scholarly journals Macroprudential Policy on an Uneven Playing Field: Supranational Regulation and Domestic Politics in the EU's Dependent Market Economies †

2020 ◽  
Author(s):  
Dóra Piroska ◽  
Yuliya Gorelkina ◽  
Juliet Johnson
Keyword(s):  
Domestic Politics ◽  
Macroprudential Policy ◽  
Market Economies ◽  
Playing Field ◽  
Supranational Regulation

The tenuous link between CSR performance and support for regulation: Business associations and Nordic regulatory preferences regarding the corporate transparency law 2014/95/EU

2019 ◽  
Vol 22 (3) ◽  
pp. 413-448
Author(s):  
Daniel Kinderman
Keyword(s):  
Human Rights ◽  
Strong Support ◽  
Nordic Countries ◽  
Partisan Politics ◽  
Business Associations ◽  
Playing Field ◽  
Corporate Transparency ◽  
Eu Directive ◽  
Social Environmental ◽  
Supranational Regulation

AbstractDo countries with high corporate social responsibility (CSR) performance support more stringent supranational regulation? Following this logic, existing scholarship claims that Nordic countries push for tougher regulations to sharpen their competitive advantage. On the basis of an examination of the negotiations over the EU Directive 2014/95/EU, a corporate transparency law that requires firms to report on their social, environmental, and human rights impacts, this paper argues that strong CSR performance does not necessarily entail strong support for regulation. Nordic companies perform well when it comes to sustainability, but except for Denmark, Nordic governments’ support for the Directive was lukewarm. To explain why, I examine the dynamics between CSR leaders, business associations, and party politics. I find that business associations are key for explaining this outcome. While some Nordic CSR leaders provided support, business associations, in which SMEs with lower CSR performance comprise the bulk of the members, were forceful opponents of regulation, unless domestic regulations are in place, in which case these associations support supranational regulations to level the playing field. I also stress the importance of partisan politics and extend the analysis to mandatory human rights due diligence. In sum, Nordic countries are much more heterogeneous than what the literature often suggests.

scholarly journals CURRENCY MISMATCHES IN EMERGING MARKET ECONOMIES: IS WINTER COMING?

2020 ◽  
Vol 23 (1) ◽  
pp. 25-54
Author(s):  
Hari Venkatesh ◽  
Gourishankar S Hiremath
Keyword(s):  
Latin American ◽  
Institutional Environment ◽  
Emerging Market ◽  
Trade Openness ◽  
Original Sin ◽  
Emerging Market Economies ◽  
Macroprudential Policy ◽  
Market Economies ◽  
Currency Mismatch ◽  
Currency Mismatches

We develop a currency mismatch index and examine the causes of currency mismatchesin emerging market economies. This study is based on a unique dataset on 22economies from 2008 to 2017. We also construct the original sin index using granulardata on international debt securities. We find Latin American countries, followedby Central European countries, suffer from the original sin and currency mismatchproblems. The panel regression estimates show that country size, trade openness, andthe level of economic and financial development explain cross-country variations incurrency mismatches. Our empirical results suggest that unstable monetary and fiscalpolicies are the primary causes of currency mismatches. The results indicate that abetter institutional environment reduces currency mismatches. These findings call formonetary independence, stable fiscal policy, and macroprudential policy measures tominimize currency mismatches.

Level Playing Field? Adjudication by Developing Countries

2012 ◽  
Author(s):  
Christina L. Davis
Keyword(s):  
Developing Countries ◽  
Case Studies ◽  
Dispute Settlement ◽  
Domestic Politics ◽  
Trading Partner ◽  
Small States ◽  
Level Playing Field ◽  
Alternative Strategies ◽  
Playing Field ◽  
Trade Partners

This chapter examines the effectiveness of adjudication as a tool for developing countries by comparing dispute settlement with alternative strategies in the context of asymmetrical bargaining between a small state and a larger trading partner. Two case studies involving Peru and Vietnam, which challenged labeling policies that hindered their fish exports to major trade partners, provide evidence that adjudication can also be effective for small states. Although less attention is given to domestic politics of the complainant state in this chapter, the cases show how adjudication adds leverage to overcome domestic resistance against removal of a protection barrier in the defendant state.

Macroprudential Policy Instruments of Central Banks

2012 ◽  
pp. 32-47
Author(s):  
S. Andryushin ◽  
V. Kuznetsova
Keyword(s):  
Systemic Risk ◽  
Financial Stability ◽  
Financial System ◽  
Policy Instruments ◽  
Central Banks ◽  
Macroprudential Policy ◽  
Policy Studies ◽  
The Future ◽  
Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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