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29/06/2016 - Briefing note: Interest free microfinance and impact on poverty alleviation

Poverty alleviation and sustainable development are amongst the main concerns of the developing world. In the most recent study conducted in 2012, 12.7 percent of the world's population still lived below the poverty line (at or below $1.90 a day). In the light of this, one of our Analysts, Summayah Leghari, has written a note on the role of interest free microfinance in poverty alleviation, with a particular focus on a unique micro finance model of voluntary contributions and zero interest, practiced in Pakistan.

29/06/2016 - Briefing note: The beginning of the end for RPI indexation of price controls?

Stephen Topping, a Managing Consultant at Europe Economics, has written a briefing note on the regulatory precedent set by Ofwat’s decision to move from RPI to CPI indexation at PR19.   Ofwat’s decision to begin a transition to either CPI or CPIH indexation from 1 April 2020 increases the likelihood that other regulators will follow suit in future price reviews.

29/06/2016 - Research Paper: Restricting investment choice - what are the costs, and how they can be measured

This research paper illustrates a methodology to measure the costs arising from restrictions on the range of investment options available to investors. The main conceptual aspects of the approach are explained, and a concrete example of its application is also provided.  The paper concludes by presenting a number of business questions that could be addressed through the implementation this cost-assessment methodology.

27/06/2016 - The Cost of Non-Schengen: the Impact of Border Controls within Schengen on the Single Market

The Europe Economics research paper on The Cost of Non-Schengen has been published. The study has been written at the request of the European Added Value Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate General for Parliamentary Research Services (DG EPRS) for the European Parliament’s Internal Market and Consumer Protection Committee. This paper considers the costs of four scenarios for the reintroduction of border controls within the Schengen area: for two years for seven countries; for two years across the Schengen area; indefinitely for seven countries; and indefinitely across the Schengen area. It identifies how a reintroduction of borders would create costs of \'non-Schengen\' and estimates that cost quantitatively. For the highest-cost scenario — indefinite suspension of the whole Schengen area – the cost is 0.06-0.14 per cent of EU GDP, or some €100 billion to €230 billion over ten years.

10/06/2016 - Study on the State of the Credit Rating Market

Europe Economics’ study on the state of the credit rating market has been published by DG FISMA. The report describes the current extent of competition and of competitiveness in the different segments of the credit rating market (such as sovereigns, corporate and covered bonds, structured finance instruments). We also assessed the current and anticipated impact of the Regulation on credit rating agencies (CRAR3) on competition. We identified and assessed the feasibility of potential additional measures to further promote competition and quality in credit rating. We worked with three academic collaborators: Dr Dion Bongaerts, Dr Nelson Camanho and Dr Sandra Einig. The project was led by Ross Dawkins.