What has been covered less well are some ofthecosts which are much harder to model or pre- dict, which arise at the national level as part of MS implementation (e.g. inspection related costs), and which arise from on-going implementation decisions which are not subject to IA re- quirements (e.g. changes by ECHA in guidance or in its implementation and enforcement, e.g. costs arising from compliance checks, substance evaluation and legal challenges to the outcomes of these). There is also inadequate attention given to the impacts arising from the conditions placed on granted Authorisations, for example related to specific conditions of use or additional monitoring requirements; these can be proposed/set with no consideration as to the real cost- benefit trade-offs involved, particularly where the risks are already assessed as being very low. Other impacts that are poorly understood and poorly researched include impacts on trade spe- cifically due to REACH and its implementation and impacts in terms of displaced or foregone in- vestment and R&D by industry. In addition, there is a lack of data onthe extent to which there are overlaps, synergies and antagonisms between what is being required under REACH Authori- sation decisions with what is also required under e.g. the Carcinogens and Mutagens Directive. There is also a lack of data onthe extent to which there may have been regrettable substitutions, as a result of SVHC substance withdrawals in general, the Candidate List, and REACH Authorisa- tion. However, companies are also unlikely to be forthcoming with such information, limiting the potential for research in this area.
should be seen as a lower bound for losses, since there are many other sources of gains from trade not considered in our counterfactual analysis.
3 Non-structural estimates
In the previous section we attempted to quantify the welfare effects ofthe UK leaving the EU using a quantitative model of international trade. An alternative approach is to use existing empirical estimates ofthe effects of EU membership to infer the impact of leaving the EU on UK income. In particular, we can decompose the question into two parts. First, what effect will leaving the EU have onthe UK’s trade with the rest ofthe world? Second, what is the effect of changes in trade levels on income? There exist substantial literatures addressing both the effect of joining an economic integration agreement (EIA), such as the EU, on trade and the effect of trade on income. Suppose that if the UK leaves the EU it will become a member ofthe European Free Trade Association (EFTA). Does EU membership cause a country to trade more with other EU members than EFTA membership? Baier, Bergstrand, Egger, and McLaughlin (2008) address exactly this question using a gravity model of bilateral trade augmented with dummy variables for which EIAs the exporter and importer belong to. In particular, they include dummy variables for both countries being in the EU, both countries being in EFTA, one country being in the EU and the other in EFTA and for both countries belonging to any other EIA. Importantly, they control for endogeneity of selection into the formation of EIAs using country-pair fixed effects with panel data. They find robust evidence that being a member ofthe EU leads a country to trade significantly more with other members ofthe EU than if it were only a member of EFTA. Quantitatively, their estimates imply that leaving the EU and joining EFTA will reduce the UK’s trade with EU members by 25%. 4
complex system i.e. one characterized by a tight interrelation between parts and the collective behavior ofthe system. In order to disentangle such complexity an agent-based methodology proves to be particularly relevant since it explicitly allows investigating specific features ofthe overall system emerging from the interaction of agents and their behaviors. In this respect, the model allows for a comparison of two opposite scenarios depending upon the degree of severity in terms of required technology performance and upon the timing of regulation: the high stringency scenario and the low-stringency scenario. The low-stringency scenario combines soft targets and late timing while the high stringency scenario combines tight targets and early timing. Results show that substitution that brings radical technological change and significant pollution reduction is possible only if regulation is stringent enough but after many sacrifices, especially in terms of market concentration and number of failures. The model’s findings are consistent with the empirical evidence – though rare – onthe impact ofREACHon innovation such as displayed in the CSES report (2012). In the present work we aim to pursue the formal analysis of policy mechanisms by focusing onthe role of credibility. Indeed credibility of policy commitments to future standards is part ofthe relevant aspects of design and implementation to consider regarding thedevelopmentof eco-innovation (Kemp and Pontoglio, 2011). Being a complex, ambitious and sequential regulation, credibility ofREACH may be a vital element of intertemporal decisions where actors adapt and learn over time. As discussed in the first section, the level of perceived credibility by a firm is important to take into account when assessing the efforts carried out by firms to cope with environmental regulation. In this work we aim to address this very point gaining ground onthe ABM developed in Arfaoui et al (2014), investigating how credibility influences technology transition. Section 2 summarizes the model developed in Arfaoui et al. (2014) since we restart from it to analyze the impact of credibility. The simulation allows for an analysis of two credibility parameters: one attached to suppliers and another to clients. Results are displayed in section 3.
The implication of international migration onthe welfare systems of EU Member States is diverse. Empirical evidence illustrates that the impact is strongly dependent upon the original “gate of entry” or way of admission, the labour market access and – as a result ofthe former – the socio-economic cha- racteristics (labour market performance) ofthe immigrants. Countries with a high share of economic immigration, implying that immigrants have a spee- dier access to work (e.g. UK, Italy, Greece, Portugal and Spain), experienced a positive contribution of immigrants to the treasury. In countries where im- migration flows were dominated by asylum-seekers (who are permitted to work under restrictive conditions) and families reuniting (e.g. Denmark, Swe- den) immigrants were more dependent on welfare payments than natives. The same occured in countries were immigrants had a low labour market per- formance (partly due to discrimination and inappropriate access to schooling and training; e.g. the Netherlands). Germany partly also falls into this catego- ry because ofthe large-scale admission of ethnic Germans and their depend- ent family members who are characterised by high unemployment and high take-up rates of state pensions. The lowest labour market performance regis- tered in the EU-15 in 2003 was that of immigrant women of Turkish and North African origin, illustrating that migrant women (in particular Muslim wom- en) are more likely than men to remain outside the labour market, which makes it more difficult for them to integrate into the receiving society. Policy implications: A re-orientation towards a more selective immigra- tion policy based on individual characteristics ofthe migrants (e.g. age, skills) and particular shortages identified in the receiving country would assure a more rapid labour market integration. As a result the migrant population would make positive net contributions to the public finance. This is clearly demonstrated by the examples of Australia, Canada and New Zealand. In the short run, however, admission to many EU Member States will be dominated by family reunion and humanitarian protection. In order to reach a lower dependency rate on social transfer payments for these immigrant groups, receiving countries should grant them access to work soon after ad- mission.
O wnership unbundling of vertical stages in the en- ergy sector has become a contentious topic of debate at the end of 2007. To illustrate the issues, this paper focuses on ownership separation between the distribution and retail parts ofthe energy supply chain, where a mixed experience has emerged in the UK. Ten years ago both the national gas incumbent and all the electricity incumbents (monopoly suppliers before the markets were opened to competition) in each region shared ownership with the local pipes/wires (though accounting separation had been imposed some time earlier). In 1997 the incumbent gas supplier voluntar- ily disinvested the pipeline business, and seven ofthe fourteen regional electricity companies have fol- lowed suit since then, once separate licenses for the distribution and retail functions were introduced. If co-ownership confers advantages onthe incumbent, higher incumbent market shares would be expected in regions where there had been no separation. This pa- per explores theevidence for such exploitation of inte- gration, but fi rst considers the general issues involved and the structure ofthe UK energy industry.
Although some countries’ policy making has indicated a reluctance to have their currencies internationalized, there has long been academic discussion ofthebenefits and costsof being an international currency. Cohen (2012) summarized thebenefits and risks of being an international currency. He argued that thebenefits may include transaction cost reductions, collection of international seigniorage, macroeconomic flexibility, political leverage, and reputation as a soft national power. The corresponding costs or risks include a tendency toward currency appreciation, external constraints imposed on domestic monetary autonomy, and a greater global policy responsibility. Genberg (2010) pointed out that there are incremental benefits during the internationalization process and that one ofthecosts is associated with international bond issues, which make domestic interest rates more dependent on external factors. In a more specific context, Papaioannou and Portes (2008) analyzed thecosts and benefitsofthe euro as an international currency. They argued that the introduction ofthe euro noticeably reduced transaction costs in both financial markets and financial services and promoted global financial integration. They also found no evidence that currency internationalization made it more difficult to enforce monetary policy. Kim and Suh (2011) compared the gains with the losses during internationalization ofthe Republic of Korea’s won. They argued that one ofthe main benefitsofthe won becoming an international currency was to blunt the adverse effects of external financial shocks, which could be very important for a small, open economy. However, there also was a significant transitional risk. An emerging market economy hoping to internationalize its currency must liberalize its capital account, which may increase the country’s vulnerability to external shocks and even cause financial instability.
As discussed, the theoretical literature and some empirical evidence point to the multiplicity of requirements of VAT (as for other taxes and administrative rules) as a direct driver ofthe compliance costs firms have to bear (and, to some extent, also ofthecosts borne by tax administrations). Multiple VAT rates and exemp- tions oblige firms to keep more complex accounting codes and records. Further- more, EU-based taxpayers face additional burdens when they engage in interna- tional trade, both intra-EU and outside the EU. In addition to having to comply with domestic regulations, exporters to other EU members have to accommodate importing countries’ specific sets of rules affecting their cross-border transactions. Differential requirements for dealing with different tax administrations are the determinants ofthe intra-European-generated additional transaction costs: to take an extreme example, even a small number of transactions with a country can im- pose a large cost, if it obliges a firm to set up and maintain a separate accounting code and recording system. So long as the application ofthe VAT rules across the 27 member States varies, small businesses will undoubtedly continue to have con- siderable difficulty in understanding, let alone complying with, intra-EU trade. For such firms, intra-EU trade may thus be at least as burdensome, and perhaps even more so, than trading with countries outside the EU. Unfortunately, there appears to be little empirical evidence bearing on this issue
would suggest that development banks are now spending more on urban sanitation than ever before.
Thereview also helps us understand what the develop- ment banks are investing money in. Across all projects the most common area of investment was not an infrastructural element but rather institutional capacity building with 76% of projects involving this area. Broader evidence shows that in 1980 only 1% of World Bank projects involved an insti- tutional capacity building element but by 2010 between 50% and 65% of its projects included it ( Andrews ). The ‘good governance’ agenda that has driven such a trend is clearly strong within the urban sanitation sector, however, insti- tutional capacity building remains a rather vague and broad term that can cover a range of activities. It can mean, among other things, training or related activities to improve skills, a focus on improving organisational procedures and processes, an attempt to build new relationships within a sector or simply providing space for hard-worked professionals to focus on a new challenge. Without more effective unpacking of such activities, it is difﬁcult to assess whether certain strat- egies are more likely to promote success or not. Given both the frequency and scale of investment in institutional capacity building, it is time the sector becomes better at differentiating and specifying activities under this label.
Earlier research contrasting human performance with and without automation support only have focused on what has been referred to as “out-ofthe-loop unfamiliarity” effects without varying the levels or stages of automation (e.g.,Crossman, 1974; Eprath & Young, 1981; Kessel & Wickens, 1982; Wickens & Kessel, 1979; 1980, 1981). These studies provide evidence for automation-induced performance consequences but do not allow for any conclusion about the relationship to different degrees of automation. The latter issue attracted little research until the early 1990s (see for early examples, e.g., Crocoll & Coury, 1990; Layton, Smith & McGoy, 1994). Yet, since then at least a limited number of studies have become available that have collected empirical data on effects of two or more different DOAs on workload and/or SA (e.g., Endsley & Kiris, 1995; Kaber, Onal & Endsley, 2000; Lorenz, Di Nocera, Röttger & Parasuraman, 2002a; Sarter & Schroeder, 2001). The pattern of results of these single studies provides a somewhat mixed picture. Whereas some studies support the existence ofthe above trade-off as defined by better routine performance but worse performance when automation fails (e.g.,Sarter & Schroeder, 2001) others do not find this effect (Lorenz et al., 2002a) and still others suggest that medium levels of automation provide the best choice in terms of maintaining SA and return-to-manual performance (Endsley & Kiris, 1995) or provide an even more complex pattern of effects (Endsley & Kaber, 1999). However, due to differences in DOA levels considered, and a generally limited statistical power, the effects of single studies are inconclusive. A more valid overall picture might be revealed by quantitatively combining data from a variety of studies across varying domains (e.g., process control, aviation), an approach analogous to a classic meta-analysis (Rosenthal 1991; Fadden, Ververs, & Wickens, 1998; Horrey & Wickens, 2006; Wickens, Hutchinson, Carolan & Cumming, 2013). The purpose ofthe current investigation is to provide such meta-analysis by (a) aggregating data from studies that compared different degrees of automation, (b) examining the extent to which they show the postulated trade-off between normal operations and failure conditions as the degree of automation (DOA) was manipulated and (c) if possible, by identifying factors that may mitigate or moderate this trade-off.
Germany’s trade with the acceding states has ex- panded rapidly in recent years and it is the highest among all the regions ofthe world. Germany’s trade surplus has decreased over recent years, however. The EU and the acceding states have been enjoying truly liberalised trade for years – with a few excep- tions. Therefore, we may ask what additional beneﬁ ts enlargement will bring. In my opinion, quite a lot. The abolition of goods controls at the border, dynamic economic development in the candidate countries and, above all, the adoption ofthe EU’s tried and tested framework will spur on future trade. Additional or surplus exports to the acceding states will secure or create employment in Germany. But in those areas in which our exports stagnate and domestic products
Alpanda and Ueberfeldt (2016) analyze thecosts and benefitsof leaning in response to house market booms. Such booms raise the probability ofthe economy entering into a crisis regime associated with a large increase ofthe borrowing costs, a credit crunch, and a fall in output and inflation. In their model, calibrated to the Canadian economy, crises happen on average once every 24 years and last over a period of 10 quarters. Moreover, these episodes occur more frequently in the case of high household debt levels. In addition to occasional crises, Alpanda and Ueberfeldt’s model nests a financial accelerator mechanism and households divided into savers or borrowers. Crises are especially severe because ofthe possibility of a binding zero lower bound on nominal interest rates.
development, as well as peer groups and the school environment ofthe child. 12 Nevertheless,
we believe that it is perhaps more important for policy makers to know which childhood indicators could be used to effectively identify children who are at the highest risk of growing up to be without the necessary resilience skills to cope with future life shocks. Policies on unemployment benefits, unemployment insurance, and severance pay may have to be redesigned with a much longer memory of a worker’s life in mind. The ability to identify individuals with potentially low psychological resilience from the population thus becomes the key to optimal policy design. In short, even if our indicator of childhood bullying is nothing more than just a mirror reflection of something else that is unobserved about the child, then at least it serves its purpose as a detective device which can be used to gauge early a child’s ability to adapt to negative shocks in the future.
Ein wichtiger Aspekt ist in diesem Zusammenhang der Arbeitsschutz, dessen rechtliche Regelungen unabhängig von REACH gelten: Da der Arbeitgeber die Pflicht hat zu ermitteln, ob von der Verwendung bestimmter Stoffe für die Arbeitnehmer Gefahren entstehen, ist es wichtig, Analysen bereits für die In- putstoffe durchzuführen. Zur Fokussierung dieser Laboranalysen kann eine Auswertung bestehender Literatur über die Verwendung bestimmter „proble- matischer“ Inhaltsstoffe in Kunststoffanwendungen 28 , sowie die diesbezügli- che Kontaktaufnahme mit den einschlägigen Fachverbänden 29 hilfreich sein . Die Bestimmung möglicher problematischer Stoffe im Outputmaterial ist Vo- raussetzung, um entsprechende Kundeninformation bereitstellen zu können und den Einstufungs- und Kennzeichnungspflichten zu genügen.
The middle reachofthe Yangtze River, from Yichang to Hukou, is about 954km long, among which, the 347km river reach from Zhicheng to Chenglingji is called the well-known Jingjiang River (see Figure 1). To the south ofthe Jingjiang River, three outlets (i.e. Songzi, Taiping and Ouchi), divert flow and sedi- ment from the Yangtze River to the Dongting Lake. The Dongting Lake gathers further flow and sedi- ment from its four main tributaries of Xiang River, Zi River, Yuan River and Li River, and then discharg- es the flow and sediment back into the Yangtze River at Chenglingji. The three Gorges Project (TGP) began to operate in June 2003 with a storage level of 135m, then 156m in Sept. 2006, and 175m in Oct. 2010. After impoundment ofthe TGP, the reservoir has intercepted the large quantity of sediment; the flow sediment concentration in the channel downstream ofthe TGP will be seriously unsaturated for a long period, and the recovery ofthe sediment concentration in the flow will cause long distance erosion in Analysis of Sediment Transport in the Middle Reachofthe Yangtze River after Operation ofthe Three Gorges Project
ICI challenged the Commission’s decision inter alia onthe ground that the EU lacked jurisdiction. ICI argued (onthe basis ofthe territoriality principle) that ICI’s anticompetitive conduct did not take place within the EU and applying EU competition law to conduct outside its territory was a violation of public international law. According to ICI, the territorial jurisdiction which the EU had over ICI’s subsidiaries within the EU could not be extended to the British parent company. The Commission based its jurisdiction, firstly, onthe fact that ICI had instructed its subsidiaries within the EU to sell at the prices that had been collectively fixed (this was said to amount to ICI’s conduct within the EU), and, secondly, onthe notion that EU competition rules prohibit all restrictions on competition which produce, within the EU, effects covered by them no matter where the companies responsible for such conduct have their registered office. The first approach would reflect the notion that parent and subsidiary companies form a single enterprise (“single economic entity”), the second approach reflected the “effects doctrine”. According to the Commission, this was in line with the Lotus judgment ofthe PICJ, since it did not involve any enforcement activities ofthe Commission on foreign territory, and it was said to be also in compliance with the “connecting link” requirement established under public international law. The government ofthe UK had nevertheless sent the ECJ an aide‐mémoire expressing its concern that the Commission’s decision hat infringed upon the territoriality principle and the UK’s sovereignty.
surveillance in 2018 in developed and civilized countries only possible if specific laws are in place which respond to democratic needs and allow for surveillance measures which are limited to what is necessary and proportionate? As a recently held referendum onthe topic in the Netherlands and much controversy on a new legal framework in Austria suggests, the answer is: No.
25 Vgl. R ehBindeR (Fn. 20), S. 41 ff.; m esseRschmidt (Fn. 19), § 19 Rz. 38.
26 Sogannte SVHC (Substance of very high concern): Darunter (vgl. Art. 57 Bst. a–f REACH-V; Er-
wägungsgrund 76) fallen CMR Stoffe (carcinogenic [krebserregend], mutagene [ergbutverän- dernd], reproduktionstoxische [fortpflanzungsgefährdend], PBT Stoffe (Stoffe mit persistenten [in der Umwelt stabil und nur langsam abbaubar], bioakkumulierenden [in Lebewesen anrei- chernd], toxischen [schädlich für Lebewesen] Eigenschaften), vPvB-Stoffe (= Stoffe, die zwar bis heute mangels Wissens nicht als toxisch bekannt sind; dafür sind sie aber besonders persistent [very persistent] und besonders stark bioakkumulierend [very bioaccumulative]) und ähnliche besorgniserregende Stoffe (wie z.B. solche mit endokrinen Eigenschaften). Zu den Begriffen siehe m eRenyi s tefanie , «Gefährliche» und besonders besorgniserregende Stoffe, in: Handbuch
Title: Incentive, sustainable and fair pricing, a trilogy out ofreach?
During the last decade, water price rose dramatically in France. In Seine Normandy river basin, water price went up 44% over and above inflation for the last decade 1 . In 1992, the average yearly water and sanitation bill represented 208€ and in 2002, it amounted to 352€ onthe basis of a 120m 3 consumption. This increase, mainly due to important sanitation investments, raised awareness on water bill social impact. Water is not like any other good, it is a bare necessity. Therefore, each and every citizen should have access to it for a reasonable price. Hence, water price should always remain affordable, acceptable and sustainable. In 2004, the Artois Picardie water agency led a study in the north of France to compare the mean water invoice with the mean available income per household. This ratio ranges from1.5% to 2% in most of Artois Picardie river basin. But in some municipalities, it rises above 3% which is the top guidance value 2 . Due to these emerging economic and social concerns, the emphasis is more and more laid on implementing an adequate water pricing policy. Aside from this on going trend, the European water framework directive (WFD) states in its article 9.1 that “Member states shall ensure by 2010 that water pricing policies provide adequate incentives for users to use water resources efficiently, and thereby contribute to the environmental objectives of this Directive.” Water pricing is to become an economic tool to reach water quality and management goals.
Den Bestimmungen der REACH-Verordnung liegt, ebenso wie dem CSR-Konzept, das Grundverständnis zugrunde, dass Unternehmen Verantwortung für ihre Auswir- kungen auf Mensch und Natur übernehmen und gleichzeitig wirtschaftlich wettbe- werbsfähig sein können. REACH betrifft nur einen Teil der CSR-relevanten Ziele. In Branchen, in denen gefährliche Stoffe eine Rolle spielen, verbessern Unternehmen jedoch durch eine vorbildliche REACH-Umsetzung ihre Corporate Social Perfor- mance, etwa indem sie die Verbrauchertransparenz erhöhen oder Umweltrisiken im Produktlebenszyklus reduzieren. Deshalb erscheint es sinnvoll, REACH nicht isoliert zu betrachten, sondern in die CSR-Gesamtstrategie zu integrieren. Unternehmen, die REACH-Anforderungen freiwillig übererfüllen oder durch andere CSR-Instrumente ergänzen, haben die Chance, ihre Innovationsfähigkeit und Reputation auszubauen und so Wettbewerbsvorteile zu entwickeln. Da das noch junge REACH-System eine schrittweise Einführung von Verpflichtungen vorsieht und etwa im Bereich der Kan- didatenliste und des Zulassungsverfahrens sukzessive neue Stoffe erfasst werden sol- len, wird die Zahl der direkt oder indirekt von REACH betroffenen Unternehmen in naher Zukunft weiter ansteigen. Daher wird wohl erst in einigen Jahren absehbar sein, ob und wie sich REACH in der Praxis auf CSR auswirken wird.
NFC loans (initial maturity above 5 years) indeed have lower NSFR buffers. This is especially true for the banks in the highest decile ofthe distribution of long-term loans,
as the median bank in this group has a shortfall of almost 15 percentage points.
Figure B1: Median NSFR buffer by long-term loan decile.Notes: The bars in this figure show the median NSFR buffer within each long-term loans decile. Long-term loans are defined as loans to non-financial companies with an initial maturity above 5 years. They are scaled by total assets before calculating the deciles. The buffer is calculated as the difference between the NSFR proxy and 100. Red bars indicate a shortfall, i.e. a buffer below 100, blue bars indicate a positive buffer. The NSFR proxy is calculated using IBSI data for 200 MFIs in December 2015.