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Appealing the Applicability of the Indian Arbitration Act 1996 to Non-ICSID Investment Arbitrations 上诉1996年印度仲裁法适用于非icsid投资仲裁
Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3548154
G. Dunna
In recent decisions of the Delhi High Court, non-ICSID investment arbitrations were held to be outside the scope of the Arbitration & Conciliation Act 1996 (1996 Act) holding them to fundamentally different since their roots are in public international law and because they are non-commercial in nature. These decisions, however, have escaped a proper analysis of the hybrid foundations of an investor-State relationship, the seat theory, and issues of applicable law – which persuasively establish the applicability of the 1996 Act. In other words, the issue at the heart may be considered to be the nature of an investor’s substantive rights under an investment treaty and how they accommodate with India’s national law principles, when an investor has invoked arbitration against the host-State, which both parties accept, is subject to the law governing at the seat of arbitration. Moreover, when considering the clear distinction between the commerciality of the investor-State relationship versus the commerciality of the investment dispute, non-ICSID arbitrations would be seen immune from the commercial reservation in the 1996 Act – an argument that may be relevant among jurisdictions (like India) following the UNCITRAL Model Law or opting the commercial reservation under the New York Convention 1958.
在德里高等法院最近的裁决中,非icsid投资仲裁被认为不在《1996年仲裁与调解法》(1996年法案)的范围之内,因为它们的根源是国际公法,而且它们在本质上是非商业的,因此它们具有根本的不同。然而,这些决定没有对投资者- -国家关系的混合基础、席位理论和适用法律的问题进行适当的分析- -这些有说服力地确定了1996年法案的适用性。换句话说,核心问题可能被认为是投资者在投资条约下的实质性权利的性质,以及它们如何适应印度的国家法律原则,当投资者对东道国提起仲裁时,双方都接受仲裁,受仲裁所在地管辖的法律管辖。此外,在考虑投资者-国家关系的商事性与投资争端的商事性之间的明显区别时,非icsid仲裁将被视为不受1996年法案中的商事保留的约束——这一论点可能适用于遵循《贸易法委员会示范法》或选择1958年《纽约公约》下的商事保留的司法管辖区(如印度)。
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引用次数: 0
Togo - 2019: Politique intérieure, affaires étrangères, le développement socio-économique (Togo – 2019: Domestic Politics, Foreign Affairs, Socio-Economic Development) 多哥- 2019年:政治与前程、前程与前程、前程与前程(多哥- 2019年:国内政治、外交事务、社会经济发展)
Pub Date : 2020-02-27 DOI: 10.2139/ssrn.3545305
Dirk Kohnert
French Abstract: Des réformes constitutionnelles et institutionnelles controversées votées en mai au Parlement ont ouvert la voie au président Gnassingbé pour se présenter aux quatrième et cinquième mandats (2020 et 2025) car la loi ne s'applique pas rétroactivement. Les premières élections locales depuis plus de 30 ans ont abouti à la victoire du parti au pouvoir. Les grandes attentes de l'opposition qui avait espéré un changement fondamental au moins à la base ont de nouveau été déçues. La situation des droits de l'homme s'est fortement détériorée en raison des tensions politiques et sociales croissantes, liées aux perspectives d'un quatrième mandat du chef de l'État. La violence terroriste islamiste s'est propagée du Mali à la région frontalière nord du Togo. Le port autonome en eau profonde de Lomé s'est développé comme un pôle de croissance et un hub pour la sous-région. La Chine est devenue le principal partenaire aux côtés des partenaires établis, l'UE, la France et l'Allemagne. Le secteur informel dominait toujours l'économie. La liberté économique est restée avec le statut global «pour la plupart non-libre».

English Abstract: Controversial constitutional and institutional reforms voted in May in parliament opened the way for President Gnassingbé to stand for a fourth and fifth term (2020 and 2025) because the law does not apply retroactively. The first local elections since more than 30 years resulted in the victory of the ruling party. Grand expectations of the opposition which had hoped for a fundamental change at least at the grass-roots were again dashed. The human rights situation sharply deteriorated due to growing political and social tensions related to the prospects of the head of state running for a fourth term. Islamist terrorist violence spread from Mali to the northern frontier region of Togo. The autonomous deep-water port of Lomé developed as a growth pole and hub for the sub-region. China became the major partner beside the established partners the EU, France and Germany. The informal sector still dominated the economy. Economic freedom remained with the overall status ‘mostly unfree’.
英文摘要:今年5月,议会通过了有争议的宪法和制度改革,为gnassingbe总统竞选第四和第五届任期(2020年和2025年)铺平了道路,因为该法律没有追溯效力。30多年来的第一次地方选举导致了执政党的胜利。反对派的高期望再次落空,他们希望至少在基层进行根本性的变革。由于与国家元首第四次任期的前景有关的政治和社会紧张局势日益加剧,人权状况急剧恶化。伊斯兰恐怖主义暴力已经从马里蔓延到多哥北部边境地区。lome的自治深水港已经发展成为次区域的增长极和中心。中国已成为欧盟、法国和德国等现有伙伴的主要合作伙伴。非正规部门仍然主导着经济。经济自由仍然具有“大部分不自由”的总体地位。英国摘要:5月议会投票通过的有争议的宪法和制度改革为gnassingbe总统竞选第四和第五届任期(2020年和2025年)铺平了道路,因为法律没有追溯适用。= =地理= =根据美国人口普查,该县的土地面积为,其中土地面积为。对反对派抱有很大的期望,他们希望进行根本性的变革,至少是在基层再次崩溃。由于与国家元首第四届任期的前景有关的政治和社会紧张局势日益加剧,人权状况急剧恶化。伊斯兰恐怖主义暴力从马里蔓延到多哥北部边境地区。lome的自治深水港已发展成为次区域的增长极和枢纽。中国已成为除欧盟、法国和德国以外的主要合作伙伴。非正规部门仍然主导着经济。经济自由仍然存在,但总体地位“基本上不自由”。
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引用次数: 0
You Get What You Pay For: Sources and Consequences of the Public Sector Premium in Albania and Sri Lanka 一分钱一分货:阿尔巴尼亚和斯里兰卡公共部门保费的来源和后果
Pub Date : 2020-02-21 DOI: 10.2139/ssrn.3544278
Ricardo Hausmann, Ljubica Nedelkoska, Sehar Noor
We study the factors behind the public sector premium in Albania and Sri Lanka, the group heterogeneity in the premium, the sources of public sector wage compression, and the impact of this compression on the way individuals self-select between the public and the private sector. Similar to other countries, the public sectors in Albania and Sri Lanka pay higher wages than the private sector, for all but the most valued employees. While half of the premium of Sri Lanka and two-thirds of it in Albania are explained by differences in the occupation-education-experience mix between the sectors, and the level of private sector informality, the unexplained part of the premium is significant enough to affect the preferences of working in the public sector for different groups. We show that the compressed distributions of public sector wages and benefits create incentives for positive sorting into the public sector among most employees, and negative sorting among the most productive ones.
我们研究了阿尔巴尼亚和斯里兰卡公共部门溢价背后的因素,溢价中的群体异质性,公共部门工资压缩的来源,以及这种压缩对个人在公共和私营部门之间自我选择的方式的影响。与其他国家类似,阿尔巴尼亚和斯里兰卡的公共部门支付的工资高于私营部门,除了最有价值的雇员。虽然斯里兰卡的一半溢价和阿尔巴尼亚的三分之二溢价是由部门之间职业-教育-经验组合的差异和私营部门非正式程度来解释的,但溢价中未解释的部分足以影响不同群体在公共部门工作的偏好。我们表明,公共部门工资和福利的压缩分配为大多数员工积极分类到公共部门创造了激励,而对最具生产力的员工进行了消极分类。
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引用次数: 3
The Role of a Functional Bond Market in Growing the Investor Base of Equity Markets in Africa 功能性债券市场在扩大非洲股票市场投资者基础中的作用
Pub Date : 2020-02-11 DOI: 10.2139/ssrn.3536189
Lennox Trivedi Samamba
One of the major constraints on the growth of Africa’s equity markets is the narrow and shallow pool of investors. Experts have often cited the absence of or limited investment of pension assets in equities on local stock markets as the major constraint on the growth of demand for listed securities in African stock markets. Also, often cited as one of the major constraints on the growth of the investor base and growth of demand for securities listed in African stock markets, is poor investor education and financial literacy. This article argues that the efforts to enhance the investor base for equity markets could be augmented by a functional bond market which could serve as a source of investors for bond-like equities. An argument is also made that by promoting issue of convertible and other equity-linked bonds, a functional bond market could serve as a source of investors for the equity markets as investors convert the bonds to equities or, exchange the bonds with equities or indeed subscribe for fresh issues of equity securities.
制约非洲股市增长的主要因素之一是投资者圈子狭窄而浅薄。专家们经常指出,养老金资产对当地股市股票的投资缺乏或有限,是制约非洲股市上市证券需求增长的主要因素。此外,投资者教育和金融知识贫乏往往被认为是制约投资者基础增长和非洲股票市场上市证券需求增长的主要因素之一。本文认为,提高股票市场的投资者基础的努力可以通过一个功能齐全的债券市场来加强,债券市场可以作为债券类股票的投资者来源。还有一种观点认为,通过促进可转换债券和其他与股票挂钩的债券的发行,一个功能债券市场可以作为股票市场的投资者来源,因为投资者可以将债券转换为股票,或者用股票交换债券,或者认购新发行的股票证券。
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引用次数: 0
Poverty Reduction Strategies in India 印度的减贫战略
Pub Date : 2020-02-02 DOI: 10.2139/ssrn.3530233
T. Jain
India has massive poverty partly due to poor policies and partly due to inefficient and corrupt bureaucracy. There is a need to encourage social entrepreneurs and encourage public participation in poverty removal. A range of initiatives are required to create the right set of policies, practices and innovations.
印度有大量贫困,部分原因是政策不佳,部分原因是官僚机构效率低下和腐败。有必要鼓励社会企业家和鼓励公众参与消除贫穷。需要采取一系列举措来制定一套正确的政策、做法和创新。
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引用次数: 0
The Effects of Remittances, Foreign Direct Investment, and Foreign Aid on Economic Growth: An Empirical Analysis 汇款、外国直接投资和外援对经济增长的影响:一个实证分析
Pub Date : 2020-02-01 DOI: 10.1111/rode.12630
G. Bird, Yongseok Choi
The Sustainable Development Goals have refocused attention on ways of providing external finance to support development. Because they have different motivations and work through different modalities, remittances, foreign direct investment (FDI), and official development assistance may be expected to have different consequences for economic growth. Existing empirical evidence suggests that both positive and negative effects are associated with each source of finance. We use both a dynamic panel model and a fixed effects model to calculate the overall effects of each source of finance in isolation and taken together over the period 1976–2015. We include a range of control variables to allow for other potential influences on economic growth. We disaggregate the effects across geographical regions and income levels to test for heterogeneity. We also undertake a series of robustness checks. Our results suggest that FDI has a significant positive effect on economic growth, whereas remittances have a significant and negative effect. The effect of foreign aid is more ambiguous but is usually insignificant. The article offers an interpretation of the results drawing on ideas from the relevant theory.
可持续发展目标重新将注意力集中在提供外部资金支持发展的方式上。由于汇款、外国直接投资(FDI)和官方发展援助具有不同的动机和工作方式,它们对经济增长可能产生不同的影响。现有的经验证据表明,每一种资金来源都有积极和消极的影响。我们使用动态面板模型和固定效应模型分别计算了1976-2015年期间每种融资来源的总体效应。我们纳入了一系列控制变量,以考虑对经济增长的其他潜在影响。我们对地理区域和收入水平的影响进行了分解,以检验异质性。我们还进行了一系列稳健性检查。研究结果表明,FDI对经济增长具有显著的正向影响,而汇款对经济增长具有显著的负向影响。外援的效果比较模糊,但通常是微不足道的。本文借鉴相关理论的观点,对研究结果进行了解释。
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引用次数: 33
What Determines Consumer Financial Distress? Place- and Person-Based Factors 是什么决定了消费者的财务困境?基于地点和人的因素
Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3547707
Benjamin J. Keys, Neale Mahoney, Hanbin Yang
We use credit report data for a representative sample of 35 million individuals over 2000-2016 to examine consumer financial distress in the United States. We show there are large, persistent geographic disparities in consumer financial distress, with low levels in the Upper Midwest and high levels in the Deep South. To better understand these patterns, we conduct a "movers" analysis that examines how financial distress evolves when people move to places with different levels of financial distress. For collections and default, there is only weak convergence following a move, suggesting these types of financial distress are not primarily caused by place-based factors (such as local economic conditions, loan supply, and state laws) but instead reflect person-based characteristics (such as financial literacy and risk preferences). In contrast, for personal bankruptcy, we find a sizable place-based effect, which is consistent with anecdotal evidence on how local legal factors influence the bankruptcy filing decision. Individual characteristics determine whether you get into financial distress, while place-based factors determine whether you use bankruptcy to get out.
我们使用2000年至2016年间3500万人的代表性样本的信用报告数据来研究美国消费者的财务困境。我们发现,在消费者财务困境方面存在着巨大而持久的地域差异,中西部上游地区的水平较低,而南部腹地的水平较高。为了更好地理解这些模式,我们进行了一项“搬家者”分析,研究了当人们搬到不同程度财务困境的地方时,财务困境是如何演变的。对于催收和违约,在移动之后只有弱趋同,这表明这些类型的财务困境主要不是由基于地点的因素(如当地经济状况、贷款供应和州法律)引起的,而是反映了基于个人的特征(如金融知识和风险偏好)。相比之下,对于个人破产,我们发现了相当大的基于地方的效应,这与关于地方法律因素如何影响破产申请决定的轶事证据一致。个人特征决定了你是否会陷入财务困境,而地域因素决定了你是否会通过破产摆脱困境。
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引用次数: 23
The Role of Historical Christian Missions in the Location of World Bank Aid in Africa 基督教历史使命在世界银行非洲援助选址中的作用
Pub Date : 2020-02-01 DOI: 10.1093/wber/lhz050
Matteo Alpino, Eivind Moe Hammersmark
This article documents a positive and sizable correlation between the location of historical Christian missions and the allocation of present-day World Bank aid at the grid-cell level in Africa. The correlation is robust to an extensive set of geographical and historical control variables that predict settlement of missions. The study finds no correlation with aid effectiveness, as measured by project ratings and survey-based development indicators. Mission areas display a different political aid cycle than other areas, whereby new projects are less likely to arrive in years with new presidents. Hence, political connections between mission areas and central governments could be one likely explanation for the correlation between missions and aid.
这篇文章记录了历史上基督教传教的地点与当今世界银行在非洲网格级援助的分配之间的积极和相当大的相关性。这种相关性对于预测特派团定居的一系列广泛的地理和历史控制变量是可靠的。该研究发现,以项目评级和基于调查的发展指标衡量,与援助有效性没有相关性。任务地区的政治援助周期与其他地区不同,新项目不太可能在新总统上任的年份里到位。因此,任务地区与中央政府之间的政治联系可能是任务与援助之间相关性的一个可能解释。
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引用次数: 2
Trust and Saving in Financial Institutions 金融机构中的信任与储蓄
Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3542953
Sebastian Galiani, P. Gertler, Camila Navajas Ahumada
We randomly assigned beneficiaries of a conditional cash transfer program in Peru to attend a 3 hour training session designed to build their trust in financial institutions. We find that the intervention: (a) significantly increased trust in banks, but had no effect on financial literacy; (b) significantly increased savings over a ten month period, and (c) had no effect of the use of accounts for transactions. The increase in savings is a 1.6 percentage point increase in the savings rate out of the cash transfer depostis, and a 0.5 percentage point increase in the savings rate out of household income.
我们随机分配秘鲁有条件现金转移支付项目的受益人参加一个3小时的培训课程,旨在建立他们对金融机构的信任。我们发现:(a)干预显著增加了对银行的信任,但对金融素养没有影响;(b)在10个月期间大幅增加储蓄,以及(c)使用帐户进行交易没有影响。储蓄增加的原因是,从现金转移存款中提取的储蓄利率增加了1.6个百分点,从家庭收入中提取的储蓄利率增加了0.5个百分点。
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引用次数: 13
Mobile Money, Risk Sharing, and Educational Investment: Panel Evidence from Rural Uganda 移动货币、风险分担和教育投资:来自乌干达农村的小组证据
Pub Date : 2020-02-01 DOI: 10.1111/rode.12644
Rayner Tabetando, Tomoya Matsumoto
We examine the impact of the rapidly expanding mobile banking service “mobile money” on rural households' ability to smooth investment in schooling after a negative shock. We find that a negative shock induces a 9.3‐percentage point decrease in per school‐age child educational expenditure for households who do not use mobile money compared to an 8.3‐percentage point decrease for households that have adopted mobile money. The underlying mechanism is an increase in remittance receipt and the diversity of senders owing to the reduction in transactions cost provided by mobile money. We show that our results are robust to alternative mechanisms. We use the expansion in mobile money agent network as an exogenous variation in access to mobile money.
我们研究了快速扩展的移动银行服务“移动货币”对农村家庭在负面冲击后顺利投资教育的能力的影响。我们发现,负面冲击导致不使用移动货币的家庭每个学龄儿童的教育支出下降9.3个百分点,而使用移动货币的家庭则下降8.3个百分点。其基本机制是,由于移动货币提供的交易成本降低,汇款收入增加,汇款人多样化。我们表明,我们的结果对替代机制是稳健的。我们将移动货币代理网络的扩张作为移动货币接入的外生变化。
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引用次数: 17
期刊
Development Economics: Regional & Country Studies eJournal
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