Mutual perceptions of Asia and the EU/Europe. Media, elite and public opinion in Singapore and Germany. EU Centre in Singapore Working Paper No. 12, December 2012

In an increasingly interlinked and interdependent world, Europe and Asia are key players. Free trade agreements (FTAs), such as the ones the EU concluded with South Korea and Singapore, are indicative of strong mutual economic interests. It is therefore timely to take a closer look at the mutual perceptions of Asians and Europeans – not only at the governmental and policymaking levels, but also in terms of public opinion and the media. Drawing on data from an extensive research project led by the National Centre for Research on Europe (NCRE), New Zealand, the empirical study in this paper assesses the mutual perceptions of the EU/Europe and Asia, and their respective actors, focusing on two countries – Germany and Singapore. It seeks to do so through an analysis of the data collected from print and broadcast media, interviews with media practitioners, and the findings from public opinion surveys.

Corporate social responsibility: a European perspective. Jean Monnet/Robert Schuman Paper Series Vol. 13 No. 6, June 2013

From the Introduction. CSR grows at different rhythms. CSR varies from continent to continent, country from country, sector from sector and corporation from corporation. The Responsible Competitive Index (RCI) from the UK NGO Accountability and the Brazilian Business School, Fundaçao Dom Cabral, looks at how countries are performing in their efforts to promote responsible business practices and issues periodical indexes about such performances. The RCI’s index for 2007 analysed 108 countries (96% of global GDP). The analysis showed that more advanced economies do better in this area. The top 20 countries, by the ranking order of best performance, were the following: 1 Sweden, 2 Denmark, 3 Finland, 4 Iceland, 5 UK, 6 Norway, 7 New Zealand, 8 Ireland, 9 Australia, 10 Canada, 11 Germany, 12, Netherlands, 13 Switzerland, 14 Belgium, 15 Singapore, 16 Austria, 17 France, 18 USA, 19 Japan, and 20 Hong Kong, etc. However, it is important to bear in mind that advanced economies have often moved their more dirty industries to other parts of the world where there are less stringent environmental and social standards. As a result, other countries may be polluting on their behalf, and the indexes do not factor those in.2

Mixed Public-Private Enterprises in Europe: Economic Theory and an Empirical Analysis of Italian Water Utilities. Bruges European Economic Research (BEER) Papers 4/July 2006

Mixed enterprises, which are entities jointly owned by the public and private sector, are spreading all over Europe in local utilities. Well aware that in the vast majority of cases the preference of local authorities towards such governance structure is determined by practical reasons rather than by the ambition to implement new regulatory designs (an alternative to the typical “external” regulation), our purpose is to confer some scientific value to this phenomenon which has not been sufficiently investigated in the economic literature. This paper aims at proposing an economic analysis of mixed enterprises, especially of the specific configuration in which the public partner acts as controller and the private one (or “industrial” partner) as service provider. We suggest that the public service concession to mixed enterprises could embody, under certain conditions, a noteworthy substitute to the traditional public provision and the concession to totally private enterprises, as it can push regulated operators to outperform and limit the risk of private opportunism. The starting point of the entire analysis is that ownership allows the (public) owner to gather more information about the actual management of the firm, according to property rights theory. Following this stream of research, we conclude that under certain conditions mixed enterprises could significantly reduce asymmetric information between regulators and regulated firms by implementing a sort of “internal” regulation. With more information, in effect, the public authority (as owner/controller of the regulated firm, but also as member of the regulatory agency) can stimulate the private operator to be more efficient and can monitor it more effectively with respect to the fulfilment of contractual obligations (i.e., public service obligations, quality standards, etc.). Moreover, concerning the latter function, the board of directors of the mixed enterprise can be the suitable place where public and private representatives (respectively, welfare and profit maximisers) can meet to solve all disputes arising from incomplete contracts, without recourse to third parties. Finally, taking into account that a disproportionate public intervention in the “private” administration (or an ineffective protection of the general interest) would imply too many drawbacks, we draw some policy implications that make an equitable debate on the board of the firm feasible. Some empirical evidence is taken from the Italian water sector.

Banking Sector Soundness, Innovation, and Development: Emerging Europe and South Asia. ACES Working Papers, 2012

While most academic and practitioner researchers agree that a country’s commercial banking sector’s soundness is a very significant indicator of a country’s financial market health, there is considerably less agreement and substantial confusion surrounding what constitutes a healthy bank in the aftermath of 2007+ financial crisis. Global banks’ balance sheets, corporate governance, management compensation and bonuses, toxic assets, and risky behavior are all under scrutiny as academics and regulators alike are trying to quantify what are “healthy, safe and good practices” for these various elements of banking. The current need to quantify, measure, evaluate, and compare is driven by the desire to spot troubled banks, “bad and risky” behavior, and prevent real damage and contagion in the financial markets, investors, and tax payers as it did in the recent crisis. Moreover, future financial crisis has taken on a new urgency as vast amounts of capital flows (over $1 trillion) are being redirected to emerging markets. This study differs from existing methods in the literature as it entail designing, constructing, and validating a critical dimension of financial innovation in respect to the eight developing countries in the South Asia region as well as eight countries in emerging Europe at the country level for the period 2001 – 2008, with regional and systemic differentials taken into account. Preliminary findings reveal that higher stages of payment systems development have generated efficiency gains by reducing the settlement risk and improving financial intermediation; such efficiency gains are viewed as positive financial innovations and positively impact the banking soundness. Potential EU candidate countries: Albania; Montenegro; Serbia