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71. The Impact of Sustainability Codes of Conduct in the Financial Sector

Publication Date:
02-2016
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
This paper analyzes the impact of four major financial sector sustainability codes of conduct, the UN Environmental Programme Finance Initiative, the UN Principles for Responsible Investment, the Equator Principles and the Global Alliance for Banking on Values with regard to their impact on the sustainability of their members. The codes of conduct focus on the integration of environmental, social and governance criteria into financial decision making in lending, investment, asset management and project finance. corporate sustainability voluntary codes of conduct have a positive impact on their members. The effectiveness, however, depends on the quality and content of a code, as well as on implementation and compliance mechanisms.
Topic:
Economics, International Trade and Finance, Markets, United Nations, and Ethics
Political Geography:
Global Focus

72. American Nuclear Diplomacy

Author:
Daniel Poneman
Publication Date:
08-2016
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Today, as a species, we face two existential threats: nuclear annihilation and catastrophic climate change. Both stem from human origins. We need to fight both threats aggressively. There are many things we can and should do to tackle the climate threat, beginning with putting a price on carbon emissions, promoting market mechanisms that reward efficiency, leveling the playing field for all lower-carbon energy sources, and leveraging the Paris Climate Agreement into more effective international action. But even adding up all existing national commitments to curtail greenhouse gas emissions, and assuming perfect execution, the world falls far short of the cuts needed to avoid catastrophic climate change. The expanded use of nuclear energy can make a major contribution to closing that gap and meeting our climate goals. But inherent in the use of atomic fission is the risk that the technology and materials can be diverted to terrorists or hostile nations.
Topic:
Climate Change, Energy Policy, Environment, Human Welfare, Markets, Nuclear Weapons, International Security, and Global Markets
Political Geography:
Global Focus

73. American Nuclear Diplomacy

Author:
Daniel Poneman
Publication Date:
08-2016
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Today, as a species, we face two existential threats: nuclear annihilation and catastrophic climate change. Both stem from human origins. We need to fight both threats aggressively. There are many things we can and should do to tackle the climate threat, beginning with putting a price on carbon emissions, promoting market mechanisms that reward efficiency, leveling the playing field for all lower-carbon energy sources, and leveraging the Paris Climate Agreement into more effective international action. But even adding up all existing national commitments to curtail greenhouse gas emissions, and assuming perfect execution, the world falls far short of the cuts needed to avoid catastrophic climate change. The expanded use of nuclear energy can make a major contribution to closing that gap and meeting our climate goals. But inherent in the use of atomic fission is the risk that the technology and materials can be diverted to terrorists or hostile nations.
Topic:
Climate Change, Energy Policy, Environment, Human Welfare, Markets, Nuclear Weapons, International Security, and Global Markets
Political Geography:
Global Focus

74. American Nuclear Diplomacy

Author:
Daniel Poneman
Publication Date:
08-2016
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Today, as a species, we face two existential threats: nuclear annihilation and catastrophic climate change. Both stem from human origins. We need to fight both threats aggressively. There are many things we can and should do to tackle the climate threat, beginning with putting a price on carbon emissions, promoting market mechanisms that reward efficiency, leveling the playing field for all lower-carbon energy sources, and leveraging the Paris Climate Agreement into more effective international action. But even adding up all existing national commitments to curtail greenhouse gas emissions, and assuming perfect execution, the world falls far short of the cuts needed to avoid catastrophic climate change. The expanded use of nuclear energy can make a major contribution to closing that gap and meeting our climate goals. But inherent in the use of atomic fission is the risk that the technology and materials can be diverted to terrorists or hostile nations.
Topic:
Climate Change, Energy Policy, Environment, Human Welfare, Markets, Nuclear Weapons, International Security, and Global Markets
Political Geography:
Global Focus

75. Porous Borders: The Study of Illegal Markets from a Sociological Perspective.

Author:
Matias Dewey
Publication Date:
02-2016
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
State concerns about crime and security issues have strongly affected conceptions of economic action outside the law, a traditional field of research in sociology. This increasing encroachment by policy-related concerns on the intellectual framework of the discipline has led, on one hand, to an almost exclusive focus on criminal organizations in the analyses of illegal economic activity. On the other hand, it has led to the downplaying of the importance of classic topics of sociological reflection, such as the embeddedness of action, the moral dimension of illegal products, or the relationship between social change and the spread of illegal exchanges. This short paper problematizes economic action outside the law by taking legal definitions and their effects seriously. It begins with the problem of naturalizing state definitions. This is followed by a discussion of the illegality of illegal markets, which illustrates sociological contributions. Finally, three dimensions of the study of illegal markets are suggested. Overall, the paper lays out a research program for this field of sociological inquiry.
Topic:
Security, Economics, Markets, and Sociology
Political Geography:
Global Focus

76. Illegal Markets: Boundaries and Interfaces between Legality and Illegality.

Author:
Renate Mayntz
Publication Date:
03-2016
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
In sociology generally, the infringement of legal norms is not treated as a special kind of norm violation, the sociology of law being an obvious exception. The study of illegal markets therefore faces the challenge of distinguishing illegality from legality, and relating both to legitimacy. There is no conceptual ambiguity about the distinction between legal and illegal if legality is formally defined. In practice, (formal) legality and (social) legitimacy can diverge: there is both legitimate illegal action and illegitimate legal action. Illegal markets are a special kind of illegal social system, constituted by market transactions. Illegal markets are empirically related to organized crime, mafia and even terrorist organizations, and they interact both with legal markets and the forces of state order. Where legal and illegal action systems are not separated by clear social boundaries, they are connected by what has come to be called “interfaces”: actors moving between a legal and an illegal world, actions that are illegal but perceived as legitimate or the other way around, and a gray zone of actions that are neither clearly legal nor illegal, and neither clearly legitimate nor illegitimate. Interfaces facilitate interaction between legal and illegal action systems, but they are also sources of tension and can lead to institutional change.
Topic:
Crime, Markets, Sociology, and Law
Political Geography:
Global Focus

77. Innovation and Access to Finance

Author:
Michele Cincera and Arabela Santos
Publication Date:
01-2016
Content Type:
Working Paper
Institution:
Institute for Development and International Relations (IRMO)
Abstract:
Promoting Research and Development (R&D) activities is the main goal of the EU 2020 Strategy in order to achieve an R&D spending at least 3% of GDP. The Innovation Union is one of the seven flagship initiatives of the EU 2020 Strategy, which has the aims: to improve access to finance for R&D; to get innovative ideas to market; to ensure growth and jobs (European Commission, 2014b). The aim of the present paper is to identify and explain the main mechanisms related to four commitments of Innovation Union: i) Commitment 10 (Put in place EU level financial instruments to attract private finance); ii) Commitment 11 (Ensure cross-border operation of venture capital funds); iii) Commitment 12 (Strengthen cross-border matching of innovative firms with Investors); iv) Commitment 13 (Review State Aid Framework for Research, Development and Innovation). To this purpose, a review of both theoretical and empirical literatures about ’Innovation, Access to Finance and SMEs’ based on more than 80 scientific and other articles and analyses is presented. The paper provides an analysis of the main alternative financial instruments to bank loans, namely Risk-Sharing Facility Financing, Venture Capital, Business Angels and public subsidies. We found some evidence in the literature that Venture Capital could have a limited impact in enhancing innovation in the long- term and that some public support schemes could be more effective than other, depending on the firm’s maturity state.
Topic:
Development, Markets, European Union, and Research
Political Geography:
Europe and Global Focus

78. Assessing the Governance Practices of Sustainability Reporting

Author:
Jason Thistlethwaite and Melissa Menzies
Publication Date:
01-2016
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
To promote climate change risk mitigation in financial markets, the Financial Stability Board recently proposed the creation of a Climate Disclosure Task Force, coordinated through the G20, to develop standards for companies to disclose their exposure to climate change risks. With more than 400 existing disclosure schemes, this task will be challenging. This brief identifies the key categories of governance practices that must be addressed, how these divergent practices challenge end-users, and how the establishment of criteria that define effective and efficient reporting is a critical first step for the Climate Disclosure Task Force.
Topic:
Climate Change, Economics, Markets, and Financial Crisis
Political Geography:
Global Focus

79. Stock-Market Expectations: Econometric Evidence that both REH and Behavioral Insights Matter

Author:
Roman Frydman and Josh Stillwagon
Publication Date:
06-2016
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Behavioral finance views stock-market investors’ expectations as largely unrelated to fundamental factors. Relying on survey data, this paper presents econometric evidence that fundamentals are a major driver of investors’ expectations. Although expectations are also in part extrapolative, this effect is transient. The paper’s approach underscores the central importance of opening models to structural change and imposing discipline on econometric analysis through specification testing. Our findings support the novel hypothesis that rational market participants, faced with unforeseeable change, base their forecasts on both fundamentals - the focus of the REH approach - and the psychological and technical considerations underlying behavioral finance.
Topic:
Markets, Economic Theory, Survey, and Stock Markets
Political Geography:
Global Focus

80. Central Banks Can and Should Do Their Part in Funding Sustainability

Author:
Andrew Sheng
Publication Date:
06-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
Central banks, when purchasing financial assets, should consider selecting assets that will promote sustainability, including climate change mitigation and adaptation. During the 2008 financial crisis, central banks deployed unconventional means to rescue failing banks and insulate economies from depression. Their asset purchases have had strong social impacts, but traditionally, central banks have not explicitly factored social objectives into their decisions or evaluated their impacts beyond the narrow monetary domain. Social impact investing is consistent with a central bank’s mandate to maintain price stability, but those not yet ready to move in this direction should at least incentivize bankers and asset managers to invest in, or lend to, climate mitigation activities and low-emission growth, as well as support a financial transaction tax.
Topic:
Climate Change, Energy Policy, Environment, Markets, Monetary Policy, and Financial Markets
Political Geography:
Global Focus