Do real balance effects invalidate the Taylor principle in closed and open economies?

This paper examines the determinacy implications of forecast-based monetary policy rules that set the interest rate in response to expected future inflation in a Neo-Wicksellian model that incorporates real balance effects. We show that the presence of such effects in closed economies restricts the ability of the Taylor principle to prevent indeterminacy of the rational expectations equilibrium. The problem is exacerbated in open economies, particularly if the policy rule reacts to consumer-price, rather than domestic-price, inflation. However, determinacy can be restored in both closed and open economies with the addition of monetary policy inertia.

The post-financial crisis challenges for corporate governance and banking reform in China

The purpose of this paper is to review the impact of the global financial crisis on banking reform in China. The significant doubt concerning the efficiencies of Anglo-American model of corporate governance has raised a critical political question amongst scholars and practitioners as to whether China should continue to follow the U.K.-U.S. path in relation to financial reform. This conceptual paper provides an insightful review of the corporate governance literature and regulatory reports. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, which promotes greater liberalization and less control, the paper considers the risks in opening China’s financial markets and relaxing monetary and fiscal policies. A critique of shareholder-capitalism is outlined in relation to the German’s “social market economy” styled capitalism. Through such analysis the paper explores a number of implications for China to consider in terms of developing a new and sustainable corporate governance model applicable to the Chinese context.

Sticking to the script? The co-production of Neighbourhood Planning in England

Efforts to engage with communities in spatial planning have been criticised as being tokenistic, vehicles for co-option or designed to promote neo-liberal agendas. The introduction of neighbourhood planning (NP) in England under the Localism Act (2011) is claimed by proponents to be a step change in the way that local communities are involved in planning their own areas. However, little empirical evidence has yet emerged to substantiate such claims, or provide details about the practices and experiences of NP. The paper highlights that there are numerous parties involved in the co-production of Neighbourhood Development Plans and there are numerous instances where ideas, policies and priorities that emerge from within neighbourhoods are being ‘rescripted’ to ensure conformity to a bounded form of collaboration.

Il realismo di un nuovissimo medio evo: Boccaccio in the age of neorealism

After the war Italian artists and intellectuals saw a significant and necessary confluence between their political desire to create a "new." Italy and their cultural ambition to re-invigorate the study of medieval Italy. This tendency is particularly evident, I argue, in the post-war scholarly and critical focus on Boccaccio, and especially Boccaccio’s Decameron. Not only within the academy but also in the popular press, Boccaccio was granted pride of place in the canon, venerated as the pioneer of socially conscious vernacular literary realism, the archetype for the pursuit of artistic truth in the face of social upheaval. As a result, I wish to suggest, Italian neorealism, which rose to prominence in the first years after the Second World War, was in a significant sense imbued with and realised through a profound engagement with the work of Boccaccio. In turn, the cultural currents affiliated with neorealism influenced Boccaccio studies, whose operative notions of medieval «realism» were to a perhaps surprising degree stimulated by approaches to the neo-realist poetics at work in the Italian films, novels, and criticism of the 1940s and ’50s. Situating the critical discourse surrounding Boccaccio within the post-war Italian context can therefore serve to shed unexpected light on both the cultural affirmation of neorealism and the disciplinary configuration of Italian medieval studies.

The role of Planning Aid England in supporting communities’ engagement in planning

In considering the position of community engagement within planning in a time of neo-liberalism and a context of ‘neo-communitarian localism’ (cf. Jessop, 2002; DeFilippis, 2004), this paper reviews the role and relevance of Planning Aid in terms of its performance and aspirations in guiding and transforming planning practice (Friedmann, 1973; 1987; 2011) since its inception in 1973. In doing this we reflect on the critiques of Planning Aid performance provided by Allmendinger (2004) and bring the account up-to-date following on from past considerations (e.g. Bidwell and Edgar, 1982; Thomas, 1992; Brownill and Carpenter, 2007a,b; Carpenter and Brownill, 2008) and prompted by the 35 years since the University of Reading produced the first published work reviewing Planning Aid (Curtis and Edwards, 1980). Our paper is timely given renewed attacks on planning, the implementation of a form of localism and reductions in funding for planning in a time of austerity. Our view is that the need for forms of ‘neo-advocacy’ planning and community development are perhaps even more necessary now, given the continuing under-representation of lower income groups, minority groups and to allow for the expression of alternative planning futures. Thus further consideration of how to ensure that Planning Aid functions are sustained and understood requires the attention of policymakers and the planning profession more widely.

Understanding the resurgence of traditional authorities in post-apartheid South Africa

Drawing their power not from the ballot box but from a supposedly ancient wellspring of power, hereditary traditional authorities in postcolonial Africa have frequently posed challenges for incoming ‘democratic’ governments. The situation in post-apartheid South Africa is no different. However contentious their role under the colonial and apartheid systems of government was, the Constitution of the new South Africa (1996) recognised traditional authorities and afforded them opportunities for a political resurgence. This paper reviews the changing status of traditional authorities in the Eastern Cape Province over the twenty years since 1994. It explores the resurgence of the chiefs in relation to the consolidation of both democratic processes and of emergent, neo-patrimonial modes of government. It briefly considers the role of traditional authorities in three key and closely related spheres, namely the institution of the Eastern Cape House of Traditional Leaders, the question of how gender is handled by and within traditional institutions, and the continuing challenges of land administration and development in rural areas. In all these spheres, and in the face of real opposition, the voice and influence traditional authorities have emerged stronger than ever. We conclude by suggesting that as they are drawn deeper into governance and have to play a formal role in addressing the myriad institutional challenges, new questions will and should be asked about the status and influence of traditional authorities, and their substantive contribution to democracy in South Africa.

Spatial housing economics: a survey

This introduction to the Virtual Special Issue surveys the development of spatial housing economics from its roots in neo-classical theory, through more recent developments in social interactions modelling, and touching on the role of institutions, path dependence and economic history. The survey also points to some of the more promising future directions for the subject that are beginning to appear in the literature. The survey covers elements hedonic models, spatial econometrics, neighbourhood models, housing market areas, housing supply, models of segregation, migration, housing tenure, sub-national house price modelling including the so-called ripple effect, and agent-based models. Possible future directions are set in the context of a selection of recent papers that have appeared in Urban Studies. Nevertheless, there are still important gaps in the literature that merit further attention, arising at least partly from emerging policy problems. These include more research on housing and biodiversity, the relationship between housing and civil unrest, the effects of changing age distributions - notably housing for the elderly - and the impact of different international institutional structures. Methodologically, developments in Big Data provide an exciting framework for future work.

Climate justice and the international regime: before, during and after Paris

With a focus on key themes and debates, this article aims to illustrate and assess how the interaction between justice and politics has shaped the international regime and defined the nature of the international agreement that was signed in COP21 Paris. The work demonstrates that despite the rise of neo-conservatism and self-interested power politics, questions of global distributive justice remain a central aspect of the international politics of climate change. However, while it is relatively easy to demonstrate that international climate politics is not beyond the reach of moral contestations, the assessment of exactly how much impact justice has on climate policies and the broader normative structures of the climate governance regime remains a very difficult task. As the world digests the Paris Agreement, it is vital that the current state of justice issues within the international climate change regime is comprehensively understood by scholars of climate justice and by academics and practitioners, not least because how these intractable issues of justice are dealt with (or not) will be a crucial factor in determining the effectiveness of the emerging climate regime.