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A. Ogus 《Annals of Public and Cooperative Economics》2002,73(4):627-648
This article presents a legal perspective on regulatory institutions, procedures and processes. Analysis of legal instruments examines justifications for regulatory interventions, and considers the inadequacies of private law remedies to instances of market failure (such as monopolies, inadequate or asymmetric information, externalities and co–ordination problems). A distinction is drawn between social and economic regulation: the former deals with such matters as health and safety, and environmental and consumer protection; and the latter is needed where there is insufficient competition. Instruments of social regulation include prior approval, mandatory standards and information disclosure. A range of instruments of economic regulation is also assessed, including competition law, public ownership, price and quality regulation, and competitive public franchising. Analysis of regulatory processes focuses on regulatory rule–making, delegated regulation and self–regulation. Particular weight is given to different forms of accountability—financial, procedural and substantive—which draws attention to the significance of the public interest dimension of regulatory systems. 相似文献
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We analyze Turkey’s current account optimality and sustainability between 1992 and 2004. Using the intertemporal benchmark
model for Turkey’s current account we test for its intertemporal solvency. Based on traditional and alternative tests (which
account for persistence in the current account), we conclude that Turkey breached the intertemporal solvency condition in
the sample period. In addition, stationarity tests of the deviation between actual and optimal net external liabilities series
confirm that Turkey’s current account deficit was unsustainable for that period. However, further econometric investigation
and analysis of reforms causes us to question our conclusions of non-optimality and unsustainability of the Turkish current
account for the latter part of the period.
We are indebted to two anonymous referees for insightful comments and suggestions. We would also like to thank seminar participants
at Middle Eastern Technical University, Ankara, Turkey, for comments on an earlier version of this paper. Responsibility for
all errors remains with the authors. 相似文献
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This paper examines how cash flows, investment expenditures, and stock price histories affect debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital structure changes, but in contrast to previous conclusions, we find that over long horizons their effects are partially reversed. These results indicate that although firms’ histories strongly influence their capital structures, over time their capital structures tend to move towards target debt ratios that are consistent with the tradeoff theories of capital structure. 相似文献
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This study focuses on the energy savings and economic impact of green roof systems applied to Central Bodrum, a district in southwestern Turkey. Energy savings of the buildings were evaluated based on the added thermal resistance on the roofs and corresponding heat transmission through the roofs. Four different scenarios, two without green financing and two with green consumer loans for retrofitting financed by the central government via the state-owned banks, were studied. The economic impact of this activity on the economy is estimated based on sectoral employment multipliers for a period of 10 years. Based on the scenario analysis and the priorities of the Turkish economy, given the employment benefits and energy savings which would reduce the energy demand in the area in the peak season, we propose that the government implements green consumer loans for retrofitting through the state-owned banks. 相似文献
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A present-value model of less developed countries’ (LDC) debt is developed to understand the factors that affect the discount
on the secondary market. LDC debt trades at a substantial discount on the secondary market. This paper investigates the determinants
of the discount for a sample of 13 countries over a 9 year period. The findings show that debt–exports, foreign currency reserves–imports
and total debt service to exports ratios are significant determinants of the secondary market prices of LDC debt. The discount
is higher in countries where debt–exports ratios are higher and is lower for those with lower foreign currency reserves–imports
ratios. Concentration of debt with money center banks has a positive and significant effect on the secondary market price
of debt.
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Ayla OgusEmail: |
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