Credit-Default-Swaps and the 2008 Financial Crisis: An Inquiry into the Underlying Legal Origins and the European Union’s Regulatory Reforms

After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.

Patterns of regional differentiation in post-Soviet Russia

This doctoral thesis aims at contributing to the literature on transition economies focusing on the Russian Federations and in particular on regional income convergence and fertility patterns. The first two chapter deal with the issue of income convergence across regions. Chapter 1 provides an historical-institutional analysis of the period between the late years of the Soviet Union and the last decade of economic growth and a presentation of the sample with a description of gross regional product composition, agrarian or industrial vocation, labor. Chapter 2 contributes to the literature on exploratory spatial data analysis with a application to a panel of 77 regions in the period 1994-2008. It provides an analysis of spatial patterns and it extends the theoretical framework of growth regressions controlling for spatial correlation and heterogeneity. Chapter 3 analyses the national demographic patterns since 1960 and provides a review of the policies on maternity leave and family benefits. Data sources are the Statistical Yearbooks of USSR, the Statistical Yearbooks of the Russian Soviet Federative Socialist Republic and the Demographic Yearbooks of Russia. Chapter 4 analyses the demographic patterns in light of the theoretical framework of the Becker model, the Second Demographic Transition and an economic-crisis argument. With national data from 1960, the theoretically issue of the pro or countercyclical relation between income and fertility is graphically analyzed and discussed, together with female employment and education. With regional data after 1994 different panel data models are tested. Individual level data from the Russian Longitudinal Monitoring Survey are employed using the logit model. Chapter 5 employs data from the Generations and Gender Survey by UNECE to focus on postponement and second births intentions. Postponement is studied through cohort analysis of mean maternal age at first birth, while the methodology used for second birth intentions is the ordered logit model.

Three Essays in Economics of Gender

During recent decades, economists' interest in gender-related issues has risen. Researchers aim to show how economic theory can be applied to gender related topics such as peer effect, labor market outcomes, and education. This dissertation aims to contribute to our understandings of the interaction, inequality and sources of differences across genders, and it consists of three empirical papers in the research area of gender economics. The aim of the first paper ("Separating gender composition effect from peer effects in education") is to demonstrate the importance of considering endogenous peer effects in order to identify gender composition effect. This fact is analytically illustrated by employing Manski's (1993) linear-in-means model. The paper derives an innovative solution to the simultaneous identification of endogenous and exogenous peer effects: gender composition effect of interest is estimated from auxiliary reduced-form estimates after identifying the endogenous peer effect by using Graham (2008) variance restriction method. The paper applies this methodology to two different data sets from American and Italian schools. The motivation of the second paper ("Gender differences in vulnerability to an economic crisis") is to analyze the different effect of recent economic crisis on the labor market outcome of men and women. Using triple differences method (before-after crisis, harder-milder hit sectors, men-women) the paper used British data at the occupation level and shows that men suffer more than women in terms of probability of losing their job. Several explanations for the findings are proposed. The third paper ("Gender gap in educational outcome") is concerned with a controversial academic debate on the existence, degree and origin of the gender gap in test scores. The existence of a gap both in mean scores and the variability around the mean is documented and analyzed. The origins of the gap are investigated by looking at wide range of possible explanations.

Understanding Recent Developments in the Turkish Labor Market: Empirical Essays with a Gender Focus

This dissertation comprises three essays on the Turkish labor market. The first essay characterizes the distinctive characteristics of the Turkish labor market with the aim of understanding the factors lying behind its long-standing poor performance relative to its European counterparts. The analysis is based on a cross-country comparison among selected European Union countries. Among all the indicators of labor market flexibility, non-wage cost rigidities are regarded as one of the most important factors in slowing down employment creation in Turkey. The second essay focuses on an employment subsidy policy which introduces a reduction in non-wage costs through social security premium incentives granted to women and young men. Exploiting a difference-in-difference-in differences strategy, I evaluate the effectiveness of this policy in creating employment for the target group. The results, net of the recent crisis effect, suggest that the policy accounts for a 1.4% to 1.6% increase in the probability of being hired for women aged 30 to 34 above men of the same age group in the periods shortly after the announcement of the policy. In the third essay of the dissertation, I analyze the labor supply response of married women to their husbands' job losses (AWE). I empirically test the hypothesis of added worker effect for the global economic crisis of 2008 by relying on the Turkey context. Identification is achieved by exploiting the exogenous variation in the output of male-dominated sectors hard-hit by the crisis and the gender-segmentation that characterizes the Turkish labor market. Findings based on the instrumental variable approach suggest that the added worker effect explains up to 64% of the observed increase in female labor force participation in Turkey. The size of the effect depends on how long it takes for wives to adjust their labor supply to their husbands' job losses.

Enti locali e società di capitali nella gestione di servizi pubblici locali e strumentali

La gestione di servizi pubblici locali e di servizi strumentali tramite società di capitali partecipate da enti locali viene esplorata in vista di una riconsiderazione generale del sistema all'interno del contesto socio-economico sviluppatosi negli anni successivi alla crisi economica mondiale dell'anno 2008.

Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

La Comunità Energetica del Sud Est Europa quale fattore di stabilità nell’area Balcanica

Il lavoro cerca di valutare il possibile ruolo della Comunità Energetica del Sud Est Europa quale fattore di stabilita’ nell’area Balcanica. Il Trattato fondativo della Comunita’ assegna a questa l’obiettivo di condurre una cooperazione in campo energetico al fine diffondere istituzioni e normative condivise, quali elementi di superamento del conflitto: tuttavia, sono molti gli ostacoli posti su questo cammino sia di natura interna alla regione che esterna, per l’influenza di fattori e poteri internazionali interessati all’area. Il processo di transizione in molti dei paesi del quadrante non e’ ancora concluso e molti sono i nodi politici successivi ai processi di disgregazione della Federazione Jugoslava ancora presenti e non risolti. I progetti di corridoi energetici portati avanti dall’Unione Europea, Stati Uniti e Russia, concentrano sui Balcani un interesse sempre alto e tali attenzioni potrebbero influire sui processi d’area e sulle scelte politiche da compiersi. Sullo sfondo di tutto cio’ un altro importante fattore contribuisce alle dinamiche in corso: la crisi economica ha fatto sentire la sua presenza anche nella regione balcanica e questo crea importanti squilibri che devono essere valutati alla luce di processi di cooperazione quale quello della Comunita’ Energetica.

Crisi economiche, sostenibilità ambientale e politiche pubbliche: il ruolo del legislatore e della pubblica amministrazione

Il presente lavoro analizza il ruolo ricoperto dal legislatore e dalla pubblica amministrazione rispettivamente nel delineare e attuare politiche pubbliche volte alla promozione di modelli di sviluppo economico caratterizzati da un elevato tasso di sostenibilità ambientale. A tal fine, il lavoro è suddiviso in quattro capitoli. Nel primo capitolo vengono presi in considerazione i principali elementi della teoria generale che costituiscono i piani di lettura del tema trattato. Questa prima fase della ricerca è incentrata, da un lato, sull’analisi (storico-evolutiva) del concetto di ambiente alla luce della prevalente elaborazione giuridica e, dall’altro, sulla formazione del concetto di sviluppo sostenibile, con particolare riguardo alla sua declinazione in chiave ambientale. Nella parte centrale del lavoro, costituita dal secondo e dal terzo capitolo, l’analisi è rivolta a tre settori d’indagine determinanti per l’inquadramento sistematico delle politiche pubbliche del settore: il sistema di rapporti che esiste tra i molteplici soggetti (internazionali, nazionali e locali) coinvolti nella ricerca di soluzioni alla crisi sistemica ambientale; l’individuazione e la definizione dell’insieme dei principi sostanziali che governano il sistema di tutela ambientale e che indirizzano le scelte di policy nel settore; i principali strumenti (giuridici ed economici) di protezione attualmente in vigore. Il quarto ed ultimo capitolo prende in considerazione le politiche relative alle procedure di autorizzazione alla costruzione e all’esercizio degli impianti per la produzione di energia alimentati da fonti energetiche rinnovabili, analizzate quale caso specifico che può essere assunto a paradigma del ruolo ricoperto dal legislatore e dalla pubblica amministrazione nel settore delle politiche di sviluppo sostenibile. L’analisi condotta mostra un elevato tasso di complessità del sistema istituzionale e organizzativo, a cui si aggiungono evidenti limiti di efficienza per quanto riguarda il regime amministrativo delle autorizzazioni introdotto dal legislatore nazionale.

Who can (not) be Greek? Citizenship, Identity and Belonging among youth of sub-Saharan African background in Athens

‘Who can be Greek?’ This was the question posed to the Greek society for the first time before the implementation of the Act 3838 in March 2010 which gave the right to access the Greek citizenship -under specific preconditions- to all children of legal migrants born or schooled in Greece. This change of the Nationality Code in order to include all those children was coincided by the economic crisis resulting into the rise of xenophobia, racism and extreme-right rhetoric. The outcome was the cancellation of the Act 3838 by the State Council in February 2013. Under this particular framework, the notions of identity and belonging formed among the youth of African background in Athens are explored. The ways those youngsters perceive not only themselves but also their peers, their countries of origin and the country they live in, are crucial elements of their self-identification. Researches have shown that the integration of the second generation is highly connected to their legal and social status. However, integration is a rather complex process, influenced and shaped by many variables and multiple factors. It is not linear; therefore, its outcomes are difficult to be predicted. Yet, I argue that citizenship acquisition facilitates the process as it transforms those children from ‘aliens’ to ‘citizens’. How these youngsters are perceived by the majority society and the State is one of the core questions of the research, focusing on the imposed dual ‘otherness’ they are subject to. On the one hand, they have to deal with the ‘otherness’ originating from the migrant status inherited to them by their parents, and on the other with the ‘otherness’ deriving from their different phenotypic characteristics. Race matters and becomes a means of discrimination against youth of African background who are perceived as inassimilable and ‘forever others’.

L’alternativa democratica: Umberto Zanotti Bianco, il sud Italia e il Mediterraneo tra grande guerra e fascismo.

L’impegno civile di Umberto Zanotti Bianco (1889-1963) intrecciandosi ai principali eventi storici della prima metà del Novecento ha concorso a fare del Mezzogiorno d’Italia un laboratorio per una concreta emancipazione delle fasce sociali più umili. In queste coordinate l’azione di Zanotti Bianco è emblematica: supera la visione conservatrice di un sud incapace di fare emergere saperi e capacità organizzative mirando invece attraverso chiari, determinati e moderni progetti di riforma a far crescere il lievito della consapevolezza e della capacità di governarsi. Si può legittimamente sostenere che la complessa azione di Zanotti Bianco, pur partendo dalle migliori e più avanzate forme del pensiero meridionalista di inizio secolo, nella pratica tende a superare anche queste collocando la questione del Mezzogiorno d’Italia non solo nello scenario nazionale, tipico della fondamentale e già innovativa riflessione intorno al sud sviluppatasi da Villari a Salvemini, ma proietta le problematiche del meridione all’interno di un quadro europeo con una spiccata vocazione mediterranea. In sostanza i piani dell’intervento sociale, studiati e messi a punto inizialmente in Calabria e nelle regioni economicamente depresse del nostro Mezzogiorno, per Zanotti Bianco sembrano essere da modello anche per le più complesse questioni sociali di altri popoli del bacino del Mediterraneo i quali (come le popolazioni dell’Italia meridionale in quegli anni) apparivano deficitarii di strumenti per lo sviluppo economico, sociale, politico: è questa la tesi qui proposta.

Profili civilistici della vendita giudiziale di beni immobili in Italia e in Spagna

La tesi di dottorato ha come oggetto di studio gli aspetti sostanziali della vendita giudiziale da un punto di vista comparatistico tra Spagna e Italia. Si tratta di un tema che non è stato analizzato profondamente dalle più recenti dottrine spagnola e italiana, che è caratterizzato da una notevole complessità tecnica visto il suo forte carattere interdisciplinare (in particolare, processuale-sostanziale) e la cui vigenza attuale è stata intensificata dalla grande quantità di processi di esecuzione che in questo periodo di instabilità economica sono una constante nei Tribunali spagnoli e italiani. Il fatto che costituisca un’istituzione giuridica inquadrata nell’ambito del processo di espropriazione forzata fa sì che questa possieda un accentuato carattere processuale e, infatti, è il legislatore processuale che si occupa per la maggior parte del suo regime giuridico. Tuttavia, al di là di questa sua natura evidentemente processuale, essa produce una serie di effetti sostanziali di enorme importanza, che sono proprio l’oggetto della tesi di dottorato, nello specifico ambito dei beni immobili (considerando la grande importanza economica e pratica dei diritti di questa natura nella nostra realtà socio-economica).

Media activism on and off line by Italian adolescents and young adults

From several researchers it appears that Italian adolescents and young people are grown up with commercial television which is accused to contain too much violence, sex, reality shows, advertising, cartoons which are watched from 1 to 4 hours daily. Adolescents are also great users of mobile phones and spend a lot of time to use it. Their academic results are below the average of Ocse States. However the widespread use of communication technology and social networks display also another side of adolescents who engage in media activism and political movement such as Ammazzateci tutti!, Indymedia, Movimento 5 Stelle, Movimento No Tav. In which way does the world economic crisis -with the specific problems of Italy as the cutting founds for school, academic research and welfare, the corruption of political class, mafia and camorra organisation induce a reaction in our adolescents and young people? Several researches inform us about their use of internet in terms of spending time but, more important, how internet, and the web 2.0, could be an instrument for their reaction? What do they do online? How they do it? Which is the meaning of their presence online? And, has their online activity a continuity offline? The research aims are: 1. Trough a participant observation of Social Network profiles opened by 10 young active citizens, I would seek to understand which kind of social or political activities they engage in online as individuals and which is the meaning of their presence online. 2. To observe and understand if adolescents and young people have a continuity of their socio-political engagement online in offline activities and which kind of experiences it is. 3. Try to comprehend which was (or which were) the significant, learning experiences that convinced them about the potential of the web as tool for their activism.

Assessing Food Security in Selected Mediterranean Countries

Food Security has become an important issue in the international debate, particularly during the latest economic crisis. It relevant issue also for the Mediterranean Countries (MCs), particularly those of the southern shore, as they are is facing complex economic and social changes. On the one hand there is the necessity to satisfy the increasing and changing food demand of the growing population; on the other hand it is important to promote economic growth and adjust the agricultural production to food demand in a sustainable perspective. The assessment of food security conditions is a challenging task due to the multi-dimensional nature and complexity of the matter. Many papers in the scientific literature focus on the nutritional aspects of food security, while its economic issues have been addressed less frequently and only in recent times. Thus, the main objective of the research is to assess food (in)security conditions in the MCs. The study intends to identify and implement appropriate theoretical concepts and methodological tools to be used in the assessment of food security, with a particular emphasis on its economic dimension within MCs. The study follows a composite methodological approach, based on the identification and selection of a number of relevant variables, a refined set of indicators is identified by means of a two-step Principal Component Analysis applied to 90 countries and the PCA findings have been studied with particular attention to the MCs food security situation. The results of the study show that MCs have an higher economic development compared to low-income countries, however the economic and social disparities of this area show vulnerability to food (in)security, due to: dependency on food imports, lack of infrastructure and agriculture investment, climate condition and political stability and inefficiency. In conclusion, the main policy implications of food (in)security conditions in MCs are discussed.

Procedimento legislativo e qualita' della legislazione. Criticita' e prospettive

La tesi riprende un tema che è stato oggetto in passato di studi anche molto approfonditi; oggi sembra essere tornato alla ribalta grazie ad alcuni contributi che hanno nuovamente stimolato la dottrina a confrontarsi su aspetti così delicati anche alla luce della crisi economica. E'stato da sempre rilevato che la buona scrittura delle norme è un fattore fondamentale per il rilancio dell’economia del paese, per la semplificazione e per garantire ordine, coerenza e chiarezza all’ordinamento giuridico. La prima parte è incentrata su una ricostruzione storica e giuridica delle fonti che hanno disciplinato le “regole per la qualità delle regole”, oltre ad una panoramica della dottrina che si è occupata in passato del tema. Segue l’individuazione specifica di quali sono le regole formali e sostanziali di drafting. In particolare, una parte è dedicata alla giurisprudenza costituzionale per comprendere se esiste o meno un aggancio per la Corte Costituzionale da permetterle il sindacato sulle “regole oscure” e dichiararle illegittime. La seconda parte analizza le pressai, in particolare si è scelto di analizzare il rapporto tra Governo e Parlamento nelle problematiche principali che attengono al procedimento legislativo e alla cornice entro la quale viene esplicato in relazione alla decretazione d’urgenza, maxiemendamenti, questione di fiducia, istruttoria in commissione, gruppi di pressione. Ciò che è stato rilevato, è una scarsa aderenza ai principi e ai criteri di better regulation, peraltro difficilmente giustiziabili da parte della Corte costituzionale e sottratti al controllo di chi, al contrario, ha competenza in questo settore, ossia il Comitato per la legislazione e il DAGL. Le conclusioni, pertanto, prendono le mosse da una serie di criticità rilevate e tentano di tracciare una strada da percorrere che sia rispettosa dei canoni della “better regulation” anche alla luce delle riforme costituzionali e dei regolamenti parlamentari in corso di approvazione.

Responsabilita' sociale d'impresa e abitudini alimentari: contributo di Coop nella creazione di valore per i cittadini, per il territorio e i prodotti tipici di qualità

I cambiamenti e le innovazioni sociali, che hanno caratterizzato il secolo scorso, hanno generato mutamenti significativi nella struttura dei consumi, legati in particolare a una maggiore consapevolezza dei consumatori e allo scoppio della crisi economica. Assume sempre maggiore importanza, all’interno delle politiche di brand management, il ruolo della Responsabilità Sociale d’Impresa, che spinge la Grande Distribuzione Organizzata a proporre prodotti con più alti standard qualitativi e di sicurezza. Il caso analizzato è quello della linea biologica ViviVerde Coop, la cui offerta di prodotti biologici a private label ha avuto un impatto molto positivo sul mercato. L’analisi dell’elasticità della curva di domanda di alcuni di questi prodotti nel periodo gennaio 2010-maggio 2012 rivela diversi valori positivi e maggiori di 1, indice del fatto che il prezzo non abbia avuto effetti negativi sulle vendite dei prodotti considerati. Tale evidenza risulta rilevante proprio in un periodo di profonda crisi economica che ha interessato, in modo significativo, anche i consumi alimentari.