Regulation And Governance

Explainability in artificial intelligence (AI) is an essential factor for building transparent, trustworthy, and ethical systems, particularly in
high-stakes domains such as healthcare, finance, justice, and autonomous systems. This study examines the foundations of AI explainability,
its critical role in fostering trust, and the current methodologies used to interpret AI models, such as post-hoc techniques, intrinsically interpretable
models, and hybrid approaches. Despite these advancements, challenges persist, including trade-offs between accuracy and interpretability,
scalability, ethical risks, and transparency gaps. The paper explores emerging trends like causality-based explanations, neurosymbolic
AI, and personalized frameworks, while emphasizing the integration of ethics and the need for automation in explainability.
Future directions stress the importance of collaboration among researchers, practitioners, and policymakers to establish industry standards
and regulations, ensuring that AI systems align with societal values and expectations.

I explore the governance challenges and potential of the human genome as a shared social resource, in five steps: (1) identifying human genetic information as a social resource, (2) providing an empirical example of effective knowledge commons governance, (3) analyzing the genome's characteristics as a public good, (4) addressing the social dilemma between sharing and privacy, and (5) proposing a participatory democratic governance model. I argue that effective governance requires collaboration among diverse stakeholders, including scientists, healthcare providers, and the public, to balance the need for data sharing with individual privacy concerns. Through a case study of deCODE Genetics in Iceland, I illustrate the importance of ethical safeguards, public support, and transparent communication in achieving both scientific progress and individual rights. I conclude that a knowledge commons framework can enhance public health, ensure equitable access to research benefits, and preserve the human genome for future generations while providing robust mechanisms for governance.

Most sub-Saharan African (SSA) countries have benefited and also suffered from the consequences of oil price fluctuations. The suffering of these nations has reverberated especially from the influencing power of exchange rate volatility, high inflation as well as an adverse impact on other macroeconomic variables. Therefore, this study estimated the magnitude of the effects of oil supply news shocks on the dynamics of exchange rates and also, the impact of exchange rate dynamics on oil supply news shocks in oil-exporting countries of West Africa (WA) countries. We implemented a panel non-linear autoregressive distributed lag (P-NARDL) model. The finding of the study indicates that rising fluctuations in oil prices caused by Organization of the Petroleum Exporting Countries (OPEC) news of oil supply disruption significantly induce exchange rate devaluation. Unambiguously, a 1 percent increase in oil supply news shocks stimulated 1.59432 percent appreciation while the same-size decrea...

Macroeconomic stability is an objective emerging economy desired to achieve but oil price shocks and fluctuations in nominal exchange rates tend to restrain the ability of these economies to achieve such macroeconomic balance. Regrettably, exchange rates and oil price shocks are prone to have structural breaks in defined periods. We therefore, implemented a bivariate diagonal BEKK model, Zivot-Andrews and Bai-Perron breakpoint tests to evaluate the effect of exchange rates and oil price shocks in the presence of structural breaks on macroeconomic stability in developing countries. Break dates were observed for Benin Republic and Côte d’Ivoire between 1997M01 and 1996M09, Gambia in 2003M12, Niger in 2011M04, Ghana in 2000 and 2008, and Nigeria in 2020. All break dates were attributed to various causes including COVID-19 pandemic, the United States (US) invasion of Iraq in 2003, the US recession, and the Persian Gulf crisis. The findings showed variations in oil prices and exchange ra...

The study evaluates the channel of volatilities and returns between global oil prices and exchange rates of 21 developing countries. The structural vector autoregression (SVAR) findings are that oil-producing and exporting countries would have their exchange rates fluctuate slightly due to changing oil prices. For Markov-regime switching estimations, whereas, exchange rate volatility does not significantly influence volatility in oil prices at both regimes of flexible and fixed exchange rates, there is the presence of significant volatility spill-over from oil prices to exchange rates. Oil price movements do significantly induce appreciation or depreciation of exchange rates. In effect, volatilities in exchange rates do not trigger volatilities in oil prices but positively and considerably influenced crude oil returns in the fixed regime by 0.59%. Notwithstanding the 0.092 low transition probability, all other probabilities that the influence of volatility in the exchange rate on oi...

In the assessment of governments’ fiscal performance, exchange rates play some roles while capital movements could serve as determinant of fiscal discipline. This study examined the effects of exchange rate devaluation, and capital inflows, on budgetary spending, and the interactions among the variables using the Bayesian vector autoregression (BVAR) and sys-generalized method of moments (GMM) estimators with 1,184 panel observations. The study covers 37 emerging nations. The variables had a co-integrating connection, demonstrating a long-run link between the variables studied. Having executed the Gibbs sampling for simulation efficiently, our Markov Chain Monte Carlo (MCMC) simulation converged appropriately. The sampling efficiency parameter is equal to 0.96257, close to 1. The Monte Carlo standard errors (MCSE) are extremely low at 0.000 with an implication of adequate precision in the BVAR model estimation. The results disclose that a 1 percent devaluation shock compressed fisca...

Even though oil prices are not subject to manipulations by individual countries, instability in the same generates shocks that other variables respond to, yet amid these shocks, more units of local currencies in developing countries are needed to acquire foreign inputs for production. Fluctuating oil prices consequently imply that high prices would increase the cost of production and ultimately reduce the purchasing power of industries. This study ascertains threshold effects of exchange rate devaluation and changes in oil prices on the industrial output of thirty developing countries using threshold and nonlinear autoregressive distributed lag (NARDL) regressions. Results revealed percentage rise above the devaluation threshold caused a fall in production by 4.36 percent. Oil prices within this devaluation region negatively affected output. Below and within the devaluation threshold of 0.692, the relationship patterns switch with oil price variability attracting positive and signif...

In the dominant narrative of bioethics and biomedical discourse on public Umbilical Cord Blood (UCB) banking, the ethical value of donating UCB is unproblematically associated with the clinical quality of collected UCB. This paper shows that this view is analytically untenable as it overlooks tensions and conflicts between the social values of donation and the clinical value of banked UCB in concrete arrangements regarding the logistics of UCB donation and collection. Adopting the notion of registers of valuing (Heuts and Mol 2013) and analysing the case of the Italian network of public UCB banks and collection sites, this paper shows how conflicting registers of valuing concerning UCB can shape different organizational models of UCB donation and collection, in which social values and clinical value are not unproblematically conflated. The paper aims to demonstrate that the functioning of biobanking arrangements is dependent on how different values are accomplished and aligned in concrete practices of tissue donation and collection.

This statement of general principles of occupational regulation examines the types of benefits and costs that occupational regulation may confer on the community. Accordingly, the statement serves two functions. In the first place it presents a framework within which the regulation of particular occupations may be analysed and evaluated. Secondly, it will provide a framework which a government may adopt in its consideration of requests for further extensions of occupational regulation and in its reviews of current systems.

The latest issue of the Journal of Governance and Regulation has been published. The need to govern phenomena is strongly felt in a world where uncertainty, crises, and failures are no longer extraordinary. This issue explores governance in several areas of investigation: governance in private companies (corporate governance), in public administrations (public governance), and the implications and new challenges for international institutions and bodies (global governance). The editorial board and external reviewers worked to expand research on the topic and contribute to the scientific debate. Journal of Governance and Regulation is thankful to the authors who, with their studies, made it possible to develop this Volume 12, Issue 1 (special issue). This special issue makes several contributions to the governance theory, and the findings highlighted in the papers can potentially encourage further scholars to embark on new lines of research.

Blockchain adoption has grown rapidly across emerging markets, particularly within financial institutions, yet the factors driving this adoption remain underexplored. This study aims to (i) identify the factors that determine blockchain adoption in emerging markets and (ii) examine how these factors influence the perceived impact of blockchain on stakeholders. Using a systematic literature review (SLR) of n = 44 articles, the analysis identifies three categories of influencing factors: (i) technological, (ii) organizational, and (iii) institutional. Technological factors include tool availability, infrastructure, system compatibility, automation, and security. Organizational factors include management support, training, culture, and resource availability. Institutional factors include government measures, competitive pressure, stakeholder trust, and market demand. The findings have practical implications for emergingmarket practitioners and offer evidence-based guidance for policymakers and financial institutions seeking to support sustainable blockchain implementation in their respective contexts.

This paper presents a comparative analysis of volatility forecasting models applied to both cryptocurrency markets, specifically Bitcoin and Ethereum, and traditional financial assets including the S&P 500 and gold. The study evaluates the forecasting accuracy of two econometric models, ARIMA and GARCH(1,1), alongside a machine learning model, XGBoost. Forecast performance is assessed using Root Mean Squared Error (RMSE) and Mean Absolute Error (MAE). Results show that cryptocurrency markets display heavier-tailed return distributions, greater unconditional volatility, and more frequent price jumps than traditional assets, which presents challenges for models relying on stationarity assumptions. XGBoost outperforms traditional methods in capturing nonlinear patterns and regime shifts in crypto markets, while ARIMA-GARCH models remain competitive in more stable environments such as equities and commodities. The inclusion of exogenous factors, such as macroeconomic indicators and regulatory developments, improves forecasting accuracy, especially for digital assets. Furthermore, hybrid models that integrate outputs from econometric frameworks into machine learning architectures yield additional performance gains. These findings emphasize the importance of selecting models that align with asset-specific characteristics and market structures. The study contributes to financial forecasting literature by demonstrating the complementary strengths of statistical and machine learning methods across heterogeneous asset classes.

Based on 1575 firms-year observations from French companies listed on the Paris stock exchange from 2009 to 2017, this research study investigates the linkage between accounting conservatism and highest-paid chief executive officers (CEOs) and if this linkage increases as executive remuneration-performance sensitivity increases. The study’s findings show that there is a negative association between accounting conservatism and highest-paid CEOs. These findings suggest that the highest-paid CEOs can manage and restrict managerial accounting choices for their own gains, and, in turn, this has a negative effect on accounting conservatism. Firstly, in order to achieve generally discretionary goals, they distort the accounting figures by overvaluing their companies’ gains. Secondly, the negative linkage between accounting conservatism and highest-paid CEOs increases when they receive greater remuneration incentives for accounting performance. These findings indicate that powerful CEOs are...

Building on Part I's conceptual history of mis-/disinformation, désinformation, and related French terms-and its finding of substantial definitional flux-Part II examines the epistemological stakes of the ontological assumptions that currently organize anglophone and francophone research. Through a comparative review of recent literatures (including expanded francophone searches across multiple translations and near-synonyms such as fausses informations, fausses nouvelles, and information erronée/inexacte), the article maps (1) the distribution of theoretical, empirical, and methodological approaches, (2) keyword clusters that signal what scholars implicitly treat as the phenomenon's referents, and (3) the media "units" most often analyzed (e.g., posts, images, videos, articles, messages). Across corpora, it identifies a shared "hole": limited attention to persuasive strategy, performance, and the agency of form in multimodal expression. The paper argues that this gap is not accidental but is encouraged by an infocentric framing that reduces complex communicative acts to "(false) information," thereby importing transmission models and cognitivist/behaviorist assumptions that flatten meaning, rhetoric, and interpretation. Re-situating current "information disorder" discourse within critical histories of communication theory (from Shannon-Weaver and Lasswell to critiques by Peters and Carey, alongside francophone infocom debates), the article concludes by calling for research that moves beyond "false information" as a master category and instead theorizes how deceptive phenomena are assembled, stylized, and rendered believable in situated media practices.

Cet essai analyse l’impact croissant de l’intelligence artificielle sur les stratégies militaires mondiales, en s’appuyant sur l’encyclique Magnifica Humanitas (2026) pour proposer un cadre éthique et juridique visant à encadrer son développement.
Face à la prolifération des systèmes autonomes, des algorithmes de ciblage prédictif et des outils de guerre cognitive, j'explore les dynamiques géopolitiques, les risques humanitaires et les solutions concrètes pour éviter une course aux armements algorithmique.
Une proposition de traité international, inspirée des succès passés (traité d’Ottawa, Convention sur les armes chimiques), y est détaillée, avec des mécanismes de vérification et de sanctions pour en garantir l’effectivité.

The Energy security is the unbroken and uninterrupted flow of the energy at affordable price to the people, it is an essential necessity for today's era of 21st Century, for bolstering the human development. The nations are attempting to secure their energy security by transitioning to renewable energy and diversifying their options in international geopolitics to secure the smooth and uninterrupted flow of energy.

Em 2025, o mercado de criptoativos registrou perdas superiores a US$ 2,17 bilhões em crimes cibernéticos. No mesmo ano, o Brasil editou as primeiras normas operacionais para o setor. O intervalo entre os dois fatos resume o desafio que este livro enfrenta: a regulação chegou, mas a proteção de quem opera nesse mercado ainda está por ser construída. A obra analisa o Regulamento Markets in Crypto-Assets (MiCAR), o marco normativo mais abrangente do mundo para criptoativos, em vigor na União Europeia desde 2023, e investiga o que ele pode oferecer ao direito brasileiro. A resposta é precisa: há mecanismos concretos que podem ser adaptados ao ordenamento nacional. O direito ao arrependimento, a exigência de white paper como instrumento de transparência, a segregação patrimonial dos ativos dos clientes, os procedimentos obrigatórios para tratamento de reclamações, o direito ao reembolso e as políticas de governança para conflitos de interesse — todos encontram paralelo possível na Lei n.º 14.478/2022, no Código de Defesa do Consumidor e nas normas do Banco Central e da CVM.

Cloud computing has become the backbone of modern digital infrastructure, supporting services ranging from enterprise applications to artificial intelligence platforms and large-scale distributed systems. However, its rapid adoption has exposed persistent security challenges, including misconfiguration risks, data breaches, insecure APIs, and insufficient governance across multicloud environments. Traditional security approaches often treat protection as an afterthought, leading to vulnerabilities that are expensive and complex to remediate. This paper explores the concept of Security-by-Design (SbD) in cloud computing, emphasizing the integration of security principles from the earliest stages of system development. It further investigates how Model-Driven Engineering (MDE) methodologies can support SbD by enabling formal modeling, automated transformation, and verifiable system design. The synergy between SbD and MDE is presented as a structured approach for building resilient, scalable, and secure cloud architectures. The paper also discusses practical implementation strategies, benefits, limitations, and future directions.

The overall objective of the paper is to assess the application of environmental management accounting (EMA) at Tshwane University of Technology (TUT) as a service organization and examine how the institution manages, account and report environmental cost. Data was collected by means of exploratory and explanatory research techniques using two data sets; documentary and fourteen in-depth individual face-to-face interviews employing a semi-structured questionnaire with closed and open ended questions to collect primary data. The results indicate that; the implementation of EMA and general governance for environmental responsibility and accountability is extremely weak. The potential use of EMA is neglected and, as such, EMA implementation is not considered a priority. Three barriers to the adoption of EMA within TUT were identified as: institutional pressures, a low profile of accounting for the environment, and management’s attitudes. A general ledger model and action plan for the i...

TABLE OF CONTENTS: 1. Introduction. -2. "Digital Constitutionalism 1.0": the FRA, freedom of expression and the platformised public sphere. -2.1. The FRA's Conception of Freedom of Expression and Information Compared to that of the Council of Europe. -2.1.1. (Racist) Hate Speech & Terrorist Propaganda. -2.1.2. Disinformation as the deliberate creation of false facts/news in bad faith. -2.1.3.