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4 June 2013 marked the formal launch of the third generation of the Equator Principles (EP III) and the tenth anniversary of the EPs – enough reasons for evaluating the EPs initiative from an economic ethics and business ethics perspective. This chapter deals with the following questions: What has been achieved so far by the EPs? Which reform steps need to be adopted to further strengthen the EPs framework? Can the EPs be regarded as a role model in the field of sustainable finance and CSR? The first part explains the term EPs and introduces the keywords related to the EPs framework. The second part summarises the main characteristics of the newly-released third generation of the EPs. The third part critically evaluates EP III from an economic ethical and business ethics perspective. The chapter concludes with a summary of the main findings.
As police with tear gas and water cannons fuel unrest across Turkey, it seems that many eyes are wearily cast over Europe’s favourite neighbour, soon to join the list of potentially unstable Middle-East nations. Yet even as Erdogan’s messy power play brings Turkey’s democratic survivability into question, the nation’s solar energy industry is breaking new ground and massive nuclear power capacity is quietly being prepared to relieve the nation’s energy import dependency. In Brazil, riots breaking out over a transport price hike reflect the pressures of inflation and widespread corruption: an outburst fuelled by a long history of mismanagement and ineffective policy at state and federal levels. Nevertheless, big plans are underway for the expanding of Brazil’s power grid, set to underwrite national economic growth into 2030 and beyond. Behind these gruelling scenes of democratic upheaval, lie two distinct cases of energy policy in the making, in spite of overt political turmoil. This post highlights two instances of critical energy policy, unfolding behind the scenes.
The G20 summit starting today will be overshadowed by the Syrian crisis. Wolfgang Seibel assesses that,while Germany and Russia share a common history that has shaped their relationship as well as close and crucial economiclinkages, their worldviews are incompatible – international problem-solvingvs. prioritizing geopolitical interests. The question is, in light of the crisis in Syria, are German foreign policymakers in a position to influence Russian key-players?
Is wider access to stockholding opportunities related to reduced wealth inequality, given that it creates challenges for small and less sophisticated investors? Counterfactual analysis is used to study the influence of changes in the US stockholder pool and economic environment, on the distribution of stock and net household wealth during a period of dramatic increase in stock market participation. We uncover substantial shifts in stockholder pool composition, favoring smaller holdings during the 1990s upswing but larger holdings around the burst of the Internet bubble. We find no evidence that widening access to stocks was associated with reduced net wealth inequality.
Using fiscal reaction functions for 3a panel of actual euro-area countries the paper investigates whether euro membership has reduced the responsiveness of countries to increases in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the specification, as for example an exclusion of Greece from the panel. This suggests that the current debt problems may result to a large extent from pre-existing debt levels prior to entry or from a larger need for fiscal prudence in a common currency, while an adverse change in the fiscal reaction functions for most countries does not apply.
In this paper, we investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance. We study detailed transactional information of more than 45,000 loans issued by 240 loan officers of a large commercial bank in Europe. We find that when the performance of their portfolio deteriorates, loan officers shift their efforts towards monitoring poorly-performing borrowers and issue fewer loans. However, these new loans are of above-average quality, which suggests that loan officers have a pecking order and process loans only for the very best clients when they are under time constraints.
Paging is one of the prominent problems in the field of on-line algorithms. While in the deterministic setting there exist simple and efficient strongly competitive algorithms, in the randomized setting a tradeoff between competitiveness and memory is still not settled. Bein et al. [4] conjectured that there exist strongly competitive randomized paging algorithms, using o(k) bookmarks, i.e. pages not in cache that the algorithm keeps track of. Also in [4] the first algorithm using O(k) bookmarks (2k more precisely), Equitable2, was introduced, proving in the affirmative a conjecture in [7].
We prove tighter bounds for Equitable2, showing that it requires less than k bookmarks, more precisely ≈ 0.62k. We then give a lower bound for Equitable2 showing that it cannot both be strongly competitive and use o(k) bookmarks. Nonetheless, we show that it can trade competitiveness for space. More precisely, if its competitive ratio is allowed to be (Hk + t), then it requires k/(1 + t) bookmarks.
Our main result proves the conjecture that there exist strongly competitive paging algorithms using o(k) bookmarks. We propose an algorithm, denoted Partition2, which is a variant of the Partition algorithm byMcGeoch and Sleator [13]. While classical Partition is unbounded in its space requirements, Partition2 uses θ(k/ log k) bookmarks. Furthermore, we show that this result is asymptotically tight when the forgiveness steps are deterministic.
Following Foucault's analysis of German Neoliberalism (Ordoliberalism) and his thesis of ambiguity, this paper introduces a two-level distinction between individual and regulatory ethics. In particular, its aim is to reassess the importance of individual ethics in the conceptual framework of Ordoliberalism. The individual ethics of Ordoliberalism is based on the heritage of Judeo-Christian values and the Kantian individual liberty and responsibility. The regulatory or formal-institutional ethics of Ordoliberalism which has so far received most attention on the contrary refers to the institutional and legal framework of a socio-economic order. By distinguishing these two dimensions of ethics incorporated in German Neoliberalism, it is feasible to distinguish different varieties of neoliberalism and to link Ordoliberalism to modern economic ethics.