RECENT REPORTS AND PUBLICATIONS
Study on the returns to various types of investment in education and training
report for DG Education and Culture analyses various investment scenarios for
The Costs and Benefits of Integration of EU Mortgage Markets
London Economics was commissioned by the European Commission - DG Internal Market and Services to study the costs and benefits of new initiatives that would lead to the full integration of markets for residential mortgages and home loans in the 25 EU Member States. The report estimates these costs and benefits and also assesses the degree to which EU mortgage markets are integrated at present and the obstacles to their further integration.
Securities trading, clearing, central counterparties and settlement in EU 25 – an overview of current arrangements
report provides a description of the securities trading, clearing and
settlement infrastructures of the cash equities and bonds markets in the 25
The Cost Of Space
report provides a methodology to calculate and benchmark the total cost of
any higher education institution’s (HEI’s) non-residential estate
Drivers Of The Size Of The HE Estate
The report develops an estate size benchmarking tool that is based on a statistically estimated relationship between the size of the non-residential estate and a number of drivers such as income, location, characteristics of the estate and composition of the student body.
A Review of the All-Island Financial Services Sector
This report for InterTradeIreland provides an analysis of the
size, scale, employment and earnings of the sector in
Ex-post Evaluation of the Impact of Rescue and Restructuring Aid
on the International Competitiveness of the Sector(s) Affected by Such Aid
London Economics was commissioned by the European Commission - DG Enterprise to evaluate the impact of rescue and restructuring aid on the international competitiveness on the sectors affected by such aid. This ex-post evaluation focuses on the survival of companies having received rescue and/or restructuring State aid, the social and economic effects of such aid on the aid-receiving companies, and the impact of State aid at the sectoral level.
Structure and Functioning of the Electricity Market in
London Economics was commissioned by the General Council of the “Commission fédérale de Régulation de l’Electricité et du Gaz” (CREG) to analyse whether, and to what extent, the current federal regulation makes the markets for production, trading and supply of electricity competitive or potentially competitive and, if not, what remedies could be implemented. The report takes into account electricity market developments in major European countries, especially neighbouring countries, presents detailed findings regarding the structure and functioning of the three Belgian electricity markets of interest (generation, trading, and supply), analyses structural and regulatory impediments to competition in these markets, and proposes a range of remedies to address these impediments.
Overview of EU25 securities trading, clearing, central
counterparties, and securities settlement
The report for the European Commission - DG Competition provides a pan-European overview of trading, clearing and central counterparties, settlement, and custody, of equity, corporate and government bonds, and the related infrastructures (exchanges, clearing institutions and central counterparties, central securities depositories and international central securities depositories at primary level and international central securities depositories and banks at secondary level). In addition, the report analyses the recent evolutions in the sector. The second part of the report presents the situation in each Member State (EU25) as of February 2004 and provides comments on issues of potential competition scrutiny, such as exclusive arrangements and access.
Investigation of the determinants of farm-retail price spreads
London Economics was commissioned by the Department for
Environment, Food and Rural Affairs (Defra) to undertake an econometric
analysis of the factors that have affected the spreads between farm gate
prices and retail prices. According
to the terms of reference of the project, the study was to focus on
developments in the
This report for the European Commission - Directorate General
For Fisheries summarises and highlights the key findings of 49 mid-term
evaluations of the Financial Instrument for Fisheries Guidance
2000-2006. The results of the
report were presented at the conference organised by the European Commission
"Steering Towards 2007-2013: What Financial Support for the Common Fisheries
Policy and Coastal Zone Development?" held in Bundoran, Co.
Wealth Creation from Science, Engineering and Technology
The Engineering and Technology Board commissioned London
Economics to undertake a study of the contribution of Science, Engineering
and Technology (SET) to the wealth and quality of life in the
London Economics was commissioned by Greater London Authority
(GLA) Economics to undertake a study on how
Study of the Consequences of Further Liberalisation of the Postal
This Report for the Norwegian Ministry of Transport and
Communications provides consultancy advice on the consequences of further
liberalisation of the postal market in
PR04 Scope for Efficiency Studies
This report for OFWAT provides an assessment of the scope for future operating and capital efficiency in the water and sewerage industries by using both a "top-down" and "bottom-up" approach. The top-down approach assesses the scope for future efficiency improvements by analysing past productivity trends in the water and sewerage industries and by undertaking a comparison with "similar" industries. The "similar" industries have been selected by using cluster selection techniques. The component-based, or "bottom-up", approach estimates efficiency gains for operating expenditure and capital costs for each component activity of water and sewerage. An evaluation of potential savings from the adoption of cost-reducing technologies and management and procurement practices was also undertaken as a part of the study. Overall, our analysis suggests that operating and capital efficiency improvements in the range of 0.1% to 1.3% are achievable in AMP4.
Financial markets and the funding of enterprises in the European Union: what future?
This report uses scenarios to explore the future landscape of the financial services industry in the European Union. The question posed is whether the structure of business finance will shift towards greater reliance on capital markets, equity and bonds, and away from bank finance. After reviewing the key factors that drove change in the nineties, the report examines whether these factors are likely to continue to drive change in the years ahead; looks at new pressure points and, finally, draws three scenarios for the future.
Comparing the economic performance of family businesses and non-family businesses
This report for the European Foundation for the Improvement of Living and Working Conditions reviews the performance of family and non-family businesses. LE’s work surveys the key characteristics of family businesses and examines the empirical evidence comparing performance with non-family businesses. Four themes appear salient in linking the key characteristics with the business performance: ownership and control, management strategies and style, long-term view, and human resources.
Study on a Methodology for Identifying Sectors with Serious
London Economics was commissioned by DG Competition state aid II to develop a general methodology to be used by EC officials to draw up an initial “List of sectors” where serious structural problems prevail. In the report we set out an analytical framework that reviews various aspects (sales, output, employment) of an industry when the industry is in decline or faces deep structural problems. The study investigates the availability of relevant data sources at the EU or EEA level, and proposes a methodology for establishing a “List of sectors” that is robust and feasible on the basis of our findings on the availability of data.
Working Conditions in Hotels and Restaurants: National reports
The reports for European Foundation for the Improving of Living and Working Conditions assess the impact of trends such as globalisation, increased competition and developments in technology, and look at the role of social dialogue in the sectors. They also feature several examples of interesting and innovative practice at local and national level aimed at improving the quality of work for workers in the hotels and restaurants sector.
Working Conditions in Road Transport: National reports for
The reports for the European Foundation for the Improving of Living and Working Conditions assess the impact of trends such as globalisation, increased competition and developments in technology, and look at the role of social dialogue in the sectors. They also feature several examples of interesting and innovative practice at local and national level aimed at improving the quality of work for workers in the hotels and restaurants sector
ICT and GDP Growth in the
This report for Cisco Systems quantifies the contribution of Information
and Communication Technologies (ICT) to output and labour productivity growth
for twelve sectors of the
“Perhaps the most important study this year was released
by technology group Cisco Systems but carried out by independent consultancy
The London Economics/Indecon report analyses competition and restrictions in eight profession in 3 sectors: engineers and architects, medical practitioners, veterinary surgeons, dentists and optometrists in the medical sector and solicitors and barristers in the legal sector. The report notes that three types of restrictions are common across the eight professions. These are restrictions on entry to each profession, limitations on the amount of advertising practitioners can undertake and, with the exception of architects, engineers and optometrists, restrictions on the organisational form.
Examination of UK Milk Prices and Financial Returns:
This report presents the results of the empirical analysis of
This study reviews the regulatory regimes in the EU member states and examines how the differences in regulatory policy and openness to investment are likely to have had an impact on new investment.
The report for the European Commission-DG Internal Market assesses the likely impact of financial market integration on equity and bond markets. Through macroeconomic simulations it quantifies the impact on investment, GDP and employment for each of the EU countries.
is the first substantive piece of empirical research on the impact of
financial integration on the cost of share trading in
research highlights the powerful role that efficient and liquid financial
markets can play in complementing bank-based finance to support growth and
"This study is further proof that financial market integration has an important role to play in raising the long-run growth potential of the EU economy. Financial integration will reduce the cost of financing for companies and foster a better allocation of capital. Higher growth and lower capital costs will translate into welfare gains for European citizens". (Pedro Solbes, EC Commissioner for Economic and Financial Affairs).
The report for Postwatch evaluates and quantifies the benefits of Consignia’s (Royal Mail) Universal Service Obligation (USO). The study reports the results of the application of a general economic model using pricing and production decisions by a multi-product monopolist to the postal sector. The methodology employed uses demand and supply side models and techniques to evaluate the full impact on the postal operator that results from changes in prices and quantities.
Investigating the Use
of Regional Economic Forecasting Models in
The report for Future Skills Wales reviews the economic forecasts and forecast models used by Education and Learning Wales (ELWa) and its partners, sets out a number of recommendations on how greater benefits could be derived from the forecasting-related activities, and examines how regional data and regional forecasts can be used in a skills’ gap projection exercise.
Financial Services Intermediary Regulation
The report to the FSA studies the economic effects of a range of possible options for changes to the polarisation regime.
Inference in Merger Analysis”, November 2004. Working Paper.
Examination of the Theory and Practice of how to Set X”, September
2004. Working Paper.
and Productivity in the
European Integration and Productivity: Exploring the Gains of the Single Market. [Full text]
OLS and Instrumental Variable Price Elasticity Estimates for Water in Mixed-Effect Models Under a Multipart Tariff Structure. [Full text]
"Barriers to Entry in Belgium’s Electricity Generation
Market", in Van der Linden, J., (Ed.), 2006, "Reforming network
industries: experiences in
“Valuing Assets Using Real Options: An Application to Deregulated Electricity Markets” (2005), Journal of Applied Corporate Finance, 17, 2.
“European Financial Market Integration. Distant Dream or Nascent Reality?” (2004), World Economics, 5, 3, July–September.
“Construction Sector Concentration: Evidence from
“The Birth and Growth of the
"Economic Policy Implications of World Demography Change" (2004), Federal reserve Bank of Kansas City Economic Review, First Quarter, 89, 1, 39-64.
“Rating Agencies’ Actions Around the Investment-Grade Boundary” (2004), Journal of Fixed Income, 13, 4, March, 25-37.
"ICT, output and productivity growth in the
“A comparison of the constant-tax rule and a standard fiscal reaction rule in the IMF's MULTIMOD model” (2003). Journal of Policy Modeling, 25, 6-7, September.
“Taxonomy for European Competition Policy in
“How to estimate concentration using grouped data” (2003). Applied Economics. 35, 973-983.
“Economic and Institutional Determinants of Internet Usage:
“The Puzzle of Later Male Retirement” (2002), Federal
Reserve Bank of
“Claims Auditing in Automobile Insurance: Fraud Detection and Deterrence Objectives” (2002). Journal of Risk and Insurance. Volume 69: Issue 3. [Abstract]
“Internet Use in Transition Economies: Economic and Institutional Determinants” (2002). Discussion Paper No. 2002/95. World Institute for Development Economics Research. October. [Full text]
of Public Choice (2002). 2nd Edition, Edward
“Do state pensions crowd out private saving? Evidence from the raised state pension age for British women” (2001), Journal of Pensions Management, 6, 3, April.
“Why the Average Age of Retirement is a Misleading Measure of Labor Supply” (2001), Monthly Labor Review, December.
“The New Economy, EU Accession Challenges, and the EBRD”, (2001). Revue d’Economie Financière, Special Issue.
“The Relevant Firm in European Merger Law: Spillover Effects and Control” (2001). World Competition, 24, 2, March, 199-210.
“Internet and the Competitiveness Challenge” (2001). Journal of Business and Entrepreneurship, 13, October, 107-117.
“Estimation of Consumers’ Willingness to Pay for
Quality of Service in Post”. Paper presented at the 13th Conference on
Postal and Delivery Economics.
“Empirical Analysis of Further Liberalisation in
“Assessing the key economic drivers for change in the
current business climate”. Paper presented at the European Outsourcing
by Businesses in Old and New EU Member Countries”. Paper presented at
the TIGER Conference The New Economy and Post-Socialist Transition.
“A Production Model of Service Quality at An Post”.
Paper presented at the 11th Conference on Postal and Delivery
of the Macro-Economic Impact of Integration of EU Financial Markets”.
Presentation at the seminar "Financial Market Integration and Economic
Growth: Quantifying the Effects". European Commission.
“Internet Use in Transition Economies: Economic and
Paper presented at the XXVII
Simposio de Analisis Economico.
of USO benefits for the USP”. Paper presented at the 10th Conference on
Postal and Delivery Economics.