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1871. The Limits of Europeanization: Regulatory Reforms in the Spanish and Portuguese Telecommunications and Electricity Sectors

Author:
Jacint Jordana, David Levi-Faur, and Imma Puig
Publication Date:
07-2005
Content Type:
Working Paper
Institution:
European Research Papers Archive
Abstract:
The creation of an EU-level regulatory regimes for telecommunications and electricity was a highly successful political initiative of the European Commission. In promoting market liberalization for telecommunications (a key sector in the creation of the 'information economy') and electricity (one of the sectors most resistant to change) the European Commission asserted the political importance of European project. Indeed, the two new regimes are commonly cited as successful cases of 'Europeanization'. However, this paper argues that the causal link between European initiatives and national policy change is weak. Building on an emerging tradition of cross-sector research of these two sectors, and considering two most-similar European countries, the paper examines commonalities and variations in the regulatory reforms of telecommunications and electricity in Spain and Portugal in the last two decades. It applies a series of comparisons, including a stepwise comparative analysis of two countries (one a reluctant liberalizer, the other an enthusiastic one), of two sectors (a pace-setter and a foot-dragger) and of two time periods (before and after the regulatory reforms). We suggest that processes of Europeanization can impinge on the strategic capacities of European member states only to a limited degree. Spain and Portugal were able to shape their sectors according to the preferences of their national policy communities and in a context of a global shift in the way countries both within Europe and outside it defined their interests.
Topic:
International Cooperation, Politics, and Science and Technology
Political Geography:
Europe, Spain, and Portugal

1872. Lingering Shadows of World War II

Author:
Zia Mian
Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
Foreign Policy In Focus
Abstract:
Many events commemorating the 60th anniversary of the defeat of Nazi Germany in the Second World War were held this past May. Yet there has been little or no discussion of some of the most important and enduring legacies of that war, legacies that have cast long shadows ever since. Nationalism, industrial production, the bureaucratic state, and science and technology were harnessed to the cause of war in terrible new ways. It brought us the gas chambers, the systematic bombing of cities, and nuclear weapons. These three forms of modern violence are different in some significant ways, but they shared important features. Among these were centralized authority, extensive compartmentalization of responsibilities, tasks, and knowledge accompanied by strong organizational loyalty, along with scientific rationalization for the policy and technical ways of distancing perpetrators from victims.
Topic:
Security, Development, Science and Technology, and War
Political Geography:
Germany

1873. Is Cybersecurity a Public Good? Evidence from the Financial Services Industry

Author:
Benjamin Powell
Publication Date:
03-2005
Content Type:
Working Paper
Institution:
Independent Institute
Abstract:
The September 11, 2001, terrorist attacks on the United States heightened concerns about vulnerabilities to future attacks. One new area of concern is cyberterrorism: the possibility of terrorists using computers to attack our critical infrastructure electronically. The government has made efforts to better secure its own computer networks to prevent terrorists from hacking into computer systems in the Pentagon, FBI, and other government agencies. Increasingly, however, the government has been concerned that the private sector is vulnerable to cyberterrorism. The private sector owns approximately 85 percent of the critical infrastructure in the U.S. (Deloitte 2004 p. 15). There are concerns that a cyber attack on dams, trains, electrical grids, pipeline pumps, communications networks, or the financial services industry could cause significant physical or economic damage to the U.S. The policy question being asked is whether private businesses, when left to their own devices, provide enough cybersecurity or if some form of government involvement is justified.
Topic:
International Relations, Development, Industrial Policy, and Science and Technology
Political Geography:
United States and United Nations

1874. Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data

Author:
Jonathan H. Wright, David W. Berger, Alain P. Chaboud, Sergey V. Chernenko, Edward Howorka, Raj S. Iyer, and David Liu
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We study the association between order flow and exchange rate returns in five years of high-frequency intraday data from the leading interdealer electronic broking system, EBS. While the association between order flow and exchange rate returns has been studied in several previous papers, these have mostly used relatively short spans of daily data from older bilateral dealing systems and, usually, transaction counts instead of actual trading volume. Using a substantially longer span of recent high-frequency data and measuring order flow as actual signed trading volume, we find a strong positive association between order flow and exchange rate returns at frequencies ranging from one minute to one day, and a more modest but still sizeable association at the monthly frequency. We find, however, no evidence that order flow has predictive power for future exchange rate movements beyond, possibly, the next minute. Focusing on the behavior of order flow and exchange rates at the time of scheduled U.S. economic data releases, we find that the surprise components of these announcements are associated with order flow at high frequency immediately after the data releases. This finding seems inconsistent with a simple efficient markets view of how a public news announcement is incorporated into prices.
Topic:
Economics, International Trade and Finance, and Science and Technology
Political Geography:
United States

1875. A Flexible Finite-Horizon Identification of Technology Shocks

Author:
Neville Francis, Michael T. Owyang, and Jennifer T. Roush
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Recent empirical studies using infinite horizon long-run restrictions question the validity of the technology-driven real business cycle hypothesis. These results have met with their own controversy, stemming from their sensitivity to changes in model specification and the general poor performance of long run restrictions in Monte Carlo experiments. We propose a alternative identification that maximizes the contribution of technology shocks to the forecast error variance of labor productivity at a long, but finite horizon. In small samples, our identification outperforms its infinite horizon counterpart by producing less biased impulse responses and technology shocks that are more highly correlated with the technology shocks from the underlying model. For U.S. data, we show that the negative hours response is not robust to allowing a greater role for non-technology shocks in the forecast error variance share at a ten year horizon.
Topic:
Development, Industrial Policy, International Trade and Finance, and Science and Technology
Political Geography:
United States

1876. International Risk-Sharing and the Transmission of Productivity Shocks

Author:
Sylvain Leduc, Giancarlo Corsetti, and Luca Dedola
Publication Date:
02-2005
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to efficient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that a standard international business cycle model with incomplete asset markets augmented with distribution services can account quantitatively for these properties of real exchange rates. Distribution services, intensive in local inputs, drive a wedge between producer and consumer prices, thus lowering the impact of terms-of-trade changes on optimal agents' decisions. This reduces the price elasticity of tradables separately from assumptions on preferences.
Topic:
Development, Economics, International Trade and Finance, and Science and Technology
Political Geography:
United States

1877. Public Sector Modernisation: The Way Forward

Publication Date:
11-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Governments have made major changes to the way they manage the public sector in the past two decades, privatising commercial activities such as telephone services, cutting red tape and making government more transparent and responsive to citizens.
Topic:
Civil Society, Economics, Government, and Science and Technology

1878. Solutions in Space

Publication Date:
10-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Space, and man's relationship to it, has captured the human imagination for centuries. During the 20th century, dreams of space exploration became reality, and now dozens of countries, in particular in the OECD area, devote major resources to space programmes. But is this money well spent? Can we use space to find solutions to Earth's problems not available on the ground, or are we just pursuing high-priced star-filled dreams? Space technology may have brought us benefits from satellite telecommunications and their associated benefits such as telemedicine, but could we be doing more to exploit the link between space exploration and Earth application?
Topic:
Development, Economics, Environment, and Science and Technology

1879. Intellectual property and competition policy in the biotechnology industry

Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The science of biotechnology has been pushing the frontiers of human knowledge and intellectual property (“IP”) for three decades. As scientists developed techniques for isolating and creating genetic material and began to apply them commercially, a new industry grew and so did its appetite for patent protection. Although the wisdom of granting patents on DNA is still debated, the policy of OECD countries to allow such patents has been fairly well settled for some time. The door was therefore open for biotechnological innovators to create a flood of IP, and they did
Topic:
Economics, Environment, Industrial Policy, and Science and Technology

1880. Public Sector Modernisation: Modernising Accountability and Control

Publication Date:
04-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
In the past two decades, new forms of public sector management, privatisation and new technologies have changed the way the public sector operates, but have also created a need for new ways of making both agencies and governments accountable for what they do. With an increasingly devolved public sector, ensuring conformity with government policy objectives, control of expenditure and monitoring of actual agency performance has become increasingly complex. At the same time, the changing relationship between government and the public sector has profoundly affected the traditional accountability of ministers to the legislature
Topic:
Development, Economics, Government, and Science and Technology