eu-regulation   3

Emmanuel Mourlon-Druol - La zone euro est-elle viable? Une perspective historique - La Vie des idées - 20 mai 2014
La crise de la zone euro a révélé les faiblesses constitutives de la monnaie unique ; mais les débats portant sur sa viabilité se limitent trop souvent à une vision purement économique de la zone euro. L’histoire complexe de la création de l’euro éclaire les enjeux financiers et politiques internationaux de l’unification monétaire. -- in many ways it's the same-old, same-old -- a group of countries with intense economic interaction that gets whip-sawed by exchange rates in a constantly evolving world that's increasingly globalized, especially capital movements -- under a series of arrangements from Bretton Woods onwards, they've been trying to manage or mitigate the problem, but they never solve it -- he repeatedly notes that the entire EC budget isn't more than 1% of the aggregate GNP of the member states -- useful aide-mémoire for each step in the evolution of the EU and European money arrangements paralled with each modification of the international monetary system -- though he notes repeatedly that finance is extremely mobile, not only within the Eurozone or within the EU but globally, and that labor and fiscal adjustments are extremely immobile within the Eurozone by comparison, he doesn't draw the obvious link of these severe mismatches to the repeated problems the EU has faced re money -- downloaded pdf to Note
article  economic_history  political_history  European_integration  post-WWII  post-Cold_War  international_monetary_system  Bretton_Woods  EU_governance  FX  FX-rate_management  FX-misalignment  Eurozone  Eurocrsis  Great_Recession  financial_crisis  sovereign_debt  Europe-federalism  EU-regulation  cross-border  Labor_markets  banking  ECB  EU-elections  political_participation  EU-Parliament  EU-parties  monetary_union  monetary_theory  international_economics  capital_flows  capital_controls  EU-fiscal_policy  convergence-econimic  fiscal_policy  Maastricht  downloaded 
july 2015 by dunnettreader
Edward B. Rock - Institutional Investors in Corporate Governance (Jan 2015) :: SSRN - Oxford Handbook on Corporate Law and Governance, 2015, Forthcoming
Penn Law School -- chapter examines the role of institutional investors in corporate governance and the role of regulation in encouraging institutional investors to become active stewards. (..) what lessons we can draw from the US experience for the EU’s 2014 proposed amendments to the Shareholder Rights Directive.(...) survey how institutional investors themselves are governed and how they organize share voting. (...) 2 central questions: (a) why, over the last 25 years, have institutional investors not fulfilled the optimists’ hopes?; and (b) can the core incentive problems that subvert Institutional Investor activism be cured by regulation? The US experience [substantial deregulation led to only modest increases in shareholder activism], suggests (..) institutional investors’ relative passivity is a fundamental lack of incentives. I examine the disappointing results of the SEC’s long experiment with incentivizing mutual funds to vote their shares (...) the EU efforts are likely to be similarly disappointing. I then examine the important role that hedge funds now play in catalyzing institutional shareholders, and consider some of the risks in relying on such highly incentivized actors. -- PDF File: 26 -- saved to briefcase
chapter  books  SSRN  law-and-economics  behavioral_economics  financial_economics  financial_regulation  corporate_governance  corporate_law  corporate_finance  capital_markets  corporate_control_markets  institutional_investors  shareholders  shareholder_voting  mutual_funds  incentives  activist_investors  investors  hedge_funds  proxies  comparative_law  administrative_law  EU-law  regulation-harmonization  regulation-enforcement  fiduciaries  profit_maximization  EU-regulation 
july 2015 by dunnettreader

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