Pub Date : 2022-09-19DOI: 10.1080/02692171.2022.2123910
João P. Romero, Ana Bottega, A. B. Cordeiro
ABSTRACT The paper investigates the relationship between demand, innovation and research intensity (R&D to output and patents per millions of hours worked) in different groups of industries. These relationships were investigated using disaggregate industry-level data from EU KLEMS, ANBERD and USPTO, in a sample that comprises 12 industries in 18 countries over 1977–2006. The results reported in the paper indicate that demand exerts a positive and significant impact on innovation, measured by R&D expenditure and patents. Moreover, this impact is stronger in high-tech industries than in low-tech ones. The paper also provides evidence that demand does not impact research intensity, despite its impact on innovation. This finding holds both for low-tech and high-tech industries, using both R&D to value added and patents per millions of hours worked as measures of research intensity. This suggests that research intensity is not influenced by demand growth, but most likely depends on the quality of each country’s National Innovation System.
{"title":"The impact of demand on innovation and research intensity","authors":"João P. Romero, Ana Bottega, A. B. Cordeiro","doi":"10.1080/02692171.2022.2123910","DOIUrl":"https://doi.org/10.1080/02692171.2022.2123910","url":null,"abstract":"ABSTRACT The paper investigates the relationship between demand, innovation and research intensity (R&D to output and patents per millions of hours worked) in different groups of industries. These relationships were investigated using disaggregate industry-level data from EU KLEMS, ANBERD and USPTO, in a sample that comprises 12 industries in 18 countries over 1977–2006. The results reported in the paper indicate that demand exerts a positive and significant impact on innovation, measured by R&D expenditure and patents. Moreover, this impact is stronger in high-tech industries than in low-tech ones. The paper also provides evidence that demand does not impact research intensity, despite its impact on innovation. This finding holds both for low-tech and high-tech industries, using both R&D to value added and patents per millions of hours worked as measures of research intensity. This suggests that research intensity is not influenced by demand growth, but most likely depends on the quality of each country’s National Innovation System.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43256791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-05DOI: 10.1080/02692171.2022.2117286
Marina da Silva Sanches, L. Carvalho
ABSTRACT Based on a Structural VAR approach, we estimated fiscal multipliers for social benefits in Brazil for 1997–2018. Our results suggest that social benefits have relatively large multiplier effects, even when compared to public investment. The multipliers are also larger in the full sample, which includes the country’s 2014–16 economic crisis than in the period 1997–2014. In particular, our results show that spending one unit on social expenditures generates a final change in GDP of almost three after two years. The higher estimated multipliers in the full sample appear in the response of household consumption and private investment to shocks in total social expenditures and for different types of social benefits (e.g. cash transfers, unemployment insurance, and pensions). In a context in which the expansion of social protection became prominent as a response to structural changes in the labor market and the Covid-19 pandemic, our paper reinforces its potential role in the short-run economic recovery.
{"title":"Multiplier effects of social protection: a SVAR approach for Brazil","authors":"Marina da Silva Sanches, L. Carvalho","doi":"10.1080/02692171.2022.2117286","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117286","url":null,"abstract":"ABSTRACT Based on a Structural VAR approach, we estimated fiscal multipliers for social benefits in Brazil for 1997–2018. Our results suggest that social benefits have relatively large multiplier effects, even when compared to public investment. The multipliers are also larger in the full sample, which includes the country’s 2014–16 economic crisis than in the period 1997–2014. In particular, our results show that spending one unit on social expenditures generates a final change in GDP of almost three after two years. The higher estimated multipliers in the full sample appear in the response of household consumption and private investment to shocks in total social expenditures and for different types of social benefits (e.g. cash transfers, unemployment insurance, and pensions). In a context in which the expansion of social protection became prominent as a response to structural changes in the labor market and the Covid-19 pandemic, our paper reinforces its potential role in the short-run economic recovery.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49068113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-05DOI: 10.1080/02692171.2022.2117287
P. Dang, K. A. Akkemik
ABSTRACT Vietnam is one of the fastest-growing polluters in the world – due to rapid industrialization facilitated by massive foreign investments. This study estimates the sources of greenhouse gas (GHG) emissions arising from activities of firms using a social accounting matrix (SAM) that incorporates firm heterogeneity based on ownership style, namely, state-owned enterprises, private firms, and foreign-invested enterprises. The results show that an increase in exports or investments increases GHG gas emissions to varying degrees depending on whether the increase occurs in state-owned enterprises, private firms, or foreign-invested enterprises (FIEs). The largest increase in emissions results from an increase in exports and investments of FIEs, whereas the increase in emissions due to private firms and SOEs is much smaller. The results imply that it is important to consider the impact of foreign investments and the activities of foreign firms on GHG emissions in Vietnam.
{"title":"Greenhouse gas emissions in Vietnam: an analysis based on a social accounting matrix with firm heterogeneity","authors":"P. Dang, K. A. Akkemik","doi":"10.1080/02692171.2022.2117287","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117287","url":null,"abstract":"ABSTRACT Vietnam is one of the fastest-growing polluters in the world – due to rapid industrialization facilitated by massive foreign investments. This study estimates the sources of greenhouse gas (GHG) emissions arising from activities of firms using a social accounting matrix (SAM) that incorporates firm heterogeneity based on ownership style, namely, state-owned enterprises, private firms, and foreign-invested enterprises. The results show that an increase in exports or investments increases GHG gas emissions to varying degrees depending on whether the increase occurs in state-owned enterprises, private firms, or foreign-invested enterprises (FIEs). The largest increase in emissions results from an increase in exports and investments of FIEs, whereas the increase in emissions due to private firms and SOEs is much smaller. The results imply that it is important to consider the impact of foreign investments and the activities of foreign firms on GHG emissions in Vietnam.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42052523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-02DOI: 10.1080/02692171.2022.2117283
Michael Batu, Bosu Seo
ABSTRACT This study analyzes the impact of travel restrictions due to the COVID-19 pandemic on the safety of women at home, and on home production responsibilities. We use Google’s community mobility reports to measure changes in travel patterns and Facebook’s Survey on Gender Equality at Home to measure changes in home production and safety at home during the first wave of the COVID-19 pandemic for 101 countries. We uncover two key findings: first, travel restrictions increase the percentage of women who felt unsafe at home, and second, travel restrictions lead to a rise in home production for both sexes, with men bearing much of the increase. We discuss the implications of these results for policies to support women and girls during pandemics.
{"title":"Gender roles and safety of women at home in the COVID-19 era: evidence from 101 countries","authors":"Michael Batu, Bosu Seo","doi":"10.1080/02692171.2022.2117283","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117283","url":null,"abstract":"ABSTRACT This study analyzes the impact of travel restrictions due to the COVID-19 pandemic on the safety of women at home, and on home production responsibilities. We use Google’s community mobility reports to measure changes in travel patterns and Facebook’s Survey on Gender Equality at Home to measure changes in home production and safety at home during the first wave of the COVID-19 pandemic for 101 countries. We uncover two key findings: first, travel restrictions increase the percentage of women who felt unsafe at home, and second, travel restrictions lead to a rise in home production for both sexes, with men bearing much of the increase. We discuss the implications of these results for policies to support women and girls during pandemics.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46887699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-01DOI: 10.1080/02692171.2022.2117282
Serhan Cevik
ABSTRACT Tourism was one of the fastest-growing sectors of the global economy before the COVID-19 pandemic, accounting for around 10% of global GDP. This has created a number of challenges including environmental degradation, especially in small island countries where the carbon footprint of tourism constitute a substantial share of carbon dioxide (CO2) emissions. This study investigates the impact of tourism on CO2 emissions in a relatively homogenous panel of 15 Caribbean countries over the period 1960–2019. The results show that international tourist arrivals have a statistically and economically significant effect on CO2 emissions, after controlling for other economic, institutional and social factors. Managing tourism sustainably requires a comprehensive set of policies and reforms aimed at reducing its environmental impact, and curbing excessive dependency on fossil fuel-based energy consumption.
{"title":"Dirty dance: tourism and environment","authors":"Serhan Cevik","doi":"10.1080/02692171.2022.2117282","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117282","url":null,"abstract":"ABSTRACT Tourism was one of the fastest-growing sectors of the global economy before the COVID-19 pandemic, accounting for around 10% of global GDP. This has created a number of challenges including environmental degradation, especially in small island countries where the carbon footprint of tourism constitute a substantial share of carbon dioxide (CO2) emissions. This study investigates the impact of tourism on CO2 emissions in a relatively homogenous panel of 15 Caribbean countries over the period 1960–2019. The results show that international tourist arrivals have a statistically and economically significant effect on CO2 emissions, after controlling for other economic, institutional and social factors. Managing tourism sustainably requires a comprehensive set of policies and reforms aimed at reducing its environmental impact, and curbing excessive dependency on fossil fuel-based energy consumption.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49179464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-01DOI: 10.1080/02692171.2022.2117281
Tanadej Vechsuruck
ABSTRACT This paper investigates sectoral contributions to the trend of national wage share, or the labor income share, during 2000–2014 in China. I apply the logarithmic mean Divisia index (LMDI) decomposition, the method widely used in energy studies, to decompose the trend of the wage share. At a sectoral level, with rapid structural transformation, structural change negatively impacted the wage share through the between-sector effect – the structural and price effects – mainly from agriculture. This result confirms Arthur Lewis’s hypothesis that structural transformation has a negative contribution to the wage share. At a national level, when the wage share declined before 2008, the between-sector effect was as significant as the within-sector effect – the wage and productivity effects. After 2008, the within-sector effect directed the increasing wage share trend. This implies that although structural transformation matters to the wage share in a large developing country like China, a wage-productivity nexus has been more influential and determined the increasing trend of the wage share since 2008.
{"title":"Sectoral wage share and its decomposition in China","authors":"Tanadej Vechsuruck","doi":"10.1080/02692171.2022.2117281","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117281","url":null,"abstract":"ABSTRACT This paper investigates sectoral contributions to the trend of national wage share, or the labor income share, during 2000–2014 in China. I apply the logarithmic mean Divisia index (LMDI) decomposition, the method widely used in energy studies, to decompose the trend of the wage share. At a sectoral level, with rapid structural transformation, structural change negatively impacted the wage share through the between-sector effect – the structural and price effects – mainly from agriculture. This result confirms Arthur Lewis’s hypothesis that structural transformation has a negative contribution to the wage share. At a national level, when the wage share declined before 2008, the between-sector effect was as significant as the within-sector effect – the wage and productivity effects. After 2008, the within-sector effect directed the increasing wage share trend. This implies that although structural transformation matters to the wage share in a large developing country like China, a wage-productivity nexus has been more influential and determined the increasing trend of the wage share since 2008.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41464569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-21DOI: 10.1080/02692171.2022.2100329
J. Safaei, Andisheh Saliminezhad
ABSTRACT The Covid-19 pandemic disrupted lives across all countries, and had severe negative impacts on the global economy, with a massive loss of production and employment, and an increase in national debts. Given that the economic impacts and government responses are structurally rooted in a country’s type of welfare regime, this study examines the economic impacts and government responses in selected OECD countries as differentiated by their welfare regimes using both descriptive and statistical methods. Our descriptive findings indicate that GDP drop and higher unemployment have been less severe in the social democratic countries, and the rise in government debt has been more dramatic in the liberal countries. We also find some degree of convergence in social spending across the welfare regimes at least as long as the pandemic persists. Using panel regression analysis, we find that more testing and higher vaccination are positively associated with GDP growth. On the other hand, containment measures and emergency economic support are negatively associated with GDP growth. Moreover, the descriptive finding that the adverse impact of the pandemic on GDP has been more pronounced in liberal and conservative countries compared to the social democratic countries is corroborated by our statistical analysis.
{"title":"The Covid-19 pandemic economic impacts and government responses across welfare regimes","authors":"J. Safaei, Andisheh Saliminezhad","doi":"10.1080/02692171.2022.2100329","DOIUrl":"https://doi.org/10.1080/02692171.2022.2100329","url":null,"abstract":"ABSTRACT The Covid-19 pandemic disrupted lives across all countries, and had severe negative impacts on the global economy, with a massive loss of production and employment, and an increase in national debts. Given that the economic impacts and government responses are structurally rooted in a country’s type of welfare regime, this study examines the economic impacts and government responses in selected OECD countries as differentiated by their welfare regimes using both descriptive and statistical methods. Our descriptive findings indicate that GDP drop and higher unemployment have been less severe in the social democratic countries, and the rise in government debt has been more dramatic in the liberal countries. We also find some degree of convergence in social spending across the welfare regimes at least as long as the pandemic persists. Using panel regression analysis, we find that more testing and higher vaccination are positively associated with GDP growth. On the other hand, containment measures and emergency economic support are negatively associated with GDP growth. Moreover, the descriptive finding that the adverse impact of the pandemic on GDP has been more pronounced in liberal and conservative countries compared to the social democratic countries is corroborated by our statistical analysis.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49325202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-04DOI: 10.1080/02692171.2022.2124007
J. Michie
This issue of the International Review of Applied Economics contains several papers which explore the way in which the participation of people – as citizens and employees – can and does impact economic and social life, along with the role of regulation. In ‘The heterogeneity of residents’ preference over a wide array of services, provided by a master planned community’, James Yoo and Julianna Browning report on the preferences of residents for various amenities within their neighbourhoods, and on how these may vary between different sections of the community. In ‘The quotas law for people with disabilities in Brazil: is it a guarantee of employment?’, Ana Cléssia Pereira Lima de Araújo, Maria Analice D. Santos Sampaio, Edward Martins Costa, Ahmad Saeed Khan, Guilherme Irffi and Rayssa Alexandre Costa find that by 2016, the effects of establishing legal employment quotas for people with disabilities in Brazil were positive for firms employing between 100 and 500 workers. This demonstrates the importance of such regulatory activity, although in practice the effect across countries over time will depend on the action of people actually enforcing the regulations – including both the regulatory authorities themselves, which requires that they be adequately resourced, and employees, often through trade union involvement.
本期《国际应用经济学评论》包含了几篇论文，探讨了人们作为公民和雇员的参与能够而且确实影响经济和社会生活的方式，以及监管的作用。James Yoo和Julianna Browning在《居民对总体规划社区提供的各种服务的偏好的异质性》一书中报告了居民对其社区内各种便利设施的偏好，以及这些偏好在社区不同部分之间的差异。在“巴西残疾人配额法：这是就业的保障吗？”中，Ana Cléssia Pereira Lima de Araújo、Maria Analice D.Santos Sampaio、Edward Martins Costa、Ahmad Saeed Khan、Guilherme Irffini和Rayssa Alexandre Costa发现，到2016年，为巴西残疾人建立合法就业配额的效果对雇佣100至500名工人的公司是积极的。这表明了此类监管活动的重要性，尽管在实践中，随着时间的推移，各国的效果将取决于实际执行监管的人的行动——包括要求他们有足够资源的监管机构本身，以及通常通过工会参与的员工。
{"title":"The role of agency and regulation in economic and social processes","authors":"J. Michie","doi":"10.1080/02692171.2022.2124007","DOIUrl":"https://doi.org/10.1080/02692171.2022.2124007","url":null,"abstract":"This issue of the International Review of Applied Economics contains several papers which explore the way in which the participation of people – as citizens and employees – can and does impact economic and social life, along with the role of regulation. In ‘The heterogeneity of residents’ preference over a wide array of services, provided by a master planned community’, James Yoo and Julianna Browning report on the preferences of residents for various amenities within their neighbourhoods, and on how these may vary between different sections of the community. In ‘The quotas law for people with disabilities in Brazil: is it a guarantee of employment?’, Ana Cléssia Pereira Lima de Araújo, Maria Analice D. Santos Sampaio, Edward Martins Costa, Ahmad Saeed Khan, Guilherme Irffi and Rayssa Alexandre Costa find that by 2016, the effects of establishing legal employment quotas for people with disabilities in Brazil were positive for firms employing between 100 and 500 workers. This demonstrates the importance of such regulatory activity, although in practice the effect across countries over time will depend on the action of people actually enforcing the regulations – including both the regulatory authorities themselves, which requires that they be adequately resourced, and employees, often through trade union involvement.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47897864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-04DOI: 10.1080/02692171.2022.2090522
J. Michie, C. Oughton
ABSTRACT This paper provides a measure of corporate diversity in financial services. Our index is based on four components: ownership; competitiveness; balance sheet structure/resilience; and geographic spread. The first of these sub-indexes measures ownership diversity based on the Berry index of diversification and the Gini-Simpson index of biodiversity. It captures the extent of diversity in ownership types – for the UK, banks, mutuals, and the government owned National Savings & Investment – where each of these have different objectives, creating diversity in behaviour. Our second sub-index captures the extent of competition, and is based on the inverse of the Hirschmann-Herfindahl index of concentration. Our third sub-index measures diversity in balance sheet structures and resilience across the financial sector. Our final sub-index captures the extent of geographic spread and the regional concentration of financial services. These indicators are combined into a single index – the D-Index – that measures diversity in financial services. The D-Index shows a marked decline in the run-up to the 2007–2009 financial crisis, followed by further falls during 2008 and 2009. Since then, the index has remained more or less flat. We are no closer to creating the conditions – of diversity – to avoid a repeat of the 2007-2009 global financial crisis.
{"title":"Measuring corporate diversity in financial services: a diversity index","authors":"J. Michie, C. Oughton","doi":"10.1080/02692171.2022.2090522","DOIUrl":"https://doi.org/10.1080/02692171.2022.2090522","url":null,"abstract":"ABSTRACT This paper provides a measure of corporate diversity in financial services. Our index is based on four components: ownership; competitiveness; balance sheet structure/resilience; and geographic spread. The first of these sub-indexes measures ownership diversity based on the Berry index of diversification and the Gini-Simpson index of biodiversity. It captures the extent of diversity in ownership types – for the UK, banks, mutuals, and the government owned National Savings & Investment – where each of these have different objectives, creating diversity in behaviour. Our second sub-index captures the extent of competition, and is based on the inverse of the Hirschmann-Herfindahl index of concentration. Our third sub-index measures diversity in balance sheet structures and resilience across the financial sector. Our final sub-index captures the extent of geographic spread and the regional concentration of financial services. These indicators are combined into a single index – the D-Index – that measures diversity in financial services. The D-Index shows a marked decline in the run-up to the 2007–2009 financial crisis, followed by further falls during 2008 and 2009. Since then, the index has remained more or less flat. We are no closer to creating the conditions – of diversity – to avoid a repeat of the 2007-2009 global financial crisis.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46365822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-04DOI: 10.1080/02692171.2022.2092321
Economists former UK-regulators
We, the undersigned, are writing to express our concern about proposals for the UK’s Financial Services Future Regulatory Framework (FRF) to give regulators statutory objectives to promote “competitiveness” after Brexit. The Economic Secretary, John Glen MP, rightly called the FRF a “once-in-a-generation opportunity” to set the course for post-Brexit regulation. The FRF says the government intends “a greater focus on growth and competitiveness by introducing new, statutory secondary objectives for the PRA (Prudential Regulation Authority) and the FCA (Financial Conduct Authority).” Chancellor Sunak has said that UK finance should be “globally competitive over the long term.” We wholeheartedly support the government’s aim to stimulate long-term UK economic growth, including through financial regulation. Yet we believe that competitiveness is an inappropriate objective for regulators, for the reasons below.
{"title":"Economists’ competitiveness letter","authors":"Economists former UK-regulators","doi":"10.1080/02692171.2022.2092321","DOIUrl":"https://doi.org/10.1080/02692171.2022.2092321","url":null,"abstract":"We, the undersigned, are writing to express our concern about proposals for the UK’s Financial Services Future Regulatory Framework (FRF) to give regulators statutory objectives to promote “competitiveness” after Brexit. The Economic Secretary, John Glen MP, rightly called the FRF a “once-in-a-generation opportunity” to set the course for post-Brexit regulation. The FRF says the government intends “a greater focus on growth and competitiveness by introducing new, statutory secondary objectives for the PRA (Prudential Regulation Authority) and the FCA (Financial Conduct Authority).” Chancellor Sunak has said that UK finance should be “globally competitive over the long term.” We wholeheartedly support the government’s aim to stimulate long-term UK economic growth, including through financial regulation. Yet we believe that competitiveness is an inappropriate objective for regulators, for the reasons below.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44593584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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