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The tuna resources of the Western and Central Pacific (WCP) are the world's largest and most valuable fisheries of their type and are of significant economic importance to the Pacific Island countries (PICs), through whose waters of national jurisdiction the tuna migrate. Two major concerns exist with the current governance of the fishery. First, PICs are receiving only a small share of the resource rents from the tuna fisheries. Second, current management structure of the fisheries will not ensure the long-term sustainability of the resources. The paper presents a simple model to argue for increased resource taxation as a means of raising tax revenues and improving sustainability of the resource. Such an outcome is only possible when a single policy-maker has the prerogative to set taxes so that the government acts as a Stakelberg leader in this game. Institutional mechanisms to engender cooperation between PIC governments and with distant water fishing nations (DWFNs) to achieve the espoused outcomes of the model are also presented.

The tuna resources of the Western and Central Pacific (WCP) are the world's largest and most valuable fisheries of their type and are of significant economic importance to the Pacific Island countries (PICs), through whose waters of national jurisdiction the tuna migrate. Two major concerns exist with the current governance of the fishery. First, PICs are receiving only a small share of the resource rents from the tuna fisheries. Second, current management structure of the fisheries will not ensure the long-term sustainability of the resources. The paper presents a simple model to argue for increased resource taxation as a means of raising tax revenues and improving sustainability of the resource. Such an outcome is only possible when a single policy-maker has the prerogative to set taxes so that the government acts as a Stakelberg leader in this game. Institutional mechanisms to engender cooperation between PIC governments and with distant water fishing nations (DWFNs) to achieve the espoused outcomes of the model are also presented.

ABSTRACTMultilateral development banks (MDBs) are one of the most popular forms of international organization, with at least 27 operating in the world today. Although most academics and policy makers focus on the World Bank and major regional MDBs, the majority of MDBs are in fact relatively small, and controlled by developing as opposed to industrialized countries. How do the differing governance arrangements of these 'minilateral' development banks (MnDBs) impact their operations? This article takes the Trade and Development Bank (TDB), an MDB in Africa with 22 regional member countries, as a case study to consider this question. Based on an analysis of TDB's track record since 2005 and interviews with management and shareholders, the author finds that borrower‐led governance leads to substantial disadvantages in terms of access to finance. Borrower‐led governance permits TDB and other MnDBs greater operational flexibility, which partially compensates for this financial disadvantage, but these operational strategies come with trade‐offs in terms of developmental effectiveness. The findings suggest that MnDBs have substantial latent potential and, in an increasingly multipolar world, they are likely to grow in coming years. However, MnDBs need to ensure that their developmental value added is strengthened in step with their financial power.

The entry into force, on January 1st, 2012, of the European Union Directive 2008/101/EC extending the European Emission Trading System to domestic and international civil aviation has taken the dispute regarding its legitimacy to unprecedented heights. The choice of the EU legislator to include foreign air carriers and their CO2 emissions that occurred beyond EU airspace infuriated third countries, while the fact that the directive applies the same treatment to all airline operators whatever their nationality met vivid criticism from developing countries, in particular China and India.This paper investigates the reasons why the environmental objective pursued by the EU Aviation ETS does not seem sufficient to render its unilateral adoption acceptable to the international community, despite staging multilateral negotiations and despite the flourishing national transplants of the ETS system in other jurisdictions. Thereby it provides a preliminary assessment of what the current row implies for the global governance of climate change. Devoting particular attention to the positions of the EU and China in this dispute, it argues that the opposition to EU endeavour finds its roots in the normative frictions between the climate change regime and the international aviation regime, while the lack of process legitimacy of EU unilateralism provoked third countries' claims to the infringement of their national sovereignty. Thus, it concludes that in the current international system, the harmonization of regimes' normative goals and principles must result from a political choice, the absence of which can effectively frustrate the achievement of multilateral cooperation goals. Moreover, in such context, the unilateral imposition of an alternative path involving the other regime members against their consent, to palliate multilateral norm-making, is likely to meet increasingly strong opposition from an increasing number of powerful countries. ; info:eu-repo/semantics/published