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Open Access
Article
Publication date: 4 April 2022

Slobodan Tomic and Eva Heims

Reflecting on recent empirical developments as well as insights from regulatory state theory, the paper considers directions in which the regulatory state could develop in the…

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Abstract

Purpose

Reflecting on recent empirical developments as well as insights from regulatory state theory, the paper considers directions in which the regulatory state could develop in the post-COVID-19 era.

Design/methodology/approach

This is a de-contextualised analysis of regulatory developments drawing on the prior regulatory state literature and literature on post-crisis responses. Taking into account recent empirical developments related to the COVID-19 pandemic, the paper sets out, in a comparative context, scenarios for the future development of the regulatory state.

Findings

Predicting the direction in which the regulatory state will develop is challenging, particularly at this early stage. Yet, we provide a conceptual framework for thinking about possible futures of the regulatory state and how domestic and international factors might mediate these futures.

Originality/value

The paper provides a structured approach to the analysis of the regulatory state bringing together insights from the literature on the regulatory state, public management reform, and global regulatory shifts.

Details

Fulbright Review of Economics and Policy, vol. 2 no. 1
Type: Research Article
ISSN: 2635-0173

Keywords

Article
Publication date: 8 July 2014

Mark Findlay and Si Wei Lim

What seems like a new social anthropology of global regulation is an endeavour much too grand for this paper, even though it has much merit. To contain the analysis which follows…

Abstract

Purpose

What seems like a new social anthropology of global regulation is an endeavour much too grand for this paper, even though it has much merit. To contain the analysis which follows, the discussion of social embeddedness will be restricted to a comparison of markets which retain some local or regional integrity from those which have become largely removed from cultural or communal social bonds. An example is between markets trading in goods and services with a consumer base which is local and subsistence, and markets in derivative products that are inextricably dependent on supranational location. The paper aims to discuss these issues.

Design/methodology/approach

North World regulatory principle operates within consolidated state frameworks, dislocated market societies and reflects socially disembedded productivity relationships. The same could be said for dominant economic regulatory scholarship. More recent efforts to develop critical analysis of South World regulatory problems and answers have consistently remained connected to the referent of the regulatory state. This paper questions the utility of such a comparative conviction in a global governance reality wherein South World regulatory environments are largely subject to North World state interests and multi-national opportunism fostered by disaggregated, often dysfunctional, domestic states.

Findings

If, as in many South World contexts, the state is dysfunctional or destructive in translating regulatory principle, then what are the social bonds which advance the integrity of regulatory principle, and what of externalities which work to draw culturally located principle towards a more hegemonic regulatory project? Could appreciating the relationship between regulatory principle and social bonding be exhibited in degrees of market embeddedness? Might the reimagining of regulatory principle be possible by reflecting on motives and outcomes for regulation that have other than wealth maximization as core value? The paper answers these conjectures as a basis for empirical research.

Research limitations/implications

In the spirit of regulatory anthropology it is not helpful to remain immersed in some strained geographic regulatory dichotomy, employing some good state/bad state polarity. Neither World exists in regulatory isolation. International regulatory organizations ensure this through their Western/Northern development models, and perpetuate post-colonial influences over South World development agendas. That said, there are two regulatory worlds, and hybrids between. Despite this, regulatory principle is not immune from cultural forces and social bonding. The paper addresses various dualities in order to propose a new way of viewing South World regulatory paradigms.

Practical implications

The framework for analysis will enable a repositioning of critical scholarship and regulatory policy away from the model frameworks of consolidated states and towards the real regulatory needs and potentials of the South World.

Social implications

Through applying the analytical technique of social embeddedness above market community paradigms this analysis offers a novel approach to exploring economy in contexts where markets are not dislocated and products are not fictitious. In this way the contemporary materialist economic crisis can be viewed against principles of sustainability rather than growth, productivity and exchange.

Originality/value

The paper draws upon established scholarship regarding market embeddedness and social bonding but unique in applying this to a South World void of regulatory discourse set free of comparison with inappropriate regulatory state referents.

Details

International Journal of Social Economics, vol. 41 no. 7
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 20 November 2009

Matthew A. Zolnor

The purpose of this paper is to analyze a recent proposal by the State of New York that would subject a large portion of the credit default swap (CDS) market to state‐based…

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Abstract

Purpose

The purpose of this paper is to analyze a recent proposal by the State of New York that would subject a large portion of the credit default swap (CDS) market to state‐based insurance regulatory oversight.

Design/methodology/approach

Using the collapse of AIG as an example of the systemic risk inherent in unregulated CDS transacting, the Coase Theorem is then applied to determine the optimal level of CDS regulatory oversight.

Findings

Although CDSs resemble insurance contracts in many respects, they are also uniquely complex financial instruments that are continually changing and thus not well suited for the antiquated state‐based model of insurance regulation. Furthermore, the external forces that influence state‐based regulatory decision‐making are likely to produce inefficient regulation.

Practical implications

The Coase Theorem states that the optimal level of regulatory oversight is the one that causes market participants to internalize the risk inherent in transacting and does so at the lowest cost. Because of the complexity of CDS contracts and the unique forces that guide state‐based regulatory decision‐making, the State of New York's proposal is ill advised.

Originality/value

By utilizing a law and economics perspective, it becomes clear that although a state‐based model of regulatory oversight may force market participants to internalize systemic risk, it is nevertheless suboptimal because it does not do so at the lowest cost.

Details

Journal of Investment Compliance, vol. 10 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Abstract

Details

Learning from International Public Management Reform: Part A
Type: Book
ISBN: 978-0-7623-0759-3

Book part
Publication date: 3 May 2016

Rui J. P. de Figueiredo and Geoff Edwards

We show that, in the US telecommunications industry, market participants have a sophisticated understanding of the political process, and behave strategically in their allocation…

Abstract

We show that, in the US telecommunications industry, market participants have a sophisticated understanding of the political process, and behave strategically in their allocation of contributions to state legislators as if seeking to purchase influence over regulatory policy. We find that interests respond defensively to contributions from rivals, take into account the configuration of support available to them in both the legislature and the regulatory commission, and vary their contributions according to variations in relative costs for influence by different legislatures. This strategic behavior supports a theory that commercially motivated interests contribute campaign resources in order to mobilize legislators to influence the decisions of regulatory agencies. We also report evidence that restrictions on campaign finance do not affect all interests equally. The paper therefore provides positive evidence on the nature and effects of campaign contributions in regulated industries where interest group competition may be sharp.

Article
Publication date: 26 July 2011

David Levi‐Faur and Ziva Rozen Bachar

The wave of regulatory reforms in European telecoms and electricity industries has had an important impact on the structure of the state as well as of corporations. The purpose of…

Abstract

Purpose

The wave of regulatory reforms in European telecoms and electricity industries has had an important impact on the structure of the state as well as of corporations. The purpose of this paper is to explore the establishment of these regulatory organizations at the state and corporate levels within a unified theoretical framework, that is grounded in the politics of regulation.

Design/methodology/approach

The case selection includes governance structures at the state and corporate levels in 16 European countries in both telecoms and electricity.

Findings

The data reveal that regulatory agencies exist in both telecoms and electricity sectors in all 16 countries under study, with the notable exception of Switzerland's electricity sector. At the same time, business corporate reforms were also evident, mainly via the creation of corporate regulatory offices at the headquarters of the firms. These departments, which redefine the patterns of responsibility within the corporation and have played the leading role in the negotiations with the external regulatory environment.

Originality/value

This paper strives to overcome the tendency in the scholarly literature to look only at one or the other aspect of the growth of regulatory development and therefore also to offer a narrow understanding of the growth of regulation. It asserts that the commonalities in the expansion of autonomous regulatory agencies and corporate regulatory departments suggest that the growth in the regulatory professionalization of the state and of business corporations reflects the changing nature of capitalist economy and society and the rise of a new global order of “regulatory capitalism”.

Details

International Journal of Organizational Analysis, vol. 19 no. 3
Type: Research Article
ISSN: 1934-8835

Keywords

Open Access
Article
Publication date: 6 April 2021

Valter Shuenquener de Araújo

The purpose of this paper is to debate on how to achieve, in countries that have invested in the North American model of the regulatory state, the greatest efficiency in creating…

Abstract

Purpose

The purpose of this paper is to debate on how to achieve, in countries that have invested in the North American model of the regulatory state, the greatest efficiency in creating norms for the organization of public and private activities in order to guarantee the autonomy and technical impartiality required for the proper functioning of regulatory agencies.

Design/methodology/approach

This paper describes the development of the legal framework regarding regulatory agencies in Brazil. The research was based on bibliographical data, media reports, and the Brazilian Supreme Court decisions.

Findings

The regulation dissemination through regulatory agencies in Brazil has given rise to a series of controversies concerning the limits of their performance and the extent of their technical discretion. According to the findings, it is concluded that these independent agencies should be guided by the following four pillars: (1) the legal rule of fixed-term in office; (2) the principle of lesser control intensity (deference) of the agency acts; (3) the prohibition of contingency of agencies’ budgetary resources; and (4) the prohibition of agency powers suppression. Otherwise, the institutional capacity of agencies will be diminished and their neutral action in technical matters will be compromised.

Originality/value

This paper shows how enhanced autonomy and technical impartiality can be useful for better regulatory governance in other countries, preventing them from suffering from the same problems that have occurred in Brazil.

Details

Public Administration and Policy, vol. 24 no. 1
Type: Research Article
ISSN: 1727-2645

Keywords

Article
Publication date: 18 January 2013

Omar Dhaher

This paper aims to determine the most possible telecommunications regulatory system for the Palestinian Authority by investigating its institutional foundations. The paper

Abstract

Purpose

This paper aims to determine the most possible telecommunications regulatory system for the Palestinian Authority by investigating its institutional foundations. The paper highlights the problem of setting sophisticated institutions in fragile states that do not fully control their resources and investigates possible solution in terms of foreign investments.

Design/methodology/approach

The paper follows a qualitative research approach in two parts. The first part examines the institutional endowment framework set by Levy and Spiller and Levy and Spiller but considers critique of the framework. It also investigates institutional problems in fragile states in order to identify similar patters identified in Levy and Spiller framework. The second part focuses on the Palestinian Authority institutional foundations. Data are collected through interviews with key stakeholders of the Palestinian telecommunications sector.

Findings

The case of the Palestinian Authority shows a mix of political investment cycles and a genuine attempt of regulatory reforms. Endogenous fragility of the government magnified the effect of corruption and the maintenance of business‐politicians ties. Also, the Palestinian telecommunications sector suffers from exogenous fragility in terms of Israeli control of radio spectrum, international gateway, and importing of equipment. Inability of the Palestinian Authority to invoke GATS BTA conflict resolution mechanism and the crucial role foreign investors played to secure release of spectrum for the second mobile operator indicates the need for the Palestinian Authority to attempt attracting foreign investment. However, foreign investments require regulatory effectiveness that the Palestinian Authority lacks; thus eliminating endogenous fragility becomes a prerequisite to exogenous fragility.

Originality/value

This paper sheds light on problems regarding setting up an institution‐based regulatory system in unstable states. It contributes to the argument that “one size fit all” might not be the answer for some countries, especially fragile ones.

Article
Publication date: 11 April 2022

Tanjina Sharmin and Emmanuel Laryea

This paper aims to examine the prospect for international investment disputes in the aftermath of the COVID-19 pandemic due to measures implemented by the Australian government to…

Abstract

Purpose

This paper aims to examine the prospect for international investment disputes in the aftermath of the COVID-19 pandemic due to measures implemented by the Australian government to tackle the pandemic.

Design/methodology/approach

Doctrinal research. Contains qualitative analysis.

Findings

This paper finds that claims based on the protections in the International Investment Agreements (IIAs) signed by Australia are unlikely to succeed and that Australia’s COVID-19 measures can be justified as necessary measures under the general and security exception clauses included in more recent IIAs and under customary international law.

Originality/value

In the context of the COVID-19 pandemic, scholars have written papers apprehending possible claims by international investors against emergency measures adopted by host countries to face the pandemic which might also have damaged the interest of the foreign investors. The existing literature is too vague and general. To the best of the authors’ knowledge, this is the first paper that draws some specific conclusions in this regard applicable to the COVID-19 regulatory measures taken by Australia. While the existing literature projects the possibility of such investor claims, this paper argues that at least no such claim would succeed against the COVID-19 measures taken by Australia.

Details

Journal of International Trade Law and Policy, vol. 21 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

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Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

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