International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-Level Evidence from China

This paper proposes a micro-level framework to account for how firms in developing economies overcome domestic institutional constraints. It illustrates that the mechanisms enabling those firms to benefit from financial globalization are more complex than the “direct” financial channels outlined in the neo-classical approach. China provides an important example in this context, as its capital market liberalization has been limited and neither the legal nor financial system is well developed. Yet micro-level evidence from China’s internationally listed enterprises indicates that innovative firms can overcome institutional thresholds, secure access to international capital, and benefit and learn from international capital markets. This can in turn induce market-level improvements through regulatory competition and demands for a more standardized system of economic regulation

Human Migration and Health: A Case Study of the Chinese Rural-to-Urban Migrant Population

Human migration is a complex, ancient process driven by a variety of social, political, and economic factors. Modern migrants and their families are often compelled to migrate voluntarily in pursuit of new opportunities for study or work and, in extreme circumstances, involuntarily for safety and survival. Chinese domestic migrant populations were mobilized with China’s early 1980s economic reform, which enabled rapid economic development largely dependent on urban factories. While this massive influx of young people predominantly from rural locales to urban locales seeking opportunity enabled China’s rise as a world power, their move not only marked changing internal labor patterns but also shifts in population health. Chinese domestic migrants are often required to send money and other resources home, maintaining limited and not returning home for extended periods of time. Temporary displacement and associated stressors, such as sociocultural differences, levels of discrimination, family-related stress, and work-related stress, negatively impact various aspects of health. For instance, mental health is adversely affected, most often manifesting as major depressive disorder and generalized anxiety disorder. These changes not only impair migrants’ overall health and quality of life but also influence larger social phenomena that undermine societal stability. These reviewed findings reflect a need for more research about this population and greater systemic changes to improve life for all Chinese citizens

The Future Prospect of PV and CSP Solar Technologies: An Expert Elicitation Survey

In this paper we present and discuss the results of an expert elicitation survey on solar technologies. Sixteen leading European experts from the academic world, the private sector and international institutions took part in this expert elicitation survey on Photovoltaic (PV) and Concentrated Solar Power (CSP) technologies. The survey collected probabilistic information on (1) how Research, Development and Demonstration (RD&D) investments will impact the future costs of solar technologies and (2) the potential for solar technology deployment both in OECD and non-OECD countries. Understanding the technological progress and the potential of solar PV and CPS technologies is crucial to draft appropriate energy policies. The results presented in this paper are thus relevant for the policy making process and can be used as better input data in integrated assessment and energy models.Expert Elicitation, Research, Development and Demonstration, Solar Technologies

Commission v. Gazprom: The antitrust clash of the decade? CEPS Policy Brief No. 285, 31 October 2012

This new CEPS Policy Brief boldly asserts that the antitrust case launched by DG Competition against Gazprom on September 4th will turn out to be the landmark antitrust case of this decade, in much the same way that Microsoft v. Commission was the defining antitrust lawsuit of the last decade. The paper argues that, for a host of political and economic reasons, this case is likely to be hard fought by both sides to a final prohibition decision and then onwards into the EU courts. In the process, the European gas market and the powers of DG Competition in the energy field are likely to be transformed

Sherlock Holmes Meets Rube Goldberg: Fixing the Entry-into-Force Provisions of the Comprehensive Nuclear Test Ban Treaty

The Comprehensive Nuclear Test Ban Treaty (CTBT) is widely heralded as the most important international legal instrument for arresting the nuclear arms race and impeding further nuclear proliferation. Concluded in 1996, the treaty has been signed by 183 countries and ratified by 166. But it has not yet entered into force, because of its unique requirement that it not become operational for any state until it has been ratified by all forty-four countries designated in its Annex 2. Thirty-six of those Annex 2 states have ratified, but there is little prospect that all of the other eight (including the United States, China, India, Pakistan, and North Korea) will do so in the foreseeable future. In the meantime, certain parts of the CTBT are being provisionally applied, but other critical aspects are in abeyance, and the world\u27s unrequited demand for a fully effective legal prohibition on nuclear weapons testing has jeopardized the global nuclear security architecture. This Article proposes a novel work-around, to achieve early implementation of the CTBT. Interested states should negotiate a second treaty, styled as an Implementing Agreement, through which they could promptly effectuate the CTBT among themselves, even if some Annex 2 states remained outside the regime. This approach would free the CTBT from the tyranny of a veto power currently held by each of the Annex 2 states, and would allow the treaty to grow organically, building toward eventual universal acceptance by entering into force now for a sizeable coalition of the willing—as other important treaties have traditionally done. The legal mechanism for creating such an Implementing Agreement is unusual and cumbersome, but it follows an important international law precedent. The 1982 Law of the Sea Convention achieved widespread acceptance, but it, too, required substantial modification before its entry into force. There, the participating states successfully fashioned a 1994 Implementing Agreement to revise important elements. That document provides a useful template for the CTBT to emulate. This Article offers a draft of a CTBT Implementing Agreement, explaining how its waiver provisions would operate and how it would provide interested states a variety of alternative mechanisms for establishing a prompt, durable, and legally binding test ban regime

Shanghai rising in a globalizing world

In a globalizing world, cities at or near the apex of the international urban hierarchy are among the favored few--New York, London, and Tokyo--that have acquired large economic, cultural, and symbolic roles. Among a handful of regions that aspire to such a role--such as Hong Kong, Miami, and Sao Paulo--Shanghai has reasonable long-term prospects. If the Chinese economy can sustain its growth rate, it will rival the United States in a few decades. And if Shanghai can sustain its preeminence in China, it is the Asian city most likely to become a global center. The authors explore the makings of a world city, identify ingredients essential for that status, indicate national and municipal policies that may set Shanghai on the path to being a global city, and show how such policies are being implemented. As urbanization continues, the authors say, and as information technology and finance-related service activities take on even more importance, the number of regional and global centers could increase, but only if they satisfy some exacting requirements. Shanghai's chances, for example, depend on the extent to which China opens up and on a host of municipal policies--policies that emphasize Shanghai's industrial strength, substantially enlarge its base of information technology and producer services, ensure an adequate supply of skills, expand available housing and infrastructure enough to meet demand, and improve the quality of life.Decentralization,Banks&Banking Reform,Municipal Financial Management,Payment Systems&Infrastructure,Environmental Economics&Policies,Environmental Economics&Policies,ICT Policy and Strategies,Public Sector Economics&Finance,Banks&Banking Reform,Municipal Financial Management