Global Systemic Risk and International Regulatory Coordination: Squaring Sovereignty and Financial Stability

In recent years much attention has been given to systemic risk and maintaining financial stability. Much of the focus, rightly, has been on market failures and the role of regulation in addressing them. This article looks at the role of domestic policies and government actions as sources of global instability. The global financial system is built upon global markets controlled by national financial and macroeconomic policies. In this context, regulatory asymmetries, diverging policy preferences, and government failures add a further dimension to global systemic risk not present at the national level.
Systemic risk is a result of the interplay between two independent variables: an underlying trigger event, in this analysis a domestic policy measure, and a transmission channel. The solution to systemic risk requires tackling one of these variables. In a domestic setting, the centralization of regulatory power into one single authority makes it easier to balance the delicate equilibrium between enhancing efficiency and reducing instability. However, in a global financial system in which national financial policies serve to maximize economic welfare, regulators will be confronted with difficult policy and legal tradeoffs.
We investigate the role that financial regulation plays in addressing domestic policy failures and in controlling the danger of global financial interdependence. To do so we analyse global financial interconnectedness, and explain its role in transmitting instability; we investigate the political economy dynamics at the origin of regulatory asymmetries and government failures; and we discuss the limits of regulation.

Discourses and Strategic Visions: The U.S. Research University as an Institutional Manifestation of Neoliberalism in a Global Era

It is argued widely that the academy today is in the process of significant change—in the institutional assumptions of what constitutes the university and the construction of knowledge and in its relations with the city and the world. This article addresses the evolution of the modern university in the context of the discourses of contemporary globalizing institutions. Further, it empirically assesses the organizational priorities of U.S. research universities in light of the application of these discourses to their objectives and practices, finding that they are playing a key role in the formal representation of the institutional direction, goals, and values of American higher education.

Design of an electron-beam ion trap to be situated at Queen's University, Belfast

An electron-beam ion trap (EBIT) has been designed for atomic physics experiments at the Queen's University of Belfast. A pair of permanent magnets will be used to produce an axial magnetic field to compress an electron beam, whereas pairs of superconducting magnets have been used for traditional EBITs. The design of the new EBIT is detailed and possible experiments are explained to show the feasibility of the EBIT. (C) 2004 American Institute of Physics.