Each day, a vast amount of information is transmitted, stored, and collected across the globe, enabled by the rise of computing and communication power. Technologies and innovation have increased the need for privacy regulation, whilst requiring existing privacy regulations to adapt to these new advancements. The emergence of cloud computing, the internet of things (IoT), 5G networks and big data analytics present new challenges to the field of data protection and privacy. Data protection has been placed high on the political agendas globally; In 2015, the United Nations appointed a special rapporteur on the right to privacy, the European Union (EU) ratified its new privacy legislation in 2016, data protection is now being included in many trade agreements and data protection has been a key concern in several high-profile court cases in relation to national surveillance issues. The growing threat of cybercrime reinforces the need for adequate data protection and data privacy measures. In 2018 alone, cyberattacks, including those on systemically important industries like financial services have increased fivefold, and new estimates put the estimated global costs of cyberattacks at USD 8 trillion over the next five years. A large proportion of cyberattacks result in unauthorised access to sensitive data, including that of personal nature, in turn creating data privacy concerns. Some estimates suggest that several billion datasets are breached every year, with some attacks and data losses taking months to detect.
Essays -- Public Choice and Constitutional Political Economy -- Public Choice: An Introduction -- Are Vote and Popularity Functions Economically Correct? -- Constitutional Political Economy -- Corruption -- Dictatorship -- Environmental Politics -- Experimental Public Choice -- Gordon Tullock at Four Score Years: An Evaluation -- Interest Group Behavior and Influence -- International Trade Policy: Departure from Free Trade -- James M. Buchanan -- Milton Friedman, 1912: Harbinger of the Public Choice Revolution -- Monetary Policy and Central Bank Behavior -- The Political Economy of Taxation: Positive and Normative Analysis When Collective Choice Matters -- Public Choice from the Perspective of Economics -- Public Choice from the Perspective of the History of Thought -- Public Choice Theory from the Perspective of Law -- Public Choice from the Perspective of Philosophy -- Public Choice from the Perspective of Sociology -- Public Finance -- Regulation and Antitrust -- Scholarly Legacy of Mancur Olson -- Shadow Economy -- Social Choice, Contracts and Logrolling -- Spatial Theory -- Trade Liberalization and Globalization -- William H. Riker -- Concepts -- Academia -- Al-Qaeda -- Alternative Voting Methods -- Altruism -- The Anatomy of Political Representation -- Approval Voting -- Arbitration and Bargaining -- Arrow's Impossibility Theorem -- An 'Austrian' Perspective on Public Choice -- Autocracy -- Autocratic Succession -- Bicameralism -- Blackmail -- Black's Single-Peakedness Condition -- Budgetary Processes -- Budget Deficits -- Bureaucratic Discretion -- Campaign Contributions and Campaign Finance -- Campaign Finance 1 -- Campaign Finance 2 -- Central Banks -- Chicago Political Economy -- The Clayton Act -- Coalitions and Power Indices -- Coalitions and Social Choice -- Coase Theorem and Political Markets -- Coercion -- Collective Action Under the Articles of Confederation -- Committee Assignments -- Committee Jurisdictions and PAC Contributions -- Committees in Legislatures -- Commons and Anticommons -- Constitution -- Constitutional Frameworks and Economic Progress -- The Constitution of the European Union -- Constitutional Political Economy -- The Contemporary Political Economy Approach to Bureaucracy -- Contractarianism -- Corruption 1 -- Corruption 2 -- Cost and Choice -- The Cost Disease of the Personal Services -- Customary Law -- The Demand-Revealing Process -- Deregulation of Postal Service -- Dictators and Social Contracts -- Direct Democracy -- Discrimination -- Dynamic Inconsistency -- Economic Freedom and its Measurement -- Economic Freedom and Political Freedom -- Economic Regulation -- The Economic Theory of Clubs -- Economists Versus the Public on Economic Policy -- Education and the State -- Efficiency of Democracy -- Efficiency of Democracy? -- The Efficiency of the Common Law Hypothesis -- Elected Versus Appointed Regulators -- Election Models -- Electoral College -- Electoral Competition in Mixed Systems of Representation -- The Elusive Median Voter -- Emerging from the Hobbesian Jungle -- Endogenous Morality -- Enron -- Environmental Politics and Economic Development -- The Euro -- European Political Integration -- Evolution of Institutions -- The Evolution of Law -- Experimental Economics and Public Choice -- Experimental Public Choice -- Expressive Voting and Redistribution -- Fair Division -- Fame and Politics -- Federal Reserve System -- Forecasting Presidential Elections in the United States -- Game Theory -- Game Theory in Public Choice -- Generality and the Efficiency of Government Decision Making -- Group Roles in Evolution and Cognition -- Growth of Local Government in the United States -- The Growth of Public Expenditure -- The Growth of the Relative Size of Government -- Heresthetics and the Evolution of the Us Constitution -- Homo Economicus -- Human Evolution and Political Behavior -- Ideology -- The Importance of the Middle in Spatial Politics -- Initiative and Referendum -- Institutions of Trade Protection -- Interest Groups 1 -- Interest Groups 2 -- International Game of Power -- International Organization -- Internet Voting -- Is Russia a Market Economy? -- Is Voting Rational? -- The Italian Public Finance Contribution to Public Choice -- The Judiciary -- The Law and Economics Movement -- Legal Precedents and Judicial Discretion -- Legal Rules and Standards -- Legislative Politics -- Legislators -- Leviathan Models of Government -- Logic of Collective Action -- The Logic of Liberty -- Logrolling 1 -- Logrolling 2 -- Meddlesome Preferences and Rent Extraction: The Tobacco Shakedown -- The Median in Politics -- The Median Voter Model -- Medieval Church -- Mercantilism -- Monetary Politics -- The New Deal -- Nonprofit Organizations -- The Origins of Social Choice Theory -- The Paradox of Rebellion -- Parchment Versus Guns -- Political and Cultural Nationalism -- Political Business Cycles -- Political Economics and Public Choice -- The Political Economy of FEMA Disaster Payments -- The Political Economy of Italian Electoral Reform -- Political Transaction-Cost Manipulation -- Pressure Groups and Uninformed Voters -- Principal-Agent Relationships in the Theory of Bureaucracy -- Prohibition -- Public Choice and Socialism -- Public Choice and the Chicago School of Antitrust -- Public Choice in Italy -- Public Enterprise -- Public Finance and the Median Voter Model -- Public Finance in Democratic Process -- Public Goods -- Public Schools -- Public Utility Regulation -- Rational Choice Approaches to Economic and Political History -- Rational Ignorance -- Rational Irrationality -- Reciprocity -- Redistributive Politics 1 -- Redistributive Politics 2 -- Regulating Government -- Regulatory Takings -- Rent Dissipation -- Rent Extraction -- Rent Seeking -- Rent Seeking and Political Institutions -- Rent-Seeking Games -- Rent Seeking in Development -- The Rule of Law -- Rules Versus Standards -- Self-Interest -- Selfish Gene -- September 11, 2001 -- Single-Peaked Preferences and Median Voter Theorems -- The Social Cost of Rent Seeking -- Sortition -- Standard Oil and Microsoft: Antitrust Lessons -- State-Sponsored Murder as a Rent-Seeking Activity -- Structure-Induced Equilibrium -- Supply of Public Goods -- The Supreme Court -- Takings and Public Choice: The Persuasion of Price -- Term Limits 1 -- Term Limits 2 -- Terrorism -- The Theory and Measurement of Economic Freedom -- Totalitarianism -- Trade Protectionism -- Transitional Economies -- Transitions from Autocracy to Democracy -- Triangulation -- Underground Government: The Off-Budget Public Sector -- The Value of Voting Rights -- Votes for Women -- Voting Equipment, Minorities and the Poor -- Voting in U.S. Presidential Elections -- Voting Paradoxes in List Systems of Proportional Representation -- The War on Drugs -- Welfare Economics and Public Choice -- Welfare Economics and the Theory of the State -- Why Government Succeeds.
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В статье определены основные этапы кризиса, к которым относятся: серия форшо-ков, которая началась в августе 2007 г., ее продолжением был экономический спад, который длился по август 2008 г., когда проблемы с ликвидностью не удалось решить трем крупным финансовым институтам США; серьезный финансовый шок в сентябре 2008 г., в котором десять крупных финансовых институтов изменили свои институциональные структуры; финансовая паника и начало большого спада в реальном секторе экономики в последние несколько месяцев 2008 г.; конец финансового шока и паники начало 2009 г. финансовое оздоровление и период восстановления в реальном секторе экономики. В статье рассматриваются основные факторы возникновения кризиса, которые в совокупности отражают все причины и их взаимосвязи, поэтому могут раскрыть полную картину. ; The article describes the main stages of the financial crisis that include: a series of foreshocks, which began in August 2007 and continued as a recession that lasted until August 2008 when three major United States' financial institutions failed to resolve liquidity problems; the severe financial shock in September 2008 when ten major financial institutions changed their institutional structures; financial panic and the beginning of the great recession in the real sector of economy in the last few months of 2008; the end of financial shock and panic at the beginning of 2009 to become the starting point of financial restoration and the recovery period in the real sector of economy. The article examines the main factors of financial crisis, which show all the causes and their interrelation, so they can yield a complete picture. Credit bubble: since the late 1990s, China and other major developing countries, as well as major oil-producing countries have created large capital surplus, which was invested in the financial markets of the United States and Europe, and resulted in interest rates beginning to fall. Credit spreads narrowed, meaning that the cost of borrowing to financially risky investments declined. Housing bubble: since the late 1990s and the early 2000s, there has been a great and stable housing bubble in the United States, which was characterised both by national increases in housing prices and rapid regional boom-and-bust cycles in California, Nevada, Arizona, and Florida. Mortgaging: there have been observed overly optimistic assumptions on housing prices in the United States, as well as problems in primary and secondary mortgage markets. Trillions of dollars in risky mortgage have been widely implemented through the financial system. Credit ratings and securitization: errors in the credit rating and securitisation were being transformed into "subprime" mortgages, in unreliable financial assets. Credit rating agencies made a mistake of overestimating the rating value of mortgage-backed securities and their derivatives, such as a safe investment. Financial institutions purposefully increased risk: the leaders of many large and medium-sized financial institutions in the United States transferred their huge savings into high-risk financial instruments in the form of mortgage-backed bonds. This precipitated the collapse of large financial institutions. Serious failures in corporate governance and risk management in financial institutions vitally important to the functioning of the entire system were the primary cause of the financial crisis. Financial shock and panic: bankruptcy and restructuring of a dozen firms in September 2008 has caused the global financial panic, confidence in the financial system began to dissipate along with the smashups of large and medium-sized financial institutions in the United States and Europe. Additionally, the article suggests ways to overcome financial crisis. Governments should adopt a mixed strategy of short-term and long-term actions, there is also a need for interactive activities across the globe, based on the conduct of similar policies (monetary expansion), realised by national governments. Such actions may include the following: to revive interbank lending, providing a temporary guarantee for short-term unsecured loans between regulated entities. It is necessary to provide reliable insurance for bank deposits, to take measures for recapitalizing the banking system with public funds. The central bank interest rates should stay low. It is crucial to restore financial systems and to introduce a banking union in the euro zone as well as develop and implement particular plans for medium-term fiscal adjustment and entitlement reform in Japan and the United States. The plans should be reinforced with specific actions. There is a need for increasing production level, especially, in the euro zone and Japan. Putting into practice is possible through reforms that create equal conditions for both existing and new market players of the labour market and reduce barriers to provide access to goods and services markets. It is important to carefully change the course of the U.S. monetary policy with due regard to changing growth prospects, inflation and financial stability. Besides, measures should be taken to preserve financial stability, taking into account the risks inherited from the recent credit booms, and new risks arising from capital flows. Many countries are in need of a new round of structural reforms, including investments in government infrastructure, removing barriers to provide access to goods and services markets and, in case of China, redirecting growth from investment to consumption. The article attempts to answer the question: "Was it possible to prevent the crisis?" It would also be helpful to set limits to human greed, distribution of tools, the prices of which are based on complex calculations, financing of bonds to prevent people from buying ten times more than they can afford and to avoid magnifying demand.
En este trabajo se examina las nuevas condiciones para las relaciones económicas internacionales de Bolivia que ha creado el gobierno del Movimiento al Socialismo (MAS). La visión más común en los gobiernos anteriores a los del MAS era que si Bolivia ha de desarrollarse, necesitaba participar ampliamente en el comercio internacional y atraer, al mismo tiempo, flujos de capital externo para financiar las inversiones requeridas para su crecimiento. Se veía a la participación en la globalización como una condición necesaria mas, obviamente, no suficiente para el crecimiento y el desarrollo. La posición del gobierno del MAS difiere en muchos aspectos de la concepción anterior y de las visiones de los gobiernos previos. Ella está claramente más volcada al interior, con un papel más importante para el estado y en pos de una mayor industrialización de los recursos naturales del país, siguiendo modelos de mediados del siglo pasado. Las preguntas que hay que responder son: ¿cuál es el espacio de maniobra del gobierno del MAS dadas las tendencias de los principales socios comerciales de Bolivia y de las fuentes internacionales de financiamiento? ¿Cuán bien preparada está la economía boliviana para actuar bajo otras reglas de juego? ¿Qué consecuencias puede tener el retorno de políticas arcaicas? ; The "deliberative development" approach to policy reform has gained popularity in both academic and policy circles without a clear understanding of the requirements for its success. Based on a reading of the deliberative democracy literature, we detail those requirements, finding them to be quite restrictive. We then examine Bolivia's 2000 National Dialogue, a national deliberation on development policy, and find—not surprisingly—that these requirements were generally missing. More importantly, we demonstrate that the lack of these requirements is not benign: the institutional characteristics of the Dialogue had direct effects, and the Dialogue continues to affect Bolivia's politics in debatable ways. The late 1990s and early part of this decade witnessed what appeared to be a major change in the approach of international development institutions to policy reform. The most important evidence of this change was the Poverty Reduction Strategy Paper (PRSP) initiative of the World Bank and International Monetary Fund. This initiative, which arose in 1999 in the context of updating the Heavily Indebted Poor Countries' (HIPC) Initiative, required countries to prepare a PRSP prior to receiving debt relief (see International Monetary Fund and International Development Association, 1999). Each country's PRSP was to outline an overall strategy to reduce poverty, including structural reforms such as trade and privatization as well as specific anti-poverty programs. These PRSPs are now required to receive any World Bank or IMF concessional assistance. What made the PRSP initiative particularly innovative and noteworthy was that the Bank and Fund required that the strategy be developed in a "participatory" way. That is, the PRSP needed to be based on some sort of consultative process by which the government solicited input from various societal groups—including local nongovernmental organizations (NGOs), businesses, and unions—and then incorporated those preferences in the policy. This approach to government policymaking seemed to go directly against a line of academic work on economic reform that had been influential in these institutions for years (e.g. Sturzenneger and Tommasi, 1998), arguing that there was an inverse relationship between the success of economic reform and the amount of participation of society in making policies. Having criticized this old approach for years, most NGOs and developing country governments supported the new direction taken by the World Bank and IMF. In fact, few critics of the approach (e.g. Stewart and Wang, 2003) have critiqued the idea of participation, most instead focusing their critiques on the poor "extent" and "quality" of participation. In one of the benchmark articles supporting this "deliberative" approach to policy reform, Peter Evans (2004) notes that such an approach to policymaking is supported by work by the economists Amartya Sen (1999) and Dani Rodrik (2000), who argue that participation and public deliberation are means to better policies. Evans writes, "If it were possible to implant this sort of deliberative process in political units large enough to impact developmental trajectories—say, the provincial or municipal level—we would have something that could be called 'deliberative development'" (2004: 37). Discussing examples from Porto Alegre, Brazil, and Kerala, India, Evans goes on to argue that this type of development is not only desirable, but attainable. Despite its increasing popularity in the academic and policy worlds, we still know little about what is needed for the deliberative development approach to be successful. While it may be true that political processes in Porto Alegre, Kerala, and elsewhere have exhibited deliberative aspects as well as positive development outcomes, the particular details of how the former relates to the latter remain murky. Are deliberative processes appropriate for all development decisions? Are there particular characteristics of the society that need to be present in order for deliberation to work well? Are there particular characteristics of the deliberative institutions that need to be present? Can there be any negative effects if deliberation is not done well? If the deliberative development approach is to be considered a viable and superior policymaking alternative, these questions must be answered.
Aus einem Symposium in Lund/Schweden im August 1996 ging der Sammelband hervor, der aus unterschiedlichen Blickwinkeln Perspektiven der sozio-ökonomischen Entwicklung und der regionalen Zusammenarbeit im südlichen Afrika nach dem Ende der Apartheid in Südafrika beleuchtet. (DÜI-Kör)
On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for financial firms, markets and regulators with a range of different viewpoints expressed on a number of important themes: the systemic risks from Brexit; the possible role of equivalence versus passporting to continue to facilitate cross-European financial transactions; the effects on the deep wholesale markets located in London and the question as to whether the sheer size and interconnectedness of London as a financial center implied that it would still act as a magnet for European business; the effects on Europe if the result created fragmentation of markets and CCPs; and the implications for bank, insurer and asset manager business models, in particular whether Brexit would act as a catalyst for restructuring and retrenchment from activity in the EU27.
In: Integration: Vierteljahreszeitschrift des Instituts für Europäische Politik in Zusammenarbeit mit dem Arbeitskreis Europäische Integration, Band 37, Heft 3, S. 262-274