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Marco Buti and Daniele Franco

6. 1. Public investment* INTRODUCTION The slowdown in actual and potential growth in the early years of EMU raises worries and doubts concerning the fiscal rules set in the Treaty of Maastricht and in the Stability and Growth Pact. It has been argued that these rules may represent an excessively binding constraint for appropriate counter-cyclical action and that the attempt to reach rapidly a budget position ‘close to balance or in surplus’ may worsen the slowdown. The risk that the rules may permanently reduce the public sector’s contribution to capital

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Simon Klopschinski

11. Public policy considerations in intellectual property-related international investment arbitration Simon Klopschinski 1. INTRODUCTION In 2010 the tobacco company Philip Morris initiated international investment arbitration against Uruguay arguing that Uruguayan anti-smoking legislation, which restricted the use of brands and increased the size of health warnings on cigarette packages, deprived Philip Morris of its intellectual property (IP) rights in Uruguay and therefore violated its rights under the Switzerland-Uruguay Bilateral Investment Treaty (BIT) of

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Claire Buggenhoudt

JOBNAME: Tan PAGE: 1 SESS: 3 OUTPUT: Fri Jul 28 09:13:54 2017 15. The public interest in international investment arbitration on natural resources Claire Buggenhoudt INTRODUCTION Although the concept of sustainable development remains controversial, the 2012 outcome document of the Rio+20 Conference on Sustainable Development confirmed that the promotion of sustainable development requires the integration of economic, social and environmental aspects. Promoting sustainable development in all three of these areas is especially challenging in the context of

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Jamee K. Moudud and Francisco Martinez-Hernandez

1 INTRODUCTION In the current global economic crisis, austerity appears to have become the conventional wisdom particularly in Europe, although the US under President Obama appears to be struggling to pursue the opposite policy despite pressures from the Right. On the other hand, opponents of austerity have advocated Keynesian-type demand stimulus policies to boost employment and output. It is interesting to note that a number of authors in both the broad Keynesian and neoclassical traditions 1 have also emphasized the role of public investment policies to deal

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Pinaki Chakraborty

3. Federalism, fiscal space, and public investment spending: do fiscal rules impose hard-budget constraints? Pinaki Chakraborty 3.1 INTRODUCTION India is a federal country of 29 states and seven centrally administered union territories. It has a highly decentralized federal fiscal structure where state governments spend more than 56 percent of total public spending although their share in combined revenue is only 38 percent. Although there are multiple channels of transfers, this gap in revenue and expenditure is met primarily through vertical transfers from the

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Achim Truger

1 INTRODUCTION As the euro crisis hit, European policy-makers reacted with austerity policies and a tightening of the Stability and Growth Pact (SGP). The failure of these policies is obvious and could have been predicted ( Truger 2013 ): after seven years of deep economic crisis the euro area is still far away from full recovery and deflationary risks persist. Public investment, which should have stabilized the economies and kept up their long-term growth potential, has dramatically shrunk in the periphery (see Figure 1 ). Gross public investment in relation to

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Pier Luigi Parcu and Maria Alessandra Rossi

5. State aid policy in the broadband sector: public announcements, investments and crowding out Pier Luigi Parcu and Maria Alessandra Rossi 1. INTRODUCTION The creation of Next Generation Networks (NGNs) in telecommunications and the widespread difficulties in the banking sector following the financial crisis of 2008 have been the two main battlefields that have concretely challenged and tested the State Aid Modernisation package (SAM) undertaken by the European Commission during the past decade.1 SAM has increased the coherence of State aid policy with

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Andrew Watt

traction of the increasingly unconventional policies adopted and the need for insurance against shocks there has recently been growing interest in the option of monetary financing of public expenditure, or helicopter drops as they are commonly referred to, as an important element. This article puts forward a concrete proposal for the overt monetary financing of public investment, a form of quantitative easing in which bonds newly issued by the European Investment Bank (EIB) are purchased, on secondary markets, by the European Central Bank (ECB), and the financial

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Luiz de Mello

5. Fiscal decentralization and public investment Luiz de Mello* 1 INTRODUCTION Latin America’s investment-to-GDP ratio is low by international comparison. Although it has trended upwards in recent years, the region’s average share of gross fixed capital formation in GDP – the national accounts’ standard gauge of investment activity – is somewhat lower than that of the high-income countries in the OECD area and much lower than that of the fast-growing emerging Asian economies, such as China and India.1 Latin American governments also invest relatively little

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Alan C. O'Connor, Albert N. Link, Brandon M. Down and Laura M. Hillier

[4] Economics of Innovation and New Technology, 2015 Vol. 24, No. 5, 510–531, http://dx.doi.org/10.1080/10438599.2014.988518 The impact of public investment in medical imaging technology: an interagency collaboration in evaluation Alan C. O’Connora , Albert N. Linkb∗ , Brandon M. Downsc and Laura M. Hillierc† a RTI International, 3040 Cornwallis Road, Research Triangle Park, 27709, NC, USA; b Department of Economics, Bryan School of Business and Economics, University of North Carolina at Greensboro, 1000 Spring Garden Street, 27402 Greensboro, NC, USA; c