Abstract: Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.
Abstract: Copyright protection and ownership proof of digital multimedia are achieved nowadays by digital watermarking techniques. A text watermarking algorithm for protecting the property rights and ownership judgment of color images is proposed in this paper. Embedding is achieved by inserting texts elements randomly into the color image as noise. The YIQ image processing model is found to be faster than other image processing methods, and hence, it is adopted for the embedding process. An optional choice of encrypting the text watermark before embedding is also suggested (in case required by some applications), where, the text can is encrypted using any enciphering technique adding more difficulty to hackers. Experiments resulted in embedding speed improvement of more than double the speed of other considered systems (such as least significant bit method, and separate color code methods), and a fairly acceptable level of peak signal to noise ratio (PSNR) with low mean square error values for watermarking purposes.
Abstract: The non-effectiveness of certain codified human rights is particularly apparent with reference to the lack of access to essential drugs in developing countries, which represents a breach of the human right to receive adequate health assistance. This paper underlines the conflict and the legal contradictions between human rights, namely health rights, international Intellectual Property Rights, in particular patent law, as well as international trade law. The paper discusses the crucial links between R&D costs for innovation, patents and new medical drugs, with the goal of reformulating the hierarchies of priorities and of interests at stake in the international intellectual property (IP) law system. Different from what happens today, International patent law should be a legal instrument apt at rebalancing an axiological asymmetry between the (conflicting) needs at stake The core argument in the paper is the proposal of an alternative pathway, namely a feasible proposal for a patent law reform. IP laws tend to balance the benefits deriving from innovation with the costs of the provided monopoly, but since developing countries and industrialized countries are in completely different political and economic situations, it is necessary to (re)modulate such exchange according to the different needs. Based on this critical analysis, the paper puts forward a proposal, called Trading Time for Space (TTS), whereby a longer time for patent exclusive life in western countries (Time) is offered to the patent holder company, in exchange for the latter selling the medical drug at cost price in developing countries (Space). Accordingly, pharmaceutical companies should sell drugs in developing countries at the cost price, or alternatively grant a free license for the sale in such countries, without any royalties or fees. However, such social service shall be duly compensated. Therefore, the consideration for such a service shall be an extension of the temporal duration of the patent’s exclusive in the country of origin that will compensate the reduced profits caused by the supply at the price cost in developing countries.
Abstract: This study investigates the firm level determinants of profitability of Indian drug and pharmaceutical industry. The study uses inflation adjusted panel data for a period 2000-2013 and applies OLS regression model with Driscoll-Kraay standard errors. It has been found that export intensity, A&M intensity, firm’s market power and stronger patent regime dummy have exercised positive influence on profitability. The negative and statistically significant influence of R&D intensity and raw material import intensity points to the need for firms to adopt suitable investment strategies. The study suggests that firms are required to pay far more attention to optimize their operating expenditures, advertisement and marketing expenditures and improve their export orientation, as part of the long term strategy.
Abstract: This project uses panel regression analyses to investigate the relationships between geography, institutions, and economic development, as guided by the theories of the 18th century French philosopher Montesquieu. Contemporary scholars of political economy perpetually misinterpret Montesquieu’s theories on climate, and in doing so they miss what could be the key to resolving the geography vs. institutions debate. There is a conspicuous gap in this literature, in that it does not consider whether geography and institutors might have an interactive, dynamic effect on economic development. This project seeks to bridge that gap. Data are used for all available countries over the years 1980-2013. Two interaction terms between geographic and institutional variables are employed within the empirical analyses, and these offer a unique contribution to the ongoing geography vs. institutions debate within the political economy literature. This study finds that there is indeed an interactive effect between geography and institutions, and that this interaction has a statistically significant effect on economic development. Democracy (as measured by Polity score) and rule of law and property rights (as measured by the Fraser index) have positive effects on economic development (as measured by GDP per capita), yet the magnitude of these effects are stronger in contexts where a low percent of the national population lives in the geographical tropics. This has implications for promoting economic development, and it highlights the importance of understanding geographical context.
Abstract: In this study, firstly democratic thoughts which
directly or indirectly affect economic development and/or the
interaction between authoritarian regimes and the economic
development and the direction and channels of this interaction were
studied and then the study tried to determine how democracy affects
economic development. It was concluded that the positive
contributions of democracy to economic development were more
determinant than the effects that were either negative or restrictive in
terms of development. When compared to autocracy, since
democracy is more successful in managing social conflicts, ensuring
political stability and preventing social disasters such as famine, it
contributes more to economic development. Democracy also
facilitates delegation of authority, provides a stable investment
environment and accelerates mobilization of resources in accordance
with economic growth/development. Democracy leads to an increase
in human capital accumulation and increases the growth rate through
reducing income inequality. It can be said that democratic regimes
are the most appropriate ones in terms of increasing economic
performance and supporting economic development through their
strong institutional structures and the assurance they will ensure in
property rights.
Abstract: In this paper, we will analyze the relationship between the neo-liberal concept of property rights and redistribution policy. This issue is back in the focus of interest due to the crisis 2008. The crisis has reaffirmed the influence of the state on the free-market processes. The interference of the state with property relations reopened a classical question: is it legitimate to redistribute resources of a man in favor of another man with taxes? The dominant view is that the neoliberal philosophy of natural rights is incompatible with redistributive measures. In principle, this view can be accepted. However, when we look into the details of the theory of natural rights proposed by some coryphaei of neoliberal philosophy, such as Hayek, Nozick, Buchanan and Rothbard, we can see that it is not such an unequivocal view.
Abstract: The development of the United Arab Emirates (UAE)
into a regional trade, tourism, finance and logistics hub has
transformed its real estate markets. However, speculative activity and
price volatility remain concerns. UAE residential market values
(MV) are exposed to fluctuations in capital flows and migration
which, in turn, are affected by geopolitical uncertainty, oil price
volatility and global investment market sentiment. Internally, a
complex interplay between administrative boundaries, land tenure,
building quality and evolving location characteristics fragments UAE
residential property markets. In short, the UAE Residential Valuation
System (UAE-RVS) confronts multiple challenges to collect, filter
and analyze relevant information in complex and dynamic spatial and
capital markets. A robust (RVS) can mitigate the risk of unhelpful
volatility, speculative excess or investment mistakes. The research
outlines the institutional, ontological, dynamic and epistemological
issues at play. We highlight the importance of system capabilities,
valuation standard salience and stakeholders trust.
Abstract: In Capitalism all economic activity rests upon a set of
core institutional foundations, main from which are privately owned
capital assets and profit. How these core institutional foundations are
working in former soviet countries, in particular in Travel and
Tourism Industry of Georgia?
The role of Travel and Tourism as a key pillar of economic growth
is being increasingly recognized by governments in all regions of the
world. For the last few years Georgia succeeded in the World Bank
and IFC “Doing Business” rankings. Despite of that, during decades
totally different statistical data of the tourism sector were provided by
the different State bodies; economic parameters were published few,
or not published at all.
The frequency and extent of property rights violation in Georgia
has repeatedly been the subject of concern for the last decade. Total
value of abrogated by the former Georgian Government private
property is estimated approximately in US$4-5 billion.
Thus, if economic profitability is unknown and property rights are
not protected – that means that the main institutional foundations of
capitalism in Georgia, are not working properly yet, that cause
management problems at all levels of the national Travel and
Tourism industry of Georgia.
Abstract: Part IV of the Civil Code of the Russian Federation dedicated to legal regulation of Intellectual property rights came into force in 2008. It is a first attempt of codification in Intellectual property sphere in Russia. That is why a lot of new norms appeared. The main problem of the Russian Civil Code (part IV) is that many rules (norms of Law) contradict the norms of International Intellectual property Law (i.e. protection of inventions, creations, ideas, know-how, trade secrets, innovations). Intellectual property rights protect innovations and creations and reward innovative and creative activity. Intellectual property rights are international in character and in that respect they fit in rather well with the economic reality of the global economy. Inventors prefer not to take out a patent for inventions because it is a very difficult procedure, it takes a lot of time and is very expensive. That-s why they try to protect their inventions as ideas, know-how, confidential information. An idea is the main element of any object of Intellectual property (creation, invention, innovation, know-how, etc.). But ideas are not protected by Civil Code of Russian Federation. The aim of the paper is to reveal the main problems of legal regulation of Intellectual property in Russia and to suggest possible solutions. The authors of this paper have raised these essential issues through different activities. Through the panel survey, questionnaires which were spread among the participants of intellectual activities the main problems of implementation of innovations, protecting of the ideas and know-how were identified. The implementation of research results will help to solve economic and legal problems of innovations, transfer of innovations and intellectual property.1
Abstract: Article 5(3) of the Brussels I Regulation provides that a person domiciled in a Member State may be sued in another Member State in matters relating to tort, delict or quasi-delict, in the courts for the place where the harmful events occurred or may occur. For a number of years Article 5 (3) of the Brussels I Regulation has been at the centre of the debate regarding the intellectual property rights infringement over the Internet. Nothing has been done to adapt the provisions relating to non-internet cases of infringement of intellectual property rights to the context of the Internet. The author’s findings indicate that in the case of intellectual property rights infringement on the Internet, the plaintiff has the option to sue either: the court of the Member State of the event giving rise to the damage: where the publisher of the newspaper is established; the court of the Member State where the damage occurred: where defamatory article is distributed. However, it must be admitted that whilst infringement over the Internet has some similarity to multi-State defamation by means of newspapers, the position is not entirely analogous due to the cross-border nature of the Internet. A simple example which may appropriately illustrate its contentious nature is a defamatory statement published on a website accessible in different Member States, and available in different languages. Therefore, we need to answer the question: how these traditional jurisdictional rules apply in the case of intellectual property rights infringement over the Internet? Should these traditional jurisdictional rules be modified?
Abstract: Information hiding, especially watermarking is a
promising technique for the protection of intellectual property rights.
This technology is mainly advanced for multimedia but the same has
not been done for text. Web pages, like other documents, need a
protection against piracy. In this paper, some techniques are
proposed to show how to hide information in web pages using some
features of the markup language used to describe these pages. Most
of the techniques proposed here use the white space to hide
information or some varieties of the language in representing
elements. Experiments on a very small page and analysis of five
thousands web pages show that these techniques have a wide
bandwidth available for information hiding, and they might form a
solid base to develop a robust algorithm for web page watermarking.