This article empirically analyzes the competitive landscape within the clearing and settlement industry. Using panel data for 46 clearing and settlement institutions from 23 countries, we confirm that competition between clearing and settlement institutions is limited. We show that competition increases with institutional size, with technological development, and after horizontal mergers, but not after vertical mergers. In addition, we find that competition in clearing and settlement is higher in the US than in Europe and was higher during the global financial crisis compared to normal times.
COBISS.SI-ID: 22798054
his study evaluates the efficiency of the cyclically-adjusted budget balance (CABB) as the central gauge in the reinforced European fiscal framework for evaluating fiscal discipline. We do this by means of a simulation experiment. We use an estimated DSGE model to simulate all the macroeconomic data needed to assess the CABB according to the official EC methodology. Additionally, the model contains an expenditure fiscal rule that accounts for non-automatic variation in the budget, which allows us to observe the true discretionary measures of fiscal policy. Our results indicate that the EC methodology frequently fails to identify the true fiscal policy stance and also frequently fails to correctly signal potential violations of the SGP limit on structural deficit. In the latter case triggering corrective fiscal contractions to comply with the SGP results in increased macroeconomic instability. In addition, we show that allowing for a bigger role for stability-oriented discretionary policy and thus relaxing the SGP limit on structural deficit could enhance the stabilization efficiency of fiscal policy without reducing the degree of compliance with the Maastricht Treaty. These conclusions apply to small countries in a monetary union as well as large countries with independent monetary policy.
COBISS.SI-ID: 23148518
The European Union approach towards a low-carbon society in EU provides many measures. Appropriate heat load forecasting techniques offer opportunity for more effective schedule operations and cost minimization. The Company Energetika Ljubljana claims the largest district heating network in the Republic of Slovenia. Although the company has a 150-year tradition, the company has not implemented any of the advanced heat load forecasting methods. Especially long-term heat load forecasting methods offer many opportunities for the strategic planning and the optimal scheduling of heating resources, whereas short-term forecasting approach would help to reach the optimal daily operations and the maximum utilization of the company's resources. This paper presents forecasting approach for short- and long-term heat load forecasting on the three levels: monthly, weekly and daily forecasting bases. The comparison of the forecasting performances of Multiple regression and Exponential smoothing methods has been analysed. Based on chosen accuracy measures, Multiple regression was recognized as the best forecasting method for daily and weekly short-term heat load forecasting, whereas Holt–Winters methods ensured the best forecasting values in purpose of long-term heat load forecasting and monthly short-term heat load forecasting.
COBISS.SI-ID: 23090662
This study explores corporate strategies to mitigate climate change of large CO2 polluters. Unlike most prior studies in the area, which have attempted to identify configurations of firms pursuing similar strategies, this study appraises the relationships between nineteen carbon reduction practices and their underlying strategies. The findings are based on a sample of 158 carbon-intensive firms from three EU countries. Five main strategies in carbon-intensive firms are identified. The only relatively widely deployed strategy is emissions trading. The remaining strategies, including process emissions reduction, combustion emissions reduction, external measures, and lowering product output are not deployed extensively. Complementarity between the identified strategies is low – firms focus on a single climate change mitigation strategy rather than deploying several simultaneously.Climate policy stringency appears to have a positive effect on corporate efforts to reduce emissions.
COBISS.SI-ID: 22918118
The required rate of return (RROR) is a key input in the calculation of levelized cost of electricity, investment decisions and in policy making. The methodology proposed in this paper determines an adequate RROR for grid-connected photovoltaic (GCPV) systems. A calculation of RROR under market conditions has been carried out for four Eurozone countries as well as the assessment of the impact of feed-in-tariff (FIT) support schemes on risk reduction. Moreover, a formula has been proposed to quickly calculate the RROR for GCPV systems based on country risk, risk-free rate and FIT period length if relevant. The methodology can be further applied to other renewable energy sources and can be used to evaluate different support schemes.
COBISS.SI-ID: 23019750