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Competition in the Financial Sector

Claessens, Stijn
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
56.4%
Competition in the financial sector, as in other sectors, matters for allocative, productive, and dynamic efficiency. Theory suggests, however, that unfettered competition is not necessarily best given the special features of financial services. The author discusses these analytical complications before reviewing how to assess competition in the financial sector and its determinants. It is shown that competitiveness varies greatly across countries, in perhaps surprising ways, and that it is not driven by financial system concentration. Rather, systems with greater foreign entry and fewer entry and activity restrictions tend to be more competitive, confirming that contestability—the lack of barriers to entry and exit—determines effective competition. The author then analyzes how competition policy in the financial sector has generally been conducted and how changes in competition in the financial services industries should affect competition policy going forward. In part based on comparison with other industries, the author provides some suggestions on how competition policy in the financial sector could be better approached as well as what institutional arrangements best fit a modern view of competition policy in the sector. The specific competition challenges for developing countries is also highlighted. The author concludes that practices today fall far short of the need for better competition policy in the financial sector.

Trading Market Access for Competition Policy Enforcement

Hoekman, Bernard; Saggi, Kamal
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
56.42%
Motivated by discussions at the World Trade Organization (WTO) on multilateral disciplines with respect to competition law, the authors develop a two-country model that explores the incentives of a developing country to offer increased market access (by way of a tariff reduction) in exchange for a ban on foreign export cartels by its developed country trading partner. They show that such a bargain is feasible and can generate a globally welfare-maximizing outcome. The authors also explore the incentives for bilateral cooperation when the developing country uses transfers to "pay" for competition enforcement by the developed country. A comparison of the two cases shows that there exist circumstances in which the stick (the tariff) is more effective in sustaining bilateral cooperation than the carrot (the transfer). Furthermore, the scope for cooperation is maximized when both instruments are used. An implication of the analysis is that developing countries have incentives to support an explicit WTO prohibition of export cartels.

Republic of Turkey Reform for Competitiveness Technical Assistance : Fostering Open and Efficient Markets through Effective Competition Policies

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.35%
Competition in domestic markets is critical to ensure increased international competitiveness. Firms facing more intense competitive pressures are more likely to introduce new products and upgrade existing product lines. Firms usually acquire many of their inputs (such as transportation, energy, construction, and professional services) in local markets. Competition policies are defined as the set of policies and a law ensuring that competition in the marketplace is not restricted in a way that reduces economic welfare. This report reviews the current status of competition policy in Turkey, focusing on the economy-wide enforcement of competition rules and on specific regulations and government policies that affect product market competition. Economic and legal analysis is used to identify key challenges and to propose specific areas of intervention and reform. In addition, this report provides an evaluation of the potential benefits of pro-competition policies. Turkey is benchmarked against other economies that represent international best practice...

Economic Development, Competition Policy, and the World Trade Organization

Hoekman, Bernard; Mavroidis, Petros C.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.33%
At the recent World Trade Organization (WTO) ministerial meeting in Doha, Qatar, WTO members called for the launch of negotiations on disciplines relating to competition based on explicit consensus on modalities to be agreed at the fifth WTO ministerial meeting in 2003. WTO discussions since 1997 have revealed little support for ambitious multilateral action. Proponents of the WTO antitrust disciplines currently propose an agreement that is limited to "core principles"-nondiscrimination, transparency, and provisions banning "hard core" cartels. The authors argue that an agreement along such lines will create compliance costs for developing countries without addressing the anticompetitive behavior of firms located in foreign jurisdictions. To be unambiguously beneficial to low-income countries, any WTO antitrust disciplines should recognize the capacity constraints that prevail in these economies, make illegal collusive business practices by firms with international operations that raise prices in developing country markets...

Does More Intense Competition Lead to Higher Growth?

Dutz, Mark A.; Hayri, Aydin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.4%
The relationship between the intensity of competition in an economy and its long-run growth is an open question in economics. Theoretically, there is no clear-cut answer. Empirical evidence exists, however, that in some sectors more competition leads to more innovation, and accelerates productivity growth. To complement those findings, and capture economy-wide effects, the authors conduct a cross-country study. They examine the impact on growth of various measures having to do with intensity of domestic competition - beyond the effects of trade liberalization. Their results indicate a strong correlation between long-run growth, and effective enforcement of antitrust, and competition policy.

National Competition Policy and (the) public interest

Hess, Michael; Adams, David
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 52791 bytes; application/pdf
EN_AU
Relevância na Pesquisa
66.17%
Contemporary public sector reforms in Australia have been dominated by efficiency, productivity and contestability considerations captured in National Competition Policy (NCP). Both in the reform process in general and in the NCP processes in particular, the lack of priority attributed to non-economic concerns such as coordination, equity, representation, political accountability, consultation and distributive outcomes has been a serious omission. The idea of public interst, once central to democratic public administration, has re-emerged to challenge the perceived excesses of economic rationalism as the unifying idea of reform. Although public interest stands in a long tradition in public administration, it is a complex and contested idea which requires significiant development if it is to have policy utility in the reform process. Nonetheless public interest may be viewed as an analytical frame which enables a rebalancing of the ideas which influence policymaking. In this paper it is argued that substantive situational manifestations of public interest can be used to complement rather than undermine the efficiency, productivity and contestability objectives of public sector reform.

Competition Law and Public Policy: Reconsidering an Uneasy Relationship. The Example of Art. 81

SCHWEITZER, Heike
Fonte: European University Institute Publicador: European University Institute
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
56.45%
The EU is currently re-conceptualizing the goals of competition law and their place within the EC Treaty. Whereas the Draft Reform Treaty is emphasizing the weight of public policy goals vis-à-vis the goal of undistorted competition, the EU Commission has made an effort to remove non-competition goals from competition policy in the course of the “decentralization” of EU competition law enforcement and to refocus competition law on the efficiency criterion, namely the consumer welfare goal. This contribution shall discuss the regulation of the interface between competition policy and public policy goals in the interpretation and application of Art. 81 EC under the old and the new enforcement regime. Doctrinally, the debate is led on two levels: With regard to the interpretation of Art. 81(1) the question is raised whether conflicting policy goals can delimit its scope. Art. 81(3) with its broad and general terms, potentially provides an opening of EU competition law for the consideration of noncompetition related policy goals on the level of exemptions. The interpretation of Art. 81(3) EC has gained new relevance since it has been declared directly applicable by Art. 1 of Regulation 1/2003. Whereas, under the former regime, the Commission could regulate the competition-public policy interface case-by-case based on its monopoly for granting exemptions...

Long-term Energy Supply Contracts in European Competition Policy: Fuzzy not Crazy

GLACHANT, Jean-Michel; DE HAUTECLOCQUE, Adrien
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
66.21%
Long-term supply contracts often have ambiguous effects on the competitive structure, investment and consumer welfare in the long term. In a context of market building, these effects are likely to be worsened and thus even harder to assess. Since liberalization and especially since the release of the Energy Sector Enquiry in early 2007, the portfolio of long-term supply contracts of the former incumbents have become a priority for review by the European Commission and the national competition authorities. It is widely believed that European Competition authorities take a dogmatic view on these contracts and systemically emphasize the risk of foreclosure over their positive effects on investment and operation. This paper depicts the methodology that has emerged in the recent line of cases and argues that this interpretation is largely misguided. It shows that a multiple-step approach is used to reduce regulation costs and balance anti-competitive effects with potential efficiency gains. However, if an economic approach is now clearly implemented, competition policy is constrained by the procedural aspect of the legal process and the remedies imposed remain open for discussion.

The Institutional Design of European Competition Policy

MANGANELLI, Antonio; NICITA, Antonio; ROSSI, Maria Alessandra
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
66.35%
This paper analyzes the institutional design of the European competition policy system. Besides the multi-level public enforcement, the paper describes other two fundamental dimensions of the European competition policy system: the relationship between public and private enforcement and that between competition law enforcement and sector specific regulation, with particular regards with the Electronic Communications sector. The main effort of the paper consists in representing the EU Competition policy system as a web of vertical and horizontal relationships among a large set of actors, sometimes coordinated by formal or informal mechanisms but still characterized by competence overlaps and strategic interdependencies. Finally the paper aims at assessing the relevant economic trade-offs associated to these overlaps and interactions in terms of efficiency and effectiveness of the system, giving some policy suggestions for the future evolution of its overall design.; Florence School of Regulation

The Rise of European Competition Policy, 1950-1991: A Cross-Disciplinary Survey of a Contested Policy Sphere

WARLOUZET, Laurent
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
66.31%
Competition policy is perhaps the field in which the European Commission has the most extensive powers. Born institutionally in 1950, European competition policy now has a sixty year-long history. This paper argues that its history has not been peaceful, and that it has been characterized by heated debates. In a first methodological part, an assessment is made of the growing multidisciplinary academic debates relating to this topic. A claim for a methodology combining historical sources (archives) and a focus on the relationship between ideas and institutions. Then the paper turns to an empirical application of the methodology just described. In particular, it examines the history of European competition policy, using new archival findings in three steps: the institutional basis in 1950-62 (part II); the failure of the neo-functionalist momentum in 1962-81 (part III); and the rise of a powerful policy in 1981-91 (part IV).

Preference heterogeneity and equilibrium institutions: The case of European competition policy

KARAGIANNIS, Yannis
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Tese de Doutorado
EN
Relevância na Pesquisa
56.3%
One characteristic of European competition policy is its complex governance structure. On the one hand, the European competition regulator has always enjoyed a high degree of formal autonomy from national governments. On the other hand, that regulator has always been embedded in a multi-task and collegial organisation that mirrors intergovernmental politics. Although the literature has often disapprovingly noted this complexity, it has not been explained. Part I elaborates on the theoretical lens for understanding the governance structures of EC competition policy. Despite the prominence of principal-agent models, transaction cost economics seems to offer a more promising venue. The assumption that Member States maximise their total expected gains and postpone excessive bargaining costs leads to the following hypothesis: the greater the preference heterogeneity (homogeneity) between Member States, the higher (lower) the asset-specific investments involved, hence the higher (lower) the risk of post-contractual hold-ups, and hence the more (less) integrated the governance structures created to sustain future transactions. Alternatively, this logic leads to a deterministic hypothesis about the sufficiency of preference heterogeneities for the production of complex governance structures. Part II examines this deterministic hypothesis. Using various sources...

State Aid to Attract FDI and the European Competition Policy: Should Variable Cost Aid Be Banned?

MARINIELLO, Mario
Fonte: European University Institute Publicador: European University Institute
Tipo: Trabalho em Andamento Formato: 419143 bytes; application/pdf
EN
Relevância na Pesquisa
66.18%
The purpose of this paper is to analyze the European Commission's approach to state aid for foreign direct investment in a competition policy framework. The Commission shows to consider variable cost aid (VCA) to be more distortive than start-up or fixed cost aid (FCA). This paper addresses that issue and checks whether allowing FCA while banning VCA is a …first-best strategy for a rational Authority maximizing welfare. The model shows that a rational forward-looking government maximizing domestic welfare always prefers VCA to FCA if both the incumbent and the entrant are foreign firms and if granting VCA does not cause to the incumbent …firm to exit the market. On the other hand, a VCA which causes the incumbent …firm to be crowded out by the entrant never occurs at the equilibrium. The model shows that the Commission's approach may lead to sub-optimal equilibria where market competition and consumers' welfare are not maximized.

Exploring the transnational circulation of policy paradigms : law firms, legal networks and the production of expertise in the field of competition policies

Fonte: European University Institute Publicador: European University Institute
Tipo: Livro Formato: application/pdf
EN
Relevância na Pesquisa
56.33%
This ebook brings together political scientists and legal scholars with a view to explore the transformations that affected the rather stable institutional settlement of EU competition law - and in particular the emergence of a transnational field of competition policy - since the 1990s. Beyond its insistence on “transnational fields” and the on-going conflicts and competitions that structure its dynamics, the book also suggests a new entry: the power-knowledge nexus that considers the production as much as the import-export of ideas, theories and “models” about competition policies as one essential lever through which these battles are fought.; -- Introduction, Julie Bailleux and Antoine Vauchez, 1 -- Experimentalist governance in the European competition network, Basje Bender, 9 -- Private actors and their advisers in administrative agency networks, Yane Svetiev, 21 -- When 'Chicago' meets London and Paris : competition elites and the regulation of restrictive practices, Andy Smith, 31 -- The political economy of global competition law and policy : an institutional approach, Pablo Iglesias-Rodríguez, 41 -- Idea merchants and paradigm peddlers in global antitrust, Mel Marquis, 53

Romania - Functional Review : Romania Competition Council

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
56.4%
The European Union is founded on a competitive market economy unified by commonly agreed rules and practices. While Romania has joined the Union, its ability to prosper fully within the common market requires a strengthened commitment to, and ability to protect, EU competition principles. Romania's legal and organizational framework for enhancing competition is tenuous and the current economic and fiscal crisis puts recent gains at risk. In particular, Romania's performance in competition policy still lags behind EU practice and is characterized by: (i) State-owned enterprises and government participation still play a dominant role in many important markets and sectors in Romania, controlling at least one firm in 14 key sectors of the economy and exhibiting a market share above 50% in at least one segment of network industries. (ii) Relatively low enforcement of competition policy against hard-core cartels and abusive practices while merger review cases that do not significantly impose threats to competition account for the bulk of the workload in the competition area. (iii) Low staffing for competition enforcement and economic analysis placing the Romania Competition Council (RCC) at the bottom of European Union rankings with no internal target deadlines to track performance. (iv) Active advocacy activities mainly focus on raising awareness of the importance of competition law but efforts need to be made to refocus activity on tackling anticompetitive regulation...

Policy Reform, Economic Growth, and the Digital Divide : An Econometric Analysis

Dasgupta, Susmita; Lall, Somik; Wheeler, David
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.32%
Rapid growth of Internet use in high-income economies, has raised the specter of a "digital divide" that will marginalize developing countries, because they can neither afford Internet access, nor use it effectively when it is available. Using a new cross-country data set, the authors investigate two proximate determinants of the digital divide: Internet intensity (Internet subscriptions per telephones mainline), and access to telecom services. Surprisingly, they find no gap in Internet intensity. When differences in urbanization, and competition policy are controlled for, low-income countries have intensities as high as those of industrial countries. While income does not seem to matter in this context, competition policy matters a great deal. Low-income countries with high World Bank ratings for competition policy, have significantly higher Internet intensities. The authors' findings on Internet intensity implies that the digital divide is not really new, but reflects a persistent gap in the availability of mainline telephones services. After identifying mobile telephones as a promising new platform for Internet access...

Competition Law and Regional Economic Integration : An Analysis of the Southern Mediterranean Countries

Geradin, Damien
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
56.38%
This study argues that adoption strengthening of a competition law regime is a key component of the regulatory reforms, which are required to allow a market economy in the Mediterranean region. It also argues that the competition rules inserted in the Association Agreements signed between the European Union (EU) and the Mediterranean Partners (MPs) currently fail to provide adequate protection against anticompetitive practices affecting trade between these blocks. Moreover, the competition law regimes adopted by the MPs are generally poorly enforced with the consequence that many domestic anticompetitive practices remain unchallenged. In addition, this study addresses the issue of regulatory convergence between the EU and the MPs in the field of competition law, that is, whether the MPs should align their competition rules on European Community (EC) competition rules. It argues that while such convergence would bring a series of benefits to both the EU and the MPs, it would also involve costs. The study thus argues in favor of a prudent approach whereby the transposition of EC competition rules in the MPs would not be automatic...

Russian Federation - Export Diversification through Competition and Innovation : A Policy Agenda

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
56.4%
Economic modernization and export diversification are priorities in the Russian economic policy agenda, with several measures undertaken in recent years to promote growth in the nonoil and gas sector. Russia's export base has narrowed substantially over the past decade. Lack of diversification cannot be pinned down to a single cause. Competition and innovation are examined in this study as key drivers of export diversification. After presenting our findings we identify some key trade policy measures that could help firms enter foreign markets and sustain current trade relationships. A comprehensive competition policy will help establish a level playing field, facilitate entry of more efficient firms, and encourage orderly exit of less efficient firms, thereby contributing to increased productivity and export propensity. The government's current initiatives to foster innovation could be strengthened through a number of specific measures focusing on commercialization of public research and development and adequate research funding. This study is organized as follows. Section two scrutinizes various dimensions of Russia's trade performance...

Competition, Corporate Governance, and Regulation in Central Asia : Uzbekistan's Structural Reform Challenges

Broadman, Harry G.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
EN_US
Relevância na Pesquisa
56.45%
In Uzbekistan state enterprises are being changed into shareholding companies, and private enterprises account for 45 percent of all registered firms. But business decisions to set prices, output, and investment are often not market-based, nor wholly within the purview of businesses, especially those in commercial manufacturing and services. Lines of authority for corporate governance - from state enterprises to private enterprises - are ill-defined, so there is little discipline on corporate performance and little separation between government and business. Nascent frameworks have been created for competition policy (for firms in the commercial sector) and regulatory policy (governing utilities in the infrastructure monopoly sector). Bur implementation and enforcement have been hampered by old-style instruments (such as price controls0 rooted in central planning, by lack of a strong independent regulatory rule-making authority, by the limited understanding, of the basic concepts of competition and regulatory reform, and by weak institutional capabilities for analyzing market structure and business performance. Based on fieldwork in Uzbekistan, the author recommends: 1) Deepening senior policy officials' understanding of, and appreciation of the benefits from...

The Troika's influence on Irish competition policy

Eaton, Sinead
Fonte: Competition Policy International Publicador: Competition Policy International
Tipo: info:eu-repo/semantics/article; all_ul_research; ul_published_reviewed
ENG
Relevância na Pesquisa
76.18%
peer-reviewed; When extending the bailout facility availed of by Ireland , the IMF, ECB and Commission of the EU (“the troika”) insisted that a number of measures be taken in respect of the Irish economy. While many of these related to reducing the costs of the public sector and the reduction of the country’s social welfare costs, some related directly to Irish competition law.; ACCEPTED; peer reviewed

Competition policy costs to firms

Agostinho, Andre Demmich Barbosa
Fonte: Universidade Nova de Lisboa Publicador: Universidade Nova de Lisboa
Tipo: Dissertação de Mestrado
Publicado em /01/2012 ENG
Relevância na Pesquisa
66.22%
The existence of competition policy forces companies to adjust their behaviour. This is also costly. Using a database from a company on contracts, I will try to estimate if a specific competition policy disposition, supply contracts cannot be longer than 60 months, has costs for the coffee suppliers operating in the Portuguese “on-trade” coffee market. The estimation method used in this paper will be OLS. The results suggest that limiting the duration of exclusivity contracts to 60 months can be harmful to the coffee suppliers and it can even seriously affect the market functioning. Key