The Effectiveness of the Clean Development Mechanism – A law and economics analysis

Climate change has been acknowledged as a threat to humanity. Most scholars agree that to avert dangerous climate change and to transform economies into low-carbon societies, deep global emission reductions are required by the year 2050. Under the framework of the Kyoto Protocol, the Clean Development Mechanism (CDM) is the only market-based instrument that encourages industrialised countries to pursue emission reductions in developing countries. The CDM aims to pay the incremental finance necessary to operationalize emission reduction projects which are otherwise not financially viable. According to the objectives of the Kyoto Protocol, the CDM should finance projects that are additional to those which would have happened anyway, contribute to sustainable development in the countries hosting the projects, and be cost-effective. To enable the identification of such projects, an institutional framework has been established by the Kyoto Protocol which lays out responsibilities for public and private actors. This thesis examines whether the CDM has achieved these objectives in practice and can thus be considered an effective tool to reduce emissions. To complete this investigation, the book applies economic theory and analyses the CDM from two perspectives. The first perspective is the supply-dimension which answers the question of how, in practice, the CDM system identified additional, cost-effective, sustainable projects and, generated emission reductions. The main contribution of this book is the second perspective, the compliance-dimension, which answers the question of whether industrialised countries effectively used the CDM for compliance with their Kyoto targets. The application of the CDM in the European Union Emissions Trading Scheme (EU ETS) is used as a case-study. Where the analysis identifies inefficiencies within the supply or the compliance dimension, potential improvements of the legal framework are proposed and discussed.

Photochemie der Troposphäre in niedrigen und mittleren Breiten: Die Rolle von Konvektion

Ozon (O3) ist in der Atmosphäre ein wichtiges Oxidanz und Treibhausgas. Während die höchsten Konzentrationen in der Stratosphäre beobachtet werden und die vor der gefährlichen UV-Strahlung schützende Ozonschicht bilden, können sich signifikante Änderungen der Ozon-Konzentration in der Region der Tropopause auf das Klima der Erde auswirken. Des Weiteren ist Ozon eine der Hauptquellen für das Hydroxylradikal (OH) und nimmt damit entscheidend Einfluss auf die Oxidationskraft der Atmosphäre. Der konvektive Transport von Ozon und seinen Vorläufergasen aus Regionen nahe der Erdoberfläche in die freie Troposphäre beeinflusst das Budget dieser Spezies in der Tropopausenregion.rnDie Datengrundlage der Studie in der vorliegenden Arbeit basiert auf den flugzeuggetragenen Messkampagnen GABRIEL 2005 (Suriname, Südamerika) sowie HOOVER I 2006 und HOOVER II 2007 (beide in Europa). Mit dem zur Verfügung stehenden Datensatz wird das Ozonbudget in der freien, unbelasteten Hintergrundatmosphäre und in der durch hochreichende Konvektion gestörten, oberen Troposphäre untersucht. Anhand der auf in-situ Messungen von O3, NO, OH, HO2 und dem aktinischen Strahlungsfluss basierten Berechnung der Netto-Ozonproduktionsrate (NOPR) werden für das Messgebiet Ozontendenzen in der unbelasteten Troposphäre abgeleitet und mit Simulationen des globalen Chemie-Transport-Modells MATCH-MPIC verglichen. Mit Hilfe zweier Fallstudien in den Tropen in Südamerika und den mittleren Breiten in Europa werden die Auswirkungen von hochreichender Konvektion auf die obere Troposphäre quantifiziert.rnDie Ergebnisse zeigen für die Grenzschicht in niedrigen und mittleren Breiten eine eindeutige Tendenz zur Produktion von Ozon, was für den tropischen Regenwald in der Messregion nicht der allgemeinen Erwartung entsprach, nach der diese Region durch die Zerstörung von Ozon charakterisiert sein sollte. In der oberen Troposphäre ab etwa 7 km wird für die beiden Regionen eine leichte Tendenz zur Ozonproduktion beobachtet. Signifikante Unterschiede zeigen die Ergebnisse für die mittlere Troposphäre. Während die Tropen in dieser Region durch eine eindeutige Tendenz zur Zerstörung von Ozon charakterisiert sind, lässt sich über den mittleren Breiten zwar eine hohe photochemische Aktivität aber keine derart klare Tendenz feststellen. Die hohen Breiten zeichnen sich durch eine neutrale Troposphäre in Bezug auf die Ozontendenz aus und weisen kaum photochemische Aktivität auf. Der Vergleich dieser Ergebnisse mit dem MATCH-MPIC Modell zeigt in weiten Teilen der Messregionen eine grundlegende Übereinstimmung in der Tendenz zur Produktion oder Zerstörung von Ozon. Die absoluten Werte werden vom Modell aber generell unterschätzt. Signifikante Unterschiede zwischen in-situ Daten und Modellsimulationen werden in der Grenzschicht über dem tropischen Regenwald identifiziert.rnDer Einfluss der Konvektion ist durch eine signifikant erhöhte NOPR gekennzeichnet. In dieser Arbeit wird in den Tropen mit einem Median-Wert von 0.20 ppbv h−1 eine um den Faktor 3.6 erhöhte NOPR im Vergleich zur ungestörten oberen Troposphäre abgeschätzt. In den mittleren Breiten führt die um eine Größenordnung höhere NO-Konzentration zu einem Wert von 1.89 ppbv h−1, was einer Überhöhung um einen Faktor 6.5 im Vergleich zum ungestörten Zustand entspricht. Diese Ergebnisse zeigen für beide Regionen in der oberen Troposphäre eine erhöhte Ozonproduktion als Folge konvektiver Aktivität. rnrnHochreichende Konvektion ist zudem ein sehr effektiver Mechanismus für den Vertikaltransport aus der Grenzschicht in die obere Troposphäre. Die schnelle Hebung in konvektiven Wolken führt bei Spurengasen mit Quellen an der Erdoberfläche zu einer Erhöhung ihrer Konzentration in der oberen Troposphäre. Die hochgradig löslichen Spurenstoffe Formaldehyd (HCHO) und Wasserstoffperoxid (H2O2) sind wichtige Vorläufergase der HOx-Radikale. Es wird angenommen, dass sie aufgrund ihrer Löslichkeit in Gewitterwolken effektiv ausgewaschen werden.rnIn der vorliegenden Arbeit wird eine Fallstudie von hochreichender Konvektion im Rahmen des HOOVER II Projekts im Sommer 2007 analysiert. Am 19.07.2007 entwickelten sich am Nachmittag am Südostrand eines in nordöstlicher Richtung ziehenden mesoskaligen konvektiven Systems drei zunächst isolierte konvektive Zellen. Flugzeuggetragene Messungen in der Aus- und der Einströmregion einer dieser Gewitterzellen stellen einen exzellenten Datensatz bereit, um die Auswirkungen von hochreichender Konvektion auf die Verteilung verschiedener Spurengase in der oberen Troposphäre zu untersuchen. Der Vergleich der Konzentrationen von Kohlenstoffmonoxid (CO) und Methan (CH4) zwischen der oberen Troposphäre und der Grenzschicht deutet auf einen nahezu unverdünnten Transport dieser langlebigen Spezies in der konvektiven Zelle hin. Die Verhältnisse betragen (0.94±0.04) für CO und (0.99±0.01) für CH4. Für die löslichen Spezies HCHO und H2O2 beträgt dieses Verhältnis in der Ausströmregion (0.55±0.09) bzw. (0.61±0.08). Dies ist ein Indiz dafür, dass diese Spezies nicht so effektiv ausgewaschen werden wie angenommen. Zum besseren Verständnis des Einflusses der Konvektion auf die Budgets dieser Spezies in der oberen Troposphäre wurden im Rahmen dieser Arbeit Boxmodell-Studien für den Beitrag der photochemischen Produktion in der Ausströmregion durchgeführt, wobei die gemessenen Spezies und Photolysefrequenzen als Randbedingungen dienten. Aus den Budgetbetrachtungen für HCHO und H2O2 wird eine Auswascheffizienz von (67±24) % für HCHO und (41±18) % für H2O2 abgeschätzt. Das für H2O2 überraschende Ergebnis lässt darauf schließen, dass dieses Molekül in einer Gewitterwolke deutlich effektiver transportiert werden kann, als aufgrund seiner hohen Löslichkeit aus der Henry-Konstanten zu erwarten wäre. Das Ausgasen von gelöstem H2O2 beim Gefrieren eines Wolkentropfens, d.h. ein Retentionskoeffizient kleiner 1, ist ein möglicher Mechanismus, der zum beobachteten Mischungsverhältnis dieser löslichen Spezies in der Ausströmregion beitragen kann.

The Law and Economics of Hedge Fund Regulation: A Comparison between the U.S. and the EU

This doctoral dissertation seeks to assess and address the potential contribution of the hedge fund industry to financial instability. In so doing, the dissertation investigates three main questions. What are the contributions of hedge funds to financial instability? What is the optimal regulatory strategy to address the potential contribution of hedge funds to financial instability? And do new regulations in the U.S. and the EU address the contribution of hedge funds to financial instability? With respect to financial stability concerns, it is argued that despite their benefits, hedge funds can contribute to financial instability. Hedge funds’ size and leverage, their interconnectedness with Large Complex Financial Institutions (LCFIs), and the likelihood of herding behavior in the industry can potentially undermine financial stability. Nonetheless, the data on hedge funds’ size and leverage suggest that these features are far from being systemically important. In contrast, the empirical evidence on the interconnectedness of hedge funds with LCFIs and their herding behavior is mixed. Based on these findings, the thesis focuses on one particular aspect of hedge fund regulation: direct vs. indirect regulation. In this respect, a major contribution of the thesis to the literature consists in the explicit discussion of the relationships between hedge funds and other market participants. Specifically, the thesis locates the domain of the indirect regulation in the inter-linkages between hedge funds and prime brokers. Accordingly, the thesis argues that the indirect regulation is likely to address the contribution of hedge funds to systemic risk without compromising their benefits to financial markets. The thesis further conducts a comparative study of the regulatory responses to the potential contribution of hedge funds to financial instability through studying the EU Directive on Alternative Investment Fund Managers (AIFMD) and the hedge fund-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

A Law and Economics Analysis of Lobbying Regulation Towards an optimal structure through the Cost Indicator Index

This research primarily represents a contribution to the lobbying regulation research arena. It introduces an index which for the first time attempts to measure the direct compliance costs of lobbying regulation. The Cost Indicator Index (CII) offers a brand new platform for qualitative and quantitative assessment of adopted lobbying laws and proposals of those laws, both in the comparative and the sui generis dimension. The CII is not just the only new tool introduced in the last decade, but it is the only tool available for comparative assessments of the costs of lobbying regulations. Beside the qualitative contribution, the research introduces an additional theoretical framework for complementary qualitative analysis of the lobbying laws. The Ninefold theory allows a more structured assessment and classification of lobbying regulations, both by indication of benefits and costs. Lastly, this research introduces the Cost-Benefit Labels (CBL). These labels might improve an ex-ante lobbying regulation impact assessment procedure, primarily in the sui generis perspective. In its final part, the research focuses on four South East European countries (Slovenia, Serbia, Montenegro and Macedonia), and for the first time brings them into the discussion and calculates their CPI and CII scores. The special focus of the application was on Serbia, whose proposal on the Law on Lobbying has been extensively analysed in qualitative and quantitative terms, taking into consideration specific political and economic circumstances of the country. Although the obtained results are of an indicative nature, the CII will probably find its place within the academic and policymaking arena, and will hopefully contribute to a better understanding of lobbying regulations worldwide.

Does Israel Follow the Law? A Critical Analysis of Israel's Application of the International Law of Belligerent Occupation in the Occupied Territories

Israel's occupation of territories it captured in 1967 has become one of the longest and most controversial occupations of the last fifty years. Eschewing the traditional political analysis of the Israeli-Palestinian conflict, this paper aims to explore whether Israel has adequately applied international law in the occupied territories, in particular, the law of belligerent occupation. The two actors under assessment are the Israeli government, particularly its military which enforces and maintains the law in the territories, and the Supreme Court of Israel, which has the power of review over military actions in the territories. The particular issues of the occupation that are critically analyzed are the general legal framework that Israel established in the territories, Israel's civilian settlement policy in territories, and Israel's construction of a barrier in the West Bank. This paper concludes that Israel has incorrectly applied the legal framework of belligerent occupation by refusing to apply the Fourth Geneva Convention; it has wrongly concluded that the establishment of civilian settlements in the territories conform with international law; yet it has rightly concluded that the construction of the barrier in the West Bank is permissible under international law, in contrast to the conclusion of the much publicized International Court of Justice's Advisory Opinion on the 'Wall.' Along with these general assessments, the author will also provide some historical and political insight into why the Israeli government and the Supreme Court may have applied the law in the way that they did.

The \bar{B} \to X_s γγdecay: NLL QCD contribution of the Electromagnetic Dipole operator O_7

We calculate the set of O(\alpha_s) corrections to the double differential decay width d\Gamma_{77}/(ds_1 \, ds_2) for the process \bar{B} \to X_s \gamma \gamma originating from diagrams involving the electromagnetic dipole operator O_7. The kinematical variables s_1 and s_2 are defined as s_i=(p_b - q_i)^2/m_b^2, where p_b, q_1, q_2 are the momenta of b-quark and two photons. While the (renormalized) virtual corrections are worked out exactly for a certain range of s_1 and s_2, we retain in the gluon bremsstrahlung process only the leading power w.r.t. the (normalized) hadronic mass s_3=(p_b-q_1-q_2)^2/m_b^2 in the underlying triple differential decay width d\Gamma_{77}/(ds_1 ds_2 ds_3). The double differential decay width, based on this approximation, is free of infrared- and collinear singularities when combining virtual- and bremsstrahlung corrections. The corresponding results are obtained analytically. When retaining all powers in s_3, the sum of virtual- and bremstrahlung corrections contains uncanceled 1/\epsilon singularities (which are due to collinear photon emission from the s-quark) and other concepts, which go beyond perturbation theory, like parton fragmentation functions of a quark or a gluon into a photon, are needed which is beyond the scope of our paper.

Contribution of Genetic Background, Traditional Risk Factors, and HIV-Related Factors to Coronary Artery Disease Events in HIV-Positive Persons

Background Persons infected with human immunodeficiency virus (HIV) have increased rates of coronary artery disease (CAD). The relative contribution of genetic background, HIV-related factors, antiretroviral medications, and traditional risk factors to CAD has not been fully evaluated in the setting of HIV infection. Methods In the general population, 23 common single-nucleotide polymorphisms (SNPs) were shown to be associated with CAD through genome-wide association analysis. Using the Metabochip, we genotyped 1875 HIV-positive, white individuals enrolled in 24 HIV observational studies, including 571 participants with a first CAD event during the 9-year study period and 1304 controls matched on sex and cohort. Results A genetic risk score built from 23 CAD-associated SNPs contributed significantly to CAD (P = 2.9×10−4). In the final multivariable model, participants with an unfavorable genetic background (top genetic score quartile) had a CAD odds ratio (OR) of 1.47 (95% confidence interval [CI], 1.05–2.04). This effect was similar to hypertension (OR = 1.36; 95% CI, 1.06–1.73), hypercholesterolemia (OR = 1.51; 95% CI, 1.16–1.96), diabetes (OR = 1.66; 95% CI, 1.10–2.49), ≥1 year lopinavir exposure (OR = 1.36; 95% CI, 1.06–1.73), and current abacavir treatment (OR = 1.56; 95% CI, 1.17–2.07). The effect of the genetic risk score was additive to the effect of nongenetic CAD risk factors, and did not change after adjustment for family history of CAD. Conclusions In the setting of HIV infection, the effect of an unfavorable genetic background was similar to traditional CAD risk factors and certain adverse antiretroviral exposures. Genetic testing may provide prognostic information complementary to family history of CAD.

The Law of the WTO and the Communications Law of the EC : On a Path of Harmony or Discord?

This paper presents an overview of the law of the World Trade Organization (WTO) relevant to telecommunications services and correlates this body of law with the current regulatory framework for electronic communications networks and services in the European Community. The latter has been adapted to meet the challenges of technological and market developments in communications, epitomized by the processes of digitization, enhanced transport networks and convergence. The novel solutions embodied in the EC electronic communications regime, notably, a new design of the Significant Market Power mechanism, a projected withdrawal of sector specific regulation and an affirmation of the principle of technological neutrality, pose interesting questions as to the conformity of this reformed EC communications law with the WTO rules on telecommunications services and the obligations of the European Communities and their Member States. Looking beyond the WTO legal compatibility test, essential questions regarding the need for evolution of the WTO telecommunications rules are raised. The present paper contributes to the ongoing debate in that context in light of the EC experience.

NLL QCD contribution of the electromagnetic dipole operator to B -> Xs gamma gamma with a massive strange quark

We calculate the O(αs) corrections to the double differential decay width dΓ77/(ds1ds2) for the process B¯→Xsγγ, originating from diagrams involving the electromagnetic dipole operator O7. The kinematical variables s1 and s2 are defined as si=(pb−qi)2/m2b, where pb, q1, q2 are the momenta of the b quark and two photons. We introduce a nonzero mass ms for the strange quark to regulate configurations where the gluon or one of the photons become collinear with the strange quark and retain terms which are logarithmic in ms, while discarding terms which go to zero in the limit ms→0. When combining virtual and bremsstrahlung corrections, the infrared and collinear singularities induced by soft and/or collinear gluons drop out. By our cuts the photons do not become soft, but one of them can become collinear with the strange quark. This implies that in the final result a single logarithm of ms survives. In principle, the configurations with collinear photon emission could be treated using fragmentation functions. In a related work we find that similar results can be obtained when simply interpreting ms appearing in the final result as a constituent mass. We do so in the present paper and vary ms between 400 and 600 MeV in the numerics. This work extends a previous paper by us, where only the leading power terms with respect to the (normalized) hadronic mass s3=(pb−q1−q2)2/m2b were taken into account in the underlying triple differential decay width dΓ77/(ds1ds2ds3).

Beta-alanine supplementation improves jumping power and affects severe-intensity performance in professional alpine skiers.

INTRODUCTION Supplementation with beta-alanine may have positive effects on severe-intensity, intermittent, and isometric strength-endurance performance. These could be advantageous for competitive alpine skiers, whose races last 45 to 150 s, require metabolic power above the aerobic maximum, and involve isometric muscle work. Further, beta-alanine supplementation affects the muscle force-frequency relationship, which could influence explosiveness. We explored the effects of beta-alanine on explosive jump performance, severe exercise energy metabolism, and severe-intensity ski-like performance. METHODS Nine male elite alpine skiers consumed 4.8 g/d beta-alanine or placebo for 5 weeks in a double-blind fashion. Before and after, they performed countermovement jumps (CMJ), a 90-s cycling bout at 110% VO2max (CLT), and a maximal 90-s box jump test (BJ90). RESULTS Beta-alanine improved maximal (+7 ± 3%, d = 0.9) and mean CMJ power (+7 ± 2%, d = 0.7), tended to reduce oxygen deficit (-3 ± 8%, p = .06) and lactate accumulation (-12 ± 31%) and enhance aerobic energy contribution (+1.3 ± 2.9%, p = .07) in the CLT, and improved performance in the last third of BJ90 (+7 ± 4%, p = .02). These effects were not observed with placebo. CONCLUSIONS Beta-alanine supplementation improved explosive and repeated jump performance in elite alpine skiers. Enhanced muscle contractility could possibly explain improved explosive and repeated jump performance. Increased aerobic energy production could possibly help explain repeated jump performance as well.

Swiss Policies for more Food Security

Resource-poor yet blissful Switzerland is also one of the most food-secure countries in the world: there are abundant food supplies, relatively low retail prices in terms of purchasing power parity, with few poverty traps. Domestic production covers 70% of net domestic consumption. A vast and efficient food reserve scheme insures against import disruptions. Nonetheless, the food security contribution by the four sectoral policies involved is mutually constrained: our agriculture is protected by the world’s highest tariffs. Huge subsidies, surface payments, and some production quotas substitute market signals with rent maximisation. Moreover, these inefficiencies also prevent trade and investment policies which would keep markets open, development policies which would provide African farmers with the tools to become more competitive, and supply policies which would work against speculators. The paralysing effect of Swiss agricultural policies is exacerbated by new “food security subsidies” in the name of “food sovereignty” while two pending people’s initiatives might yet increase the splendid isolation which in effect reduce Swiss farmer competitiveness and global food security. Is there a solution? Absent a successful conclusion of the Doha Round (WTO) or a Transatlantic Trade and Investment Partnership Agreement (TTIP) further market openings and a consequent “recoupling” of taxpayer support to public goods production remain highly un-likely. To the very minimum Switzerland should resume the agricultural reform process, join other countries trying to prevent predatory behaviour of its investors in developing countries, and regionalise its food reserve.

The World Trade Organization - Law, Practice and Policy, 3rd edition

The WTO is one of the most important intergovernmental organizations in the world, yet the way in which it functions as an organization and the scope of its authority and power are still poorly understood. This comprehensively revised new edition of the acclaimed work by an outstanding team of WTO law specialists provides a complete overview of the law and practice of the WTO.