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on Law and Economics |
| By: | Markus Ohndorf (Chair of Economics, Institute for Environmental Decisions IED, ETH Zurich) |
| Abstract: | Project-based Emissions Trading Schemes, like the Clean Development Mechanism, are particularly prone to problems of asymmetric information between the project parties and the regulator. Given the specificities of these schemes, the regulator’s optimal monitoring strategy significantly differs from the one to be applied for capand- trade schemes or environmental taxes. In this paper, we extend the general framework on incomplete enforcement of policy instruments to reflect these specificities. The main focus of the analysis is to determine the regulator’s optimal spot-check frequency under the plausible assumption that the submitted projects vary with respect to their verifiability. We find that, given a limited monitoring budget, the optimal monitoring strategy is discontinuous, featuring a jump within the set of projects with lower verifiability. In this region, actual abatement is low and can fall to zero. For these cases, the sign of the slope of the strategy function depends on the actual relationship of the abatement cost and the penalty function. We conclude that, in a real-world context, project admission should ultimately be based on the criterion of verifiability. |
| Keywords: | environmental regulation, emissions trading systems, audits and compliance |
| JEL: | K32 D42 D82 |
| Date: | 2010–08 |
| URL: | http://d.repec.org/n?u=RePEc:ied:wpsied:10-13&r=law |
| By: | Friedrich Schneider; Tilman Brück; Daniel Meierrieks |
| Abstract: | This survey provides an in-depth analysis of existing research on the economic analysis of terrorism and counter-terrorist measures. First the existing evidence on the causes of terrorism is analyzed, then we consider the evidence of the consequences of terrorism and we demonstrate why it is important to regarding of the issue of counter-terrorism policy. Moreover the survey presents the existing knowledge on the interrelation between the economy and the issue of security and it incorporates analysis the level of knowledge about the causal chains between security and the economy. Also it focuses on perspective and methodologies from the discipline of economics but also refers to research from related disciplines (sociology, political science). It also assembles the knowledge on the impact of terrorism on the economy as reflected in macro-economic variables and its impact on specific sectors. Furthermore it assesses how potential an actual terrorist event determine consumer and producer behaviour, public policy, as well as terrorist responses to these policies. Finally a European perspective on the terrorism security annexes is discussed and here we analyze the causes of terrorism in Europe. |
| Keywords: | risk, insecurity, survey, terrorism, counter-terrorism, security economics |
| JEL: | K42 H56 O17 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1049&r=law |
| By: | Friedrich Schneider; Tilman Brück; Daniel Meierrieks |
| Abstract: | This survey provides an in-depth analysis of existing research on the economic analysis of terrorism and counter-terrorist measures. First the existing evidence on the causes of terrorism is analyzed, then we consider the evidence of the consequences of terrorism and we demonstrate why it is important to regarding of the issue of counter-terrorism policy. Moreover the survey presents the existing knowledge on the interrelation between the economy and the issue of security and it incorporates analysis the level of knowledge about the causal chains between security and the economy. Also it focuses on perspective and methodologies from the discipline of economics but also refers to research from related disciplines (sociology, political science). It also assembles the knowledge on the impact of terrorism on the economy as reflected in macro-economic variables and its impact on specific sectors. Furthermore it assesses how potential an actual terrorist event determine consumer and producer behaviour, public policy, as well as terrorist responses to these policies. Finally a European perspective on the terrorism security annexes is discussed and here we analyze the causes of terrorism in Europe. |
| Keywords: | risk, insecurity, survey, terrorism, counter-terrorism, security economics |
| JEL: | K42 H56 O17 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1050&r=law |
| By: | Christian Traxler (Max Planck Institute for Research on Collective Goods, Bonn); Carsten Burhop (Max Planck Institute for Research on Collective Goods, Bonn and University of Cologne) |
| Abstract: | Using panel data for Prussia during 1882 to 1910, we replicate Mehlum, Miguel, and Torvik’s (2006) study on the causal effect of poverty on crime in 19th century Germany. In addition, our data set allows us to make several original contributions to the literature. We confirm the robust positive effect of poverty on property crime. Employing the rye price as a proxy for poverty, we show that the effect is less pronounced for provinces with a large agricultural sector. As Mehlum et al., we also find a strong negative impact of poverty on violent crime. However, once we account for beer consumption, this effect vanishes. |
| Keywords: | Crime, Poverty, rye price, beer, weather, Prussia |
| JEL: | K42 N93 |
| Date: | 2010–08 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2010_35&r=law |
| By: | Beck, T.H.L. (Tilburg University, Center for Economic Research) |
| Abstract: | Legal institutions are critical for the development of market-based economies. This paper defines legal institutions and discusses different indicators to measure their quality and efficiency. It surveys a large historical and empirical literature showing the importance of legal institutions in explaining cross-country variation in economic development. Finally, it presents and discusses three different views of why we can observe the large cross-country variation in legal institutions, the social conflict, the legal origin and the culture and religion hypotheses. |
| Keywords: | Legal institutions;economic development;legal system indicators;property rights |
| JEL: | K1 K4 O16 O43 P14 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:kubcen:201094&r=law |
| By: | Jo Shaw |
| Abstract: | This paper explores the different ways in which citizenship has played a role in polity formation in the context of the European Union. It focuses on both the ‘integration’ and the ‘constitution’ dimensions. The paper thus has two substantive sections. The first addresses the role of citizenship of the Union, examining the dynamic relationship between this concept, the role of the Court of Justice, and the free movement dynamic of EU law. The second turns to citizenship in the Union, looking at some recent political developments under which concepts of citizenship, and democratic membership as a key dimension of citizenship, have been given greater prominence. One key finding of the paper is that there is a tension between citizenship of the Union, as part of the EU's ‘old’ incremental constitutionalism based on the constitutionalisation of the existing Treaties, and citizenship in the Union, where the possibilities of a ‘new’ constitutionalism based on renewed constitutional documents have yet to be fully realised |
| Keywords: | citizenship; free movement |
| Date: | 2010–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:erp:euirsc:p0261&r=law |
| By: | Antonio Segura-Serrano |
| Abstract: | Abstract: Although this paper is entitled “The Transformation of International Law”, it does not put forward any general thesis about the great changes that have occurred in recent years in this discipline. It seeks to make a critical reflection on the current constitutionalization debates that certainly abound within the international literature. In the first part, after devoting some paragraphs to the current context in the international community, the paper focuses on questions such as globalization and the rule of law. In the second part, the paper introduces the main different projects defending the process of constitutionalization of international law. The debate on the constitutionalization of international law undoubtedly has European roots, but there are some differences in the intellectual approach taken by the doctrine on this question. The third part sets out the reaction triggered by the project on constitutionalization. Together with the differences in constitutional law culture that may be found in a comparative examination, the paper analyzes the problem of translating the constitutional framework beyond the state. The recurring themes of hegemonic law and the fragmentation of international law are also addressed. In the last section, the paper will finally make a general assessment of the ongoing constitutionalization debate within the discipline. |
| Date: | 2010–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:erp:jeanmo:p0195&r=law |
| By: | Ioannis Lianos |
| Abstract: | Abstract: The rise of economics as one of the main (some will advance the most important) “source” of competition law discourse is well documented. This study focuses on a facet of the integration of economic analysis in competition law: "economic transplants". The term “economic transplants” refers to specific economic concepts that were incorporated into the legal discourse by an act of “translation”. They represent the ultimate degree of interaction between the legal and the economic systems. Using a paradigmatic approach the study examines their specific characteristics and what distinguishes them from other forms of integration of economic analysis in competition law. It critically assesses their role and their impact on the legal and the economic discourses. The study concludes that the “paradigm” of translation constitutes the most appropriate explanatory framework for taking into account the dual nature of economic transplants and, more broadly, for conceptualizing the interaction of law with other social sciences. It should be distinguished from the existing methodologies of interaction between the disciplines of law and economics, such as the concept of “economic law” and the law and economics approach. |
| Keywords: | economic law; European law; competition policy; economics; history; law |
| Date: | 2009–10–08 |
| URL: | http://d.repec.org/n?u=RePEc:erp:jeanmo:p0191&r=law |
| By: | Christian Joerges |
| Abstract: | 'Constitutionalisation' is the key concept in the search for legitimate governance in the European Union and in the international system. This paper suggests revitalising of a discipline which is widely neglected in European law and international law scholarship. It does not, however, recommend a return to the conflict of laws (private international law) in the traditional sense. The new type of conflicts law which it advocates is not concerned with selecting the proper legal system in cases with connections to various jurisdictions. This conflicts law is conceptualised as a response to the increasing inter-dependence of formerly more autonomous legal orders and to the democracy failure of constitutional states which result from the external effects of their laws andlegal decisions on foreign systems and on their citizens who cannot understand themselves as their authors. European law has a vocation and many means both to compensate for the democracy failures of member states and to build upon this potential in its constitutionalisation. The conflicts law approach also provides new, albeit more restrained, perspectives at international level. WTO law is used to explored and document its constitutional perspectives.The conflicts law approach is differentiated into three dimensions. With this differentiated fabric, the approach responds to transformation processes which have affected contemporary law at all levels of governance after the rise of regulatory politics and the turn to governance. In its second dimension, conflicts law seeks to constitutionalise co-operative problem-solving under the lead of administrative bodies, while its third dimensions is concerned with both the recognition and the supervision of transnational governance arrangements and para-legal regimes. |
| Keywords: | deliberative democracy; economic law; Europeanization; multilevel governance; private international law; rule of law; social regulation; supranationalism; WTO |
| Date: | 2010–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:erp:reconx:p0063&r=law |
| By: | Tatom, John |
| Abstract: | On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the financial services industry faced strong pressures for deregulation of the rigid structure imposed during the Great Depression. During the 2007-08 financial crises and ensuing debate regarding financial services regulation, the GLBA became a target as members of the financial sector, academia and government considered possible triggers that may have precipitated the crisis. |
| Keywords: | Glass-Steagall Act; Dodd-Frank Act; financial regulation; financial crisis. |
| JEL: | K20 G18 E50 |
| Date: | 2010–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:24609&r=law |