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Frank H. Stephen

settlement was positively related to both the natural logarithm of the total value of the claim (including interest and expenses) and the logarithm of the total value of all payments made from the fund in the calendar year in which the claim was received;19 thirdly, the probability of a claim being rejected was positively related to the total value of claims made in the year in which the claim was received. Thus the outcomes of claims measured in different ways appear to be related to Fund characteristics at the time the claim was received and consequently outcomes may not

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Frank H. Stephen

Frank H. Stephen’s evaluation of public policy on the legal profession in UK and European jurisdictions explores how regulation and self-regulation have been liberalized over the past 30 years. The book surveys where the most recent and radical liberalization involving the ownership of law firms by non-lawyers is likely to lead, and appraises the economic literature on the costs and benefits of regulating markets for professional services. It challenges socio-legal views on professional legislation and highlights the limitations of regulatory competition, as well as the importance of dominant business models. The author reviews the empirical work underpinning these theories and policies. He also evaluates the effectiveness of regulatory competition as a response to regulatory capture.
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Killian J. McCarthy and Tao Zhu

borrowing more expensive, and lowers the rates of investment in property, while a rise in long-term interest rates suggests a positive outlook, rising property prices, and economic growth, and this attractiveness of current investment. Finally, we observe that the average income level is positively related with property sale, and that a 1 per cent rise in the former causes a 3.5 per cent expansion in the latter. This, again, is an intuitive finding, and taken together the results of Model 1 provides evidence in support of Hypothesis 1, on the natural and familiar

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Wilfred Dolfsma

but certainly not developing countries – it is under these circumstances that the general interest of the two groups of countries conflict.10 Pooling of patents may be efficient, but it certainly also constitutes an entry barrier and is disadvantageous for smaller firms (Lanjouw and Schankermann 2004).11 Litigation costs can be so inhibitive that individual and small firm patent holders strike a deal with a large firm that filed a suit even when on legal grounds they would have a strong case; listed firms have lower filing rates (Lanjouw and Schankermann 2004

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Government Failure

Society, Markets and Rules

Wilfred Dolfsma

This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure.
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Nguyen An Ha and Dang Minh Duc

130/2007-­TTg of the Prime Minister and Circular No. 58/2008/TTLT-­BTNMY of the Ministry of Finance and the Ministry of Natural Resources and Environment, contain detailed regulations on investment incentives such as exemptions from corporate income tax, reduction of equipment and technology import tax and long-­term loans with low interest rates. Additionally the Decision and Circular also 234 The governance of climate relations between Europe and Asia s­ tipulate policies supporting project research and design aimed at reducing the risks for Vietnamese

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David Belis, Hans Bruyninckx, Qi Ye and Nguyen Quang Thuan

(Biermann 2005, 2006; Keukeleire and Bruyninckx 2011). Since the adoption of the UNFCCC in 1992, negotiating parties have been divided into two different categories: Annex I and non-­Annex I parties or developed and developing countries respectively (Bodansky 1993; United Nations 1992). Until the end of the first commitment period of the 1997 Kyoto Protocol (2008–2012), no emission mitigation targets have been required from non-­Annex I countries (United Nations 1998). This situation is questioned due to rapidly rising emission rates in many developing countries

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Sarah Van Eynde and Chang Pei-fei

Union (EIA 2012). Due to a growing population, rising living standards and the typical Chinese growth model, based on heavy industry and the extensive use of coal, carbon-­intensive energy demand has been escalating, especially since 2002. Despite China’s efforts to stimulate the development of a variety of energy sources such as nuclear, hydro, solar photovoltaic (PV) and wind power, China’s economic growth model and energy mix remain Nuclear 0.8% Natural gas 5.0% Hydro 6.5% Other (incl. renewables) 0.7% Oil 18.6% Coal 68.4% Source:  Adapted from National Bureau

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The Governance of Climate Relations Between Europe and Asia

Evidence from China and Vietnam as Key Emerging Economies

Edited by Hans Bruyninckx, Qi Ye, Nguyen Quang Thuan and David Belis

The Governance of Climate Relations between Europe and Asia offers a thorough empirical study of the most fundamental dynamics involved in EU climate relations with China and Vietnam in the context of global climate governance.
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David Belis, Bui Viet Hung and Nguyen Bich Thuan

6. The governance of the CDM in China: achievements and deficiencies David Belis, Bui Viet Hung and Nguyen Bich Thuan In recent decades, rapid economic development based on current patterns of consumption and production has been causing serious harm to nearly all ecosystems worldwide. Natural disasters such as floods, droughts and forest fires are occurring in every region of the planet with increasing frequency. Global climate change, caused by the large-­scale emission of greenhouse gases (GHGs) into the atmosphere, seriously aggravates these existing