and regulatory regimes and international legal mechanisms to compel the US federal government to limit domestic greenhouse gas emissions. The chapter concludes by examining how domestic and international efforts to use litigation and regulation coupled with on-going sub-federal legal and political initiatives influence climate policy in the US.
Irit Mevorach
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199544721
- eISBN:
- 9780191705564
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199544721.001.0001
- Subject:
- Law, Company and Commercial Law
Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and ...
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Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be ‘linkage’ between the entities in the course of their insolvency in order to promote insolvency goals. Historically the issue has been neglected both in national and international regimes. However, new initiatives are currently developing. In order to deal with this issue this book provides a theoretical framework, suggesting a balance between Entity-Enterprise issues (drawn from company law theory and the problem of enterprise groups) and Universality-Territoriality issues (drawn from cross-border insolvency and conflict of laws theory). This is further assisted by a taxonomy describing prototypical scenarios of MEGs and their insolvency. The theoretical framework and prototypical scenarios are the basis for critical analyses of various tools for ‘linking’ between different components of MEGs in the course of their insolvency and the degree to which they fit with a series of insolvency goals. Thus, the book suggests a comprehensive approach for dealing with insolvency within MEGs which can be used not only within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law on Cross-Border Insolvency, EC Regulation on Insolvency Proceedings) but also as a definitive guideline for future reform. It argues that a global group-wide perspective for MEG insolvencies can be desirable if its application is limited to appropriate types of cases where unduly defeat of entity law and territoriality concerns can be minimized.Less
Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be ‘linkage’ between the entities in the course of their insolvency in order to promote insolvency goals. Historically the issue has been neglected both in national and international regimes. However, new initiatives are currently developing. In order to deal with this issue this book provides a theoretical framework, suggesting a balance between Entity-Enterprise issues (drawn from company law theory and the problem of enterprise groups) and Universality-Territoriality issues (drawn from cross-border insolvency and conflict of laws theory). This is further assisted by a taxonomy describing prototypical scenarios of MEGs and their insolvency. The theoretical framework and prototypical scenarios are the basis for critical analyses of various tools for ‘linking’ between different components of MEGs in the course of their insolvency and the degree to which they fit with a series of insolvency goals. Thus, the book suggests a comprehensive approach for dealing with insolvency within MEGs which can be used not only within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law on Cross-Border Insolvency, EC Regulation on Insolvency Proceedings) but also as a definitive guideline for future reform. It argues that a global group-wide perspective for MEG insolvencies can be desirable if its application is limited to appropriate types of cases where unduly defeat of entity law and territoriality concerns can be minimized.
Louis Hyman
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691140681
- eISBN:
- 9781400838400
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140681.003.0005
- Subject:
- History, American History: 20th Century
This chapter looks at a federal policy called Regulation W. As the federal government attempted to restrain inflation during World War II scarcity, it instituted both the well-known rationing program ...
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This chapter looks at a federal policy called Regulation W. As the federal government attempted to restrain inflation during World War II scarcity, it instituted both the well-known rationing program for many consumer goods, and launched the now forgotten first federal attempt to directly regulate consumer credit. With Regulation W, Roosevelt authorized the Federal Reserve to directly regulate how much consumers could borrow and the terms under which this borrowing could occur. While Regulation W reduced the overall amount of consumer debt during the war, it also destabilized established lending practices and encouraged a hybridization of installment credit and charge accounts that combined interest charges and flexibility in a form outside Regulation W. In effect, from the beginning of World War II until the Korean War, Regulation W deeply shaped the course of credit practices in the American economy, pushing retailers and consumers towards revolving credit—the nucleus of today's modern credit card.Less
This chapter looks at a federal policy called Regulation W. As the federal government attempted to restrain inflation during World War II scarcity, it instituted both the well-known rationing program for many consumer goods, and launched the now forgotten first federal attempt to directly regulate consumer credit. With Regulation W, Roosevelt authorized the Federal Reserve to directly regulate how much consumers could borrow and the terms under which this borrowing could occur. While Regulation W reduced the overall amount of consumer debt during the war, it also destabilized established lending practices and encouraged a hybridization of installment credit and charge accounts that combined interest charges and flexibility in a form outside Regulation W. In effect, from the beginning of World War II until the Korean War, Regulation W deeply shaped the course of credit practices in the American economy, pushing retailers and consumers towards revolving credit—the nucleus of today's modern credit card.
Jonathan A. Knee
- Published in print:
- 2016
- Published Online:
- January 2019
- ISBN:
- 9780231179287
- eISBN:
- 9780231543330
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231179287.001.0001
- Subject:
- Business and Management, Corporate Governance and Accountability
The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative ...
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The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative schools, online education, and textbook publishing, and they have, with surprising regularity, lost their shirts. In Class Clowns, professor and investment banker Jonathan A. Knee dissects what drives investors' efforts to improve education and why they consistently fail. Knee takes readers inside four spectacular financial failures in education: Rupert Murdoch's billion-dollar effort to reshape elementary education through technology; the unhappy investors—including hedge fund titan John Paulson—who lost billions in textbook publisher Houghton Mifflin; the abandonment of Knowledge Universe, Michael Milken's twenty-year mission to revolutionize the global education industry; and a look at Chris Whittle, founder of EdisonLearning and a pioneer of large-scale transformational educational ventures, who continues to attract investment despite decades of financial and operational disappointment. Although deep belief in the curative powers of the market drove these initiatives, it was the investors' failure to appreciate market structure that doomed them. Knee asks: What makes a good education business? By contrasting rare successes, he finds a dozen broad lessons at the heart of these cautionary case studies. Class Clowns offers an important guide for public policy makers and guardrails for future investors, as well as an intelligent exposé for activists and teachers frustrated with the repeated underperformance of these attempts to shake up education.Less
The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative schools, online education, and textbook publishing, and they have, with surprising regularity, lost their shirts. In Class Clowns, professor and investment banker Jonathan A. Knee dissects what drives investors' efforts to improve education and why they consistently fail. Knee takes readers inside four spectacular financial failures in education: Rupert Murdoch's billion-dollar effort to reshape elementary education through technology; the unhappy investors—including hedge fund titan John Paulson—who lost billions in textbook publisher Houghton Mifflin; the abandonment of Knowledge Universe, Michael Milken's twenty-year mission to revolutionize the global education industry; and a look at Chris Whittle, founder of EdisonLearning and a pioneer of large-scale transformational educational ventures, who continues to attract investment despite decades of financial and operational disappointment. Although deep belief in the curative powers of the market drove these initiatives, it was the investors' failure to appreciate market structure that doomed them. Knee asks: What makes a good education business? By contrasting rare successes, he finds a dozen broad lessons at the heart of these cautionary case studies. Class Clowns offers an important guide for public policy makers and guardrails for future investors, as well as an intelligent exposé for activists and teachers frustrated with the repeated underperformance of these attempts to shake up education.
Michael Haliassos (ed.)
- Published in print:
- 2013
- Published Online:
- January 2015
- ISBN:
- 9780262018296
- eISBN:
- 9780262305495
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262018296.001.0001
- Subject:
- Economics and Finance, Financial Economics
This collective volume is about financial innovation, its history, and its potential to cause or to prevent financial crises. In assigning blame for the recent economic crisis, many have pointed to ...
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This collective volume is about financial innovation, its history, and its potential to cause or to prevent financial crises. In assigning blame for the recent economic crisis, many have pointed to the proliferation of new, complex financial products - mortgage securitization in particular. The prominent economists from academia, policy institutions, and financial practice who contribute to this book, however, argue that it was not too much innovation but too little innovation and the lack of balance between debt-related products and asset-related products that lies behind the crisis. Prevention of future financial crises neither requires nor is assisted by regulation that stifles financial innovation, but by a policy and regulatory framework that helps broaden the informed use of financial innovation and its positive impact on the economy. The book, which includes two contributions from Robert Shiller as well as a discussion of Shiller's "MacroMarkets" tool, considers the key ingredients of financial innovation from both academia and industry; historical and recent examples of financial innovations; the positive potential but also the risks of financial innovation, with special emphasis on housing; rationality- and behavioral-based viewpoints on the causes of the recent crisis; the link between the cycle of financial innovation and financial crisis; and how future innovation-linked crises might be avoided.Less
This collective volume is about financial innovation, its history, and its potential to cause or to prevent financial crises. In assigning blame for the recent economic crisis, many have pointed to the proliferation of new, complex financial products - mortgage securitization in particular. The prominent economists from academia, policy institutions, and financial practice who contribute to this book, however, argue that it was not too much innovation but too little innovation and the lack of balance between debt-related products and asset-related products that lies behind the crisis. Prevention of future financial crises neither requires nor is assisted by regulation that stifles financial innovation, but by a policy and regulatory framework that helps broaden the informed use of financial innovation and its positive impact on the economy. The book, which includes two contributions from Robert Shiller as well as a discussion of Shiller's "MacroMarkets" tool, considers the key ingredients of financial innovation from both academia and industry; historical and recent examples of financial innovations; the positive potential but also the risks of financial innovation, with special emphasis on housing; rationality- and behavioral-based viewpoints on the causes of the recent crisis; the link between the cycle of financial innovation and financial crisis; and how future innovation-linked crises might be avoided.
T.N. Srinivasan
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198076384
- eISBN:
- 9780199080854
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076384.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic ...
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This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic overarching objective of development of India among the polity and society — the eradication of mass poverty within a reasonable time horizon. The chapter identifies accelerating growth, ensuring its appropriate distribution and sustainability, and reforms as instruments for achieving this intrinsic objective. It focuses on the period of the ‘Hindu Rate of Growth’ from 1950–1 to 1979–80, when the infamous License-Permit-Raj was in full sway. It covers the Industrial Policy Resolution of 1956 and the 1970s when many draconian laws, such as the Industrial Disputes Act (IDA) and its amendment, Monopolies and Restrictive Trade Practices (MRTP) Act, Foreign Exchange Regulation Act (FERA), and Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA) were enacted. It also discusses the severe macroeconomic and balance of payments crisis of 1966 and economic liberalization of 1966–8.Less
This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic overarching objective of development of India among the polity and society — the eradication of mass poverty within a reasonable time horizon. The chapter identifies accelerating growth, ensuring its appropriate distribution and sustainability, and reforms as instruments for achieving this intrinsic objective. It focuses on the period of the ‘Hindu Rate of Growth’ from 1950–1 to 1979–80, when the infamous License-Permit-Raj was in full sway. It covers the Industrial Policy Resolution of 1956 and the 1970s when many draconian laws, such as the Industrial Disputes Act (IDA) and its amendment, Monopolies and Restrictive Trade Practices (MRTP) Act, Foreign Exchange Regulation Act (FERA), and Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA) were enacted. It also discusses the severe macroeconomic and balance of payments crisis of 1966 and economic liberalization of 1966–8.
Carl E. Schneider
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9780262028912
- eISBN:
- 9780262328784
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028912.001.0001
- Subject:
- Biology, Bioethics
Medical and social progress depend on research with human subjects. When that research is done in institutions getting federal money, it is regulated by federally required and supervised ...
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Medical and social progress depend on research with human subjects. When that research is done in institutions getting federal money, it is regulated by federally required and supervised bureaucracies called “institutional review boards” (IRBs) expected to apply bioethical principles in making decisions. Do — can — these administrative agencies do more harm than good? The Censor’s Hand addresses this fundamental but long-unasked question. The book answers the question by consulting a critical experience — the law’s learning about regulation — and by amassing the empirical evidence scattered around many literatures. The book concludes that IRBs are fundamentally misconceived. Their usefulness to human subjects is doubtful, but they delay, distort, and deter research that can save lives, soothe suffering, and enhance welfare. IRBs make decisions poorly. They cannot be expected to make decisions well, for they lack the expertise, ethical principles, legal rules, effective procedures, and accountability essential to good regulation. And IRBs are censors in the place censorship is most damaging — universities in which academic freedom is essential. In sum, IRBs are bad regulation that cannot survive cost-benefit analysis. They were an irreparable mistake that should be abandoned so that research can be conducted properly and regulated sensibly.Less
Medical and social progress depend on research with human subjects. When that research is done in institutions getting federal money, it is regulated by federally required and supervised bureaucracies called “institutional review boards” (IRBs) expected to apply bioethical principles in making decisions. Do — can — these administrative agencies do more harm than good? The Censor’s Hand addresses this fundamental but long-unasked question. The book answers the question by consulting a critical experience — the law’s learning about regulation — and by amassing the empirical evidence scattered around many literatures. The book concludes that IRBs are fundamentally misconceived. Their usefulness to human subjects is doubtful, but they delay, distort, and deter research that can save lives, soothe suffering, and enhance welfare. IRBs make decisions poorly. They cannot be expected to make decisions well, for they lack the expertise, ethical principles, legal rules, effective procedures, and accountability essential to good regulation. And IRBs are censors in the place censorship is most damaging — universities in which academic freedom is essential. In sum, IRBs are bad regulation that cannot survive cost-benefit analysis. They were an irreparable mistake that should be abandoned so that research can be conducted properly and regulated sensibly.
Lokke Moerel
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199662913
- eISBN:
- 9780191746208
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199662913.003.0010
- Subject:
- Law, Intellectual Property, IT, and Media Law
This chapter evaluates Binding Corporate Rules (BCR) as a form of Transnational Private Regulation. This concerns the issue of how to best regulate BCR as a form of TPR. In the EU, the discipline of ...
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This chapter evaluates Binding Corporate Rules (BCR) as a form of Transnational Private Regulation. This concerns the issue of how to best regulate BCR as a form of TPR. In the EU, the discipline of how best to regulate has become known as ‘Better Regulation’ (BR). The chapter evaluates BCR from the perspective of BR as to whether the norm-setting for BCR meets the basic requirements for EU law-making, for instance, with regards to requirements of participation and transparency; and whether BCR (qualifying as co-regulation) regulating data protection (qualifying as a human right and freedom), concern an area of law which is traditionally not considered suitable by EU regulators to be regulated by co- or self-regulation. Proposals are made to bring the BCR norm-setting, evaluation/monitoring, and enforcement in line with the body of thought on BR.Less
This chapter evaluates Binding Corporate Rules (BCR) as a form of Transnational Private Regulation. This concerns the issue of how to best regulate BCR as a form of TPR. In the EU, the discipline of how best to regulate has become known as ‘Better Regulation’ (BR). The chapter evaluates BCR from the perspective of BR as to whether the norm-setting for BCR meets the basic requirements for EU law-making, for instance, with regards to requirements of participation and transparency; and whether BCR (qualifying as co-regulation) regulating data protection (qualifying as a human right and freedom), concern an area of law which is traditionally not considered suitable by EU regulators to be regulated by co- or self-regulation. Proposals are made to bring the BCR norm-setting, evaluation/monitoring, and enforcement in line with the body of thought on BR.
Ronald A. Brand and Scott R. Jablonski
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780195329278
- eISBN:
- 9780199855346
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195329278.001.0001
- Subject:
- Law, Private International Law
This book provides a comprehensive comparative review of the common law doctrine of forum non conveniens as it is practiced and applied in the United Kingdom, the United States, Canada, and ...
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This book provides a comprehensive comparative review of the common law doctrine of forum non conveniens as it is practiced and applied in the United Kingdom, the United States, Canada, and Australia. The authors catalogue the similarities and distinctions among the common law countries in which the doctrine is applied, and compare the doctrine to related procedures in civil law jurisdictions. The book then extends the analysis of parallel litigation issues addressed in the doctrine of forum non conveniens by considering the work of delegations to the Hague Conference on Private International Law who worked to draft a global convention on jurisdiction and the recognition and enforcement of judgments. The authors capture for historical analysis the important compromises made in the draft convention on jurisdiction and judgments between the discretion allowed courts in the common law doctrine of forum non conveniens and the rigid practice of civil law courts in the application of their doctrine of lis alibi pendens. Finally, attention is given to the way in which the 2005 Hague Convention on Choice of Court Agreements will affect the application of the doctrine of forum non conveniens when parties have entered into an exclusive choice of court agreement.Less
This book provides a comprehensive comparative review of the common law doctrine of forum non conveniens as it is practiced and applied in the United Kingdom, the United States, Canada, and Australia. The authors catalogue the similarities and distinctions among the common law countries in which the doctrine is applied, and compare the doctrine to related procedures in civil law jurisdictions. The book then extends the analysis of parallel litigation issues addressed in the doctrine of forum non conveniens by considering the work of delegations to the Hague Conference on Private International Law who worked to draft a global convention on jurisdiction and the recognition and enforcement of judgments. The authors capture for historical analysis the important compromises made in the draft convention on jurisdiction and judgments between the discretion allowed courts in the common law doctrine of forum non conveniens and the rigid practice of civil law courts in the application of their doctrine of lis alibi pendens. Finally, attention is given to the way in which the 2005 Hague Convention on Choice of Court Agreements will affect the application of the doctrine of forum non conveniens when parties have entered into an exclusive choice of court agreement.
Jack Knight and Melissa Schwartzberg (eds)
- Published in print:
- 2018
- Published Online:
- September 2019
- ISBN:
- 9781479842933
- eISBN:
- 9781479857609
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479842933.001.0001
- Subject:
- Political Science, Political Theory
In Privatization, a distinguished interdisciplinary group of scholars in political science, law and philosophy examine the implications of transferring state-provided or state-owned goods and ...
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In Privatization, a distinguished interdisciplinary group of scholars in political science, law and philosophy examine the implications of transferring state-provided or state-owned goods and services to the private sector. The twelve essays in this volume consider how we should evaluate the decision to privatize, both with respect to the quality of outcomes that might be produced, and in terms of the effects of privatization on the core values underlying democratic decision-making. Privatization also affects the structure of governance in a variety of important ways, and these essays evaluate the consequences of privatization on the state. This new addition to the NOMOS series sheds new light on these highly salient questions of contemporary political life and institutional design.Less
In Privatization, a distinguished interdisciplinary group of scholars in political science, law and philosophy examine the implications of transferring state-provided or state-owned goods and services to the private sector. The twelve essays in this volume consider how we should evaluate the decision to privatize, both with respect to the quality of outcomes that might be produced, and in terms of the effects of privatization on the core values underlying democratic decision-making. Privatization also affects the structure of governance in a variety of important ways, and these essays evaluate the consequences of privatization on the state. This new addition to the NOMOS series sheds new light on these highly salient questions of contemporary political life and institutional design.
William Lehr
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262029407
- eISBN:
- 9780262331166
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262029407.003.0003
- Subject:
- Computer Science, Programming Languages
The Internet is evolving from a best-effort, unregulated, data transport network overlaid on the legacy telephone network (or PSTN) into the global platform (the new PSTN) for a much more complex ...
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The Internet is evolving from a best-effort, unregulated, data transport network overlaid on the legacy telephone network (or PSTN) into the global platform (the new PSTN) for a much more complex array of computing, storage and data transport services (the Internet Cloud). Policymakers confront numerous questions in crafting an appropriate market-based regulatory framework to protect the public interest with respect to the Internet's new role as essential socio-economic infrastructure. This chapter discusses the technical, business, and policy trends driving this transition, with special focus on the complex challenge of ensuring reliability in the Internet cloud.Less
The Internet is evolving from a best-effort, unregulated, data transport network overlaid on the legacy telephone network (or PSTN) into the global platform (the new PSTN) for a much more complex array of computing, storage and data transport services (the Internet Cloud). Policymakers confront numerous questions in crafting an appropriate market-based regulatory framework to protect the public interest with respect to the Internet's new role as essential socio-economic infrastructure. This chapter discusses the technical, business, and policy trends driving this transition, with special focus on the complex challenge of ensuring reliability in the Internet cloud.
Holly Fernandez Lynch and I. Glenn Cohen (eds)
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780231171182
- eISBN:
- 9780231540070
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231171182.001.0001
- Subject:
- Law, Medical Law
In its decades-long effort to assure the safety, efficacy, and security of medicines and other products, the Food and Drug Administration has struggled with issues of funding, proper associations ...
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In its decades-long effort to assure the safety, efficacy, and security of medicines and other products, the Food and Drug Administration has struggled with issues of funding, proper associations with industry, and the balance between consumer choice and consumer protection. Today, these challenges are compounded by the pressures of globalization, the introduction of novel technologies, and fast-evolving threats to public health. With essays by leading scholars and government and private-industry experts, FDA in the Twenty-First Century addresses perennial and new problems and the improvements the agency can make to better serve the public good. The collection features essays on effective regulation in an era of globalization, consumer empowerment, and comparative effectiveness, as well as questions of data transparency, conflicts of interest, industry responsibility, and innovation policy, all with an emphasis on pharmaceuticals. The book also intervenes in the debate over off-label drug marketing and the proper role of the FDA before and after a drug goes on the market. Dealing honestly and thoroughly with the FDA’s successes and failures, these essays rethink the structure, function, and future of the agency and the effect policy innovations may have on regulatory institutions abroad.Less
In its decades-long effort to assure the safety, efficacy, and security of medicines and other products, the Food and Drug Administration has struggled with issues of funding, proper associations with industry, and the balance between consumer choice and consumer protection. Today, these challenges are compounded by the pressures of globalization, the introduction of novel technologies, and fast-evolving threats to public health. With essays by leading scholars and government and private-industry experts, FDA in the Twenty-First Century addresses perennial and new problems and the improvements the agency can make to better serve the public good. The collection features essays on effective regulation in an era of globalization, consumer empowerment, and comparative effectiveness, as well as questions of data transparency, conflicts of interest, industry responsibility, and innovation policy, all with an emphasis on pharmaceuticals. The book also intervenes in the debate over off-label drug marketing and the proper role of the FDA before and after a drug goes on the market. Dealing honestly and thoroughly with the FDA’s successes and failures, these essays rethink the structure, function, and future of the agency and the effect policy innovations may have on regulatory institutions abroad.
Christopher Ali
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780252040726
- eISBN:
- 9780252099168
- Item type:
- book
- Publisher:
- University of Illinois Press
- DOI:
- 10.5406/illinois/9780252040726.001.0001
- Subject:
- Society and Culture, Media Studies
Local media is at a turning point. Legacy outlets – television and newspapers – are declining while emerging platforms are failing to take their place. When it comes to the policies and regulations ...
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Local media is at a turning point. Legacy outlets – television and newspapers – are declining while emerging platforms are failing to take their place. When it comes to the policies and regulations governing local television, regulators are struggling to address audience gravitation and fragmentation, the declining commercial viability of broadcasting, and the ongoing crisis of journalism. In an era of digital platforms such as YouTube and Facebook, regulators are also grappling with a question they had never anticipated: What does it mean to be local in the digital age? The lack of an answer has left them unsure of how to define a locality, what counts as local news, if the information needs of communities are being met, and the larger role of local media in a democracy. Through comparative analysis, Media Localism explains, assesses, and critiques these issues and asks how communication regulators in the United States, Canada and the United Kingdom defined, mobilized and regulated “the local” in broadcasting from 2000 to 2012. Using critical theories of space and place, critical regionalism and critical political economy, and based on document analysis and interviews, Ali offers a fresh approach to localism in media policy. Through policy critique and intervention Ali argues that it is only through redefining the scope of localism that regulators can properly understand and encourage local media in the 21st century.Less
Local media is at a turning point. Legacy outlets – television and newspapers – are declining while emerging platforms are failing to take their place. When it comes to the policies and regulations governing local television, regulators are struggling to address audience gravitation and fragmentation, the declining commercial viability of broadcasting, and the ongoing crisis of journalism. In an era of digital platforms such as YouTube and Facebook, regulators are also grappling with a question they had never anticipated: What does it mean to be local in the digital age? The lack of an answer has left them unsure of how to define a locality, what counts as local news, if the information needs of communities are being met, and the larger role of local media in a democracy. Through comparative analysis, Media Localism explains, assesses, and critiques these issues and asks how communication regulators in the United States, Canada and the United Kingdom defined, mobilized and regulated “the local” in broadcasting from 2000 to 2012. Using critical theories of space and place, critical regionalism and critical political economy, and based on document analysis and interviews, Ali offers a fresh approach to localism in media policy. Through policy critique and intervention Ali argues that it is only through redefining the scope of localism that regulators can properly understand and encourage local media in the 21st century.
Paul H. Schultz (ed.)
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780262028035
- eISBN:
- 9780262325929
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028035.001.0001
- Subject:
- Economics and Finance, Financial Economics
Leading scholars in economics, finance and law, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and ...
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Leading scholars in economics, finance and law, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and the legislative process that produced it are described. Systemic risk and the problem of too-big-to-fail institutions are explained. Salient features of the Act, including new rules for mortgage origination and securitization, central clearing of derivatives, the Volcker Rule, the creation of the CFPB and the FSOC, the conflict minerals rule, and new rules for resolving troubled financial institutions are discussed. Participants question and debate the efficacy of Dodd-Frank features like the Volcker Rule, mandated swap clearing, the CFPB, and risk retention in securitization. The slow pace of rule writing is discussed and the difficulties in writing workable regulations from the legislative framework are described.Less
Leading scholars in economics, finance and law, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and the legislative process that produced it are described. Systemic risk and the problem of too-big-to-fail institutions are explained. Salient features of the Act, including new rules for mortgage origination and securitization, central clearing of derivatives, the Volcker Rule, the creation of the CFPB and the FSOC, the conflict minerals rule, and new rules for resolving troubled financial institutions are discussed. Participants question and debate the efficacy of Dodd-Frank features like the Volcker Rule, mandated swap clearing, the CFPB, and risk retention in securitization. The slow pace of rule writing is discussed and the difficulties in writing workable regulations from the legislative framework are described.
Greg Gordon, John Paterson, and Emre Usenmez (eds)
- Published in print:
- 2010
- Published Online:
- May 2015
- ISBN:
- 9781845861018
- eISBN:
- 9781474406239
- Item type:
- book
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9781845861018.001.0001
- Subject:
- Law, Constitutional and Administrative Law
This highly successful bookbrings together academic and practicing lawyers to consider the key legalissues facing the United Kingdom as it becomes a progressively more mature hydrocarbon province. ...
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This highly successful bookbrings together academic and practicing lawyers to consider the key legalissues facing the United Kingdom as it becomes a progressively more mature hydrocarbon province. The book, now in its second edition, considers and analyses the petroleum licence and fiscal regime. It also discusses the offshore oil industry’s dedicated regulatory regime (health and safety and environmental regulation are both considered, alongside the decommissioning regime on the United Kingdom Continental Shelf) as well as considering the key commercial and contractual issues facing the industry after forty years of oil and gas production on the UKCS.Less
This highly successful bookbrings together academic and practicing lawyers to consider the key legalissues facing the United Kingdom as it becomes a progressively more mature hydrocarbon province. The book, now in its second edition, considers and analyses the petroleum licence and fiscal regime. It also discusses the offshore oil industry’s dedicated regulatory regime (health and safety and environmental regulation are both considered, alongside the decommissioning regime on the United Kingdom Continental Shelf) as well as considering the key commercial and contractual issues facing the industry after forty years of oil and gas production on the UKCS.
