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CRS — U.S. Crude Oil Export Policy: Background and Considerations

April 17, 2014 Comments off

U.S. Crude Oil Export Policy: Background and Considerations (PDF)
Source: Congressional Research Service (via National Agricultural Law Center)

During an era of oil price controls and following the 1973 Organization of Arab Petroleum Exporting Countries oil embargo, Congress passed the Energy Policy and Conservation Act of 1975 (EPCA), which directs the President “to promulgate a rule prohibiting the export of crude oil” produced in the United States. Crude oil export restrictions are codified in the Export Administration Regulations administered by the Bureau of Industry and Security (BIS)—a Commerce Department agency. The President has some powers to allow certain crude oil exports if an exemption is determined to be in the national interest.

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Culture: Persistence and Evolution

April 16, 2014 Comments off

Culture: Persistence and Evolution (PDF)
Source: Research Papers in Economics

This paper presents evidence on the speed of evolution (or lack thereof) of a wide range of values and beliefs of different generations of European immigrants to the US. The main result is that persistence differs greatly across cultural attitudes. Some, for instance deep personal religious values, some family and moral values, and political orientation are very persistent. Other, such as attitudes toward cooperation, redistribution, effort, children independence, premarital sex, and even the frequency of religious practice or the intensity of association with one’s religion, converge rather quickly. Moreover, the results obtained studying higher generation immigrants differ greatly from those obtained limiting the analysis to the second generation, and imply lesser degree of persistence. Finally, we show that persistence is “culture specific” in the sense that the country from which one’s ancestors came matters for the pattern of generational convergence.

Ratifying and Implementing Trade and Investment Treaties in Canada

April 15, 2014 Comments off

Ratifying and Implementing Trade and Investment Treaties in Canada
Source: Parliamentary Library of Canada

Under Canada’s constitutional system, the conduct of foreign affairs is a royal prerogative power of the federal Crown.

Consequently, the Executive Branch has the exclusive power to negotiate and conclude international treaties. Parliament has the exclusive power to enact legislation to implement those treaties.

As Canada continues to enter into such treaties, a number of important questions arise:

  • What is the interaction between Canadian and international law in the treaty-making and implementation processes, particularly in relation to trade and investment?
  • What measures must the Executive and Legislative branches take so that these treaties can come into force?
  • What formal role do the provinces and territories play in the negotiation, ratification and implementation of trade and investment treaties?

Taking the Long Way Home: U.S. Tax Evasion and Offshore Investments in U.S. Equity and Debt Markets

April 15, 2014 Comments off

Taking the Long Way Home: U.S. Tax Evasion and Offshore Investments in U.S. Equity and Debt Markets
Source: Journal of Finance, forthcoming (via SSRN)

We empirically investigate one form of illegal investor-level tax evasion and its effect on foreign portfolio investment. In particular, we examine a form of round-tripping tax evasion in which U.S. individuals hide funds in entities located in offshore tax havens and then invest those funds in U.S. securities markets. Employing Becker’s (1968) economic theory of crime, we identify the tax evasion component in foreign portfolio investment data by examining how foreign portfolio investment varies with changes in the incentives to evade and the risks of detection. To our knowledge, this is the first empirical evidence of investor-level tax evasion affecting cross-border investment in equity and debt markets.

Ethical pharmaceutical promotion and communications worldwide: codes and regulations

April 15, 2014 Comments off

Ethical pharmaceutical promotion and communications worldwide: codes and regulations
Source: Philosophy, Ethics, and Humanities in Medicine

The international pharmaceutical industry has made significant efforts towards ensuring compliant and ethical communication and interaction with physicians and patients. This article presents the current status of the worldwide governance of communication practices by pharmaceutical companies, concentrating on prescription-only medicines. It analyzes legislative, regulatory, and code-based compliance control mechanisms and highlights significant developments, including the 2006 and 2012 revisions of the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) Code of Practice.

Developments in international controls, largely built upon long-established rules relating to the quality of advertising material, have contributed to clarifying the scope of acceptable company interactions with healthcare professionals. This article aims to provide policy makers, particularly in developing countries, with an overview of the evolution of mechanisms governing the communication practices, such as the distribution of promotional or scientific material and interactions with healthcare stakeholders, relating to prescription-only medicines.

In the EU28, 10 million part-timers are underemployed…and 11 million persons considered as a potential additional labour force

April 15, 2014 Comments off

In the EU28, 10 million part-timers are underemployed…and 11 million persons considered as a potential additional labour force (PDF)
Source: Eurostat

The EU28 population aged 15 to 74 can be classified into three groups: in 2013, these were 216.4 million persons in employment, 26.2 million unemployed and 137.2 million economically inactive. Among those in employment, 43.7 million were part-time workers, of which 9.9 million (23% of part-time workers) are underemployed, meaning they wished to work more hours and were available to do so.

Among the economically inactive population (those persons neither employed nor unemployed), there were 9.3 million persons aged 15 to 74 available to work, but not seeking2 and 2.2 million seeking work, but not available in the EU28 in 2013. While not part of the economically active population, both groups have a certain attachment to the labour market and could be considered as a potential additional labour force of 11.5 million persons, equivalent to 4.7% of the labour force.

Categories: Europe, Eurostat, labor

Catching Up: The Labor Market Outcomes of New Immigrants in Sweden

April 15, 2014 Comments off

Catching Up: The Labor Market Outcomes of New Immigrants in Sweden
Source: Migration Policy Institute

The considerable diversity among Sweden’s immigrants reflects a humanitarian migration policy. Refugees have arrived in the country since the 1970s and 1980s, with their countries of origin shifting according to the ethnic and political conflicts of any given period. Sweden is also a longstanding magnet for labor migration from surrounding Scandinavia, and has attracted mobile EU citizens since its entry into the European Union in 1995—and especially following the EU enlargements of 2004 and 2007. Sweden’s immigration flows continue to change today, as policy reforms in 2008 allowed employers to bring non-EU labor migrants to the country for the first time in decades.

This report assesses how new immigrants to Sweden fare in the country’s labor market. The report is part of a series of six case studies on labor market outcomes among immigrants to European Union countries.

Offshore Oil and Gas Governance in the Arctic: A Leadership Role for the U.S.

April 15, 2014 Comments off

Offshore Oil and Gas Governance in the Arctic: A Leadership Role for the U.S.
Source: Brookings Institution

The Arctic is changing and increasingly drawing the world’s interest, with the potential for vast reserves of offshore oil and gas constituting arguably the most attractive, yet challenging prospect in the region.

As the U.S. prepares to assume chairmanship of the Arctic Council in 2015, this policy brief is designed to inform the legislative and executive branches of the U.S. Government of the current state of oil and gas governance in the Arctic, and to address the following questions:

  • How can the U.S. elevate the Arctic region as a priority national interest?
  • How can the U.S. lead in strengthening offshore oil and gas governance in the Arctic?

The U.K.’s Ambitious New Retirement Savings Initiative

April 15, 2014 Comments off

The U.K.’s Ambitious New Retirement Savings Initiative
Source: Center for Retirement Research at Boston College

The brief’s key findings are:

  • The United Kingdom is rolling out a low-cost retirement system for workers who lack pension coverage.
  • The new system has three core elements:
    • Employers auto-enroll their workers at a 4-percent contribution rate, matched by the employer and government combined.
    • A new non-profit provides the infrastructure to keep costs low.
    • The plans’ target date funds start young workers with low-risk investments to avoid losses that could discourage saving.
  • The U.S.’s new “myRA” program includes two similar design features – low-risk investments and government infrastructure – but it lacks auto-enrollment.

Tech Trade in the States: A State by State Overview of International Trade in Tech Goods

April 14, 2014 Comments off

Tech Trade in the States: A State by State Overview of International Trade in Tech Goods (PDF)
Source: Tech America Foundation

TechAmerica Foundation proudly presents our 2014 edition of Tech Trade in the States: A State-by-State Overview of International Trade of Tech Goods. It provides 2012 data on tech trade at the national level and export data for all 50 states, the District of Columbia, and Puerto Rico. The report also provides an estimate as to the number of jobs that are supported by export activities.

Emerging Arctic Explored in New CFR InfoGuide

April 14, 2014 Comments off

Emerging Arctic Explored in New CFR InfoGuide
Source: Council on Foreign Relations

The Council on Foreign Relations (CFR) has released a new interactive guide examining the economic opportunities and environmental risks emerging in the Arctic. Climate change, technological advances, and a growing demand for natural resources are driving a new era of development in the Arctic region. Many experts assert that Arctic summers could be free of sea ice in a matter of decades, opening the region up to hundreds of billions of dollars in investment, most notably in energy production and shipping.

Preliminary Opinion of the European Data Protection Supervisor — Privacy and competitiveness in the age of big data: The interplay between data protection, competition law and consumer protection in the Digital Economy

April 14, 2014 Comments off

Privacy and competitiveness in the age of big data: The interplay between data protection, competition law and consumer protection in the Digital Economy (PDF)
Source: European Data Protection Supervisor

EU approaches to data protection, competition and consumer protection share common goals, including the promotion of growth, innovation and the welfare of individual consumers. In practice, however, collaboration between policy-makers in these respective fields is limited.

Online services are driving the huge growth in the digital economy. Many of those services are marketed as ‘free’ but in effect require payment in the form of personal information from customers. An investigation into the costs and benefits of these exchanges for both consumers and businesses is now overdue.

Closer dialogue between regulators and experts across policy boundaries can not only aid enforcement of rules on competition and consumer protection, but also stimulate the market for privacy-enhancing services.

2013 Open Doors Report

April 14, 2014 Comments off

2013 Open Doors Report
Source: Institute of International Education
From press release:

The 2013 Open Doors Report on International Educational Exchange, released today, finds the number of international students at colleges and universities in the United States increased by seven percent to a record high of 819,644 students in the 2012/13 academic year, while U.S. students studying abroad increased by three percent to an all-time high of more than 283,000.

In 2012/13, 55,000 more international students enrolled in U.S. higher education compared to 2011/12, with most of the growth driven by China and Saudi Arabia. This marks the seventh consecutive year that Open Doors reported expansion in the total number of international students in U.S. higher education. There are now 40 percent more international students studying at U.S. colleges and universities than a decade ago, and the rate of increase has risen steadily for the past three years. International students make up slightly under four percent of total student enrollment at the graduate and undergraduate level combined. International students’ spending in all 50 states contributed approximately $24 billion to the U.S. economy.

The number of U.S. students who studied abroad for academic credit increased by three percent to 283,332 students in 2011/12, a higher rate of growth than the one percent increase the previous year. More U.S. students went to Latin America and China, and there was a rebound in those going to Japan as programs reopened in Fall 2011 after the earthquake and tsunami of March 2011. Study abroad by American students has more than tripled over the past two decades, from approximately 71,000 students in 1991/92 to the record number in 2011/12. Despite these increases, fewer than 10 percent of all U.S. college students study abroad at some point during their undergraduate years.

IMF Global Financial Stability Report: Moving from Liquidity- to Growth-Driven Markets

April 14, 2014 Comments off

Global Financial Stability Report: Moving from Liquidity- to Growth-Driven Markets
Source: International Monetary Fund

The April 2014 Global Financial Stability Report (GFSR) assesses the challenging transitions that the global financial system is currently undergoing on the path to greater stability. Chapter 1 finds that these transitions are far from complete, and stability conditions are far from normal. For advanced and emerging market economies alike, a successful shift from liquidity-driven to growth-driven markets requires a number of elements. The report discusses these elements, including: a normalization of U.S. monetary policy that avoids financial stability risks; financial rebalancing in emerging market economies amid tighter external financial conditions and higher corporate debt levels; further progress in the euro area’s transition from fragmentation to robust integration; and the successful implementation of Abenomics in Japan to deliver sustained growth and stable inflation. Chapter 2 examines the role of the composition of the investor base and local financial systems for the stability of emerging market portfolio flows and asset prices. Chapter 3 looks at the issue of too-important-to-fail and provides new estimates of the implicit funding subsidy received by systemically important banks.

New From the GAO

April 11, 2014 Comments off

New GAO Report
Source: Government Accountability Office
1. Ballistic Missile Defense: Actions Needed to Address Implementation Issues and Estimate Long-Term Costs for European Capabilities. GAO-14-314, April 11.
http://www.gao.gov/products/GAO-14-314
Highlights - http://www.gao.gov/assets/670/662493.pdf

CRS — Latin America and the Caribbean: Fact Sheet on Leaders and Elections (updated)

April 11, 2014 Comments off

Latin America and the Caribbean: Fact Sheet on Leaders and Elections (PDF)
Source: Congressional Research Service (via Federation of American Scientists)

This report provides the results of recent elections in Latin America and the Caribbean. Below are three tables organized by region, including the date of each country’s independence, the name of the newly elected president or prime minister, and the projected date of the next election. Information in this report was gathered from numerous sources, including the U.S. State Department, the CIA’s Open Source, the Economist Intelligence Unit (EIU), and other news sources.

UK — Beyond the adoption order: challenges, intervention, disruption

April 11, 2014 Comments off

Beyond the adoption order: challenges, intervention, disruption
Source: Department for Education

Research looking at adoption disruptions and how the adoption system can be improved.

AON 2014 Political Risk Map

April 11, 2014 Comments off

AON 2014 Political Risk Map
Source: AON

Political strains and focus on geopolitical issues have exacerbated an already weak operating environment for business and exchange transfer risks have increased following the risk of new capital controls. Russia’s economy continues to be dominated by the government, so economic policy deadlock has brought growth to a standstill and with it an increase in the risk of political violence.”

Taking on the Rising Death Toll from Traffic & Pollution

April 11, 2014 Comments off

Taking on the Rising Death Toll from Traffic & Pollution
Source: World Bank

+ The annual death toll linked to road transportation is higher than many policy makers realize, reaching at least 1.5 million people worldwide and rising, according to a new analysis.

+ The report, Transport for Health, counts the number of lives lost to road crashes and, for the first time, also quantifies deaths related to vehicle pollution.

+ It offers practical actions countries can take now to improve transportation, air quality, and road safety data.

Monetary Policy in the New Normal

April 11, 2014 Comments off

Monetary Policy in the New Normal
Source: International Monetary Fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

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