Le secteur des télécommunications est devenu très important pour notre société, car, non seulement permet-il de mettre en relation des personnes se trouvant à des bouts opposés dans le monde, mais il contribue également à la croissance de notre productivité. Afin de bénéficier au maximum de ce secteur, il est indispensable de bien comprendre son fonctionnement. Le but de cette thèse est justement de contribuer à sa meilleure compréhension. Elle vise en particulier des questions relatives à son environnement concurrentiel. Un premier volet se concentre sur la concurrence entre les services de télécommunication : les services fixes et mobiles. En effet, des évolutions contradictoires sont observées depuis quelque temps. D'abord, le nombre de consommateurs qui n'utilisent que leur mobile pour satisfaire leurs besoins en télécommunications ne cesse d'augmenter. Ensuite, le nombre de souscription d'offres groupées, regroupant des services fixes et mobiles, connaît également une hausse importante. Se pose alors la question, traitée dans le premier chapitre, concernant la rentabilité de cette pratique pour les opérateurs de télécommunications, ainsi que l'impact sur le bien-être social lié à cette stratégie. Un modèle théorique, intégrant à la fois la différenciation horizontale, la substitution fixe-mobile et les préférences hétérogènes des consommateurs, permet de conclure que les opérateurs risquent de subir des pertes de profits, alors que les consommateurs profitent de cette pratique. Par ailleurs, le gain des consommateurs est plus grand que la réduction de profits des opérateurs, de façon à ce que le welfare social augmente. La substitution fixe-mobile est également au cœur du deuxième chapitre qui cherche à déterminer les caractéristiques socio-démographiques d'environ 20.000 utilisateurs français expliquant le mieux leur choix en matière de souscription soit à une offre mobile en tant que service unique, soit à une offre groupée ou encore à plusieurs services séparément. Le résultat principal est que les utilisateurs «mobile-only» semblent avoir une contrainte de budget plus serrée que les utilisateurs «multi-services». Par ailleurs, l'étude fait apparaître un avantage pour l'opérateur historique quand il s'agit de souscrire une offre groupée.Le deuxième volet de cette thèse traite de la concurrence entre entreprises. En particulier, le troisième chapitre propose d'analyser l'impact de l'interaction entre la réglementation sectorielle (notamment la régulation de prix) et le droit de la concurrence (notamment, l'interdiction de la pratique dite de «ciseau tarifaire») sur l'équilibre dans une industrie de réseau. Le débat sur ce sujet a engendré des points de vue diamétralement opposés, spécialement entre les USA et l'Europe : alors que ces deux outils sont considérés comme substituts outre-Atlantique, ils sont des compléments dans la conception européenne. La question est donc évidente: laquelle de ces deux doctrines a le moins d'impact sur l'efficacité du marché ? Une analyse théorique permet de montrer que le prix de détail pratiqué par une firme verticalement intégrée, propriétaire du réseau physique et qui, contre paiement d'une «charge d'accès», laisse son concurrent accéder à son réseau, peut ne pas respecter le droit de la concurrence sans qu'il y ait une intention anticoncurrentielle. Par ailleurs, l'application du droit de la concurrence en combinaison avec la réglementation des prix (notamment, la charge d'accès) mène à une inefficacité du marché représentée par une hausse des prix de détails, néfaste non-seulement pour le consommateur, mais aussi pour le welfare social. Cette thèse conclut en rappelant l'importance d'une compréhension approfondie du fonctionnement du secteur des télécommunications. Parce que les évolutions reconnues dans ce secteur ne sont pas anodines, des analyses théoriques et empiriques sont nécessaires afin que chacun puisse bénéficier des apports de ce secteur. / The telecommunications sector has becomes very important for today's society, as it allows people at either end of the world to communicate, as well as it contributes to the growth of our productivity. In order to fully benefit from this sector, a deep understanding of its functioning is indispensable.The aim of this thesis is to contribute to its better comprehension by focusing in particular on questions relative to the competition in this sector.This thesis concentrates first on the competition between fixed and mobile telecommunications services. Indeed, contradictory evolutions are observed. First, the number of consumers relying only on their mobile so as to satisfy their need in telecommunications increases steadily. Second, the number of subscriptions of bundled offers, regrouping fixed and mobile services, has also increased in an impressive manner. The question, treated in the first chapter, is thus to know whether the practice of bundling is profitable for telecommunications operators, as well as the impacts on social welfare induced by this strategy.A theoretical model, integrating horizontal differentiation, Fixed-Mobile substitution and heterogeneous consumer preferences, allows to conclude that operators are likely to lose profits when bundling their services, whereas consumers are clear winners. Furthermore, the increase of consumer surplus more than compensates the firms' profit losses, such that social welfare increases.Fixed-Mobile substitution is also at the core of the second chapter. Its aim is to determine the socio-demographic characteristics of about 20.000 French users that explain best the users' choice of subscribing either to only a mobile offer, to a bundled offer or to several services separately.The main result is that “mobile-only” consumers seem to have a stronger budget constraint than “multi-service” users. Moreover, the study provides evidence for an “incumbency advantage” when it comes to subscribing to a bundled offer.The thesis then turns to competition between firms. More specifically, the third and last chapter offers an analysis of the impact on the equilibrium in a network industry induced by the interaction of sector regulation (notably, price regulation) and competition law (notably, the prohibition of the so-called “margin squeeze”). The debate on this subject has induced two widely opposed points of view, in particular between the US and Europe: whereas the US considers both tools to be substitutes, they are used as complements in Europe. The underlying question is thus evident: which doctrine has the least impact on the market efficiency?A theoretical analysis allows first to show that the retail price set by a vertically integrated firm, that owns the physical network and grants its downstream competitor access to it against the payment of an “access charge”, may not comply with competition law without any anticompetitive intention. Moreover, applying competition law in combination with sector regulation (notably, regulation the level of the access charge) leads to market inefficiency, characterized by an increase of retail prices, which is detrimental to consumer surplus and social welfare.The thesis concludes by reminding the importance of a deep understanding of the functioning of the telecommunications sector. Since the evolutions in this sector are not harmless, many theoretical and empirical analyses are need, so that every one can profit from the contribution of this sector.

Insider dealing on the basis of inside information has been identified as an action against the principle of equal access to information for all those who need such information to make investment decisions. This thesis examines the regulation of insider dealing in financial markets. It analyses in particular the problem of the regulation of insider dealing in the United Arab Emirates (UAE), the shortcomings of this regulation and how it can be improved. The primary objective of the thesis is to offer reasonable recommendations for the reform of insider dealing in the UAE. There have been controversies regarding whether insider dealing should be regulated, the basis of such regulation and the form in which the law should intervene. This thesis has attempted to provide its own approach to the problem of insider dealing. This approach forwards the proposition that allowing insider dealing on the basis of inside information is against the principle of equal access to information and it is detrimental to market transparency. Based on this proposition, the thesis investigates the shortcomings of the current regulation of insider dealing in the UAE. Following this the applied study, which consists of a questionnaire and interviews conducted in the UAE, provides a clearer picture of the current regulation in the country. The study aims at measuring opinions and attitudes of investors and other experts towards the basis and effectiveness of the regulation of insider dealing in local markets in the UAE. This is followed by a legal comparative study. This is both a ‘macro-comparison’ and a ‘micro-comparison’ between the regulation of insider dealing in the jurisdictions of the US, the UK and the Dubai International Financial Centre (DIFC). The ‘macro-comparison’ draws conclusions from comparing the broader systems of regulation in the three jurisdictions. The ‘micro-comparison’ concentrates on a functional comparison between the specific rules related to insider dealing. The legal comparative study is combined with the information generated by the applied study. Together these provide solutions (represented as recommendations) for the reform of the UAE larger system of regulation, and amendments to the rules related to insider dealing.

The diploma thesis deals with the issues related to capital market regulation from a more complex point of view. The capital markets represent a significant part of market mechanisms in the developed market-economy countries. They act as a significant means of transfer as well as material artifacts re-allocation. Understanding of capital market in the quality of an interdisciplinary phenomenon is the point of departure. The individual approaches that we have chosen in order to grasp the subject of capital market regulation are the following: law, economics, ethics, and on a limited basis, psychology. The intention is to catch legal regulation (reactive) on the one hand - executed institutionally (provided by the authority of state), and on the other hand a form of regulation represented by the proactive self-regulation approach based on ethical values - the approach of psychology representing a transitional mechanism - with this all set in the context of economic reality and its specific approaches to regulation. The diploma thesis reflects the recent years developments - partly the financial crisis, then the financial market globalisation and internationalisation as well as the Czech Republic integration into European structures. The analytical and descriptive focus prevails in the diploma thesis....

O estudo trata dos termos de compromisso, mecanismo de solução consensual aos processos administrativos sancionadores cuja utilização foi facultada à Comissão de Valores Mobiliários por inserção de norma legal específica na Lei 6.385/76, em 1997. A parte inicial trata da natureza dessa ferramenta, relata os argumentos favoráveis e contrários à sua utilização no âmbito do mercado de valores mobiliários brasileiro; analisa a disciplina e as balizas legais aplicáveis, com referência ao processo legislativo e ao contexto regulatório em que foi criado; bem como examina as vantagens proporcionadas à administração pública e aos agentes do mercado pela celebração de tais acordos. Segue-se uma segunda parte, na qual são apresentados os procedimentos pertinentes à adoção dos termos de compromisso, a interação entre a CVM e o Ministério Público Federal, a influência dos acordos sobre as entidades de autorregulação e a discussão a respeito da destinação dos valores arrecadados com os acordos substitutivos. Casos práticos (apreciados pela autarquia) e experiências estrangeiras (regras e impressões doutrinárias) são apresentados no decorrer do trabalho, quando pertinentes. / This study addresses the settlement agreements (termos de compromisso), a consensual solution to administrative proceedings that may be used by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários) since the inclusion, in 1997, of a specific legal provision in Law 6,385/76. The first part of this work deals with the nature of the aforementioned tool, reports the arguments for and against its use in the Brazilian securities market; analyzes the discipline and limitations set forth by applicable law, considering the legislative and regulatory context in which it was created; as well as examines the advantages provided by such agreements to the government and market agents. A second part, which presents relevant procedures for the adoption of the settlement agreements, explains the interaction between the CVM and the Federal Prosecutors Office (Ministério Público Federal), the influence of such agreements on self-regulatory organizations and discusses the allocation of amounts collected with the agreements. Case studies (analyzed by CVM) and foreign experiences (rules and impressions of scholars) are presented throughout the text, when relevant.

Brazil\'s discoveries of large gas reservoirs in the offshore ultra-deep waters of the presalt fields show a promising scenario, along with strategic investment and adequate policy, for the development of natural gas infrastructure and a sustainable transition in the Brazilian electricity mix. Such transition should occur through the use of transnational natural gas pipelines connected to large industrial facilities and power stations, as part of strategic planning to expand industrial usage, and avoid the shortage of electricity supply, with economic and environmental advantages. Since the most important debates of the new millennium are focused on globalization and sustainable development for nations, transnational energy integration in Latin America has been receiving increasingly attention from researchers and policy makers. In this overall context, the purpose of the present research was to develop a model to study, in a comparative manner, the thermoelectric generation, as well as to analyze the effect of legal frameworks and governmental policies on the development of infrastructure and natural gas market in Brazil, with a detailed study of the most relevant market and regulatory mechanisms. A comparison was performed in terms of the most relevant regulatory legislation in Brazil and other relevant Member States of the South American economic block. The study also evaluates the sanctions imposed by ANEEL Resolution n. 583 of 2013 on suppliers, due to the lack of NG supply for thermoelectric utilities, proposing an alternative formula, thought to mitigate the influence of averages and other electricity market parameters, therefore decreasing the sanction value for the NG supplier, without compromising the contract neutrality. Different factors were analyzed in order to determine which technology would be the most efficient in terms of levelized costs. Results indicated that natural gas-fired generators are very competitive and efficient, when compared to other thermoelectric sources in both economic and environmental aspects, even when externalities were included. Also, that further strategic investment and adequate regulatory policy changes are required from the market agents, in order to foster the development of pipeline infrastructure and the expansion of natural gas use in Brazil. The study also demonstrates that the environmental impact of the CH4 leakage equals that of CO2 release from combustion at about 4.2% leakage on a mass basis, when methane leakage rises to a level in which natural gas becomes as greenhouse gas intensive as biomass. / As descobertas de substanciais reservatórios de gás natural no Brasil, localizados em águas ultra profundas após a camada Pré-Sal, demonstram um cenário promissor, aliado a investimentos estratégicos e a políticas públicas adequadas, para o desenvolvimento da infraestrutura de gás natural e uma transição sustentável na matriz elétrica brasileira. Tal transição deveria ocorrer por intermédio do uso de tubulação transnacional de gás natural, conectada a grandes instalações industriais e a usinas termelétricas, como parte de um planejamento estratégico voltado à expansão do uso de gás natural na indústria e a evitar a escassez no suprimento de energia elétrica, com vantagens econômicas e ambientais. Considerando que os debates mais relevantes do novo milênio estão focados na globalização e no desenvolvimento sustentável das nações, a integração transnacional na América Latina tem recebido crescente atenção por parte de pesquisadores e de elaboradores das políticas públicas. Nesse contexto geral, a proposta da presente pesquisa foi a de desenvolver um modelo para estudar, de uma forma comparativa, a geração termelétrica, bem como analisar o impacto do arcabouço jurídico-regulatório e das políticas governamentais no desenvolvimento da infraestrutura e do mercado do gás natural no Brasil, com um estudo detalhado dos mais relevantes mecanismos regulatórios e de mercado. Foi realizado, ainda, um comparativo da legislação regulatória do gás natural no Brasil com outros Estados-Membros relevantes do Mercosul. O estudo também avalia as sanções impostas pela Resolução ANEEL n. 583 de 2013 nos fornecedores, devido a corte no suprimento de gás natural para empreendimentos de geração termelétrica, propondo um cálculo alternativo visando a mitigar a influência das médias e outros parâmetros intrínsecos ao mercado de energia, dessa maneira reduzindo as sanções contratuais para o fornecedor de gás natural, sem prejudicar a neutralidade contratual. Diferentes fatores foram analisados de forma a determinar qual tecnologia seria a mais eficiente em termos de custos nivelados de eletricidade. Os resultados indicaram que as termelétricas a gás natural são muito competitivas e eficientes, quando comparadas com outros tipos de combustível, tanto pelo aspecto ambiental quanto pelo econômico, mesmo quando externalidades são incluídas. Ainda, que são necessárias mudanças nas políticas regulatórias e no investimento estratégico por parte dos agentes do mercado, de forma a incentivar o desenvolvimento de infraestrutura e a expansão do uso do gás natural no Brasil. O estudo também evidencia que o impacto ambiental do vazamento de CH4 se iguala àquele do CO2 liberado pela combustão em cerca de 4.2% em base mássica, quando o vazamento de metano atinge um nível em que seu impacto como gás do efeito estufa fica equivalente à biomassa.

O objetivo deste trabalho é analisar o quadro concorrencial do mercado de microprocessadores no setor de informática no Brasil. A regulamentação mercadológica no país apresenta barreiras à entrada e concentração de poder de mercado. Foi aplicado a teoria da concorrência perfeita para explicar a prática do setor e verificou-se que mesmo uma empresa a qual possui o monopólio, não conseguiu prever a mudança no hábito de compra dos consumidores de computadores. A companhia apostou que os seus clientes iriam realizar o refresh das suas máquinas antigas, no entanto devido a entrada de novos produtos como tablets e smartphones, os mesmos optaram por adquirir-los. Tal alternância impactou o posicionamento da empresa a qual precisou reorganizar sua estrutura perante esse novo cenário, pois novos competidores capacitados se anteciparam e preparam-se para essa transformação, tornando-se assim líder no mercado de processadores de dispositivos móveis. / The objective of this study is to analyze the competitive environment of the microprocessor market in the computer industry in Brazil. The marketing regulations in the country presents barriers to entry and market power concentration. It applied the theory of perfect competition to explain the practice of the industry and it was found that even a company which has a monopoly, failed to predict the change in buying habits of computer users. The company bet that its customers would realize the refresh their old machines, however due to entry of new products such as tablets and smartphones, they chose to purchase them. Such fluctuations impacted the company's position which had to reorganize its structure before this new scenario, as new competitors capable anticipated and prepare for this transformation, thus becoming a leader in the mobile processor market.

Brazil\'s discoveries of large gas reservoirs in the offshore ultra-deep waters of the presalt fields show a promising scenario, along with strategic investment and adequate policy, for the development of natural gas infrastructure and a sustainable transition in the Brazilian electricity mix. Such transition should occur through the use of transnational natural gas pipelines connected to large industrial facilities and power stations, as part of strategic planning to expand industrial usage, and avoid the shortage of electricity supply, with economic and environmental advantages. Since the most important debates of the new millennium are focused on globalization and sustainable development for nations, transnational energy integration in Latin America has been receiving increasingly attention from researchers and policy makers. In this overall context, the purpose of the present research was to develop a model to study, in a comparative manner, the thermoelectric generation, as well as to analyze the effect of legal frameworks and governmental policies on the development of infrastructure and natural gas market in Brazil, with a detailed study of the most relevant market and regulatory mechanisms. A comparison was performed in terms of the most relevant regulatory legislation in Brazil and other relevant Member States of the South American economic block. The study also evaluates the sanctions imposed by ANEEL Resolution n. 583 of 2013 on suppliers, due to the lack of NG supply for thermoelectric utilities, proposing an alternative formula, thought to mitigate the influence of averages and other electricity market parameters, therefore decreasing the sanction value for the NG supplier, without compromising the contract neutrality. Different factors were analyzed in order to determine which technology would be the most efficient in terms of levelized costs. Results indicated that natural gas-fired generators are very competitive and efficient, when compared to other thermoelectric sources in both economic and environmental aspects, even when externalities were included. Also, that further strategic investment and adequate regulatory policy changes are required from the market agents, in order to foster the development of pipeline infrastructure and the expansion of natural gas use in Brazil. The study also demonstrates that the environmental impact of the CH4 leakage equals that of CO2 release from combustion at about 4.2% leakage on a mass basis, when methane leakage rises to a level in which natural gas becomes as greenhouse gas intensive as biomass. / As descobertas de substanciais reservatórios de gás natural no Brasil, localizados em águas ultra profundas após a camada Pré-Sal, demonstram um cenário promissor, aliado a investimentos estratégicos e a políticas públicas adequadas, para o desenvolvimento da infraestrutura de gás natural e uma transição sustentável na matriz elétrica brasileira. Tal transição deveria ocorrer por intermédio do uso de tubulação transnacional de gás natural, conectada a grandes instalações industriais e a usinas termelétricas, como parte de um planejamento estratégico voltado à expansão do uso de gás natural na indústria e a evitar a escassez no suprimento de energia elétrica, com vantagens econômicas e ambientais. Considerando que os debates mais relevantes do novo milênio estão focados na globalização e no desenvolvimento sustentável das nações, a integração transnacional na América Latina tem recebido crescente atenção por parte de pesquisadores e de elaboradores das políticas públicas. Nesse contexto geral, a proposta da presente pesquisa foi a de desenvolver um modelo para estudar, de uma forma comparativa, a geração termelétrica, bem como analisar o impacto do arcabouço jurídico-regulatório e das políticas governamentais no desenvolvimento da infraestrutura e do mercado do gás natural no Brasil, com um estudo detalhado dos mais relevantes mecanismos regulatórios e de mercado. Foi realizado, ainda, um comparativo da legislação regulatória do gás natural no Brasil com outros Estados-Membros relevantes do Mercosul. O estudo também avalia as sanções impostas pela Resolução ANEEL n. 583 de 2013 nos fornecedores, devido a corte no suprimento de gás natural para empreendimentos de geração termelétrica, propondo um cálculo alternativo visando a mitigar a influência das médias e outros parâmetros intrínsecos ao mercado de energia, dessa maneira reduzindo as sanções contratuais para o fornecedor de gás natural, sem prejudicar a neutralidade contratual. Diferentes fatores foram analisados de forma a determinar qual tecnologia seria a mais eficiente em termos de custos nivelados de eletricidade. Os resultados indicaram que as termelétricas a gás natural são muito competitivas e eficientes, quando comparadas com outros tipos de combustível, tanto pelo aspecto ambiental quanto pelo econômico, mesmo quando externalidades são incluídas. Ainda, que são necessárias mudanças nas políticas regulatórias e no investimento estratégico por parte dos agentes do mercado, de forma a incentivar o desenvolvimento de infraestrutura e a expansão do uso do gás natural no Brasil. O estudo também evidencia que o impacto ambiental do vazamento de CH4 se iguala àquele do CO2 liberado pela combustão em cerca de 4.2% em base mássica, quando o vazamento de metano atinge um nível em que seu impacto como gás do efeito estufa fica equivalente à biomassa.

The Turkish Electricity System has gone through a liberalization process. This study aims to analyze the possible outcomes of this process by using a simulation framework. First, we look at the basics of new market design and focus on international evidence. Second, the theoretical and empirical literature about the liberalization of the electricity sector is reviewed. Then, the structure of our model, Turkish Electricity System Simulation Model (TESS), is summarized. In this model, it is assumed that a spot market is formed and all the agents in the sector operate in this market. Using this model, the effects of various factors, like industry structure, consumer participation and regulation, upon the performance of the spot market are analyzed. Moreover, in simulation case studies, uniform and a non-uniform pricing mechanisms are compared.

Pastarąjį dešimtmetį dėl vis didėjančio globalizacijos tempo vienu iš aktualiausių debatų ekonomikos srityje tapo konkurencingumas. Jis dažnai siejamas su valstybių ekonominio potencialo vystymu, kurį įtakoja ne tik atskiros ekonomikos šakos ar įmonės, tačiau ir valstybinis sektorius, pasitelkdamas reguliacinę politiką. Ji sukuria tam tikrą veikimo rėmą – nustato privačių veikėjų elgesio taisykles, ir tokiu būdu įtakoja atskirų rinkų, tokių kaip prekių, kapitalo, darbo jėgos funkcionavimą bei patrauklumą. Siekiant įvertinti, palyginti valstybių konkurencingumą bei atitinkamai jas pozicionuoti, tarptautinės organizacijos (Pasaulio Bankas; Pasaulio ekonomikos forumas) bei ekspertai, remdamiesi tam tikrais kriterijais, kasmet teikia palyginamojo pobūdžio konkurencingumo studijas. Pavyzdžiui, 2006 m. rugsėjo mėnesį paskelbtais Doing Bussiness vertinimais Lietuva užima 16 vietą pagal palankumą užsiimti verslu. Tačiau pagal vieną iš šio minėto rodiklio aspektų – darbo rinkos reguliavimą – Lietuva teužima tik 119 vietą iš 175. Pagrindinis šio darbo tikslas – identifikuoti Lietuvos darbo rinkos reguliavimo modelį ir jo poveikį šalies konkurencingumui, atsižvelgiant į kitų Europos Sąjungos šalių darbo rinkos reguliavimo praktiką. / One of the most important issues concerning economic performance debated in recent years is competitiveness. It is often being associated with the development of countries economical potential, influenced not only by the different economical branches or enterprises, but also by public sector, which is empowered with regulatory policy. This policy is meant to create a certain framework for actions – by setting the rules for the behaviour of private actors, thus influencing the functioning and attractiveness of different kind of markets (goods; capital; labour force). Each year such economic and social research giants as The World Bank, The World Economic Forum announce “the leaders and the loser” of economic potential and attractiveness. For example, based on the “Doing Business” (2006) assessment Lithuanian ranks as a 16th country as regards the ease of doing business. However based on one of the detailed indicators – employing workers - Lithuania ranks only as a 119th country out of 175 countries. The main aim of this work - to identify Lithuanian labour market regulation model and its influence regarding country’s competitiveness, based on the practice of European Union labour market regulation models. It is also aimed to determine whether Lithuanian labour market regulation model and the level of its flexibility facilitate the strengthening of Lithuania’s competitiveness, i.e. how much it is prepared to cope with the challenges of ageing labour force, emigration; or to... [to full text]

This thesis aims to provide evidence on the relations between productivity, industrial structure, and labour markets for countries with different characteristics from 1965 to 1999. In order to do so, we first examine manufacturing industry production and trade with respect to both technology orientation and intensity, the impact of structural change on productivity growth, and the existence of convergence in industrial structures. Second, this study investigates the impact of labour market and industrial structures on aggregate productivity in manufacturing. While descriptive analysis of manufacturing industry with regard to technological orientation and intensity shows changing industrial structures in favour of relatively more technology intensive production and exports especially in fast growing countries, decomposition analysis suggests that the impact of structural change on productivity growth is negligible for most of the countries. The factor analysis revealed that although a general structural convergence tendency among countries is not observed, fast growing countries have converged their industrial structure towards those of industrialised countries. Finally, econometric estimation results also showed that while wage flexibility is detrimental to productivity in manufacturing, regulations in labour markets may foster productivity growth.