Staff Working Paper Research Articles

ПРОБЛЕМИ ПРАВОВОГО ЗАБЕЗПЕЧЕННЯ ОБІГУ ПОХІДНИХ ФІНАНСОВИХ ІНСТРУМЕНТІВ В УКРАЇНІ

Derivatives are effective of hedging the risks of business entities. The experience of foreign countries testifies to the need to ensure their circulation through legislative regulation of institutional issues and protection of the interests of market participants, on which they (PFIs) are rotated. Taking into account the recent integration processes in Ukraine and the necessity to implement European legislation in connection with the signing of the Association Agreement, the country is actively working in this direction. In particular, the bills considered by the Verkhovna Rada: the draft Law on Capital Markets and Regulated Markets No. 7055 dated 01.09.2017, the Draft Law on Protection of Investors Against Abuse of Capital Markets No. 6303 dated April 6, 2017 and the Draft Law of Ukraine On Amendments to Some legislative acts of Ukraine on simplification of attraction of investments and introduction of new financial instruments (the registration number 9035 dated September 3, 2018) partly take into account the latest legislative changes of the European Union, namely: recommendations of the International Association of Swaps and Derivatives Association (ISDA), European Parliament and Council Directive 2014/65 / EC of 15.05.2014 on the Financial Instrument Markets (MiFID II) and Regulation (EC) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on MiFIRs , as well as Regulation (EC) No. 648/2012 of the European Parliament and of the Council of 4 July 2014 on OTC derivatives, central counterparties and trade repositories (EMIRs). Meanwhile, issues of the functioning of multilateral trading systems (MTF) and organized trading systems (OTFs) remain unimplemented in domestic legislation; clearing and settlement systems, as well as increasing the operational efficiency of the OTF market. REFERENCES Shmuratko Ya.A. Problemy vykorystannia kredytnykh deryvatyviv bankamy v Ukraini. International Scientific and Practical Conference WORLD SCIENCE. 2016. No. 1(5). Vol. 5. P. 73-75. URL: http://archive.ws-conference.com/wp-content/uploads/1334.pdf [in Ukrainian]. Ukrainskomu biznesu napomnili o novyh pravilah na evropejskih finansovyh rynkah. Mul’timedijnaja platforma inoveshhanija Ukrainy Ukrinform. URL: https://www.ukrinform.ru/rubric-economy/2378724-ukrainskomubiznesu-napomnili-o-novyh-pravilah-na-evropejskih-finansovyh-rynkah.html [in Russian]. Proposals of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories. European Commission staff working paper (Р. 13 (3.1.2)). URL: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52010SC1058&from=EN Richnyi zvit za 2016 rik Natsionalnoi Komisii z tsinnykh paperiv ta fondovoho rynku. URL: http://www.ssmsc.gov.ua/user_files/content/58/1499943860.pdf [in Ukrainian]. Somchenkov O.A. Perspektyvni napriamy depozytarnoi diialnosti v Ukraini. Finansy i kredyt. 2016. No. 7. P. 116-127 [in Ukrainian]. Juzefal’chik I. Kljuchevye napravlenija razvitija rynka proizvodnyh finansovyh instrumentov v Respublike Belarus’. URL: https://www.nbrb.by/bv/articles/10552.pdf [in Russian].

Gaining and sustaining ‘hospitable’ employment for disability youth

As the hospitality industry globally suffers persistent skills shortages, organisations are increasingly looking to non-traditional labour markets to fill vacancies. Indeed, hospitality has a long tradition of employing from society’s margins [1]. Research has shown hospitality firms are more likely than other industries to hire people experiencing disability [2]. Therefore, hospitality has the need, the tradition and the capacity to implement and support lasting change in the employment of disability youth.
 The Australian National Disability Insurance Scheme (NDIS), which is overhauling the sector and transforming the way persons experiencing disability access services, is modelled on research demonstrating the broader economic benefits of greater inclusive workforce participation [3]. The scheme is also consistent with the fact that employment is the key to exits from disadvantage for most people of working age [4]. Yet Australia ranks 21st out of 29 OECD nations in disability employment rates [5]. These poor rates of providing inclusive employment are often levelled at firms’ unwillingness to hire applicants with a disability [6].
 In late 2016, a disability services provider (DSP) and a registered charity partnered in a mobile coffee cart social enterprise to create open employment pathways for a group of disability youth previously employed in the ‘sheltered workshop’ model. A 360-degree ethnography combining interview and observational methods [7] was designed to investigate the holistic experiences of the youth and to gain insights into the levers and barriers regarding open employment. The agency/structure dualism framed the study, as it is recognised that agency is in itself not sufficient when its expression is constrained by an individual’s social deficits and the legacies of their entrenched disadvantage [8]. In all, five ‘baristas’ experiencing disability (across 10 interviews), 11 co-workers/managers from the DSP and the charity, and 21 customers comprised the sample.
 Previous research has identified industry’s reticence to employ people with disability as a key barrier, despite ability and willingness to work [5]. This study, however, identified a complex range of structural factors inhibiting the agency of disability youth to self-determine towards open employment. These included a history of poor experiences in institutional settings (e.g. schooling and sporting), the safety and security of sheltered workshops, parental oversight and the staffing requirements of DSP social enterprises. Surprising individual-level factors were also manifest, including the inability to responsibly manage new- found workplace independence and an absence of extrinsic motivators to work – given that the disability youth enjoyed financial security regardless of earnings.
 This research challenges the conventional wisdom that organisations alone need to revisit their willingness, capacity and preparedness for providing accessible employment, and rather suggests that deep-seated structural factors, and their impacts on youth, require concomitant attention.
 Corresponding author
 Richard Robinson can be contacted at: richard.robinson@uq.edu.au
 References
 (1) Baum, T. Human Resources in Tourism: Still Waiting for Change? A 2015 Reprise. Tourism Management 2015, 50, 204–212.
 (2) Houtenville, A.; Kalargyrou, V. Employers’ Perspectives about Employing People with Disabilities. Cornell Hospitality Quarterly 2014, 56(2), 168–179.
 (3) Deloitte Access Economics. The Economic Benefits of Increasing Employment for People with Disability; Australian Network on Disability: Sydney, Australia, 2011.
 (4) McLachlan, R.; Gilfillan, G.; Gordon, J. Deep and Persistent Disadvantage in Australia; Productivity Commission Staff Working Paper: Canberra, Australia, 2013.
 (5) Darcy, S.A.; Taylor, T.; Green, J. 'But I Can Do the Job': Examining Disability Employment Practice through Human Rights Complaint Cases. Disability and Society 2016, 31(9), 1242–1274.
 (6) Lysaght, R.; Cobigo, V.; Hamilton, K. Inclusion as a Focus of Employment-Related Research in Intellectual Disability from 2000 to 2010: A Scoping Review. Disability and Rehabilitation 2012, 34(16), 1339–1350.
 (7) Sandiford, P. Participant Observation as Ethnography or Ethnography as Participant Observation in Organizational Research. In The Palgrave Handbook of Research Design in Business and Management; Strand K. (Ed.); Palgrave Macmillan: London, 2015; pp 411–446.
 (8) Graham, J.; Shier, M.; Eisenstat, M. Young Adult Social Networks and Labour Market Attachment. Journal of Social Policy 2015, 44(4), 769–786.

All roads leading to Rome? The medium term outcomes of Australian youth’s transition pathways from education

ABSTRACTYoung people’s transition from education into the labour market are diverse: sometimes direct from school to work or inactivity, sometimes characterised by stop-starts and combinations of different activities. This paper explores the association between transition pathways of Australian youth and their outcomes, in terms of earnings, perceptions of employment opportunities and debt. It builds on analysis by Fry and Boulton [2013. Prevalence of Transition Pathways in Australia. Canberra: Productivity Commission Staff Working Paper] who identified five pathways most typically taken by 15–24 year old Australians over a 10 year period, including quasi linear transitions from education to work with and without study, combinations of work and study, multiple churning between labour market statuses, and transitions into prolonged periods of inactivity. The present study adds four more years of panel data that have since become available, and compares the labour market outcomes of the different pathways at age 29–38. Earnings and employment perception converged over time, but debt did not. Socio-demographics were most strongly associated with outcomes, but earnings were also greater for churners and for young people in extended education increasingly combined with work. Transitions that combined learning and work seemingly strategically or ‘flexibly’ appeared most rewarding in the medium term, although neither compensated for socio-economic difference.

Do State Aid Rules Still Allow European Union Member States to Claim Fiscal Sovereignty?

This contribution provides an overview of the European Union (EU)’s fiscal aid regime. State aid rules impacted national tax policy from the 1960s onwards, although awareness really grew at the end of the 1990s and then again in recent years (2014– 2016). The author places the European Commission’s May 2016 guidance notice on what state aid is meant to be in the context of taxation. He also touches upon the Commission’s June 2016 Staff Working Paper on tax rulings and provides a brief overview of state aid procedure. Next he reflects on how foreign tax rules might (not) affect the net amount of tax benefits that is to be retroactively recovered in case of a finding of unlawfully granted state aid. Special attention will be given to Member State fiscal sovereignty in relation to the adoption and use of anti-tax avoidance measures, such as transfer pricing adjustments.

Why do we need concrete measures for victims at EU level? A view from the coalface

Every year, 75 million people—constituting approximately 15 % of the entire EU population—become direct victims of crime in the European Union (Commission Staff Working Paper Impact Assessment, COM (2011) 274 final). These numbers are so enormous that it is difficult even to picture what they really mean, and how devastating that reality is. These numbers should by themselves inspire the need for change.

Services of General Economic Interest and State Measures Affecting Competition

The last year has been a typical year in this survey of SGEI and state measures affecting competition where the report is a series of ad hoc measures relating to SGEI. Two new soft communications have been published to complement the Almunia Package of measures to regulate compensation for SGEI: a European Commission instrument to determine swap rates and a Commission Staff Working Paper. There are a few European Commission Decisions, particularly in the postal sector, involving financing SGEI that fall outside of the new Almunia Package, but are assessed according to the new methodological approach. The GC has tasked the European Commission to take greater care to analyse the funding of ancillary services to health care schemes; a rebuke that is seen also in applying Article 106 TFEU in the Greek Lignite case. Of a wider significance for EU economic law the CJEU and the European Commission have provided analysis of the definition of ‘economic activity’ which triggers the application of EU law generally. Two cases have considered the application of Article 106 TFEU, with the GC providing greater analysis of when, and how, Article 106 and 102 TFEU may be used together.

Productivity decline in Australian coal mining

A recent Australian Productivity Commission Staff Working Paper has estimated a 25 % decline in value added total factor productivity in Australian coal mining over the period 2000/2001–2006/2007. The decline coincides with a period of rapidly increasing global demand for, and price of, coal, which has made it economically feasible to mine coal that was previously uneconomic. This “digging deeper” hypothesis is plausible, although our initial surprise at the magnitude of the estimated decline has motivated our investigation of productivity in Australian coal mining, its financial implications and its likely causes. We begin by applying the Staff Working Paper methodology to revised data to estimate the magnitude of the decline. This exercise shrinks the estimated magnitude of the decline to 21 %. We continue by applying an alternate methodology to the revised data to re-estimate the magnitude of the decline. This exercise generates no further change to the estimated rate of decline. We then compare estimates of the decline obtained from value added and gross output frameworks, and we find a considerable shrinkage in the estimated productivity decline that highlights the importance of the Domar factor in productivity measurement. We continue by exploring the financial consequences of the productivity decline. We conclude by joining the search for sources of the productivity decline.

Questions of Legitimacy in the Europeanization of Competition Law Procedures of the EU Member States

As less formal institutions such as the European Competition Network or the International Competition Network are becoming generators of soft law that may harden into national, EU or international law, the importance of legitimacy in agenda-setting and in the development of best practices, rules, and standards increases. This paper discusses the legitimacy of the harmonization process which takes place in the European Competition Network(ECN) on the basis of Regulation 1/2003, with regard to the administrative procedures of the Member States the NCAs apply when they enforce EU competition rules. This harmonization process is seemingly the result of voluntary harmonization among the Member States but in fact it is being steered and dominated by the EU Commission. This paper will examine the role of the Commission in initiating harmonization of national administrative procedures and institutional settings of the Member States by analyzing the Report on the functioning of Regulation 1/2003 and the Commission Staff Working Paper accompanying the Report on the functioning of Regulation 1/2003 , as well as through the recent work of the European Competition Network’s Working Group on cooperation issues and due process. The paper will look at the centripetal and centrifugal effects Regulation 1/2003 had on the substantive and procedural rules as well as the institutions of the Member States’ competition law. The paper critically assesses the methods of voluntary convergence that is taking place among the Member States and the way the Commission extends harmonization of the administrative procedural rules as well as certain substantive rules in the EU Member States.

The Real Future of the Media

When George Orwell encountered ideas of a technological utopia sixty-five years ago, he acted the grumpy middle-aged man: Reading recently a batch of rather shallowly optimistic “progressive” books, I was struck by the automatic way in which people go on repeating certain phrases which were fashionable before 1914. Two great favourites are “the abolition of distance” and “the disappearance of frontiers”. I do not know how often I have met with the statements that “the aeroplane and the radio have abolished distance” and “all parts of the world are now interdependent” (1944).

Investments in Intangible Assets and Australia’s Productivity Growth: Sectoral Estimates

This Productivity Commission staff working paper (by Paula Barnes) examines sectoral investment in intangible assets in Australia following on from a previous paper on an examination of intangibles assets in the market sector as a whole. It highlights some significant issues relating to the measurement of intangibles and their contribution to productivity, finding that estimates of intangibles at the aggregate level mask considerable sectoral differences.In recent years increased attention has been given to the contribution to economic growth of intangible assets such as knowledge, firm-specific skills and better ways of doing business. But most intangibles are treated as current expenses in official statistics, rather than as assets — despite the fact that they provide services in more than one period. This makes it difficult to examine their role in the economy. It leads to an understatement of investment in the economy and may also affect measures of productivity growth.This paper addresses two questions: does the importance of intangibles as part of total investment vary across sectors?; and does the exclusion of many intangibles from investment measurement affect the measures of sectoral economic growth and productivity?The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission.

AUDITORS' LIABILITY AND ITS IMPACT ON THE EUROPEAN FINANCIAL MARKETS

In 2007 the European Commission produced a Staff Working Paper seeking consultation on the development of auditors' liability in Europe. The present article represents the views of the Working Group on the subject set up by the Max Planck Institute for Comparative and International Private Law in Hamburg.

Men Not at Work: An Analysis of Men Outside the Labour Force

The Productivity Commission Staff Working Paper, 'Men not at Work: An Analysis of Men Outside the Workforce' (by Ralph Lattimore), was released in January 2007. This paper analyses the characteristics of adult men outside the labour force in Australia. The paper finds that, in contrast to women, the rates at which men are disengaged from the labour force have increased fourfold over the past century, rising especially rapidly over the last 50 years. There are many drivers of this transformation of the Australian labour market. Some of it is due to: population ageing; younger men are spending longer in education; older men are enjoying a longer voluntary retirement; and men are now much more involved in domestic and childcare tasks - 30 per cent of those aged 35 to 44 years are not in the labour force for this reason. Many prime-aged males leave the labour market due to injury, ill-health, disability or premature 'retirement'. About half the men aged 25 to 64 years who are outside the labour force receive the Disability Support Pension. Inactive men are more likely to be living alone, be poorly educated, and of indigenous or non-English speaking migrant background. A man aged 45 to 54 years living alone is about four times more likely to be outside the labour force than one who is married or who has a partner. The paper does not make any recommendations, but the research should assist policy development in areas central to getting more men into or back into the workforce. The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission.

Stranded Irrigation Assets

The staff working paper 'Stranded Irrigation Assets' (Roper, H., Sayers, C. and Smith, A.) was released on 28 June 2006. Prior to the National Water Initiative (NWI), irrigation authorities imposed restrictions on outward trade of water entitlements partly to protect remaining irrigators against the risks and consequences of having to recover the costs of 'stranded' or under-utilised assets. This could be one of a number of reasons behind low levels of permanent water trade. This paper examines ways of minimising the financial impact of stranded assets on remaining irrigators with the relaxation of trading restrictions. The aim of the project was to research the options to address the perceived adverse financial consequences of stranded irrigation assets. The authors concluded that it is not certain that proposals under the NWI to relax restrictions on permanent water trading will necessarily result in widespread stranded irrigation assets. Furthermore, stranded assets do not represent an impediment to the efficient use of infrastructure, the allocation of entitlements, or the use of water. The key findings are that instead of using the ongoing payment of access fees, 'retail tagging' and 'exit' fees to manage financial impacts, a more efficient approach would involve abandoning charges for renewals annuities predicated on the full replacement of existing assets; revaluing under-utilised assets 'appropriately' to reflect their current economic value in use; charging to recover costs fully; and the introduction of cost differentiated charges for individual irrigators within irrigation areas. The project is part of a larger suite of Commission research on water policy, which includes modelling regional economic impacts of changes in water trade and research into irrigation externalities. It also complements the commissioned research study on rural water use and the environment.

Irrigation Externalities: Pricing and Charges

The paper discusses the nature and causes of environmental change related to rural water use, and provides a taxonomy of the many diverse types. It also examines the issues surrounding possible charges on water use for water related externalities. There have been few attempts by water utilities to incorporate externalities into full cost pricing of irrigation water. The aim of this Staff Working Paper was to: examine the extent to which charges imposed by irrigation water utilities could address externalities from irrigation water supply and use; and to develop a framework to identify and characterise changes in environmental conditions from the supply and use of irrigation water that may lead to environmental externalities. The authors found that many factors influence the extent to which charging for water would change water use. These include the volume of water available to irrigators, the extent to which trade can occur, the size of the charge or tax, the price responsiveness for irrigation water and the existing mechanisms to address externalities. A tax on water use may increase economic efficiency where external costs are related only to the level of water use. However, such a tax is an unsuitable instrument if the Government's policy objective is to reduce environmental damage to a predetermined level or to raise a target level of revenue to address the externalities. The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission.

The Armington Model

A Productivity Commission Staff Working Paper, The Armington Model, by Peter Lloyd and Xiao-guang Zhang was released on 8 February 2006, in conjunction with an additional staff working paper, Armington Elasticities and Terms of Trade Effects in Global CGE Models. The paper explores how models adopting the Armington formulation differ from traditional models, in their quantitative properties and underlying theory of trade. In publishing its research in this area, the Commission hopes to clarify issues that arise as single-country and global trade models are increasingly used to assess the potential impacts of various types of trade liberalisation. The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission.

Responsiveness of Demand for Irrigation Water: A Focus on the Southern Murray-Darling Basin

The Productivity Commission staff working paper, 'Responsiveness of Demand for Irrigation Water: A Focus on the Southern Murray-Darling Basin', was released August 2004. This paper explores the determinants of the elasticity of demand for irrigation water. It focuses on three main irrigated industries - rice, dairy and horticulture - to gain a greater understanding of the value that farmers place on water as an input. This paper provides detail relating to farm decision behaviour and biophysical production realities faced by irrigators in the southern Murray-Darling Basin. The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission.

Development and Implications of Patent Law

AbstractIntroductionThis is the second report pursuant to Article 16c of the Directive 98/44/EC of the European Parliament and of the Council of 6 July 1998 on the legal protection of biotechnological inventions and bears the title “Developments and implications of patent law in the field of biotechnology and genetic engineering” (hereinafter the “second 16c Report”).Its purpose is to set out the key events which have occurred since publication of the first 16c Report, and to comment on two issues identified in the latter: the scope of patents on sequences or partial sequences of genes which have been isolated from the human body; and the patentability of human stem cells and cell lines obtained from them. The Commission’s analysis is based on the Commission staff working paper SEC(2005)943.

Life Sciences and Biotechnology

AbstractIntroductionIn January 2002, the Commission adopted a Strategy for Europe on Life Sciences and Biotechnology, consisting of two parts – policy orientations and a 30-point plan to transform policy into action. It sets out what is needed from the Commission and the other European Institutions, while also recommending actions for other public and private stakeholders.The Commission intends to report regularly on the progress made. The Commission adopted its second progress report on 7 April 2004, which highlighted the progress made but also pointed out delays in some areas.This Communication is the third such response. As last year, this report is supported by a Commission Staff Working Paper, which provides detailed information on the implementation of the action plan.

Comment and Discussion

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Research and reports. Monitoring the disability discrimination act (DDA) 1995; Raising employment levels of people with disabilities - the common challenge, European Commission staff working paper

Research and reports. Monitoring the disability discrimination act (DDA) 1995; Raising employment levels of people with disabilities - the common challenge, European Commission staff working paper