Irresponsible Lending?: A Case Study of a U.K. Credit Industry Reform Initiative

There are major concerns about the level of personal borrowing, particularly sourced from credit cards. This paper charts the progress of an initiative to create a Responsible Lending Index (RLI) for the credit industry. The RLI proposed to voluntarily benchmark lending standards and promote best practice within the credit industry by involving suppliers of credit, customer representatives and regulators. However, despite initial support from some banks, consumer bodies and the Chair of the Treasury Select Committee, it failed to gain sufficient support from financial institutions in its original format. The primary reasons for this were related to the complexity of building such a robust index and the banks trade body’s fear of exposing its members to public scrutiny. A revised alternative, the Responsible Lending Initiative, was proposed which took into account these concerns. However, the Association of Payment Clearing Service (APACS), the trade body of the credit industry, then effectively destroyed the proposal. This article describes an attempt to address the challenges in the credit card industry with the initiation of the RLI, reflected in stakeholder discourse and in the context of a wider concern expressed by the involved stakeholders in terms of the need for greater responsibility in the banking industry’s lending practices.

Thermal conductivities of ionic liquids over the temperature range from 293 K to 353 K

The thermal conductivities of 11 ionic liquids were determined, over the temperature range from 293 K to 353 K, at atmospheric pressure, using an apparatus based on the transient hot-wire method. For each of the ionic liquids studied, the thermal conductivities were found to be between (0.1 and 0.2) W.m(-1).K-1, with a slight decrease observed on increasing temperature. The uncertainty is estimated to be less than +/- 0.002 W.m(-1).K-1. In all cases, a linear equation was found to give a good fit to the data. The effects of water content and chloride content on the thermal conductivities of some of the ionic liquids were investigated. In each case, the thermal conductivities of the water + ionic liquid and chloride + ionic liquid binary mixtures were found to be less than the weighted average of the pure component thermal conductivities. This effect was adequately modeled using the Jamieson correlation. Chloride contamination at typical postsynthesis levels was found to have no significant effect on the thermal conductivities of the ionic liquid studied.

Law, Politics and Financial Development: The Great Reversal of the U.K. Corporate Debt Market

This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era. Copyright © The Economic History Association 2013

Preliminary Report of the 1 field season at Gubbio.:Malone, C.A.T. and S.K.F. Stoddart,

Xerox circulation to sponsors. Cambridge University.

Review of: Tykot, R.H. and Andrews, T.K. 1992. Sardinia: a footprint in the sea: studies in Sardinian Archaeology presented to Miriam Balmuth. Sheffield Academic Press

Proceedings of the Prehistoric Society, 1994. 60: p. 455-6.