Shadow banking regime: assessment of investment funds

2017 ◽  
Vol 18 (2) ◽  
pp. 36-45
Author(s):  
Lukas Prorokowski
Keyword(s):  
European Union ◽  
Decision Tree ◽  
Design Methodology ◽  
Relevant Information ◽  
Shadow Banking ◽  
The European Union ◽  
Investment Funds ◽  
Content Type ◽  
Credit Lines ◽  
The Us

Purpose To explain the shadow banking regime that will be enforced in the European Union by local regulators starting in January 2017. Design/methodology/approach Recognising the regulatory-induced difficulties in the process of identifying certain types of clients (investment funds) as shadow banking entities, this article provides a decision tree for the shadow banking classification process in order to aid the impacted institutions with the assessment of their clients. With this in mind, the article advises the impacted institutions on the specific steps that should be taken when assessing investment funds for shadow banking flags. Furthermore, the article provides insights into the information required to conduct the shadow banking classification process. Findings The regime requires the impacted institutions to assess their clients for shadow banking flags in order to impose limits on credit lines to clients classified as shadow banking entities. The US regulatory jurisdiction will be impacted over a longer term. Originality/value The recommendations in this article will be especially useful for investment funds to ensure that the relevant information is clearly stated in their prospectuses in order to avoid being classified as shadow banking entities.

Special safeguard tariff impacts on the Brazilian sugar exports

2015 ◽  
Vol 14 (2) ◽  
pp. 70-85 ◽  
Author(s):  
Cinthia Cabral da Costa ◽  
Heloisa Lee Burnquist ◽  
Joaquim José Martins Guilhoto
Keyword(s):  
Design Methodology ◽  
The European Union ◽  
Content Type ◽  
Income Effects ◽  
Output Matrix ◽  
The Us ◽  
Sugar Trade ◽  
Sugar Market ◽  
The Eu ◽  
Sugar Exports

Purpose – This paper aims to present a critical analysis of special safeguards (SSGs) and a simulation of their effects on Brazilian sugar exports to countries such as the US and the European Union (EU) bloc. Design/methodology/approach – The first stage involved the identification of tariff lines for the EU and the US sugar imports from Brazil between 1995 and 2013. Next, notifications of World Trade Organization about SSGs were examined to identify the years when the measure was applied on the sugar trade by these countries. For the years when SSGs were applied, the values of these additional tariffs were calculated. This information was used, along with price elasticities, to obtain the effects of an increase in Brazilian sugar exports in the absence of SSG and also the overall impact on the Brazilian economy, using its input-output matrix. Findings – Results indicated that the estimated value of the direct, indirect and income effects of SSG tariffs on Brazilian sugar exports to the EU and the US markets through the period 1995 to 2013 could amount to BRL 22 billion in terms of the exporting country GDP. This suggests that this policy can be highly perverse, as it translates into lower domestic production for both, the exporting and the importing countries. This issue is relevant for discussions on the global sugar market, given the facts that it is one of the markets which have been most distorted by protectionism. Originality/value – This issue is relevant for discussions on the global sugar market, given the facts that it is one of the markets which have been most distorted by protectionism.

The European Union oil dependency: a threat to economic growth and diplomatic freedom

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rafael Alexis Acevedo ◽  
Maria Lorca-Susino
Keyword(s):  
Economic Growth ◽  
European Union ◽  
The European Union ◽  
Difficult Situation ◽  
Content Type ◽  
Energy Dependency ◽  
The Us ◽  
The Usa ◽  
Data Statistics ◽  
The Eu

Purpose This paper provides a general review of the current energy dependency of the European Union (EU) and the possible threat that it poses to economic growth and diplomatic freedom. Design/methodology/approach Systematic literature review with a narrative approach to analyze historical data, statistics and energy policies and determine if the EU oil dependency represents a threat to economic growth and diplomatic freedom. In addition, a review of the US policy “America first” is also included to analyze its impact on the EU. Findings The energy dependency rate of the EU increased 12 percentage points from 1990 to 2018. Russia has become the largest oil supplier for the EU tripling Norway, the largest supplier in the 1990s. The oil dependency of the EU on Russia is a difficult situation where guaranteed energy supply and diplomatic freedom becomes a national political controversy. Even though the USA is currently a top world exporter of oil, the EU does not rely on the USA. The findings suggest that the EU needs to secure a reliable energy supplier to guarantee economic growth, reduce energy scarcity and enhance diplomatic freedom. Originality/value This paper provides a historical examination of the EU oil dependency considering its impact on economic growth and diplomatic freedom.

The politics of margin squeeze in telecommunications: diverging paths of the US and EU

Info ◽  
2015 ◽  
Vol 17 (2) ◽  
pp. 1-15 ◽  
Author(s):  
Fuat Oğuz
Keyword(s):  
Competition Policy ◽  
Design Methodology ◽  
Case Law ◽  
Extensive Literature ◽  
The European Union ◽  
Content Type ◽  
Socialist Calculation Debate ◽  
The Us ◽  
The Usa

Purpose – This paper aims to study the historical origins of margin squeeze cases in the USA and Europe. Design/methodology/approach – The author compares and contrasts major margin squeeze investigations in the USA and the European Union (EU) in terms of the role of efficiency and fairness and shows their roots in the socialist calculation debate of the 1940s. Findings – It was found that the USA and EU diverge in their approaches towards margin squeeze claims. While the USA case law focuses more on efficiency, the European Commission makes decisions based more on fairness and “protection of rivals”. This shows that political and ideological preferences influence legal decision-making. Research limitations/implications – The paper is limited to major cases in telecommunications. It leaves aside cases in other areas. Thus, the author cautions that the generalization of the findings of the paper to all margin squeeze cases, or competition policy in general, may be difficult. Originality/value – While there is extensive literature on margin squeeze cases in the USA and EU, there is little work on the historical and ideological connections. The paper contributes to the literature by drawing attention to political influences over technical decisions.

Radio spectrum regulation as a matter of international affairs: discussing the effectiveness of the European Union at World Radiocommunication Conferences

2018 ◽  
Vol 20 (5) ◽  
pp. 373-398 ◽  
Author(s):  
Maria Massaro
Keyword(s):  
European Union ◽  
Relevant Information ◽  
Radio Spectrum ◽  
Coalition Building ◽  
The European Union ◽  
International Affairs ◽  
Content Type ◽  
Eu Member States ◽  
The Eu

Purpose This paper aims to discuss the effectiveness of the European Union (EU) at World Radiocommunication Conferences (WRCs) by comparing EU objectives prior to and outcomes of recent WRCs. Design/methodology/approach A thematic analysis of qualitative data extracted from documents is conducted. The effectiveness of the EU is discussed by using the concepts of agenda-setting and coalition-building, borrowed from international relations literature. Findings A clear conclusion on EU effectiveness could not be drawn based on the degree of match between EU objectives and WRC outcomes. Other factors need to be included in the analysis, such as relevance of the EU’s participation at WRCs to the EU member states and availability and allocation of EU resources to the various stages of the WRC process. Research limitations/implications Further research is encouraged to investigate the role of the EU at WRCs. In particular, interviews with experts involved in the WRC process may help gather relevant information on EU relevance and EU resource availability and allocation. Originality/value This paper contributes to existing research on international radio spectrum regulation by drawing attention to the role of the EU as an international actor.

Graduated response and the emergence of a European surveillance society

Info ◽  
2010 ◽  
Vol 12 (6) ◽  
pp. 69-79 ◽  
Author(s):  
Trisha Meyer ◽  
Leo Van Audenhove
Keyword(s):  
European Union ◽  
Design Methodology ◽  
The European Union ◽  
State Of Emergency ◽  
Content Type ◽  
Surveillance Society ◽  
The Uk ◽  
Social Sorting ◽  
Technological Bias ◽  
Online Piracy

PurposeThis paper seeks to offer an alternative critique to graduated response, a warning and sanction mechanism aimed at fighting online piracy.Design/methodology/approachThis paper reflects on and frames graduated response in terms of theories on surveillance society and code. In particular, it analyses the graduated response debate in the European Union and the current initiatives in France and the UK.FindingsThe paper argues that graduated response portrays rights holders as being in a state of emergency, is a form of social sorting, and has a technological bias.Originality/valueThis paper contends that many objections raised to graduated response have been reduced to issues concerning the procedure rather than the principle, and that important societal questions concerning graduated response remain un(der)explored.

scholarly journals Integration in banking efficiency: a comparative analysis of the European Union, the Eurozone, and the United States banks

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dimitra Loukia Kolia ◽  
Simeon Papadopoulos
Keyword(s):  
United States ◽  
European Union ◽  
Banking System ◽  
The United States ◽  
The European Union ◽  
Banking Efficiency ◽  
Content Type ◽  
Savings Banks ◽  
The Us ◽  
Bootstrap Dea

PurposeThis paper investigates the development of efficiency and the progress of banking integration in the European Union by checking for convergence among banks of European and Eurozone countries as well as contrasting the results with those of United States banks.Design/methodology/approachInitially, we employ the two-stage semi-parametric double bootstrap DEA method, which absorbs the effects of possible integration barriers in the measurement of efficiency. Afterwards, we apply a panel data model, in order to investigate the process of banking integration by testing for convergence and for convergent clusters in banking efficiency.FindingsOur main findings show that the bank efficiency of the US is considerably higher than that of the Eurozone and the European Union. Although there is no evidence of convergence across the banking groups, our results indicate the presence of club convergence. We also conclude that the US banking system is closer to convergence than the Eurozone and the European Union banks. Nevertheless, this outcome is subject to change in the future due to the fact that Eurozone and European Union banks' speed of convergence is higher than that of US banks.Originality/valueOur survey is unique in trying to check for convergence while controlling for country-specific and bank-specific factors that affect the efficiency of European and Eurozone banks. Moreover, recent literature does not compare the convergence of efficiency of Eurozone, European and US banking. Finally, in our paper special consideration was given to the comparison of commercial, cooperative and savings banks, as subsets of our banking groups.

The effects of the crisis on marketing innovation: an application for Spain

2016 ◽  
Vol 31 (3) ◽  
pp. 404-417 ◽  
Author(s):  
Natalia Medrano ◽  
Cristina Olarte-Pascual
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Technological Innovation ◽  
Logit Model ◽  
Design Methodology ◽  
Structural Features ◽  
The European Union ◽  
Content Type ◽  
Marketing Innovation ◽  
Organizational Innovations

Purpose This study aims to identify the structural features of companies that have implemented marketing innovations at two different points, 2008 and 2010 (before and during the crisis). Design/methodology/approach The sample, obtained from the Technological Innovation Panel, consists of two subsamples of 9,415 enterprises each. The information was processed using a binomial logit model, parametric and non-parametric tests for independent samples and a test of structural stability. Findings Differences were found in the results from 2008 and 2010: enterprises in Spain were less likely to implement marketing innovations in 2010 than in 2008; the effect of an enterprise’s size on how likely it was to innovate in marketing decreased by more than half between the two periods; the likelihood of innovating in marketing increased in enterprises that also pursued organizational innovations; and in contrast to 2008, in 2010, the enterprises that were most likely to innovate in marketing were those that exported to countries outside the European Union. These findings show that innovation is part of the business ethos and that public policies that support exports can also foster innovation. Originality/value Marketing innovation has received little attention in the literature. We believe that marketing innovation can help to improve an organization’s results, even in times of economic crisis.

Insider trading in the European Union and in Brazil: a comparison of the essential elements of its definition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anna Blachnio-Parzych ◽  
Alexander de Castro
Keyword(s):  
European Union ◽  
Insider Trading ◽  
Design Methodology ◽  
Essential Elements ◽  
The European Union ◽  
Inside Information ◽  
Content Type ◽  
The Subject ◽  
Definition Of ◽  
The Eu

Purpose The purpose of this study is a comparison of anti-insider trading regulations in the European Union (EU) and in Brazil. Design/methodology/approach The subject of the comparison are three key elements that define the shape of the protection against insider trading, namely, the definition of inside information, the definition of insiders and the kinds of behaviours that are forbidden. Findings There are both differences and similarities between EU and Brazilian legislations on insider trading. The main discrepancies found in the three foci of the analysis seem to relate strongly to the different rationales for the prohibition of insider trading adopted in the two legal systems. In the EU, market egalitarianism and thus the parity of information, are the central concepts, whereas fiduciary duties originally constituted the point of reference in Brazil, although it has been losing importance over time owing to subsequent changes in the legislation. In sum, while anti-insider trading regulations in the EU have a well-defined identity, in Brazil their policy basis seems to be in the process of redefinition. Originality/value As of the time of submission of this study no published academic works dedicated substantially to a comparison of the anti-insider trading legislation of the EU and Brazil could be found.

Rethinking the role of the EU in enhancing European competitiveness

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Christian Ketels ◽  
Michael E. Porter
Keyword(s):  
European Union ◽  
Economic Performance ◽  
Design Methodology ◽  
The European Union ◽  
Content Type ◽  
The Past ◽  
The Many ◽  
European Economies ◽  
The Eu

Purpose This paper aims to review the evidence on Europe’s economic performance and on the role played by policies pursued at the European Union (EU) level, using the competitiveness framework as the conceptual lens. Design/methodology/approach Why has Europe not made more progress on upgrading its competitiveness over the past few decades, despite the many initiatives that the EU has launched? Findings It finds Europe’s sluggish performance to be driven by a failure to adjust the EU’s policy approach to fundamental changes in the competitiveness context and challenges faced by European economies. Originality/value Based on this analysis, the paper suggests a new role for the EU in supporting EU member countries and regions in achieving higher levels of competitiveness.

SEC framework and no-action letter provide guidance on analyzing whether a digital asset is a security

2019 ◽  
Vol 20 (4) ◽  
pp. 68-71
Author(s):  
Kenneth J. Berman ◽  
Morgan J. Hayes ◽  
Matthew E. Kaplan ◽  
Byungkwon Lim ◽  
Gary E. Murphy ◽  
...  
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Investment Funds ◽  
Content Type ◽  
Market Participants ◽  
Securities Investment Funds ◽  
The Us ◽  
Digital Asset ◽  
Digital Assets

Purpose To analyze and draw conclusions from the “Framework for ‘Investment Contract’ Analysis of Digital Assets” (the “Framework”), released by the US Securities and Exchange Commission (the “SEC”) on April 3, 2019, and the SEC’s corresponding no-action letter to TurnKey Jet, Inc. (“TKJ”), which is the SEC’s first no-action letter publicly agreeing with the view that the digital asset described therein is not a security. Design/Methodology/Approach Explains how the Framework assists market participants in analyzing whether a digital asset is a security, by applying the Howey factors for identifying an investment contract. Discusses the SEC’s TKJ Letter, highlighting the factors the SEC emphasized in its analysis of the Framework. Findings While largely reiterating prior guidance, the Framework provides a helpful overview of the SEC’s views on when a digital asset is a security and how to properly analyze the prongs of Howey with respect to digital assets. The Framework also leaves certain important questions unanswered, including, for example, whether digital assets distributed by means of a so-called “Airdrop” are securities under the Framework, and the extent to which the Framework is meant to interact with digital assets that were issued or otherwise operate on platforms that are primarily overseas. Originality/Value Expert guidance from lawyers with broad experience in financial services, securities, investment funds, derivatives, and digital assets regulation and compliance.

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