Restraing Regulatory Capture? Anglo America, Crisis Politics and Trajectories of Change in Global Financial Governance

A growing number of respected commentators now argue that regulatory capture of public agencies and public policy by leading banks was one of the main causal factors behind the financial crisis of 2007–2009, resulting in a permissive regulatory environment. This regulatory environment placed a faith in banks own internal risk models, contributed to pro-cyclical behaviour and turned a blind eye to excessive risk taking. The article argues that a form of ‘multi-level regulatory capture’ characterized the global financial architecture prior to the crisis. Simultaneously, regulatory capture fed off, but also nourished the financial boom, in a fashion that mirrored the life cycle of the boom itself. Minimizing future financial booms and crises will require continuous, conscious and explicit efforts to restrain financial regulatory capture now and into the future. The article assesses the extent to which this has been achieved in current global financial governance reform efforts and highlights some of the persistent difficulties that will continue to hamper efforts to restrain regulatory capture. The evidence concerning the extent to which regulatory capture is being effectively restrained is somewhat mixed, and where it is happening it is largely unintentional and accidental. Recent reforms have overlooked the political causes of the crisis and have failed to focus explicitly or systematically on regulatory capture.

Banking in Crisis: The Rise and Fall of British Banking Stability, 1800 to the Present

Can the lessons of the past help us to prevent another banking collapse in the future? This is the first book to tell the story of the rise and fall of British banking stability in the past two centuries, and it sheds new light on why banking systems crash and the factors underpinning banking stability. John Turner shows that there were only two major banking crises in Britain during this time: the crisis of 1825–6 and the Great Crash of 2007–8. Although there were episodic bouts of instability in the interim, the banking system was crisis-free. Why was the British banking system stable for such a long time and why did the British banking system implode in 2008? In answering these questions, the book explores the long-run evolution of bank regulation, the role of the Bank of England, bank rescues and the need to hold shareholders to account.

The importance of stakeholder engagement in invasive species management: A cross-jurisdictional perspective in Ireland

The management of invasive non-native species is a frequent cause of conflict in the field of biodiversity conservation because perceptions of their costs and benefits differ among stakeholder groups. A lack of cohesion between scientific researchers, the commercial sector and policy makers lies at the root of a widespread failure to develop and implement sustainable management practices for invasive species. The crisis of this situation is intensified by drivers stemming from international conventions and directives to address invasive species issues. There are further direct conflicts between legislative instruments promoting biodiversity conservation on the one hand while liberalizing trade at the national, European and global level on the other. The island of Ireland provides graphic illustration of the importance of cross-jurisdictional approaches to biological invasions. Using primarily Irish examples in this review, we emphasize the importance of approaching risk assessment, risk reduction and control or eradication policies from a cost-efficient, highly flexible perspective, incorporating linkages between environmental, economic and social objectives. The need for consolidated policies between Northern Ireland and the Republic of Ireland is particularly acute, though few model cross-border mechanisms for such consolidation are available. The importance of engaging affected stakeholders through positive interactions is discussed with regard to reducing the currently fragmented nature of invasive species management between the two jurisdictions.

Analysis and comparison of displacement granular pile anchors

Granular piles can resist only compressive and shear loads owing to their inherent nature. By a simple modification of providing a pedestal/geogrid at the bottom and attaching a cable to the same, they are made to resist pullout/uplift forces. This paper presents an analysis of granular pile anchor (GPA), considering it and the in situ soil to behave linearly and the in situ ground to be semi-infinite. A parametric study presents results in the form of variations of normalised shear stress, displacement influence coefficient and axial uplift force with depth with relative stiffness factor. Two methods for the estimation of deformation moduli of the GPA and the in situ soil are proposed. Based on the estimated values of the moduli, the displacements of GPA were estimated and the results compared with test results of Kumar (2002). The predicted displacements compare well with the measured ones.

Irish social thought and the relief of poverty, 1847-1880

This paper investigates the way in which the ‘problem of poverty’ in Ireland was encountered, constructed and debated by members of the Irish intellectual and political elite in the decades between the Great Famine and the outbreak of the land war in the late 1870s. This period witnessed acute social upheavals in Ireland, from the catastrophic nadir of the Famine, through the much-vaunted economic recovery of the 1850s–1860s, to the near-famine panic of the late 1870s (itself prefigured by a lesser agricultural crisis in 1859–63). The paper focuses on how a particular elite group – the ‘Dublin School’ of political economists and their circle, and most prominently William Neilson Hancock and John Kells Ingram – sought to define and investigate the changing ‘problem’, shape public attitudes towards the legitimacy of welfare interventions and lobby state officials in the making of poor law policy in this period. It suggests that the crisis of 1859–63 played a disproportionate role in the reevaluation of Irish poor relief and in promoting a campaign for an ‘anglicisation’ of poor law measures and practice in Ireland.

Does pre-operative estimation of oesophageal tumour metabolic length using F-18-fluorodeoxyglucose PET/CT images compare with surgical pathology length?

PURPOSE:
The aim of the study was to compare the pre-operative metabolic tumour length on FDG PET/CT with the resected pathological specimen in patients with oesophageal cancer.

METHODS:
All patients diagnosed with oesophageal carcinoma who had undergone staging PET/CT imaging between the period of June 2002 and May 2008 who were then suitable for curative surgery, either with or without neo-adjuvant chemotherapy, were included in this study. Metabolic tumour length was assessed using both visual analysis and a maximum standardised uptake value (SUV(max)) cutoff of 2.5.

RESULTS:
Thirty-nine patients proceeded directly to curative surgical resection, whereas 48 patients received neo-adjuvant chemotherapy, followed by curative surgery. The 95% limits of agreement in the surgical arm were more accurate when the metabolic tumour length was visually assessed with a mean difference of -0.05 cm (SD 2.16 cm) compared to a mean difference of +2.42 cm (SD 3.46 cm) when assessed with an SUV(max) cutoff of 2.5. In the neo-adjuvant group, the 95% limits of agreement were once again more accurate when assessed visually with a mean difference of -0.6 cm (SD 1.84 cm) compared to a mean difference of +1.58 cm (SD 3.1 cm) when assessed with an SUV(max) cutoff of 2.5.

CONCLUSION:
This study confirms the high accuracy of PET/CT in measuring gross target volume (GTV) length. A visual method for GTV length measurement was demonstrated to be superior and more accurate than when using an SUV(max) cutoff of 2.5. This has the potential of reducing the planning target volume with dose escalation to the tumour with a corresponding reduction in normal tissue complication probability.

Making Sense of Leaving Care: The contribution of Bridges Model of Transition to Understanding the Psycho-social process.

This paper is based on research into the transition of young people leaving public care in Romania. Using this specific country example, the paper aims to contribute to present understandings of the psycho-social transition of young people from care to independent living by introducing the use of Bridges (2002) to build on existing theories and literature. The research discussed involved mixed methods design and was implemented in three phases: semi-structured interviews with 34 care leavers, focus groups with 32 professionals, and a professional-service user working group. The overall findings confirmed that young people experience two different, but interconnected transitions - social and psychological - which take place at different paces. A number of theoretical perpectives are explored to make sense of this transition including attachment theory, focal theory and identity. In addition, a new model for understanding the complex process of transitions was adapted from Bridges’ (2002) to capture the clear complexity of transition which the findings demonstrated in terms of their psycho-social transition. The paper concludes with messages for leaving and after care services with an emphasis on managing the psycho-social transition from care to independent living.

Enhancement of positron annihilation on molecules due to vibrational Feshbach resonances

The zero-range potential model is used to investigate positron collisions and annihilation with molecules. The Kr dimer is considered as an example. It is shown that (i) although positrons do not bind to individual Kr atoms, they do form bound states with Kr. (ii) A sequence of vibrationally excited states of the positron-molecule complex extends into the positron continuum, where it manifests as vibrational Feshbach resonances. (iii) These resonances give a very large contribution to the positron annihilation rate. Even after averaging over the thermal positron energy distribution, the contribution of the lowest Feshbach resonance exceeds that of the non-resonant background by an order of magnitude. © 2002 Elsevier Science B.V. All rights reserved.

Waterpower: Politics and the Geography of Water Provision

Access to potable water is frequently said to be the defining world crisis of the twenty-first century. The argument is usually framed in terms of either direct environmental constraints or various totalistic views of how the political determines outcomes. There is little or no scope for the agency of practical politics. Both physical and human geographers tend to be dismissive of the possibilities of democratic politics ever resolving crises such as those of the geography of water provision, in part because of views of scientific expertise that devalue popular participation in decisions about technical matters such as water quality and distribution. Such dismissal also has much to do with a more generalized denigration of politics. Politics (the art of political deliberation, negotiation, and compromise) needs defending against its critics and many of its practitioners. Showing how politics is at work around the world in managing water problems and identifying the challenges that water problems pose for politics provides a retort to those who can only envisage inevitable destruction or a totalistic political panacea as the outcomes of the crisis of the century.

Micro-mechanical analysis of bonding failure in a particle-filled composite

Composites with a weak interface between the filler and matrix which are susceptible to interfacial crack formation are studied. A finite-element model is developed to predict the stres/strain behavior of particulate composites with an interfacial crack. This condition can be distinguished as a partially bonded inclusion. Another case arises when there is no bonding between the inclusion and the matrix. In this latter case the slip boundary condition is imposed on the section of the interface which remains closed. The states of stress and displacement fields are obtained for both cases. The location of any further deformation through crazing or shear band formation is identified as the crack tip. A completely unbonded inclusion with partial slip at a section of the interface reduces the concentration of the stress at the crack tip. Whereas this might lead to slightly higher strength, it decreases the load-transfer efficiency and stiffness of this type of composite. © 2002 Elsevier Science Ltd. All rights reserved.

Predicting the past: Understanding the causes of bank distress in the Netherlands in the 1920s

Why do some banks fail in financial crises while others survive? This article answers this question by analysing the effect of the Dutch financial crisis of the 1920s on 142 banks, of which 33 failed. We find that choices of balance sheet composition and product market strategy made in the lead-up to the crisis had a significant impact on banks’ subsequent chances of experiencing distress. We document that high-risk banks – those operating highly-leveraged portfolios and attracting large quantities of deposits – were more likely to fail. Branching and international activities also increased banks’ default probabilities. We measure the effects of board interlocks, which have been characterized in the extant literature as contributing to the Dutch crisis. We find that boards mattered: failing banks had smaller boards, shared directors with smaller and very profitable banks and had a lower concentration of interlocking directorates in non-financial firms.

Perspectives on the Future of Public Private Partnership in the UK

During the past two decades the UK has played a leading position in the development and application of Public Private Partnership (PPP) based infrastructure procurement through its Private Finance Initiative model. This model had been developed during the last years of the Major Government and expanded during the early years of the Blair Government. The banking and economic crisis of 2007-09 has created major challenges to the use of PPP in the UK, making the sustainability of past levels of PPP investment and the future direction of PPP based infrastructure procurement in that country uncertain. This chapter summarises key developments in UK PPP up to the crisis; reviews the economic issues that have led up to the crisis; discusses the immediate impact of the crisis on the UK PFI and PPP market together with the transition arrangements that were put into to place by the Brown government; and, lastly, looks at recent initiatives taken by Cameron’s Conservative-Liberal Coalition Government under the designation of Private Finance 2 (PF2).

Recurrence of Philadelphia chromosome-positive leukemia in donor cells after bone marrow transplantation for chronic granulocytic leukemia

Allogeneic bone marrow transplantation has been shown to be a very effective therapy for Chronic Granulocytic Leukemia with long term disease free survivals in excess of 60%. Relapse rates remain low at 15% following histocompatible sibling transplants and lower rates following matched unrelated donor grafts. Relapse rates however, are higher if BMT is carried out in transformation or blast crisis. Leukemic relapse in donor cells following transplantation for CGL is a rare event. The occurrence of donor leukemia however, may be under reported as accurate and sensitive investigation of the origin of relapsed leukemia following BMT requires DNA based technologies. A possible mechanism of donor leukemia in CGL is transfection of donor cells with the chimeric gene which is unique to this disease. It is possible that the malignant cells found in transformed or blast crisis of CGL may have a greater potential to transfect donor haematopoietic material. Careful evaluation of the incidence of donor leukemia using molecular biology methods may elucidate the frequency of this event following BMT for CGL.