Academic literature on the topic 'Law – Economic aspects'

Agricultural land market is usually defined as the purchase of agricultural land. In the most of the European countries, the land rental transactions have received the dominant position in the land market. Therefore, the land rental transactions are included into the agricultural land market analysis. The decision processes of market subjects are often influenced by the law. On the one hand, there is the law regulating the value of  agricultural land from the various points of view. On the other hand, there are some statutes stipulating the rental legal rules. The objective of this paper is to analyse the influence of the law on the behaviour of  market subjects in the agricultural land market.    

The author of the article explores the relationship between legal institutions and economic processes. Provides an analysis of how legal systems and rules affect economic activity, the efficiency of markets, the investment climate, and the overall prosperity of a society. The article discusses the main theoretical concepts of legal economics, such as the theory of legal rules, the theory of contracts and the theory of property rights. She also examines various aspects of the economics of law, including statistics of legal liability for economic crimes and legal regulation.

The article offers an in-depth analysis of the diverse sources that constitute the economic and financial legal framework of Uzbekistan. It highlights the evolution of these laws from the Soviet era to the present, emphasizing the transition from a centrally planned economy to a market-oriented system. Key sources discussed include the Constitution, legislative acts, presidential decrees, regulatory frameworks, and judicial decisions, each playing a vital role in shaping the legal landscape. The article also explores the influence of international treaties and customary law on Uzbekistan's economic and financial regulations. It underscores the challenges of harmonizing domestic laws with international standards and the importance of legal reforms to support economic growth and stability. The unique combination of these sources reflects Uzbekistan's efforts to create a comprehensive legal system that fosters economic development while ensuring social equity and legal certainty.

In a seminal paper, Okun (1962) investigated the relationship between potential GNP and levels of unemployment in order to identify the loss of national output due to unemployment. From this investigation, a significant macroeconomic relationship was established which received the name Okuns Law. According to Okuns Law, each percentage point of unemployment above 4 percent of the labor force implies a 3 percent gap of foregone potential output. The original study used quarterly data from 1947 to 1960 and employed ordinary least-squares analysis as its primary statistical method. Since Okuns (1962) original work, several studies appears investigating the same issue and extending the original scope. Here we do not intent to survey the literature on Okuns Law; a good summary of the various studies may be found in Tatom (1978). Instead, what we propose to do is first, to replicate Okuns model for the period 1948-1979 and second, and more importantly, to use a superior econometric technique, namely Cochran-Orcutt regression analysis. This technique requires autocorrelation and allows for a better appraisal of the output-unemployment relationship in Okuns original structural equations.

Economic criminal law, as a cross-sectoral field of law, is preceded by sectoral laws including economic law, civil law and administrative law. The essence of economic criminal law is different from the personal legal interests protected by criminal law, and focuses on the protection of supra-personal legal interests. The legislative content of economic criminal law mainly includes three aspects, i.e., criminal law concerning economic management, criminal law concerning economic regulation, and criminal law concerning the protection of market transactions.

AEJ Policy will publish papers covering a range of topics, the common theme being the role of economic policy in economic outcomes. Subject areas will include public economics; urban and regional economics; public policy aspects of health, education, welfare, and political institutions; law and economics; economic regulation; and environmental and natural resource economics.

By the early 21st Century further amendment to the Constitution has been necessitated by Ireland’s membership of the European Union, which has involved the cession of a degree of sovereignty and the subordination of national law to European law. A significant amendment was effected pursuant to the Good Friday Agreement, when Ireland removed its territorial claim to Northern Ireland and replaced it with the principle of unity by consent.Today’s Irish law due to the pandemic conditions of its development is on the way to its own improvement to regulate social relations effectively and protect the interests of their participants.

The Ph.D. thesis looks extensively at the history and functions of trade marks and attempts to outline a theory for trade mark protection established on their communicative aspects. The second chapter is a historical note which looks at trade marks as traces of history and sets the grounds for a functional analysis. The third chapter deals with the proprietary aspects of trade marks, seeking to establish a theoretical deontological argument for their legal protection. The functional analysis of trade marks concentrates on their contemporary role as a fiat of information between marketers, consumers and competitors. The economic analysis is developed around the dualistic nature of trade marks, being on the one hand an essential prerequisite for competition and on the other a potentially perpetual monopoly. The balance between the two as depicted by their legal protection is being continuously re-established. The main object of this thesis is to show that it is the nature of trade marks as a multidirectional system of exchange of information that must form the basis for their protection.

This dissertation closely examines the merits, weaknesses, and potential of decentralized environmental regulation. I examine three areas of particular concern in the structure of environmental regulation. In the first chapter, I examine how information problems resulting from incorrectly specified atmospheric models are likely to affect economic efficiency in a permit market. While permit markets have been heralded as a promising solution for controlling environmentally damaging emissions, there is no formal research linking the atmospheric model, which directly affects permit prices, with economic outcomes. In the chapter, I develop a generalized theoretical model that demonstrates the problems that are likely to arise when there is uncertainty in the underlying atmospheric parameter estimates. As it turns out, permit markets operating with incorrectly specified atmospheric models may result in large losses in economic efficiency, even if the permit market is operating ideally in an economic sense. The second chapter analyzes a much broader issue, that of state versus federal environmental regulation. The chapter focuses on the methods used by states attempting to control interstate water pollution in the Ohio Valley in the early 1900s. The time period was chosen to predate federal intervention into environmental regulation and, hence, allows for a clean test of how states might be expected to address difficult pollution problems under a system of state regulation. Using a simple game theoretic model, the paper explores interstate water pollution control compacts and their uses in addressing interstate water pollution. I find that states were able to overcome significant bargaining difficulties in formulating the compacts, which ultimately led to effective control of interstate water pollution. The final chapter focuses on voluntary overcompliance by firms facing environmental standards. The paper models environmental regulation according to the EPA's Best Available Control Technology (BACT). The model predicts voluntary overcompliance by firms as they attempt to raise the (endogenous) environmental standard and, in the process, raise their rivals' costs. The paper also demonstrates the merits of nonuniform environmental standards. In attempting to elicit efficient levels of R&D investment, the regulatory authority may discourage socially wasteful overinvestment in pollution technology through the use of nonuniform standards.

Orientador: José Maria Ferreira Jardim da Silveira
Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia
Made available in DSpace on 2018-08-24T22:05:01Z (GMT). No. of bitstreams: 1 Barros_PauloBertideAzevedo_D.pdf: 1986087 bytes, checksum: 435fa35b6418ac43b4217dae2acdd720 (MD5) Previous issue date: 2014
Resumo: O Programa de bioenergia (BIOEN) criado em 2008 pela Fapesp, teve por propósito estabelecer uma linha de financiamento para pesquisa científico-tecnológica no setor de bioenergia, em especial da proveniente da cana-de-açúcar. Essa proposta exige para o seu sucesso uma articulação adequada entre a universidade e as necessidades de avanço tecnológico demandadas e a serem incorporadas pelas empresas. Nesse contexto as questões de propriedade intelectual e novos modelos de gestão de pesquisa ganham importância. Esta tese visa analisar mudanças no desenho organizacional em laboratórios e grupos de pesquisa financiados pelo BIOEN e analisar nesses projetos questões de propriedade intelectual sob a perspectiva da economia política do direito de propriedade. Para atingir estes objetivos foi realizado um estudo com a aplicação de questionário e entrevistas a 43 líderes de projetos financiados pelo BIOEN. Os métodos de coleta de dados combinaram abordagens quantitativas e qualitativas. O questionário incluiu questões que abrangiam vários tópicos: caracterização geral do laboratório e dos recursos humanos; fonte de financiamento e compartilhamento dos equipamentos mais caros; impacto do programa BIOEN, segundo a percepção dos líderes em vários aspectos físicos e organizacionais dos laboratórios; avaliação dos líderes quanto à missão do BIOEN e ao sucesso do programa em relação a vários aspectos, inclusive quanto ao envolvimento de empresas; percepção dos líderes quanto a questões referentes à propriedade intelectual e a liberdade para operar e avaliação destes pesquisadores quanto aos riscos e restrições para o desenvolvimento de seus projetos. Os resultados apontaram que nos laboratórios financiados 52,9% dos técnicos, 58% dos alunos de pós-graduação e 61,4% dos pós-doc estão vinculados diretamente ao projeto do BIOEN; 38,9% dos equipamentos mais caros desses laboratórios foram financiados pelo BIOEN e que 63,9% dos equipamentos são compartilhados com outros grupos de pesquisa da mesma ou de outra instituição; o programa, segundo os líderes, influenciou pouco a área física, mas teve impacto importante na ampliação de colaborações, na modernização de equipamentos e no potencial de produção; apenas 16% dos líderes concordam plenamente que as parcerias entre os laboratórios acadêmicos e de industrias estão ocorrendo no âmbito do BIOEN, mas 80% deles concordam plenamente que essa parceria é importante; a maioria (71%) concorda que o programa BIOEN está sendo bem sucedidos quanto à produção científica e tecnológica. Quanto às questões de propriedade intelectual, 61% dos líderes relataram pretender solicitar patente com os resultados do projeto, e 5 (11,6%) pesquisadores já haviam passado por terem tido negado material que haviam solicitado, e 11(25,6%)já haviam assinado algum Acordo de transferência de material, sendo que 54% dos líderes já haviam prestado assessorias a empresas. As entrevistas revelaram as dificuldades dos pesquisadores em patentear seus resultados, e que o interesse e o uso dos resultados pelo setor privado está aquém do esperado e a maioria concorda que a prática científica que desenvolvem é adequadamente aplicada ao setor. Portanto, uma governança voltada para conciliação dos diversos interesses - acadêmicos, do setor público e privado ¿ pode promover a integração necessária e fortalecer ainda mais o já bem sucedido setor sucroenergético brasileiro
Abstract: The Bioenergy Program (BIOEN) created in 2008 by FAPESP , had the purpose to establish a scientific- technological research division funding in the bioenergy sector, in particular from the cane sugar biomass. This Program requires for its success a proper link between the university, the needs and demands for technological advances being incorporated by the companies. In this context the issues of intellectual property and new management models in research practices gain importance. This thesis aims to analyze changes in the organizational design of laboratories and research groups financed by BIOEN t and analyze intellectual property issues from the perspective of the political economy of property right. To achieve these objectives was conducted a field study with the use of questionnaire and interviews with 43 research leaders funded by BIOEN. The method of data collection was a combination of quantitative and qualitative approaches. The questionnaire included questions covering various topics: general characterization of laboratory and human resources ; the source of funding and sharing of expensive equipment; the impact of BIOEN program , as perceived by research leaders in various physical and organizational aspects of the laboratories; evaluation of leaders about the BIOEN mission and the success of the program in many respects, including the enrolment of companies; perception of the leaders on issues relating to intellectual property and freedom to operate and perception of these researchers to the risks and constraints in the development of their projects . The results showed that in 52.9 % funded laboratory technicians , 58 % of students graduate and 61.4% of the post-doc are linked directly to the BIOEN project; 38.9% of the most expensive equipment of these laboratories were funded by BIOEN and 63.9% of the facilities are shared with other research groups in the same institution or another; the program , according to the leaders , had little influence on physical area, but had an important impact on the increase of collaborations, modernization of equipment and production potential; only 16% of leaders strongly agree that partnerships between the academic and industrial laboratories are occurring within the BIOEN , but 80% of them strongly agree that this partnership is important; the majority (71%) agree that BIOEN program is successful in scientific and technological production. The questions on intellectual property, 61% of leaders reported they would like to issue patent applications, and 5 (11.6%) researchers had in one occasion denied material that had been requested, and 11 (25.6%) had signed a material transfer agreement, and 54% of leaders had provided consulting services to companies .The interviews revealed the difficulties that researchers have to patent their findings, and that the use of the results are of private sector interest and by this is less than expected the sector interest and most agree that the scientific practice is properly applied to develop the sector .Thus, a governance aimed at reconciling the various interests - academic, public and private sector - can promote the necessary integration and further strengthen the already successful Brazilian sugarcane industry
Doutorado
Teoria Economica
Doutor em Ciências Econômicas

Over the last years the demand for satellite communication services has been increased. Global and domestic regulatory developments and support, as well as the emerge of new services, have facilitated launcMng capabilities and reduced the costs of manufacturing, launching and operating the satellites. Financing the telecommunication satellite systems is one of the most relevant issues that prospective satellite operators face on these days. Mstitutional lenders require adequate legal advise in order to properly instrument multimillion transactions where securitization is not enough clear and risks are extremely Mgh. TMs work analyzes the most important sources of financing of telecommunication satellites and the most adequate legal structures and methods based in legislation, legal cases, jurisprudence, doctrine, and legal practice.

Law and economics are inevitably connected. This is all the more true in financial law and tax law, where the interaction with the economy is perhaps the biggest. This is also characteristic of the area of fighting tax avoidance practices, as this issue has significant economic aspects. The aim of the article is to clarify the budgetary (economic) significance of taxes with reference to the situation in the conditions of the Czech Republic and to analyse the budgetary (economic) consequences of tax evasion having the nature of a material source of law in adopting instruments to combat this phenomenon.

AbstractThe Portuguese legal system does not provide for the general regime of social enterprises. The legal notion offered by the Public Procurement Code has a sectoral scope, and the Basic Law on Social Economy is ambiguous as to the relationship between social enterprises and social economy. Benefit corporations have no legislative provision in the Portuguese legal order. However, “company” types are endowed with some flexibility. This allows shareholders to adapt the statutes to their business projects within the law’s limits through statutory clauses. Statutory clauses can incorporate the interests of the general community, workers and other stakeholders, translated, for example, into dividend distribution policies or environmentally sustainable practices, gender equality policies or the promotion of social responsibility measures.Although not expressly stated in Portuguese law, the current state of legal doctrine allows us to argue that social enterprises in Portugal are included in the perimeter of social economy entities.The areas of impact measured by B certification seem to be inspired by the experience concerning cooperatives, which combine social and economic aspects. Cooperatives, however, go beyond B-Corp entities. B certification, granted by private entity B-Lab, is not a new legal regime but only a label that distinguishes companies. Some Portuguese companies are B-Lab certified companies.

The reciprocal treatment between law and economics has become a fact in the real world. And that the influence and influence between them reached the point of putting the independence of each under question. The central role that the economy plays in the modern era, especially after the emergence of the phenomenon of globalization and the spread of transnational companies and the dominance of the liberal and capitalist intellectual current, caused the emergence of a special type of law and legal rules called economic legal rules that have characteristics that distinguish them from other legal rules. This is due to the special nature of the economy of change. Fast and complex. And it came to the point that some scholars claimed that the economy has become in the center and that the law lacks its independence and has no function but to regulate the affairs of the economy so that the latter performs its original and important function in modern societies. Although the opinion regarding the relativity of this independence differs among the jurists of the Latin school from the Anglo-Saxon school. The jurists of the Latin school in general recognize more independence of the law, while the Anglo-Saxon jurists go to the more influence of the economy on the law than the effect of the law on the economy. Especially in developing countries in need of development and development. That is why the researcher tries to apply the result of the structural role of the economic legal base on one of the economic laws in the afflicted Kurdistan region, which needs the most what it needs is change and development in both areas of law and economy. Especially with regard to investing and working with internal capital and attracting foreign investors, in order to remove some injustice from the oppressed people at a time when the reality was finally fair and gave them the opportunity to have their legitimate authority and enjoy the opportunity to rise and move to reach the level of progress of the world in the modern era and keep pace with what its brothers have reached in humanity from other peoples.

The article examines the results of reforming the legislation on property rights. The main changes to be implemented upon completion of the civil legislation reform have been systematized; positive aspects were noted that will help streamline civil circulation

The difference in the countries to which both the seller and the buyer belong in the commercial exchanges has increased the discrepancy in the laws and rules that govern the conduct of the most important banking count approved for the settlement of such exchanges, which is the documentary credit process, as a result of the different economic, banking and financial systems from the other, so there was a need to unify These customs and customs are in a unified form, which is called today the unified rules and customs of documentary credit, which are applied to the conduct of documentary credit contracts at the global level. Therefore, we consider it necessary to make an amendment in the Iraqi law regarding the organization of the documentary credit process, because the articles related to the provisions of documentary credits are not sufficient in themselves to indicate all the problems that may result from it due to developments in international trade.

The research question addressed in this study focuses on whether economic sanctions form part of the legal framework of the European Union and, if they do, how they are governed. The study explores the idea that sanctions, particularly economic ones, are an integral component of the EU's legal system. Within the EU, the term "acquis" is used to encompass various aspects of the legal framework, including primary and secondary legislation, instruments related to the Common Foreign and Security Policy, and rulings from the European Court of Justice. In addition to these components, specific provisions within the acquis are relevant to the study, such as chapter 3 pertaining to service provision freedom, chapter 23 addressing justice and human rights, and chapter 31 focusing on external security and defense policy. The analysis will examine how these elements of the acquis are applied in the context of sanctions, exploring their development within the EU legal system, the legislative framework of the EU, and the jurisprudence of the European Court of Justice. It is important to note that this study does not delve into the legality of unilateral economic sanctions imposed by the EU on states, individuals, or entities under international law, but it does refer to existing literature on this topic. The key findings of the research indicate that economic sanctions are indeed part of the EU's legal framework, though there are inconsistencies in their implementation.

Women's participation in the labor market in Central America is low for the international standard. Increase such participation is on the agenda of many policymakers who want to improve women's access to quality employment. In this paper, we use data from Central America, Panama, and the Dominican Republic to assess whether gender equality in the law helps increasing women's participation in the labor force and, therefore, boosts GDP per capita. The study is based on two econometric methodologies to evaluate distinct aspects of the economic mechanism.

In the company that is just beginning its operations, the tax regime is one of the determining economic aspects when starting a project, it determines the conditions of each industry and the economy of each country. In Chile, Tax modifications are not common, they represent important milestones that mark a before and after in the country's economic development, either by the way it affects each institution, or by how the Chilean economic market is perceived and by Foreign investment. The main objective of this study is to measure the quantitative and qualitative impact of the new tax law of the Tax Reform Law 20,780, implemented in Chile in 2014. Affecting the growth of the Gross Domestic Product of Chile and the yields in the index of Selective prices of the Shares, as well as affecting some sectors of the industry and consequently generating a lower tax collection during the implementation of the aforementioned reform, being useful and important information to consider in the development and implementation of future projects related to the issue of tax policies in the country. Despite the above, the tax discussion is going to be an issue that will be discussed again, considering the effects of the pandemic by covid-19 that has affected the whole world and especially Chile, with the tax issue being a foundation pillar at the time of economic recovery in our country.

Analisis de las remesas de emigrantes peruanos y argentinos en Italia. (Aspectos demográficos y sociológicos) y estudio de factibilidad para la construcción de un programa de canalización y valorización de remesas de los migrantes peruanos en Italia

El sector sanitario en Chile ha tenido un importante desarrollo en los últimos 30 años, alcanzando en 1995 una cobertura urbana del 98% en agua potable y del 89% en evacuación de aguas servidas (alcantarillado). Entre la década del 70 y la actualidad, aumentó significativamente la cobertura de agua potable y alcantarillado, se aplicó un esquema tarifario que permite el autofinanciamiento de la operación e inversión con los cobros a los usuarios, y la gestión en el sector urbano es desarrollada por empresas reguladas por un organismo independiente. A pesar de los cambios de organización e institucionalidad producidos, no se ha encontrado evidencia de que las modificaciones hayan afectado decisivamente el desempeño del sector, estimándose que éste ha sido históricamente adecuado por contar con el financiamiento requerido y con equipos de profesionales y técnicos que han tenido continuidad. Se abordan los logros y los problemas pendientes, y se concluye que en el sector urbano se ha alcanzado una etapa de desarrollo en que la propiedad estatal constituye un factor restrictivo para mejorar la calidad del servicio (racionamientos, bajas presiones, etc.) y desarrollar en un plazo corto el tratamiento generalizado de las aguas servidas.

This rapid literature review finds that disarmament, demobilisation and reintegration (DDR) raises a number of humanitarian considerations, centred on the treatment of participants and the unintended consequences of the programmes. In particular, DDR undertaken during conflicts is linked to several protection risks and is difficult to implement in a neutral, equitable and humanitarian manner. By humanitarian concerns, this report means: • Some of the functions undertaken in DDR, • Humanitarian risks to individuals in DDR programmes, • Indirect risks of conflict arising from DDR programmes; DDR is a broad and multi-faceted process involving security, humanitarian and development aspects and actors, with wide-ranging impacts. Humanitarian actors do not undertake DDR, but they may support some DDR processes, and maybe affected by DDR or its effects. According to UN guidance and the academic literature, successful DDR will consider socio-economic conditions in the community, as well as for the ex-combatants. It should be attuned to the range of needs of participants and should abide by relevant international law. The political dynamics of a conflict or post-conflict situation shape the success of DDR. It was first used in post-conflict situations, but the increasing use of DDR in ongoing conflicts creates new difficulties. The failure or partial implementation creates many humanitarian problems. This may arise from a lack of resources; competing authorities (and particularly the co-option of DDR for war aims); ongoing conflict and instability; mistakes in implementation; and socio-economic conditions unconducive to successful reintegration. Unsuccessful DDR may see partially demobilised actors remain dangerous, or may fuel new grievances around the perceived unfairness of granting support to former combatants. There is a large body of evidence on the successes and failures of DDR programmes, how they vary over time and across contexts, and guidance on how to implement DDR. Relatively little refers explicitly to humanitarian concerns, but many of the issues covered can be characterised as humanitarian. DDR has been employed in many situations since the 1980s, meaning that it is not possible to comprehensively survey the guidance or case study evidence. Instead, this review focuses on the main areas where DDR can be said to raise humanitarian concerns, with a particular focus on the problems raised by DDR in ongoing conflicts.

Esta nota de clase proporciona una visión completa sobre el producto interno bruto (PIB), abordando su definición, componentes, formas de medir y limitaciones. El PIB se presenta como un indicador clave para medir la actividad económica de un país y evaluar su desempeño. Se explican detalladamente los componentes del PIB, que incluyen el consumo, la inversión, el gasto público y las exportaciones netas. Además, se exploran las distintas metodologías utilizadas para medir el PIB, como el enfoque del gasto, el ingreso y el valor agregado. También se destacan las limitaciones del PIB, como su incapacidad para capturar aspectos como la distribución del ingreso o el impacto ambiental. Este documento será una valiosa fuente de consulta para los estudiantes del curso de Agregados Económicos de la Facultad de Ciencias Administrativas, Contables y Afines, brindándoles un entendimiento sólido sobre el PIB y su importancia en el análisis económico. Les proporcionará una base para evaluar el desempeño económico, identificar áreas de mejora y tomar decisiones informadas en el ámbito empresarial y gubernamental. Asimismo, al abordar las limitaciones del PIB, los estudiantes adquirirán una perspectiva crítica que les permitirá considerar otros indicadores complementarios para una evaluación más completa de la economía. Lo anterior se realiza a través de ejemplos sencillos que vinculan lo teórico y práctico.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3

El presente documento recoge el primero de una serie de trabajos realizados por el equipo de investigación de la Cátedra de Energía de Orkestra, así como los promovidos desde la misma. Dichos trabajos se enmarcan en la nueva colección “Cuadernos Orkestra”, que pone a disposición de los stakeholders y del público en general una serie de trabajos realizados por Orkestra‐Instituto Vasco de Competitividad. Los trabajos que la Cátedra de Energía de Orkestra lleva a cabo ponen de manifiesto, por un lado, la importancia de la energía en la competitividad del tejido industrial y, por otro lado, las implicaciones del sector energético en la economía en general. Orkestra‐Insituto Vasco de Competitividad, es un centro para el análisis y debate sobre competitividad territorial, nacido en 2006 en el seno de la Fundación Deusto, como resultado de la convergencia entre diferentes iniciativas estratégicas, privadas y públicas. En el marco del Plan Estratégico 2010‐2013 se constituyó la Cátedra de Energía, orientada a reflexionar y a aportar elementos al debate sobre el logro de una energía eficiente, sostenible y competitiva. Es bajo este prisma que la Cátedra ha creado la serie de Documentos de Energía que se inician con este estudio sobre la “Transformación del sector energético del País Vasco. Aspectos relativos a la competitividad”. Este documento se organiza en torno a seis capítulos, el primero de los cuales ofrece una contextualización del sector energético. El segundo se basa en la consideración de la energía como input de la economía vasca. En el siguiente capítulo se analiza la estrategia energética vasca y la estrategia Energibasque. El capítulo cuarto analiza las diferentes fuentes de energía como factor de competitividad, describiendo las principales infraestructuras energéticas en el territorio. El capítulo quinto analiza el sector energético desde su perspectiva más restringida, realizando un análisis de la productividad y costes de la actividad, así como un análisis del sector desde la perspectiva clúster, debido a su efecto tractor sobre la actividad industrial, a la que plantea nuevos retos tecnológicos y empresariales. El último capítulo recoge una serie de conclusiones y recomendaciones fundamentales resultantes del análisis realizado.

How can LAC governments promote the use of clean and green technology in the mining sector and what are the supporting instruments, regulations, infrastructure and institutional aspects that are needed to reinforce this role within public supervisory mining agencies? This technical note explores opportunities for incentivizing cleaner technologies in mining in Latin America and the Caribbean (LAC) region. It focuses on two aspects: key conceptual notions related to clean technologies/process in mining and the practical efforts required by governments to monitor and regulate their use in LAC. It showcases the case of Bolivia, Guyana, and Peru, and identifies specific avenues for the improved capture of economic value from mining, while minimizing negative environmental and social impacts.

Los Lineamientos Sectoriales para la Gestión de Residuos Sólidos y el Avance hacia la Economía Circular constituyen una herramienta del BID respecto de las principales estrategias y pasos a seguir que son necesarios para resolver los desafíos pendientes de la región en el sector de residuos sólidos. Alineando la cadena de gestión de residuos con aspectos relacionados con el flujo de materiales, el cambio climático, los Objetivos de Desarrollo Sostenible y la economía circular, entre otros beneficios sociales, económicos o ambientales que se derivan y deben ser tenidos en cuenta en la gestión de residuos sólidos.