The war in Ukraine draws renewed attention to the question of whether the international monetary and financial system is moving towards a more ‘multipolar’ character. The euro has been the second most important global currency since its creation, and well-placed to help diversify the global financial architecture. This article reviews the evolution of the euro’s international role along with the evolution of the institutional architecture to support it. Previous and ongoing reforms in the European Economic and Monetary Union (EMU) can support the common currency on the international stage.
{"title":"The Euro on the global stage","authors":"Klaus Regling","doi":"10.1093/oxrep/grad013","DOIUrl":"https://doi.org/10.1093/oxrep/grad013","url":null,"abstract":"\u0000 The war in Ukraine draws renewed attention to the question of whether the international monetary and financial system is moving towards a more ‘multipolar’ character. The euro has been the second most important global currency since its creation, and well-placed to help diversify the global financial architecture. This article reviews the evolution of the euro’s international role along with the evolution of the institutional architecture to support it. Previous and ongoing reforms in the European Economic and Monetary Union (EMU) can support the common currency on the international stage.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48340298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal Article Avoiding a lost decade—sovereign debt workouts in the post-Covid era Get access Lee C Buchheit, Lee C Buchheit Search for other works by this author on: Oxford Academic Google Scholar Mitu Gulati Mitu Gulati mgulati@law.virginia.edu Search for other works by this author on: Oxford Academic Google Scholar Oxford Review of Economic Policy, Volume 39, Issue 2, Summer 2023, Pages 360–366, https://doi.org/10.1093/oxrep/grad015 Published: 11 April 2023
期刊文章避免失去的十年-后新冠时代的主权债务重组访问Lee C Buchheit, Lee C Buchheit搜索本文作者的其他作品:牛津学术谷歌学者Mitu Gulati Mitu Gulati mgulati@law.virginia.edu搜索本文作者的其他作品:牛津学术谷歌学者牛津经济政策评论，第39卷，第2期，2023年夏季，360-366页，https://doi.org/10.1093/oxrep/grad015出版:2023年4月11日
{"title":"Avoiding a lost decade—sovereign debt workouts in the post-Covid era","authors":"Lee C Buchheit, Mitu Gulati","doi":"10.1093/oxrep/grad015","DOIUrl":"https://doi.org/10.1093/oxrep/grad015","url":null,"abstract":"Journal Article Avoiding a lost decade—sovereign debt workouts in the post-Covid era Get access Lee C Buchheit, Lee C Buchheit Search for other works by this author on: Oxford Academic Google Scholar Mitu Gulati Mitu Gulati mgulati@law.virginia.edu Search for other works by this author on: Oxford Academic Google Scholar Oxford Review of Economic Policy, Volume 39, Issue 2, Summer 2023, Pages 360–366, https://doi.org/10.1093/oxrep/grad015 Published: 11 April 2023","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135592911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Mazzucato, Ilan Strauss, Tim O'Reilly, Josh Ryan‐Collins
Attempts by governments to curb the market power of ‘Big Tech’ (Alphabet, Amazon, Apple, Meta Platforms, and Microsoft) are impeded by limited public information on their diversified digital platform ecosystems. Big Tech’s annual 10-K financial reports disclose little about their globally dominant ‘free’ services, platform user numbers, and monetization practices, and suites of products. To support antitrust and regulatory oversight, we propose mandatory 10-K type disclosures covering Big Tech’s: (i) internally used operating metrics (e.g. monthly active users), which underpin platform market share and monetization; (ii) ubiquitous ‘free’ products which escape traditional ‘profit and loss’ reporting; (iii) ‘monetization’ processes detailing how platforms make money from user data and attention; and (iv) product-by-product reporting through updating segment reporting rules. Disclosures should be mandatory for digital ‘gatekeepers’ and eventually integrated into reporting standards for all digital platforms.
{"title":"Regulating Big Tech: the role of enhanced disclosures","authors":"M. Mazzucato, Ilan Strauss, Tim O'Reilly, Josh Ryan‐Collins","doi":"10.1093/oxrep/grac040","DOIUrl":"https://doi.org/10.1093/oxrep/grac040","url":null,"abstract":"\u0000 Attempts by governments to curb the market power of ‘Big Tech’ (Alphabet, Amazon, Apple, Meta Platforms, and Microsoft) are impeded by limited public information on their diversified digital platform ecosystems. Big Tech’s annual 10-K financial reports disclose little about their globally dominant ‘free’ services, platform user numbers, and monetization practices, and suites of products. To support antitrust and regulatory oversight, we propose mandatory 10-K type disclosures covering Big Tech’s: (i) internally used operating metrics (e.g. monthly active users), which underpin platform market share and monetization; (ii) ubiquitous ‘free’ products which escape traditional ‘profit and loss’ reporting; (iii) ‘monetization’ processes detailing how platforms make money from user data and attention; and (iv) product-by-product reporting through updating segment reporting rules. Disclosures should be mandatory for digital ‘gatekeepers’ and eventually integrated into reporting standards for all digital platforms.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49028021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The European Commission has proposed a Carbon Border Adjustment Mechanism (CBAM) to enable ambitious climate policies in EU member states and to incentivize emission reductions in other countries. This paper adopts a dynamic, multilevel, polycentric perspective to discuss how domestic as well as foreign interest groups would be affected by the policy. Our analysis yields three central insights. First, diplomatic efforts should be focused on a small number of countries that would be most severely affected by the CBAM. Second, the CBAM should be implemented as an enabler of domestic mitigation efforts in an open climate alliance instead of an attempt to extend EU climate policy to other countries. Third, gradually phasing in the CBAM while phasing out free emission permits for EU producers and supporting the transformation of carbon-intensive sectors in third countries can ease political opposition from domestic as well as foreign industries.
{"title":"The political economy of carbon border adjustment in the EU","authors":"Michael Jakob","doi":"10.1093/oxrep/grac044","DOIUrl":"https://doi.org/10.1093/oxrep/grac044","url":null,"abstract":"\u0000 The European Commission has proposed a Carbon Border Adjustment Mechanism (CBAM) to enable ambitious climate policies in EU member states and to incentivize emission reductions in other countries. This paper adopts a dynamic, multilevel, polycentric perspective to discuss how domestic as well as foreign interest groups would be affected by the policy. Our analysis yields three central insights. First, diplomatic efforts should be focused on a small number of countries that would be most severely affected by the CBAM. Second, the CBAM should be implemented as an enabler of domestic mitigation efforts in an open climate alliance instead of an attempt to extend EU climate policy to other countries. Third, gradually phasing in the CBAM while phasing out free emission permits for EU producers and supporting the transformation of carbon-intensive sectors in third countries can ease political opposition from domestic as well as foreign industries.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42907495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As part of its Green Deal, the European Union has advanced a ‘Carbon Border Adjustment Mechanism’ (CBAM). Reflective of a trend towards greater use of coercive trade measures to advance environmental and other policy objectives, the CBAM would extend carbon pricing to imported goods with the aim of limiting carbon leakage. Theoretical enquiry into this type of policy approach—known as border carbon adjustments (BCAs)—suggests economic and environmental benefits, but typically discounts the role of legal and practical constraints on BCA design and implementation. In this paper, we show why the BCA design commonly featured in past research—basing the adjustment level on default carbon intensities—runs counter to the economic logic of carbon pricing by distorting the incentives for emissions abatement. Requiring producers to demonstrate their actual carbon intensity captures additional economic benefits of carbon pricing and improves the overall legal prospects of a BCA, but adds to its administrative complexity and creates risk of avoidance practices such as ‘resource shuffling’. What emerges is a more nuanced understanding of BCAs that highlights the challenges when transitioning from theory to practice.
{"title":"From theory to practice: determining emissions in traded goods under a border carbon adjustment","authors":"M. Mehling, Robert A. Ritz","doi":"10.1093/oxrep/grac043","DOIUrl":"https://doi.org/10.1093/oxrep/grac043","url":null,"abstract":"\u0000 As part of its Green Deal, the European Union has advanced a ‘Carbon Border Adjustment Mechanism’ (CBAM). Reflective of a trend towards greater use of coercive trade measures to advance environmental and other policy objectives, the CBAM would extend carbon pricing to imported goods with the aim of limiting carbon leakage. Theoretical enquiry into this type of policy approach—known as border carbon adjustments (BCAs)—suggests economic and environmental benefits, but typically discounts the role of legal and practical constraints on BCA design and implementation. In this paper, we show why the BCA design commonly featured in past research—basing the adjustment level on default carbon intensities—runs counter to the economic logic of carbon pricing by distorting the incentives for emissions abatement. Requiring producers to demonstrate their actual carbon intensity captures additional economic benefits of carbon pricing and improves the overall legal prospects of a BCA, but adds to its administrative complexity and creates risk of avoidance practices such as ‘resource shuffling’. What emerges is a more nuanced understanding of BCAs that highlights the challenges when transitioning from theory to practice.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47522526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Food and agriculture accounts for around one-third of global emissions reflecting the effects of consumption in high-income countries on production and land use around the world. These effects include those transmitted through international trade such as in the constituents of animal feed for meat. African countries face a dual challenge of adapting to the growing effects of climate change in the shape of extreme weather, and increasing agriculture and food production as part of developing their economies. At the same time, there is increasing concentration in the production and trading of agriculture and food products, globally and within Africa. This article considers the interaction of concentration and responses to climate change in food markets through a focus on meat and animal feed, and the developments in maize and soybeans in East and Southern Africa. The possible role for competition policy as part of a wider reform agenda is proposed.
{"title":"Competition, trade, and sustainability in agriculture and food markets in Africa","authors":"S. Roberts","doi":"10.1093/oxrep/grac041","DOIUrl":"https://doi.org/10.1093/oxrep/grac041","url":null,"abstract":"\u0000 Food and agriculture accounts for around one-third of global emissions reflecting the effects of consumption in high-income countries on production and land use around the world. These effects include those transmitted through international trade such as in the constituents of animal feed for meat. African countries face a dual challenge of adapting to the growing effects of climate change in the shape of extreme weather, and increasing agriculture and food production as part of developing their economies. At the same time, there is increasing concentration in the production and trading of agriculture and food products, globally and within Africa. This article considers the interaction of concentration and responses to climate change in food markets through a focus on meat and animal feed, and the developments in maize and soybeans in East and Southern Africa. The possible role for competition policy as part of a wider reform agenda is proposed.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47836979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Digital platforms have reshaped many product markets and play an increasingly important role in economies around the globe. Some of these platforms have become powerful players and may possess a lot of market power. Economists use a number of indicators to assess market power. In this article we discuss to which extent these indicators are helpful in the context of digital platforms. In particular, we focus on assessing entrenched market power and the role of potential competition to constrain this power. Finally, we discuss some cross-border issues of platform market power.
{"title":"Market power of digital platforms","authors":"Jens-Uwe Franck, Martin Peitz","doi":"10.1093/oxrep/grac045","DOIUrl":"https://doi.org/10.1093/oxrep/grac045","url":null,"abstract":"Abstract Digital platforms have reshaped many product markets and play an increasingly important role in economies around the globe. Some of these platforms have become powerful players and may possess a lot of market power. Economists use a number of indicators to assess market power. In this article we discuss to which extent these indicators are helpful in the context of digital platforms. In particular, we focus on assessing entrenched market power and the role of potential competition to constrain this power. Finally, we discuss some cross-border issues of platform market power.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136092279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article is set against the complex backdrop of the evolution of the data-driven economy and its regulation, and seeks to provide a better contextualization of the topic of data protection as a matter of trade law. It looks at the recent proliferation of rules on data flows, specifically addressed in free trade agreements (FTAs), at how data protection has been framed in these treaties, as well as at the available reconciliation mechanisms developed to interface trade and privacy. The article explores the most advanced models that have been developed in this regard so far, with a focus on some US-led and EU-led treaties. These analyses build the basis for testing the conjecture as to whether trade law has gone too fast and too deep, encroaching on domestic privacy law developments that unfold at a much slower pace.
{"title":"Cross-border data flows and privacy in global trade law: has trade trumped data protection?","authors":"Mira Burri","doi":"10.1093/oxrep/grac042","DOIUrl":"https://doi.org/10.1093/oxrep/grac042","url":null,"abstract":"\u0000 This article is set against the complex backdrop of the evolution of the data-driven economy and its regulation, and seeks to provide a better contextualization of the topic of data protection as a matter of trade law. It looks at the recent proliferation of rules on data flows, specifically addressed in free trade agreements (FTAs), at how data protection has been framed in these treaties, as well as at the available reconciliation mechanisms developed to interface trade and privacy. The article explores the most advanced models that have been developed in this regard so far, with a focus on some US-led and EU-led treaties. These analyses build the basis for testing the conjecture as to whether trade law has gone too fast and too deep, encroaching on domestic privacy law developments that unfold at a much slower pace.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46054903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The increasing dominance of a small number of ‘big tech’ companies, across a range of critical online markets, has led to growing calls for regulation to promote more competition, and to ensure that market power is not exploited unfairly. New regulatory regimes to this end are now under development in a variety of jurisdictions. While the new German and EU regulatory regimes are the most advanced, there are detailed proposals under discussion in the UK, US, and China, while in South Korea new regulations have been introduced in relation to the specific area of app stores. This article discusses several questions arising in this context. What problem is pro-competition digital platform regulation trying to solve? Why regulation and not competition law? What are the design challenges involved in developing such regulation? What are the risks arising from diverging regulatory approaches to these global issues and how much these risks be mitigated? And what role can trade policy play?
{"title":"International pro-competition regulation of digital platforms: healthy experimentation or dangerous fragmentation?","authors":"Amelia Fletcher","doi":"10.1093/oxrep/grac047","DOIUrl":"https://doi.org/10.1093/oxrep/grac047","url":null,"abstract":"\u0000 The increasing dominance of a small number of ‘big tech’ companies, across a range of critical online markets, has led to growing calls for regulation to promote more competition, and to ensure that market power is not exploited unfairly. New regulatory regimes to this end are now under development in a variety of jurisdictions. While the new German and EU regulatory regimes are the most advanced, there are detailed proposals under discussion in the UK, US, and China, while in South Korea new regulations have been introduced in relation to the specific area of app stores. This article discusses several questions arising in this context. What problem is pro-competition digital platform regulation trying to solve? Why regulation and not competition law? What are the design challenges involved in developing such regulation? What are the risks arising from diverging regulatory approaches to these global issues and how much these risks be mitigated? And what role can trade policy play?","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43241660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The global spread of the digital revolution and the need to manage the climate have radically altered the international trade landscape and have rendered the architecture of the World Trade Organization ill-equipped to address emerging regulatory challenges posed by cross-border flows of digital products and by carbon emissions embodied in traded goods and services. This essay reviews the set of papers published in this issue of the Oxford Review of Economic Policy that assess the regulatory challenges presented by these two ‘new frontiers’ of trade and evaluate alternative national and supranational trade and industrial policy responses.
{"title":"New frontiers of trade and trade policy: digitalization and climate change","authors":"Emily Jones, C. Adam","doi":"10.1093/oxrep/grac048","DOIUrl":"https://doi.org/10.1093/oxrep/grac048","url":null,"abstract":"\u0000 The global spread of the digital revolution and the need to manage the climate have radically altered the international trade landscape and have rendered the architecture of the World Trade Organization ill-equipped to address emerging regulatory challenges posed by cross-border flows of digital products and by carbon emissions embodied in traded goods and services. This essay reviews the set of papers published in this issue of the Oxford Review of Economic Policy that assess the regulatory challenges presented by these two ‘new frontiers’ of trade and evaluate alternative national and supranational trade and industrial policy responses.","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":" ","pages":""},"PeriodicalIF":6.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43476381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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