Impact Of Regulatory Policies Research Articles

Impact of regulatory policies on green bond issuances in China: policy lessons from a top-down approach

ABSTRACT This study examines whether the green bond policies of major Chinese financial regulators’ have a direct and positive impact on the green bond market. Using Chinese green bond issuances from 2012 to 2019, we analyze green bond issuer response to top-down regulatory policies post 2014. Using a difference-in-difference model, we find a direct positive influence of green bond regulatory policies on issuance amounts. Additional analysis shows that specific issuer characteristics like ownership type (government-owned), industry type (green industry), and sector type (financial issuer) have a stronger positive reaction to policy announcements and led to the issuance of more green bonds. Our results highlight the supporting role of financial regulators in advancing the green finance agenda in China. Key policy insights Green bond policies implemented by Chinese financial market regulators have been an effective means to increase overall green bond issuances Certain issuer types react more positively by increasing their green bond issuances following the announcement of green bond policies Pro-active participation by key financial regulators in the form of harmonized definitions, consistent engagement, and alignment with international best practices can be beneficial for stimulating green finance growth

The credibility of regional policymaking: insights from South America

ABSTRACT Regional responses to international threats and opportunities have become prevalent. Yet significant lacunae persist in our recognition of some impacts of regional policies. Where measuring impact of regional policy does exist, this tends to focus on economic impact, heavily influenced by the EU model, or focuses on impacts that we have come to expect from national level policymaking. In this paper we show that important effects of regional policymaking in South American regionalism are being overlooked. Specifically, we argue that failure to recognize the creation of normative frameworks, dynamics of regional diplomacy, and social policy outcomes from regional policymaking has negatively affected the credibility of regional organizations. Lack of understanding of the impact of regional policy risks trivializing progress in regional policy and, critically, affects the legitimacy and credibility of regional governance. We make this case by focusing on regional health and migration policies in South America.

Impact of regulatory policies on job creation in developing countries

The objective of this paper is to study the effects of labor market regulation policies on the allocation of labor. Specifically, it aims to highlight the effects of regulatory policies on the choice of kind of job, taking into account market segmentation and barriers to entry into the formal sector. To do so, we used the fourth Cameroon Household Survey (ECAM 4) and a self-selection model. The results show that individual and institutional factors are responsible for the misallocation of labor between the formal and informal sectors. Thus, we find that women and youth preference for informal jobs is involuntary because it is constrained by the existence of barriers to entry to the labor market. These results suggest that there is a certain amount of regulatory flexibility to increase the level of formal employment, even to transform informal jobs into formal jobs.

The Impact of Regional Policy and Population Growth on Environmental Kuznets Curve for Agricultural Sector in Indonesia: A Provincial Dynamic Panel Data Analysis.

The present study was undertaken to record the diversity of Balapur pond of the Prayagraj district of Uttar Pradesh with special reference to vertebrates and angiosperms. The Balapur pond was surveyed in detail once in a month for a period of one year from January 2018 to December 2018. The survey reflects a rich and flourishing biodiversity of the pond studied including 40 chordate species and 38 species of angiosperms. The notable chordate diversity includes 12 species of fishes, 2 species of amphibians, 7 species of reptiles, 11 species of birds and 8 species of mammals. Besides, several species of annelids, crabs, butterflies, moths, grasshoppers, ants, termites, lobsters, snails, other gastropods, planktons, algae, bryophytes and pteridophytes have also been observed.

Quantifying the Effect of Real Estate News on Chinese Stock Movements

ABSTRACT Both traditional finance and modern behavioral finance consider that the volatility of the stock market comes from the release, dissemination and absorption of information from different views. With the rapid growth of Chinese housing prices and the public’s attention to the issue, listed firms related to Chinese real estate have come to represent one of the most important sectors in Chinese stock markets. In this study, we quantify news articles using natural language processing techniques and investigate the impact of regulatory policies and firm-specific news on real estate stocks in this active market covered by a large amount of information. Our three main findings are as follows: (1) the simple and effective quantitative measure of news emotion can be used to study the media-aware stock movements in the real estate sector of the Chinese stock market; (2) policy news leaks ahead of time, which leads to abnormal fluctuations in the stock market 14 days before the release of information, while the stock market fluctuates only slightly and briefly after the news release; and (3) news pessimism indicates downward pressure on market prices, and optimism tends to increase market prices. News-sensitive stocks perform better than other stocks, with a Sharpe ratio higher than 0.2.

СОЦІАЛЬНО-ЕКОНОМІЧНІ НАСЛІДКИ МІГРАЦІЇ ТРУДОВИХ РЕСУРСІВ УКРАЇНИ ТА МЕХАНІЗМ ЇХ РЕГУЛЮВАННЯ

In the article the modern factors influencing the migration movement of economically active population of Ukraine are highlighted. Mechanisms of state regulation of migration processes are investigated. The purpose and tasks of the state administration bodies in this field are determined. The structure of a comprehensive mechanism for regulating external migration, the place and role of authorities, international non-governmental organizations, research institutions in studying the causes and forecasting the consequences of territorial redistribution of labor resources have been clarified. Attention is drawn to the problematic issues that result from the formation of powerful labor migration flows. Тhe statistics of the main indicators, that affect labor migration, the relationship of regulatory optimization is characterized and migration policy, as well as the impact of regulatory policy on Ukraine's economic development strategy labor migration. The experience of state bodies, public and international non-governmental organizations in regulating the processes of labor migration in Ukraine and abroad is generalized, forms and means of coordination of their actions and deepening of cooperation are proposed. The causes of the process of external labor migration have been identified. The analysis of the migration movement in the regions of Ukraine is carried out, the attention is paid to the professional abilities of Ukrainians by age and gender, who leave the territory of the country in search of work, and sometimes permanent residence. Attention is drawn to the negative and positive aspects of migration processes. The economic, social and demographic consequences of the migration movement of the population are studied as an important component of the socio-economic development of the country. The legislative base of the state migration policy is analyzed, trends and ways of improving the mechanisms of state regulation of external migration are determined, practical recommendations are formulated, regarding its organizational and economic - administrative support. Advantages and disadvantages of labor flow overseas are identified. The solutions are suggested for solving these problems.

Результативность региональной политики в сфере развития малого предпринимательства

Результативность региональной политики в сфере развития малого предпринимательства

Utility-Owned Combined Heat and Power: Improving Reliability and Lessening Environmental Impact

Problem Definition: Combined heat and power (CHP) plants generate electricity and useful heat at the same time, reaching high efficiencies. There are many benefits to utilities of having CHP plants in their portfolio, including increasing power reliability, reducing transmission losses, and meeting environmental regulations. Despite these benefits, only 3% of all CHP capacity in the U.S. is utility owned. We study the economics of utility ownership of CHP plants and examine the impact of regulatory policies on such investments. Academic/Practical Relevance: There is little research on the economics of utility ownership of CHP. Given the low CHP adoption rate in the U.S., particularly by utilities, it is of general interest to understand the economics of CHP and how policies affect CHP adoption. Methodology: We solve for the optimal form of investment and dispatch decisions using analytic economic modeling. Following this, we present a numerical study calibrated with real data from three different utilities in the U.S., including their existing generation portfolio, uncertainties in demand and fuel prices, granular renewable intermittency, and grid reliability. Results: A utility’s investment in different generating technologies follows an Invest/Stay Put/Disinvest (ISD) policy for a given siting decision of CHP plants. Numerically, we find investment in many CHP plants to be attractive to utilities, even without regulatory policy intervention. A low to moderate emissions tax makes CHP even more attractive for utilities. Managerial Implications: There is significant interest in energy sustainability in the industrial and academic communities. We shed light on a technology that is well known to practitioners but less explored in academia and demonstrate its benefits rigorously. We show that utilities should seriously consider adopting CHP in their generation portfolios, and our model framework can aid such decisions.

The Impact of Regulatory Policies on the Future of Fecal Microbiota Transplantation.

In this article, the authors explore the impact of a potential future regulatory decision by FDA whether or not to continue its enforcement discretion policy allowing physicians to perform, and stool banks to sell, stool product for fecal microbiota transplantation as a treatment for recurrent Clostridium Difficile infection without an Investigative New Drug (IND) application. The paper looks at the Agency's regulatory options in light of the current gut microbiota based products that are in the FDA pipeline for drug approval and the potential impact and repercussions of their approval on FDA action. In laying out FDA's options we consider the implications of market exclusivity and off-label use of newly approved drugs. Ultimately, we explore the potential impact of FDA's decision on patients, research, and innovation.

이동 음성 서비스 시장에서의 가격 결정요인 분석 - 규제 정책과 시장 구조에 따른 영향을 중심으로 -

이동 음성 서비스 시장에서의 가격 결정요인 분석 - 규제 정책과 시장 구조에 따른 영향을 중심으로 -

European Union and nationally based cohesion policies in the Italian regions

ABSTRACT This paper analyzes the effects of cohesion policies on the gross domestic product (GDP) per capita of the 20 Italian administrative regions for the period 1994–2013. The analysis includes both European Union and national funds. It estimates average partial effects through a control-function approach based on the funds’ allocation rules, and allows for the role of the regional environment on the impact of regional policies. A positive impact of European Union funds is found, as well as a less significant impact of (nationally financed) subsidies to firms. Quality of government has no relevance for European Union funds, but it enhances the impact of subsidies to firms.

ВЛИЯНИЕ КРИЗИСА НА КАЧЕСТВО ЖИЗНИ НАСЕЛЕНИЯ: РЕГИОНАЛЬНЫЙ И ВРЕМЕННОЙ АСПЕКТЫ

The paper focuses on the impact of recession on the population life quality and aims at its quantitative assessment in the regional (e. g., the regions of the Siberian Federal District) and temporal aspects (analytical database includes 2003 - 2013). The authors also consider the possibility of delay (lag) of the individual indicators and areas of life quality in response to the recession. The research methodology is based on a graphical analysis of dynamic trends of the statistics (27 quality of life indicators and 8 economic indicators). The results showed that the sagging economic and social indicators are not always synchronous and proportional to each other, on this basis it is possible to differentiate between the regions of the Siberian Federal District. Furthermore, the reaction of individual indicators of the quality of life and spheres occurs with time delays of different durations. It is necessary to take into account the regional authorities in the policy aimed at maintaining the quality of life in times of recession Keywords: quality of life, the crisis, the impact of regional policy, time lags.

Evaluation of Eu Cohesion Policy Impact on Regional Convergence: Do Culture Differences Matter?

Abstract Attention to the harmonised economic growth by promoting regional economic convergence was paid in the 1960s, at the commencement of European economic integration. It served as a basis for initiation of programs intended to reduce disparities among regions. For the current programming period (2014-2020) over 350 billion euro was allocated to promote cohesion (more than 340 billion for 2007-2013 and about 213 billion for 2000-2006) and a considerable part of that funding went specially to promote regional convergence; therefore, the analysis of regional convergence in the EU countries is essential due to both economic and financial reasons. Regional policy can be considered successful if regional disparities are found to be decreasing; however, research on convergence/divergence issue has not provided any unambiguous conclusions. We aim to enrich this field of analysis by incorporating cultural dimension while analysing the factors influencing regional convergence. In order to identify a causal link between culture and economic outcomes, we define culture as the customary beliefs and values that ethnic, religious and social groups transmit almost unchanged from generation to generation. Our research hypothesis is that regional policy impact on regional convergence differs between groups of countries characterised by historically diverse cultural experience. Using panel data approach like FD and covering the two last programming periods along with a set of variables to control country-specific economic environment, we investigate whether the success of Cohesion policy has depended on cultural differences in the north, south, west and central-east groups of European countries.

A Study on the Impact of Regulatory Policy on the Gambling Industry in Korea

본 연구는 국내 사행산업에 대한 규제정책의 평등성, 형평성, 공정성에 대한 검토를 통해 사행산업간공동발전방향을 제시하려는 것이다. 사행산업들은 매년 사감위가 배분하는 매출총량 범위내에서상대방의 총량을 넘겨받으려는 식의 합법산업간 경쟁을 하는 사이 불법시장은 통제불능의 상태에놓여있다. 개별 사행산업들은 불법과 싸움하기보다는 사감위의 유병률에 의한 규제정책으로 인해체육진흥투표권(토토)와 복권은 급성장한 반면에 경마는 정체되고 있다. 헌법의 평등권 조항에 따라사행산업들은 평등한 대우(규제)가 이루어져야 한다. 규제가 불가피하더라도 타업종과의 형평성이보장되고 규제의 내용도 공정하게 이루어져야 한다. 따라서 합법산업간 제로섬게임(zero-sum game)경쟁을 벗어나 불법시장을 합법시장으로 끌어 들이도록 사감위의 정책 패러다임을 전환시켜야 한다. 이를 통해 사행산업자들은 ‘공공의 적’인 불법시장을 상대로 합법시장을 확대하는 공동의 목표를 향해 상생방안을 모색해야 한다.This study reviews equality, equity and fairness of regulatory policy for the gambling industry in Korea andthen provides guideline for a joint development plan. The legitimate gambling companies in Korea havebeen in a strong competition to take a large portion of the total revenue allocated by the NGCC while theillegal market is beyond control. Toto and Lottery has been dramatically expanding due to the NGCC’sregulatory policies whereas horse racing has been stagnant. It would be fair that all sectors in the gamblingindustry should be regulated equally in accordance with the equality provisions of the Constitution. It isargued that more efforts should be made to bring the illegal market into the light rather than to competefor a “zero-sum” game within the legitimate industry. It is critical for the gambling industry in Korea to expandthe legal market by directing demand away from illegal operators, “enemies of the public”.

The impact of regional policies on emergency department management and performance: the case of the regional government of Sicily.

Improvement in healthcare, seeking the correct balance between quality and costs, is an ongoing concern in many countries. Many countries have developed and implemented improvement programmes in health care, particularly in emergency departments (ED), which play a key role in terms of hospital resources and planning. The regional government of Sicily implemented a project 2010-2012 to improve ED care quality and patient safety. This paper aims to evaluate improvements implemented by the Regional Health Authority of Sicily in the 20 main EDs. Performance analysis of EDs was conducted on three levels: care quality (standard Joint Commission International evaluation), efficiency in terms of resources and output (by way of interviews and document analysis) and the role of management in efficiently promoting change (presence of a performance monitoring system). The results show improvements in all areas and improved performance in all EDs. There is, however, room for improvement in certain areas, and improvement was not uniformly distributed. The quality of local policy and management are key aspects of efficient promotion of performance improvement. Copyright © 2015 John Wiley & Sons, Ltd.

Design for the environment: Impact of regulatory policies on product development

Globally automakers are facing pressure from their stakeholders to follow sustainable business practices and produce products that are less harmful to the environment. The introduction of gas guzzling automobiles in the US market despite the increasingly stringent emission norms highlights the widening gap between the goals of the regulators and the automakers, demanding a fresh outlook at the regulatory framework. In this paper, we therefore propose a composite regulatory standard that not only allows the regulators to control various environmental standards, but also provides automakers with an opportunity to exploit scale economies and synergies in product development. Our results show that under composite regulations, sufficiently high economies of scale will ensure higher traditional and environmental qualities as well as higher profits for the automaker while operating in two markets as opposed to a single market. We also find under the composite regulations that, when more demanding norms are in place, despite positive synergies between traditional and environmental quality attributes, higher environmental quality is not guaranteed unless the scale economies are sufficiently high. Our work has implications for regulatory authorities in evaluating alternative policy design under heterogeneous market characteristics and technological synergies.

RHOMOLO: A Dynamic General Equilibrium Modelling Approach to the Evaluation of the European Union's R&D Policies

Brandsma A. and Kancs d’A. RHOMOLO: a dynamic general equilibrium modelling approach to the evaluation of the European Union's R&D policies, Regional Studies. European integration changes the prospects of regional economies within the member states of the European Union in many ways. Cohesion Policy is the European Union's instrument to influence and complement the efforts made at the national level to ensure that the gains of economic integration reach everyone, and there are no regions left behind. This paper presents and applies a spatial general equilibrium model RHOMOLO to assess the impact of regional policy in the European Union. The presented simulation results highlight strengths of the approach taken in RHOMOLO in handling investments in research and development (R&D), infrastructure and spillovers of investments in the innovation capacity of the regions, both of which cannot be captured by models in which the spatial structure is not present.

Managing Capital and Insolvency Risk via Internal Capital Market Transactions: The Case of Life Insurers

Understanding the movement of capital between insurers and affiliated companies under common ownership is important for understanding insurer insolvency risk and the impact of regulatory policies regarding capital standards and group supervision. Aggregate data indicate that life insurers received substantial internal capital contributions from other entities in their group and decreased the internal shareholder dividends paid during the financial crisis. Panel data estimates indicate that, on average, a dollar decrease in net income when net income is negative is associated with a $0.32 increase in capital contributions from other entities in the group, and that a dollar increase in net income when net income is positive is associated with a $0.56 increase in the amount of internal shareholder dividends paid by the insurer to other entities in the group. Also, insurers with low (high) risk-based capital ratios receive more (less) internal capital contributions than other insurers. While the sensitivity of internal capital movements to performance and capitalization is concentrated in groups with a large number of affiliates, insurers in these groups do not on average, holding other factors constant, have lower capital or lower liquidity ratios than insurers in groups with less active internal capital markets.

Valutare la competitività delle regioni come destinazioni turistiche. Proposta e applicazione di un modello praticabile

This paper suggests a feasible model to evaluate the competitiveness of the tourist regions of the Italian Mezzogiorno and, therefore, from a policy making perspective, the impact of regional policies – primarily those of economic development – that affect tourism. A review of the literature – on the issue of the lack of adequate information to draw and analyse public policies –, has led us to conclude that the reasons for this difficulty are different and have a nature both institutional and technical (OECD, 2005). Dwelling on the technical level, we assume that an information system to evaluate the competitiveness of the tourism sector should be: practical, understandable, based on benchmarking, suggest solutions, timely, systematic and reliable. The paper, aside from explaining the significance and arguments on which we have based the choice of the indicators, proposes a concrete model – meeting the mentioned criteria – to measure the competitiveness of a tourist region, Sicily, benchmarking it to other regions of the Mezzogiorno and, in some cases, to other regions of the Mediterranean. Finally, we have summarized the most significant elements of the model. More specifically, we have explained the reasons of both, the definition of «tourism competitiveness» we have applied, and the selected indicators.

Optimal design and operation of building services using mixed-integer linear programming techniques

As mandated by several directives issued by the European Union, starting from 2020, new buildings must be designed and constructed as low-energy buildings. This situation is to be achieved mostly by an installation of renewable energy technologies, storage systems, and improved insulations. As a result, the capital cost of these building systems and thus the potential for optimization will grow significantly. In addition, on the electric supply side, a smart grid with time-varying electricity tariffs may be established. These two directions of impact offer the opportunity to optimize the interactions between the so-called smart building and the distribution grid. Due to the stringent requirements for such future building systems, their complexity of design and control will increase inevitably. Therefore, in this paper a design framework for the optimal selection and sizing of a smart building system is presented. Various building services such as thermal and electrical storages, heating and cooling systems, and renewable energy sources are modeled and implemented using mixed-integer linear programming techniques. In order to enable a reasonable comparison of various configurations, optimal operating strategies are computed in parallel. Finally, the impact of regulatory policies and variable pricing systems on the design of the building components are examined.