The question of how adopting local content policy (LC policy) benefits the economic growth of developing oil-rich countries is not new. It is a continuous debate that often centers on increasing the value-added that LC policy can create within the oil industry. In Nigeria, the impact of LC policy in local value creation has generated divergent views.
The high cost of funds is a factor that jeopardizes the indigenous oil service companies’ ability to compete effectively with their foreign counterparts who are well endowed with capital. Policy makers in the Nigerian oil and gas industry must seriously consider the idea of establishing a strong energy bank that would empower local contractors/investors. This would increase their level of participation and give them the necessary experience that would engender technology transfer. Technology transfer should be well programmed and aggressively pursued if economic, military and political advantages are to be guaranteed. Nigeria, therefore, needs her own unique strategy of technological progress pursued with all seriousness if Nigerians are to make any meaningful impact soon. The newly created Nigerian Content Development and Monitoring Board, NCDMB, (charged with the responsibility of strictly enforcing compliance) must work assiduously for the success of the local content policy.
{"title":"The Nigerian Local Content Policy and Its Impact on Sustainable Economic Value Creation","authors":"Victoria Udoh","doi":"10.2139/ssrn.3689687","DOIUrl":"https://doi.org/10.2139/ssrn.3689687","url":null,"abstract":"The question of how adopting local content policy (LC policy) benefits the economic growth of developing oil-rich countries is not new. It is a continuous debate that often centers on increasing the value-added that LC policy can create within the oil industry. In Nigeria, the impact of LC policy in local value creation has generated divergent views. <br><br>The high cost of funds is a factor that jeopardizes the indigenous oil service companies’ ability to compete effectively with their foreign counterparts who are well endowed with capital. Policy makers in the Nigerian oil and gas industry must seriously consider the idea of establishing a strong energy bank that would empower local contractors/investors. This would increase their level of participation and give them the necessary experience that would engender technology transfer. Technology transfer should be well programmed and aggressively pursued if economic, military and political advantages are to be guaranteed. Nigeria, therefore, needs her own unique strategy of technological progress pursued with all seriousness if Nigerians are to make any meaningful impact soon. The newly created Nigerian Content Development and Monitoring Board, NCDMB, (charged with the responsibility of strictly enforcing compliance) must work assiduously for the success of the local content policy.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77135416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This report forms part of the ongoing City reports on International Project commissioned by the International Law Associations' Study Group on Cities in International Law. The focus of this report is on Lagos, Nigeria. To fully appreciate the scope and nature of Lagos' interactions with international law, the analysis in this report takes into consideration the history, multi-dimensional character and identity of Lagos. From the perspective of international legal history, the report looks at the historical context of Lagos's interaction with international law, especially during the era of the transatlantic slave trade. The report also considers the Legal, socio-economic and political contexts of Lagos' interaction with international law.
{"title":"City Reports on International Law: Lagos in Focus","authors":"O. Omiunu","doi":"10.2139/ssrn.3688493","DOIUrl":"https://doi.org/10.2139/ssrn.3688493","url":null,"abstract":"This report forms part of the ongoing City reports on International Project commissioned by the International Law Associations' Study Group on Cities in International Law. The focus of this report is on Lagos, Nigeria. To fully appreciate the scope and nature of Lagos' interactions with international law, the analysis in this report takes into consideration the history, multi-dimensional character and identity of Lagos. From the perspective of international legal history, the report looks at the historical context of Lagos's interaction with international law, especially during the era of the transatlantic slave trade. The report also considers the Legal, socio-economic and political contexts of Lagos' interaction with international law.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86592660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-30DOI: 10.22904/SJE.2020.33.3.002
M. Kose, Csilla Lakatos, F. Ohnsorge, M. Stocker
We thank Carlos Arteta, Eduardo Borensztein, Kevin Clinton, Graham Hacche, Ugo Panizza, Franz Ruch, Christopher Towe, and seminar participants during the 2019 Annual Meetings of the World Bank Group and the International Monetary Fund. Yushu Chen, Shihui Liu, Shijie Shi, and Jinxin Wu provided excellent research assistance. The findings, interpretations and conclusions expressed in this paper will be entirely those of the authors and should not be attributed to the World Bank, its Executive Directors, or the countries they represent.
{"title":"The Global Role of the United States and China","authors":"M. Kose, Csilla Lakatos, F. Ohnsorge, M. Stocker","doi":"10.22904/SJE.2020.33.3.002","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.3.002","url":null,"abstract":"We thank Carlos Arteta, Eduardo Borensztein, Kevin Clinton, Graham Hacche, Ugo Panizza, Franz Ruch, Christopher Towe, and seminar participants during the 2019 Annual Meetings of the World Bank Group and the International Monetary Fund. Yushu Chen, Shihui Liu, Shijie Shi, and Jinxin Wu provided excellent research assistance. The findings, interpretations and conclusions expressed in this paper will be entirely those of the authors and should not be attributed to the World Bank, its Executive Directors, or the countries they represent.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82179924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Consent is a bedrock principle in democratic society and a primary means through which our law expresses its commitment to individual liberty. While there seems to be broad consensus that consent is important, little is known about what people think consent is.
This Article undertakes an empirical investigation of people’s ordinary intuitions about when consent has been granted. Using techniques from moral psychology and experimental philosophy, it advances the core claim that most laypeople think consent is compatible with fraud, contradicting prevailing normative theories of consent. This empirical phenomenon is observed across over two dozen scenarios spanning numerous contexts in which consent is legally salient, including sex, surgery, participation in medical research, warrantless searches by police, and contracts.
Armed with this empirical finding, this Article revisits a longstanding legal puzzle about why the law refuses to treat fraudulently procured consent to sexual intercourse as rape. It exposes how prevailing explanations for this puzzle have focused too narrowly on sex. It suggests instead that the law may be influenced by the commonsense understanding of consent in all sorts of domains, including and beyond sexual consent.
Meanwhile, the discovery of “commonsense consent” allows us to see that the problem is much deeper and more pervasive than previous commentators have realized. The findings expose a large—and largely unrecognized—disconnect between commonsense intuition and the dominant philosophical conception of consent. The Article thus grapples with the relationship between folk morality, normative theory, and the law.
{"title":"Commonsense Consent","authors":"R. Sommers","doi":"10.2139/ssrn.2761801","DOIUrl":"https://doi.org/10.2139/ssrn.2761801","url":null,"abstract":"Consent is a bedrock principle in democratic society and a primary means through which our law expresses its commitment to individual liberty. While there seems to be broad consensus that consent is important, little is known about what people think consent is.<br><br>This Article undertakes an empirical investigation of people’s ordinary intuitions about when consent has been granted. Using techniques from moral psychology and experimental philosophy, it advances the core claim that most laypeople think consent is compatible with fraud, contradicting prevailing normative theories of consent. This empirical phenomenon is observed across over two dozen scenarios spanning numerous contexts in which consent is legally salient, including sex, surgery, participation in medical research, warrantless searches by police, and contracts.<br><br>Armed with this empirical finding, this Article revisits a longstanding legal puzzle about why the law refuses to treat fraudulently procured consent to sexual intercourse as rape. It exposes how prevailing explanations for this puzzle have focused too narrowly on sex. It suggests instead that the law may be influenced by the commonsense understanding of consent in all sorts of domains, including and beyond sexual consent.<br><br>Meanwhile, the discovery of “commonsense consent” allows us to see that the problem is much deeper and more pervasive than previous commentators have realized. The findings expose a large—and largely unrecognized—disconnect between commonsense intuition and the dominant philosophical conception of consent. The Article thus grapples with the relationship between folk morality, normative theory, and the law.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87583459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I examine the impact of diversity (ethnic and religious fractionalization and polarization) on banking stability in Sub-Saharan Africa (SSA). Using data from 1996 to 2014, I employ the system Generalized Method of Moments (sys-GMM) approach to examine this relationship. I find that countries in SSA are more polarized religiously than they are ethnically. The region is, however, more ethnically fractionalized than they are religiously. Further, I conjecture that banks in more heterogeneous societies will experience poor asset quality and lower stability. I however postulate that banks offset the risks from diversity at certain levels of net interest margin (NIM). I provide empirical evidence to support these conjectures. I find varying threshold NIM values for each diversity indicator depending on the stability measure used. Opening up the banking system to foreign entry can help offset the negative impact of diversity on banking stability. Policy implications are discussed.
{"title":"Fractionalization, Polarization and Banking Stability in Africa","authors":"Richard Adjei Dwumfour","doi":"10.2139/ssrn.3884330","DOIUrl":"https://doi.org/10.2139/ssrn.3884330","url":null,"abstract":"\u0000 I examine the impact of diversity (ethnic and religious fractionalization and polarization) on banking stability in Sub-Saharan Africa (SSA). Using data from 1996 to 2014, I employ the system Generalized Method of Moments (sys-GMM) approach to examine this relationship. I find that countries in SSA are more polarized religiously than they are ethnically. The region is, however, more ethnically fractionalized than they are religiously. Further, I conjecture that banks in more heterogeneous societies will experience poor asset quality and lower stability. I however postulate that banks offset the risks from diversity at certain levels of net interest margin (NIM). I provide empirical evidence to support these conjectures. I find varying threshold NIM values for each diversity indicator depending on the stability measure used. Opening up the banking system to foreign entry can help offset the negative impact of diversity on banking stability. Policy implications are discussed.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72744442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Should law be understood as serving external social goals, or as an irreducible bearer of moral weight? This question has been a topic of fierce contemporary debate. One tradition argues that legal rules should be evaluated by their consequential effects in service to some external, typically quantifiable value. The success of this approach has produced a robust backlash, with some scholars asserting that law is a normatively unique bulwark of relationships between persons. In this view, the significance of legal rules cannot be fully metricized, nor can law be appropriately pressed into the service of some external goal.
Despite this backlash, unabashed and uncompromising treatment of law as instrument is still going strong. Radical Markets: Uprooting Capitalism and Democracy for a Just Society by Eric A. Posner and Glen Weyl, and Pricing Lives: Guideposts for a Safer Society by W. Kip Viscusi provide two muscular instances of instrumental legal analysis. Both texts are forged in robust methodological commitments – auction theory for Posner and Weyl, the value of a statistical life (VSL) for Viscusi – and both suggest bold reforms that would benefit the authors’ favoured external good. An analysis of these influential texts, however, reveals the degree to which they neglect the status of law as an intrinsically moral element of the social and political order.
This review article demonstrates that the reforms proposed by Radical Markets and Pricing Lives would have problematic impacts upon the normative integrity and practical consequences of the law, particularly by undermining the stability of legal rights based on reason‐giving norms. Both texts’ proposals potentially undervalue and undermine personal autonomy and diminish the ability of rights to protect this freedom from intrusion by the state and other private actors. Moreover, the relational critique shows that the two texts are analytically incomplete, insofar as both presume normative features of law that they do not address or investigate. This exposes the deepest challenge to instrumental reasoning and quantification as a basis for legal reform generally: because it rests upon intermediary abstractions, it does not intrinsically contain normative justification. The review article concludes by observing how interrogating the philosophical presumptions of the two texts could indicate what is necessary to provide this normative foundation.
{"title":"The Limits and Promise of Instrumental Legal Analysis","authors":"Jacob Eisler","doi":"10.1111/jols.12238","DOIUrl":"https://doi.org/10.1111/jols.12238","url":null,"abstract":"Should law be understood as serving external social goals, or as an irreducible bearer of moral weight? This question has been a topic of fierce contemporary debate. One tradition argues that legal rules should be evaluated by their consequential effects in service to some external, typically quantifiable value. The success of this approach has produced a robust backlash, with some scholars asserting that law is a normatively unique bulwark of relationships between persons. In this view, the significance of legal rules cannot be fully metricized, nor can law be appropriately pressed into the service of some external goal.<br><br>Despite this backlash, unabashed and uncompromising treatment of law as instrument is still going strong. Radical Markets: Uprooting Capitalism and Democracy for a Just Society by Eric A. Posner and Glen Weyl, and Pricing Lives: Guideposts for a Safer Society by W. Kip Viscusi provide two muscular instances of instrumental legal analysis. Both texts are forged in robust methodological commitments – auction theory for Posner and Weyl, the value of a statistical life (VSL) for Viscusi – and both suggest bold reforms that would benefit the authors’ favoured external good. An analysis of these influential texts, however, reveals the degree to which they neglect the status of law as an intrinsically moral element of the social and political order.<br><br>This review article demonstrates that the reforms proposed by Radical Markets and Pricing Lives would have problematic impacts upon the normative integrity and practical consequences of the law, particularly by undermining the stability of legal rights based on reason‐giving norms. Both texts’ proposals potentially undervalue and undermine personal autonomy and diminish the ability of rights to protect this freedom from intrusion by the state and other private actors. Moreover, the relational critique shows that the two texts are analytically incomplete, insofar as both presume normative features of law that they do not address or investigate. This exposes the deepest challenge to instrumental reasoning and quantification as a basis for legal reform generally: because it rests upon intermediary abstractions, it does not intrinsically contain normative justification. The review article concludes by observing how interrogating the philosophical presumptions of the two texts could indicate what is necessary to provide this normative foundation.<br><br>Full text available at <br><br>https://doi.org/10.1111/jols.12238","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82603005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a recent article Lionel Smith has argued that there is no normative unity in most restitutionary claims that are currently thought of as being part of the law of unjust enrichment. This leads him to conclude that the generally accepted test for unjust enrichment liability is inapplicable with respect to those claims. This article looks at Smith’s arguments and at two early responses to them from unjust enrichment lawyers and concludes that, whatever the rights and wrongs of Smith’s position, these responses do not engage with Smith on his own ground, and, to that extent, do nothing to counter a new wave of increasing academic scepticism concerning the very existence of the legal category we call unjust enrichment.
{"title":"Rethinking Restitution: Will Unjust Enrichment Lawyers Join In?","authors":"Jonathan Silver","doi":"10.2139/ssrn.3654118","DOIUrl":"https://doi.org/10.2139/ssrn.3654118","url":null,"abstract":"In a recent article Lionel Smith has argued that there is no normative unity in most restitutionary claims that are currently thought of as being part of the law of unjust enrichment. This leads him to conclude that the generally accepted test for unjust enrichment liability is inapplicable with respect to those claims. This article looks at Smith’s arguments and at two early responses to them from unjust enrichment lawyers and concludes that, whatever the rights and wrongs of Smith’s position, these responses do not engage with Smith on his own ground, and, to that extent, do nothing to counter a new wave of increasing academic scepticism concerning the very existence of the legal category we call unjust enrichment.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88861729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Climate policies can target either the demand or the supply of fossil fuels. While demand-side policies have been analyzed in the literature and applied in policy-making, supply-side policies, e.g. deposit policies, are a promising option and a recent research focus. In this paper we study deposit markets for two fuels that differ in emission intensity. We find that, with strategic action on the deposit markets, deposit policies are inefficient due to price manipulations within and between both deposit markets. Regarding the political economy of deposit policies, they generate more welfare for all countries if applied to both fuels as opposed to one or none. Further, for perfectly segmented fuel markets, importing countries do not purchase deposits of a sufficiently clean fuel. If fuels are substitutes and strongly differ in emission intensity, countries do not buy deposits of a relatively clean fuel. Finally, deposit markets can induce countries selling deposits to choose a cleaner fuel mix.
{"title":"Buy Coal, Cap Gas! Markets for Fossil Fuel Deposits When Fuel Emission Intensities Differ","authors":"Angelika Vogt, Achim Hagen, K. Eisenack","doi":"10.2139/ssrn.3640313","DOIUrl":"https://doi.org/10.2139/ssrn.3640313","url":null,"abstract":"Climate policies can target either the demand or the supply of fossil fuels. While demand-side policies have been analyzed in the literature and applied in policy-making, supply-side policies, e.g. deposit policies, are a promising option and a recent research focus. In this paper we study deposit markets for two fuels that differ in emission intensity. We find that, with strategic action on the deposit markets, deposit policies are inefficient due to price manipulations within and between both deposit markets. Regarding the political economy of deposit policies, they generate more welfare for all countries if applied to both fuels as opposed to one or none. Further, for perfectly segmented fuel markets, importing countries do not purchase deposits of a sufficiently clean fuel. If fuels are substitutes and strongly differ in emission intensity, countries do not buy deposits of a relatively clean fuel. Finally, deposit markets can induce countries selling deposits to choose a cleaner fuel mix.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86853596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digitalization is reshaping finance, opening new market and development opportunities, and bringing with it new risks. Digital finance, or ‘fintech’, makes a difference by providing access to more, better and cheaper data, removing unnecessary intermediation, enhancing efficiency to reduce barriers and catalyzing innovation. The current crisis has transformed digital finance from a convenience into an existential lifeline. The UN Secretary General’s Task Force on Digital Financing for the Sustainable Development Goals (SDGs) highlights the potential of fintech, for example, to crowd in SDG-related risk and impact data into financing decisions, reduce financing costs, open opportunities for business innovations particularly those targeting the poor, and enable citizens to have a greater say over their money, as savers, lenders, investors, and tax payers. It also has identified risks that need to be mitigated if it is to be an enabler of financing aligned to the SDGs. One feature of digitalization, and a source of risk as well as opportunity, is that it enables ever-increasing returns to scale, increasing market concentration: ‘network effects’. A small number of digital finance platforms, often arising from ‘BigTech’ particularly e-commerce, social media, and indeed governments, have grown rapidly, a direction of travel likely to accelerate as a result of the crisis. These ‘global digital finance’ platforms, of ‘BigFintech’, will be increasingly impactful across the world, particularly in developing countries with smaller, weaker or under-developed financial systems, economies, and policy frameworks but where also the opportunities for transformation are greatest. With such extensive footprints, there is need, and yet challenges to securing the most appropriate policies, regulations, and broadly governance. Governance considerations of BigFintech are often narrowly focused, setting aside many SDG aspects, risks and opportunities. Moreover, they are likewise often not inclusive, notably of the voices of countries most likely to be directly impacted, particularly outside of the major economies. The Task Force’s ‘Dialogue on Global Digital Finance’ has been established as a complementary and supportive initiative aiming to enhance and rebalance governance debate, innovation and developments with these two factors in mind.
{"title":"Governing Global Digital Finance","authors":"A. Mitha, S. Zadek, D. Arner","doi":"10.2139/ssrn.3678518","DOIUrl":"https://doi.org/10.2139/ssrn.3678518","url":null,"abstract":"Digitalization is reshaping finance, opening new market and development opportunities, and bringing with it new risks. Digital finance, or ‘fintech’, makes a difference by providing access to more, better and cheaper data, removing unnecessary intermediation, enhancing efficiency to reduce barriers and catalyzing innovation. The current crisis has transformed digital finance from a convenience into an existential lifeline. \u0000 \u0000The UN Secretary General’s Task Force on Digital Financing for the Sustainable Development Goals (SDGs) highlights the potential of fintech, for example, to crowd in SDG-related risk and impact data into financing decisions, reduce financing costs, open opportunities for business innovations particularly those targeting the poor, and enable citizens to have a greater say over their money, as savers, lenders, investors, and tax payers. It also has identified risks that need to be mitigated if it is to be an enabler of financing aligned to the SDGs. \u0000 \u0000One feature of digitalization, and a source of risk as well as opportunity, is that it enables ever-increasing returns to scale, increasing market concentration: ‘network effects’. A small number of digital finance platforms, often arising from ‘BigTech’ particularly e-commerce, social media, and indeed governments, have grown rapidly, a direction of travel likely to accelerate as a result of the crisis. \u0000 \u0000These ‘global digital finance’ platforms, of ‘BigFintech’, will be increasingly impactful across the world, particularly in developing countries with smaller, weaker or under-developed financial systems, economies, and policy frameworks but where also the opportunities for transformation are greatest. With such extensive footprints, there is need, and yet challenges to securing the most appropriate policies, regulations, and broadly governance. \u0000 \u0000Governance considerations of BigFintech are often narrowly focused, setting aside many SDG aspects, risks and opportunities. Moreover, they are likewise often not inclusive, notably of the voices of countries most likely to be directly impacted, particularly outside of the major economies. The Task Force’s ‘Dialogue on Global Digital Finance’ has been established as a complementary and supportive initiative aiming to enhance and rebalance governance debate, innovation and developments with these two factors in mind.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79444095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The combination of the challenges emerging from the 2020 pandemic outbreak, amid an unprecedented macroeconomic context, and a limited EU budget, inevitably call for reflections about synergies, or ‘vertical coherence’, between EU and national budgets. The proposals for a larger EU budget, the target of carbon neutrality by 2050, the temporary relaxation of rules for fiscal policy and state aid, would all require greater coordination across government layers. Within this context, this paper studies structural co-movements between EU and national spending over the past two decades, trends that deserve a longer-term assessment, beyond the current response to the pandemic. It finds some synergies, often of a positive sign (leverage rather than substitution), but always very small in magnitude. In light of those results, the paper proposes an “EU public goods rule” for the financing of EU policies, within a commonly agreed and policy-consistent framework.
{"title":"Financing EU Public Goods: Vertical Coherence between EU and National Budgets","authors":"Pasquale D'Apice, Pasimeni","doi":"10.2139/ssrn.3688320","DOIUrl":"https://doi.org/10.2139/ssrn.3688320","url":null,"abstract":"The combination of the challenges emerging from the 2020 pandemic outbreak, amid an unprecedented macroeconomic context, and a limited EU budget, inevitably call for reflections about synergies, or ‘vertical coherence’, between EU and national budgets. The proposals for a larger EU budget, the target of carbon neutrality by 2050, the temporary relaxation of rules for fiscal policy and state aid, would all require greater coordination across government layers. Within this context, this paper studies structural co-movements between EU and national spending over the past two decades, trends that deserve a longer-term assessment, beyond the current response to the pandemic. It finds some synergies, often of a positive sign (leverage rather than substitution), but always very small in magnitude. In light of those results, the paper proposes an “EU public goods rule” for the financing of EU policies, within a commonly agreed and policy-consistent framework.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80622449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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