Regulatory Policy Research Articles

Can stock market always act as a ‘barometer’ for industrial system? An analysis on the connectedness between production and return spillover networks

ABSTRACT This study investigates whether the stock market consistently acts as a ‘barometer’ for the industrial system by employing the complex networks theory. We propose a network of production spillovers for the system and a network of return spillovers for the market and then calculate network similarity to explore the connectedness between them. We acquire the following discoveries. On the one hand, there is a weak connectedness between the network structure of production spillovers and that of return spillovers, with the former and latter showing ‘core-periphery’ and ‘uniformity’ associations, respectively; meanwhile, the effects of production shocks on the system are symmetrical, whereas those of return impacts on the market are asymmetrical, suggesting a weak connectedness between them. These confirm that the ‘barometer’ function of the market exhibits low effectiveness. On the other hand, the major events with a direct impact on the production of enterprises, e.g. Covid-19, US–China Trade Friction, Bank Liquidity Crisis and Strict Financial Regulatory Policies, lead to an increase in the connectedness between the system and the market; conversely, those causing indirect shocks through financing channels, like Stock Market Crash, result in a decrease. These verify that the ‘barometer’ function strengthens amidst some major events while weakens during others.

Institute of bankruptcy in the Russian Federation: establishment and ways of development of the legal provision

Objective: to study the issues of regulation of bankruptcy relations and to determine the ways of further development of the legal field in this sphere. Methods: historical method, logical and structural analysis, system-functional approach, formal-legal method. Results: the article considers formation of the bankruptcy institute in the Russian Federation. In addition, the modern state of legal support in this field is analyzed. The peculiarities of the Russian model of bankruptcy regulation are outlined. Further, the author emphasizes the current problems in the regulation of bankruptcy relations in the Russian Federation. In particular,the author notes that the procedures aimed at restoring the solvency of debtors are not in demand in practice. The study also emphasizes the problem of a relatively low percentage of satisfied creditors’ claims as a result of bankruptcy procedures. An assessment is given of the current project of changing the legal field in this area proposed by the legislator. The ways of further development of bankruptcy legislation are defined. Scientific novelty: consists in the complex nature of the study of bankruptcy relations. In particular, the research provides a new development of theoretical provisions, as well as practical recommendations to improve legal regulation and increase the effectiveness of the bankruptcy institute. It is established that today there is a smooth transition from the pro-debtor model of bankruptcy relations, which was previously dominating, to a more balanced mechanisms of insolvency regulation from the viewpoint of creditor and debtor interests. It is also argued that it is necessary to abandon the financial rehabilitation and external management procedures, which actually do not work in practice, and to replace them with a single rehabilitation procedure aimed at restoring the debtor’s solvency. Practical significance: a certain theoretical basis was formed, which is necessary both for researching the essence of the bankruptcy institute in the Russian Federation and for developing proposals to adjust regulatory policy in this area in the future.

China’s aviation policies in response to the COVID-19 and its impact on tourism sectors

ABSTRACT The implementation of aviation policies represents a pivotal strategy in response to the COVID-19 pandemic for the development of the tourism industry. This paper investigates the impact of 2020–2023 Chinese aviation policies on the returns of various economic sectors. Utilising a multiple-dependence contagion test alongside network analysis, our study reveals that among the three aviation policies, financial support policies exert the greatest influence in explaining policy contagion from the aviation sector to the 15 relevant economic sectors, followed by national aviation development policies. Regulatory adjustment policies have a comparatively lesser impact on contagion. The tourism and hospitality industry exhibits the highest sensitivity to aviation policy shocks, followed by the logistics and transportation, financial and insurance, and energy and environmental protection sectors, with the telecommunication industry experiencing the least impact. These findings provide valuable insights for policymakers to design and implement effective policy tools to prepare for future economic downturns.

Designing intermediary-involved regulatory system: organizational capacities and institutional conditions for NGO regulatory intermediation

ABSTRACT Regulatory intermediaries (RIs) are transforming implementation of contemporary regulatory policy. While the mainstream Regulator-Intermediary-Target framework offers important insights, limited research investigates the prerequisites for non-governmental organizations (NGOs) to function as RIs. This study investigated the organizational capacities and institutional conditions for environmental NGOs’ contributions as RIs in China’s newly established Environmental Public Interest Litigation system. Analyzing data from interviews, archive retrieval and participatory observation, it found that their effective contributions require not only adequate capabilities and competences for the assigned authorities, but also alignment of their strategic and survival interests with the broader regulatory objectives. The contributions were influenced by their interactions with other key actors in the regulatory system and related institutions. The study suggests that researchers and designers of regulatory systems relying on NGO-RIs should consider their organizational capacities and interests in their evolving interactions with actors within and beyond the focal system and before and after its introduction. Constant feedback about their latest operational needs and concerned issues would help update the regulatory system. Institutional arrangements that support their development would also enable their effective functioning for the system, inducing wider and more dedicated contribution. The study highlights the complexity in governing with NGOs.

THE ROLE OF THE KARAWANG GOVERNMENT IN ADDRESSING ENVIRONMENTAL POLLUTION (AIR POLLUTION) CAUSED BY COMPANIES IN THE KARAWANG AREA

Environmental pollution, especially air pollution, has become a serious problem in many countries including Indonesia. Industrial cities such as Karawang City have a big challenge in overcoming air pollution problems, which are mostly caused by the industrial sector and motorized vehicles. This research aims to find out what the Karawang government should do to overcome the pollution produced by factories in Karawang City and how effective the Karawang Regency Regional Regulation Number 14 of 2012 concerning Environmental Protection and Management is. In 2023, Karawang experienced very high levels of air pollution until the air quality index value reached 178. The impact of this was that many people were affected by ARI, even the smoke produced by factories in Karawang had an impact on Jakarta and surrounding areas. To address this air pollution problem, the Karawang government has a major role in accordance with the local regulation (Perda) on Environmental Protection and Management, that the government is responsible for establishing effective regulatory policies, taking firm action against business owners whose factories do not comply with government regulations, and supervising factories that have the potential to pollute the air. Although there are local regulations that deal with air pollution problems, in reality these regulations are not fully effective, because there are still many factories that do not comply with the rules and the sanctions given are not burdensome and provide a deterrent effect, so the government needs to evaluate the regional regulation in dealing with air pollution problems in Karawang City.Keywords: air pollution; government; industrial area

Problems of Monitoring Surface Waters in the Dnipro Basin

In Ukraine, the qualitative state of surface waters is unsatisfactory, especially in major water accumulation facilities of national importance, such as the Dnipro reservoirs. This situation necessitates changes in the state monitoring mission and regulatory policies in water use. Particular public importance lies in the objective assessment of the ecological and hydrological state of Ukraine's water bodies and waters, especially under the conditions of ecological-economic and military aggression, with respect to water bodies of national significance, such as the Dnipro reservoirs, primarily the Kremenchuk Reservoir. The study employs scientific methods of systemic analysis, including GIS analysis, generalization, and systematization, while considering synergistic approaches in the development of structural-logical schemes for monitoring systems in hydrology using the abduction method. The necessity of correlation analysis and the integration of surface water and soil monitoring systems has been investigated. For example, soil contamination with free nitrogen has led to a tenfold increase in nitrate concentrations in well water in the Poltava region over recent years. The analysis revealed insufficient observation points for surface water and a lack of systematic soil contamination surveys. It was demonstrated that monitoring of the Kremenchuk Reservoir should encompass not only the water quality of the reservoir itself but also the water-bearing streams, tributaries, and parts of the basin forming the reservoir, in accordance with the proposed structural-logical schemes. It was identified that only 0.1% of the 35 billion UAH allocated over the past 12 years to the Dnipro River rehabilitation program was spent on water monitoring, while water rental payments account for only 20% of state and municipal water management expenditures. A structural-logical scheme for the development of hydro-ecological monitoring of the water environment in part of the Dnipro basin has been proposed. Structural-logical schemes for the development of a spatial monitoring framework for the integral system of the Kremenchuk Reservoir's components have been suggested. The need to establish an information-analytical center for state water monitoring in Ukraine has been identified.

ANABOLIC STEROID ADVERSE EVENT PROFILE OBSERVED IN HEALTHCARE PROFESSIONALS

The misuse of anabolic-androgenic steroids (AAS) has become a significant public health concern, particularly among adult males and bodybuilders in Pakistan. Despite the increasing prevalence, limited data exist regarding the adverse effects of AAS and healthcare professionals' perspectives on its misuse. Objective: To assess the adverse effects of AAS misuse as observed by healthcare professionals in Lahore, Pakistan, and to evaluate their experiences regarding self-medication, overdose, and ADR reporting. Methods: A cross-sectional survey was conducted from February to July 2023 among 203 healthcare professionals, including physicians, pharmacists, nurses, psychologists, and nutritionists. Participants were randomly selected from public and private hospitals and clinics in Lahore. Data were collected using a structured, prevalidated questionnaire distributed via Google Forms. Descriptive statistics, including frequencies and percentages, were analyzed using SPSS version 26.0. Results: AAS misuse was predominantly observed among males (82.8%) and adults (81.3%), with bodybuilders being the primary users (50.7%). The most common adverse effects included hypertension (52.7%), gynecomastia (60.6%), mood disorders (63.5%), and acne (65.5%). Self-medication (60.6%) and overdose (59.6%) were strongly associated with these adverse effects (p<0.001). ADR reporting to regulatory authorities was notably low, with only 27.1% of professionals reporting observed complications. Conclusion: This study highlights the widespread misuse of AAS and its associated adverse effects, particularly among males and bodybuilders in Lahore. The findings emphasize the urgent need for educational interventions, stricter regulatory policies, and improved ADR reporting mechanisms to address this public health issue effectively.

Discussion on Juvenile Addiction to Online Games and Its Supervision Policy

With the popularization of the Internet and smart phones, online games have become an important part in minors’ entertainment. But at the same time, online games also cause harm to teenagers mentally and physically. It has turned out that teenagers immersed in online games‌ tend to have real-life emotional problems, academic problems, social problems;‌ in the long run, they are unable to build healthy, having difficulty in obtaining pleasure in real environments, and their resilience can become worse. In this regard, parties relevant must guide minors who like online games, for which, it is of importance to develop sound relevant regulatory policies. In order to clarify the current social policy supervision status of online games for minors, this public policy report takes China as the research object, in-depth analyzing its regulatory policies for online games for minors through different research methods such as literature and research, investigation and research, so as to clarify the current situation and at the same time while making reference for the governments of China and other countries across the world to formulate proper policies, and to jointly build a sound and healthy environment for minors playing carry out online games.

Економічна нерівність: концепт та підходи до вимірювання

The study of economic inequality has evolved from the classical works of S. Kuznets and A. Atkinson to the modern approaches of A. Sen, J. Foster, A. Shorrocks, G. Palma, and T. Piketty, which take into account the impact of globalization, technological changes, and political decisions. Economic inequality is understood as the uneven distribution of economic opportunities and resources, including income and wealth, among individuals and population groups. Two primary forms of economic inequality are distinguished: income inequality (which reflects differences in current income) and wealth inequality (which focuses on disparities in already accumulated income). Horizontal and vertical dimensions of inequality are identified. The key factors include global factors (globalization, technological progress) and specific ones (macroeconomic conditions, labor market regulation, demographic changes, and redistribution policies). The specific mechanisms for measuring wealth and income inequality are presented. By analyzing the advantages and disadvantages of methodological approaches to measuring economic inequality, it is established that, due to the absence of a universal methodological approach, using a combination of survey data, tax statistics, and national accounts allows for a more comprehensive analysis of inequality. The assessment of the advantages and disadvantages of the Gini index, mean log deviation, Theil index, Palma ratio, and quantile ratios demonstrates that combining simple percentile ratios with complex indices fosters a deeper understanding of the structure and dynamics of inequality. Quintile ratios or the Palm ratio estimate the income gap between the richest and poorest groups, and the Gini ratio and the Theil index reflect changes in income across all segments of the population. It is emphasized on the need to adapt existing inequality indicators in Ukraine to international practices, particularly regarding wealth inequality.

Sulfur isotope anomalies in coal combustion: Applications to the present and early Earth environments

The observation of mass-independent sulfur isotope fractionations (S-MIF) in Archean-Paleoproterozoic rocks has been instrumental in constraining oxygen levels on early Earth. The S-MIF effect, experimentally demonstrated to result from photochemical reactions, has now been observed in coal combustion, expanding our understanding of this phenomenon. Our study reveals that the negative Δ33S anomalies produced by coal combustion are consistent with similar anomalies observed in present-day sulfate aerosols in Beijing, China, and the black crust sulfates formed on building stones, monument walls, and sculptures in Europe that contribute to carbonate stone deterioration and cultural heritage damage. This finding provides independent evidence for a critical role of atmospheric sulfate from coal combustion in maintaining isotopic balance and offers an effective method for tracing sulfate aerosol sources. These insights are vital for developing more effective regulatory policies to control air pollution and protect public health. Given that coal energy production remains a significant issue in climate science, accurately mapping the global distribution of its by-products is imperative.

Еволюція концепцій концентрації капіталу

The article studies the evolution of capital concentration concepts, starting from the classical approaches inherent in traditional economics to modern digital economic systems. The author analyzes the main changes in approaches to capital concentration that have occurred under the influence of technological innovations, globalization, and the development of information technology. An interdisciplinary approach to the analysis of capital concentration concepts is applied, which allows taking into account the impact of economic, social and technological transformations. It is substantiated that capital concentration is a fundamental process that determines the structure and functioning of economic systems at different stages of their development. The article identifies the main approaches to assessing capital concentration in the context of socio-economic transformations. It is determined that the change in capital concentration paradigms requires new approaches to regulation and public policy that take into account the specifics of the digital economy. The impact of digital platforms on capital concentration is analyzed. The author identifies the current challenges and opportunities arising in the context of digitalization of the economy and outlines the future development of capital concentration concepts. Particular attention is paid to the development of a conceptual matrix that reflects the relationships between the main institutional factors that affect capital concentration. Proven the necessity of revising traditional economic paradigms in the context of digital transformation and forming a competitive policy in the field of capital concentration in order to ensure sustainable economic development and social justice. The article systematizes theoretical and methodological approaches to the analysis of capital concentration, which can serve as a theoretical and methodological basis for further research.

Estabilidad financiera y volatilidad de los mercados criptoactivos

The global financial crisis made it clear that financial stability should be considered an objective of economic policy. In this context, traditional economic policies of demand management encounter serious limitations to correct the problems of financial instability, requiring the use of regulatory and macroprudential policies. Thus, we have since witnessed the emergence of a new objective (financial stability) and a new instrument (macroprudential policy) in economic policy. The development of cryptoassets and their ecosystem constitute a challenge for financial stability, as their excessive volatility introduces significant risks of destabilizing financial systems. To avoid this, it is not a matter of banning them or limiting their use, but of regulating and supervising them appropriately.

Market Dynamics of Short Covering: The Price Rebound Phenomenon and Double Peak Model in China’s Futures

The present study examines the behavior of futures markets in the wake of widespread short selling and subsequent short covering, which frequently lead to notable price increases. Known as the "Double Peak Model," this study provides a thorough analysis by synthesizing empirical data and recent literature. Data on futures contracts for different financial indices and commodities during periods of notable short interest and subsequent short covering are gathered for the study. Using statistical and econometric methods, the research examines trends in price movements and volatility. Key findings show that while short covering can result in sudden and sharp price increases, short selling can improve market efficiency and transparency by improving information flow. The study also emphasizes how crucial institutional involvement, legal frameworks, and market dynamics are in determining these price fluctuations. The Double Peak Model provides a deeper understanding of the mechanisms underlying market behaviors related to short selling and covering, which is useful information for traders, investors, and policymakers. These understandings are essential for creating sensible regulatory policies, enhancing risk management, and creating successful trading strategies.

The Impact of Free Trade Zones on the International Competitiveness of Cross-Border E-Commerce Companies

As international e-commerce expands so quickly, cross-border e-commerce (CBEC) is becoming more and more important to China's exports. This study attempts to investigate the effect of free trade zones (FTZs) on the global competitiveness based on the FTZ. A thorough analysis of the ideas surrounding FTZs and CBEC allows for the clarification of the fundamental research framework and the application of both qualitative and quantitative research methods. The development strategy of CBEC is finally presented. After a review of the advantages of FTZ policies (such as expediting the customs clearance process, lowering trade barriers, improving logistics efficiency, etc.) and the disadvantages of CBEC policies (such as increasing market competition, diversifying the international market), and unpredictable regulatory policies: formulate and improve the relevant policies, strengthen the construction of the CBEC service platform, expand the scope of the CBEC comprehensive pilot zone, improve the financial service system, and cultivate the interdisciplinary talents needed for CBEC.

Competition and cooperation mechanism of new energy vehicle policies in China’s key regions

New energy vehicles (NEVs) are crucial in addressing environmental pollution and energy shortages. Their widespread adoption has been hindered by challenges such as inadequate infrastructure and limited market competitiveness. To promote the development of NEV, local governments in China have implemented various policies. However, resource constraints within regions have created inherent conflicts among policy objectives, while regional disparities have emerged due to differences in development status and characteristics. This study aims to model the complex competitive and cooperative mechanisms among different NEV policy objectives and compare their variations across three key regions: the Beijing-Tianjin-Hebei (BTH), Guangdong-Guangxi-Fujian (GGF), and Yangtze-River-Delta (YRD). Firstly, topic model Latent Dirichlet Allocation is applied on 857 local NEV policies from 2010 to 2021, identifying six core policy objectives, namely production technology, infrastructure, financial support, demonstration, industrial management and environmental protection. Then, the Lotka-Volterra model is employed to examine competitive and cooperative mechanism among these policy objectives. Key findings are: (1) infrastructure policies prevail across all regions; (2) regulation policies exhibit a comparative advantage in the BTH region, while implementation policies dominate in the GGF region and promotion policies in the YRD region; (3) cooperation among objectives is primarily observed in the BTH region, whereas competition plays a more dominant role in the other regions. This study fills a previous research gap and provides insights for researchers and policymakers, highlighting the development of customized strategies that consider the unique characteristics and requirements of each region.

Historical Traces Of Health Law: Tracing The Dynamics Of Health Regulation Development Through Literature

This article discusses the historical development of health law, focusing on the evolution and dynamics of health regulation. The study in this research uses the literautr research method. The purpose of this study is to provide insight into the current legal challenges and future directions of Health regulation. The results found that the historical development of health law was influenced by various socio-political factors and significant medical advances. Key milestones such as 19th century sanitary regulation and public health policy in the 1918 influenza pandemic show how health law has evolved. Important figures such as health activists and legal academics were instrumental in shaping influential legal frameworks, such as the Public Health Act and bioethics. The impact of these legal reforms on public health varies depending on the responsiveness and adaptivity of the regulations to current global health challenges, such as health data privacy and access to medicines. By understanding the historical evolution of health law, it can be concluded that an adaptive legal framework is necessary to achieve optimal public health outcomes in the future.

Industry energy-environmental efficiency: Analysis from imports and regulatory policy in an emerging economy

Coordinating the intermediate goods imports considering industrial energy-environmental efficiency, within a green, low-carbon, and circular development system, is a key strategic measure for China to achieve its carbon peak, carbon neutrality goals, and promote high-quality development. This paper examines the impact and mechanisms of intermediate goods imports on China’s industrial energy-environmental efficiency, using data from China’s industrial sectors between 2000 and 2020. The study reveals that intermediate goods imports play a crucial role in enhancing the energy-environmental efficiency of industries. Intermediate goods imports enhance energy-environmental efficiency by fostering technological innovation and improving human capital levels. The impact of intermediate goods imports on improving energy-environmental efficiency is more pronounced in low-energy and high-tech industries. Additionally, industry environmental regulations significantly influence the relationship between intermediate goods imports and energy-environmental efficiency. When environmental regulations surpass a threshold, intermediate goods imports positively contribute to industrial energy-environmental efficiency. This paper investigates key factors for improving industrial energy-environmental efficiency through the lens of intermediate goods imports, offering significant insights for advancing the sustainable development of China’s industry and achieving green transformation.

Long-term temporal response of Eastern Canadian lakes chemistry along a large spatial gradient of atmospheric sulfate deposition.

A major consequence of the Industrial Revolution was the acidification of continental water bodies by sulfates (SO42-) and nitrates deposited over long-range distance from atmospheric emissions. Regulation policies were implemented in the 1980s leading to the general decrease of SO42- concentrations in freshwaters and progressive recovery from acidification, a complex process that is still ongoing. The surface water SO42- decrease has been linked to declining calcium (Ca2+) and increasing dissolved organic carbon (DOC) concentration. Here, up to 40 years (1983-2023) of chemical data in 46 lakes of Eastern Canada are analyzed for long-term trends and spatial patterns along a large gradient of SO42- deposition, including the relation with catchment geomorphology. The average lake SO42- concentration decreased along the distance from sulfur dioxide sources. SO42- concentration decreased significantly in every lake and faster close to the emission sources. In 70% of the lakes, the SO42- decline drove concurrent but slower Ca2+ and magnesium declines, leading to an overall increase in the Ca2+/SO42- ratio, in pH and in alkalinity for 72% of the lakes. The Ca2+ concentration is now below the crucial threshold for large zooplankton species in most lakes. Increasing trends in lake sodium concentration suggest an intensification of mineral weathering in catchment soils, potentially linked to rising temperatures, which could be involved in the observed recovery. DOC increased in 67% of lakes which drove a concurrent increase in aluminum in some lakes. The numerous environmental changes in progress across temperate and boreal lakes will deeply modify the structure and functioning of these systems, especially in the context of climatic changes.

ROLE OF STATE IN DEVELOPING MEDIATION – IN EU AND UKRAINE (A COMPARATIVE PERSPECTIVE)

Ukraine’s status as a candidate country and the start of negotiations on accession to the European Union require a comparative analysis and harmonization of Ukrainian legislation with the legislation of other EU Member States and European legislation. One of the areas of comparative jurisprudence is the development of mediation as a legal institution, including the state policy of legislative regulation of the mediation institution. This development has attracted the attention and support of the EU and the Council of Europe, as European democratic standards require cooperation between the state and citizens or individuals. However, the need for a more cohesive and unified approach to mediation across the EU remains crucial, as highlighted by De Palo & Trevor (2012) , who argue that such harmonization would strengthen the effectiveness and accessibility of mediation services. The purpose of this article is, first, to compare the role of the state in the development of mediation in the EU and Ukraine. The state of research and literature on this topic in the EU and Ukraine is not sufficiently systematic, so a comparative analysis of this topic is relevant. In terms of methodology, the paper applies logical and linguistic methods. Still, some conclusions are based both on statistical data and on the observations of the participants, in particular, on their own mediation practice. Despite the more active role of the state in the development of mediation in the EU, this process cannot be called a ‘success story’. To a certain extent, we can observe similarities between the EU and Ukraine regarding successes, challenges, and the state’s role as one of the actors promoting the development of mediation.

A normalized quality of life approach for regulatory approval of medical devices

Abstract Patient-reported outcomes (PROs) are used in clinical trials to provide valuable evidence on the impact of treatment on patients’ symptoms, function and quality of life. High-quality PRO data from trials can inform shared decisionmaking, regulatory and economic analyses and health policy. The heterogeneity between the patient groups and the associated differences in morbidity and quality of life can be taken into account by standardization to the general population. As a result, our study shows that despite the retrospective design with the corresponding level of evidence, mesh repair of a ventral hernia leads to an equivalent result compared to tissue hernia surgery.