Suchergebnisse

Summary in Dutch

Many have wrestled with too big to fail firms, with the attention predominantly focused on banks, especially the so-called systemically important ones, i.e. SIFI's ("Systematically Important Financial Institutions"). In this Article we look at too big to fail firms. We focus on cases of large firms that are not banks but were considered too big to fail when in financial distress. We look at a diverse set of multi-jurisdictional, internationally active, and nationally very important large firms, analyze their outcomes and whether and in what way they were supported by their respective governments. This analysis reveals that all these firms can be categorized in one of four types of resolution frames: a standard bankruptcy procedure, a bankruptcy procedure with funding support from the state, an ad hoc solution, and a full bailout by the government. We argue that only the first two types are needed for resolving financial distress, with the latter two inefficient. We provide arguments for the efficiency of the government support via the bankruptcy procedure in a jurisdiction and we discuss how this fits our cases. We conclude that for large firms the moral hazard associated with the too big to fail argument can be mitigated, but that it at least implies a bankruptcy procedure that is able to handle such large cases.

Foreign corporations facing financial distress have a choice: resructure in their home jurisdiction or file for bankruptcy in the United States. And some number of foreign corporations do file bankruptcy petitions in the United States. But besides the occasional anecdotal account, how frequently this actually happens or what types of foreign firms are apt to file in the United States is almost completely unstudied. American firms that file under chapter 11 and foreign firms that file under chapter 15 are the frequent objects of study, but what of the foreign firms that file under chapters 7 or 11? We address this obvious gap in the literature by constructing a database of foreign corporate debtors. By analyzing this new dataset, we conclude that the United States Bankruptcy Code is used by foreign debtors in a way that is diametrically opposed to most of the extant thinking on transnational insolvency. In particular, foreign debtors use the American bankruptcy system to impose a global discharge on assets, without the cooperation of any jurisdiction beyond the United States, where the case is pending. This is in complete contrast with the efforts of UNCITRAL to facilitate cross-border cooperation among jurisdictions.

This article begins from a simple observation: Chapter 11 of the United States Bankruptcy Code is the global standard for corporate restructuring, but at the same time it is a far more complex procedure than most jurisdictions seem to require. This observation begs the question what parts of a bankruptcy system are 'essential'. We argue that two elements are essential because they cannot be achieved by contracting alone: asset stabilisation and asset separation. Stabilisation ensures that the firm's options are maintained. Asset separation ensures that the assets underlying these options can be separated from liabilities that are attached to them by law or contract. Both these elements drive much of the rules that are necessary to resolve distress but also show that parts of Chapter 11 are 'unessential' – for example, rules regarding reorganisation plans. Our goal is not to doubt the 'richness and elasticity' of corporate bankruptcy, particularly in the United States, but to find the essential elements. Beyond asset stabilisation and asset separation, features of the system are a matter of policy and politics. Understanding this helps in structuring insolvency systems and shows that Chapter 11 need not be the standard against which all other laws are measured.

Linking the European Union Emissions Trading System (EU ETS) to the Chinese national ETS promises considerable economic and political benefits. However, different policy choices regarding cap setting between the systems are likely to impede a potential linking. A striking distinction is that the EU ETS relies upon an absolute cap, while the Chinese national ETS appears to apply an 'intensity-based cap' during the early stages. The current linking literature focuses on mapping legal barriers in general and has not yet focused on EU and China, let alone the intricacies of policy design. This article seeks to fill this gap by concentrating on (static and dynamic) efficiency and environmental effectiveness implications of linking and cap design. From the analysis of the cap we derive policy implications for a hypothetical ETS linking between the EU and China. In response, comprehensive and predictable regulation is needed to ensure the attainment of ETS targets and thus facilitate better regulation.

Since the post-Suharto era in 1998, decentralization has been established as the major institutional reform in Indonesia. It has been implemented as the policy framework which aims not only to generate development but also to promote democratization through the establishment of direct elections for local executive leaders. In fact, promoting democracy by establishing local executive elections in Indonesia is challenging. The inability of national policy to adapt to the local customary practice creates a barrier in implementing the ideal concept of democracy, namely free and fair elections. This chapter addresses the problems of free and fair elections by examining the practice of the "noken" system in Papua, the name of a traditional bag which evolved as an election mechanism in several districts in Papua's central highland area. This research utilizes eight indicators of free and fair elections to analyze the problems in every stage of election: before the election, on the election, and after the election. Based on the literature, policy-study, and data from newspaper articles, this research argues that the practice of noken system contravenes with the principles of democracy. The absence of law and regulation to standardize this customary practice becomes a major drawback in promoting democratic governance at the periphery region.

For decades, Indonesia's sovereignty over Papua has been contested, resulting in violent conflicts. In 2001, the introduction of Papua's special autonomy emerged as an integrative approach both to resolve conflicts and to accelerate development in the province. One of the key problems to be addressed was the improvement of the education sector. However, after more than a decade following its implementation, and despite [End Page 364] increased financial support from the central government, the educational development in Papua has been disappointing. This article analyses the factors that have shaped the development of primary education in Jayawijaya, a highland district in Papua. By gathering qualitative data from policy studies and in-depth interviews, this article identifies and examines three major challenges that have affected the development of primary education in Jayawijaya after decentralization: the uniformity of policy, the problem with incentives, and poor monitoring due to the misalignment of territorial and functional structures. These findings demonstrate that the lack of awareness to recognize the variety of local contexts is counterproductive and could lead to policy failures. Papua's special autonomy as an instrument of asymmetric decentralization has been attenuated by the continuation of "one-size-fits-all" top-down policies at the national level. (Contemp Southeast Asia/GIGA)

For decades, Indonesia's sovereignty over Papua has been contested, resulting in violent conflicts. In 2001, the introduction of Papua's special autonomy emerged as an integrative approach both to resolve conflicts and to accelerate development in the province. One of the key problems to be addressed was the improvement of the education sector. However, after more than a decade following its implementation, and despite increased financial support from the central government, the educational development in Papua has been disappointing. This article analyses the factors that have shaped the development of primary education in jayawijaya, a highland district in Papua. By gathering qualitative data from policy studies and in-depth interviews, this article identifies and examines three major challenges that have affected the development of primary education in Jayawijaya after decentralization: the uniformity of policy, the problem with incentives, and poor monitoring due to the misalignment of territorial and functional structures. These findings demonstrate that the lack of awareness to recognize the variety of local contexts is counterproductive and could lead to policy failures. Papua's special autonomy as an instrument of asymmetric decentralization has been attenuated by the continuation of "one-size-fits-all" top-down policies at the national level.

AbstractLinking the European Union Emissions Trading System (EU ETS) to the Chinese national ETS promises considerable economic and political benefits. However, different policy choices regarding cap setting between the systems are likely to impede a potential linking. A striking distinction is that the EU ETS relies upon an absolute cap, while the Chinese national ETS appears to apply an 'intensity-based cap' during the early stages. The current linking literature focuses on mapping legal barriers in general and has not yet focused on EU and China, let alone the intricacies of policy design. This article seeks to fill this gap by concentrating on (static and dynamic) efficiency and environmental effectiveness implications of linking and cap design. From the analysis of the cap we derive policy implications for a hypothetical ETS linking between the EU and China. In response, comprehensive and predictable regulation is needed to ensure the attainment of ETS targets and thus facilitate better regulation.