The Greek Debt Crisis and Southern Europe: Majoritarian Pitfalls?

Although widely debated in broader socioeconomic terms, the Eurozone crisis has not received adequate scholarly attention with regards to the impact of alternative political systems. This article revisits the debate on majoritarian and consensus democracies drawing on recent evidence from the Eurozone debacle. Greece is particularly interesting both with regards to its potential ‘global spillover effects’ and choice of political system. Despite facing comparable challenges as Portugal and Spain, the country has become polarized socially and politically, seeing a record number of MP defections, electoral volatility and the rise of the militant extreme right. The article explains why Greece, the country that relied most extensively on majoritarian institutions, entered the global financial crisis in the most vulnerable position while subsequently faced insurmountable political and institutional obstacles in its management. The article points to the paradox of majoritarianism: in times of economic stress, the first ‘casualties’ are its strongest elements – centrist parties (bi-partisanship) and cabinet stability.

Equalising opportunities for women in electoral politics in Ireland: The Views of Women Members of Parliament

This paper examines the attitudes of women political elites in Ireland toward positive action initiatives that would assist in increasing women's legislative presence. An earlier study isolated family responsibilities and lack of finance as significant barriers for Irish women wishing to enter, and stay in, political life. In addition, scholarly and policy debates on boosting women's parliamentary representation focus on manipulating electoral or party selection rules along with strategies for making a political career more compatible with women's socially determined responsibilities. This paper examines how Irish women politicians respond to various suggestions for positive action in these three arenas: combining legislative and family responsibilities, funding a political campaign and getting elected. The paper highlights the broad consensus among women politicians, irrespective of party, self-interest, or length of service, favoring certain positive action initiatives, as well as their reluctance to support other options. It also illustrates the complexity of implementing some of these reforms. In addition, the paper emphasizes how cultural expectations and values act to inhibit women's political agency.

Peacebuilding and Consociational Electoral Engineering in Bosnia-Herzegovina'

What role do elections play in societies emerging from communal war and what type of institutions can serve as catalysts in deepening peace and compromise? While some analysts argue that ethnicity should be recognized through 'consociational' institutions, others maintain that 'integrative' devices - in particular, carefully crafted electoral rules - can limit or even break down the salience of ethnicity and increase the possibility for inter-ethnic accommodation. This article examines the post-war electoral experience of Bosnia and Herzegovina (BiH), arguing that elections had a problematic, unintended impact on peacebuilding. First, timid integrative electoral devices were adopted in a consociational system that reifies ethnic division and complicates compromise; second, peacebuilding agencies needlessly manufactured electoral rules that backfired; third, group-based features of the BiH political system run counter to individual human rights. The article ends with suggestions for improving the electoral framework.

The impact of the summer 2007 forest fires in Greece: Recent environmental mobilizations, cyber-activism and electoral performance

This report circumambulates around the environmental issue, examining mobilizations in favour of public access to the seafront and protest events against the recent devastating forest fires. By framing this discussion within existing scholarly contributions on related dimensions of the environmental issue (environmental consciousness, grassroots environmental contestation) in Southern Europe in general and Greece in particular, it suggests that the environmental mobilization dynamic in Greece has been infused with a new, global, mobilizing resource that offers new avenues to evaluate the potency of Greek civil society. Finally, the article discusses the results of the 2007 national elections and ponders the chances of political ecology becoming a permanent feature of Greek parliamentary politics.

Deconstructing national leadership: Politicians’ accounts of electoral success and failure in the Irish Lisbon Treaty referenda

The Self Categorization approach to national leadership proposes that leaders rhetorically construct national identity as essentialized and inevitable in order to consensualize and mobilize the population. In contrast, discursive studies have demonstrated how national politicians flexibly construct the nation to manage their own accountability in local interactions, though this in turn has neglected broader leadership processes. The present paper brings both approaches together to examine how and when national politicians construct versions of national identity in order to account for their failure as well as success in mobilizing the electorate. Eight semi-structured conversational style interviews were conducted with a strategic sample of eight leading Irish politicians on the subject of the 2008/2009 Irish Lisbon Treaty referenda. Using a Critical Discourse Psychology approach, the hegemonic repertoire of the ‘settled will’
of the informed and consensualized Irish nation was identified across all interviews. Politicians either endorsed the ‘settled will’ repertoire as evidence of their successful leadership, or rejected the repertoire by denying the rationality or unity of the populace to account for their failure. Our results suggest national identity is only constructed as essentialized and inevitable to the extent that it serves a strategic political purpose.

Electoral Systems, Ethnic Cleavages, and Experience with Democracy

Recent studies show the effects of electoral systems and ethnic cleavages on the number of parties in emerging democracies differ from those effects observed in more established democracies. Building on recent arguments maintaining the quality of democracy improves with experience, we argue the reason for the differences in the findings between established and emerging democracies is that the effects of these variables on the number of parties differ according to a country’s experience with elections. To test this argument, we analyse party system fragmentation in 89 established and emerging democracies and the conditioning effects experience with elections have on the effects of district magnitude, ethnic cleavages, and variables relating to the presidential party system. The results show the effects of institutional and social cleavage variables differ substantially between emerging and established democracies, but these effects begin to approximate those seen in more established democracies with additional experience with elections.

Holding parties responsible at election time: Multi-level, multi-party government and electoral accountability

This paper highlights the crucial role played by party-specific responsibility attributions in performance-based voting. Three models of electoral accountability, which make distinct assumptions regarding citizens' ability to attribute responsibility to distinct governing parties, are tested in the challenging Northern Ireland context - an exemplar case of multi-level multi-party government in which expectations of performance based voting are low. The paper demonstrates the operation of party-attribution based electoral accountability, using data from the 2011 Northern Ireland Assembly Election Study. However, the findings are asymmetric: accountability operates in the Protestant/unionist bloc but not in the Catholic/nationalist bloc. This asymmetry may be explained by the absence of clear ethno-national ideological distinctions between the unionist parties (hence providing political space for performance based accountability to operate) but the continued relevance in the nationalist bloc of ethno-national difference (which limits the scope for performance politics). The implications of the findings for our understanding of the role of party-specific responsibility attribution in performance based models of voting, and for our evaluation of the quality of democracy in post-conflict consociational polities, are discussed. 

An analysis of implied volatility jump dynamics: Novel functional data representation in crude oil markets

The predominant fear in capital markets is that of a price spike. Commodity markets differ in that there is a fear of both upward and down jumps, this results in implied volatility curves displaying distinct shapes when compared to equity markets. The use of a novel functional data analysis (FDA) approach, provides a framework to produce and interpret functional objects that characterise the underlying dynamics of oil future options. We use the FDA framework to examine implied volatility, jump risk, and pricing dynamics within crude oil markets. Examining a WTI crude oil sample for the 2007–2013 period, which includes the global financial crisis and the Arab Spring, strong evidence is found of converse jump dynamics during periods of demand and supply side weakness. This is used as a basis for an FDA-derived Merton (1976) jump diffusion optimised delta hedging strategy, which exhibits superior portfolio management results over traditional methods.