Tax policy in Latin America: Assessment and guidelines for a second generation of reforms

Includes bibliography

Employment Effects of Product and Labour Market Reforms: Are There Synergies?

This article investigates the effect of product market liberalisation on employment allowing for interactions between policies and institutions in product and labour markets. Using panel data for OECD countries over the period 19802002, we present evidence that product market deregulation is more effective at the margin when labour market regulation is high. The data also suggest that product market liberalisation may promote employment-enhancing labour market reforms.

Explaining standing order reforms in the Camera dei Deputati during the liberal age

How might the continuous changes in the standing orders of the Camera dei Deputati between 1861 and 1922 be explained? To answer this question, the text investigates the political events associated with standing order reforms. Two results are emphasized. On the one hand, and contrary to common views, the study shows that the reforms were not casual or episodic, but resulted from different sets of political pressure, internal or external to the parliamentary ambit. This fact, on the other hand, draws attention to the need to go deeper into the question of the institutional evolution of the liberal parliament, chiefly with regard to relations among institutional actors.

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.

Present at the Creation: Montana Higher Education Reforms from 1972 Constitution -- Dr. Lawrence K. Pettit “In the Crucible of Change”

Prior to the passage of the 1972 Constitution, Montana’s higher education system was both controlled and victimized by Montana’s politics. Alternatingly, Governors or the Legislature tried to control and/or impose political ideology upon the management and teaching/content within the University System. Political favoritism and power-broking were the hallmark of the legislative appropriation process. Under the new Constitution, a newly empowered Board of Regents, and a new Commissioner of Higher Education managed the system and controlled the allocation of the legislative appropriations, but not without a major battle before the Montana Supreme Court. Dr. Lawrence K. Pettit (Larry Pettit) (b. 5/2/1937) was present at the creation of this newly structured higher education system as the first Commissioner of Higher Education in Montana after his appointment by the Board of Regents of the University System in 1973. Larry Pettit has had a dual career in politics and higher education. Pettit, of Lewistown, served as legislative assistant to U.S. Senators James E. Murray and Lee Metcalf, campaign manager, head of transition team and assistant to Montana Governor Thomas L. Judge, taught political science at The Pennsylvania State University (main campus), was chair of political science at Montana State University, Deputy Commissioner for Academic Programs at the Texas Higher Education Coordinating Board, Chancellor of the University System of South Texas (since merged with Texas A&M University), President of Southern Illinois University, and President of Indiana University of Pennsylvania from where he retired in 2003. He has served as chair of the Commission on Leadership for the American Council on Education, president of the National Association of (University) System Heads, and on many national and state boards and commissions in higher education. Pettit is author of “If You Live by the Sword: Politics in the Making and Unmaking of a University President.” More about Pettit is found at http://www.lawrencekpettit.com