Balkanisation of banking damages international trade and UK GDP

Balkanisation is a way to describe the breakdown of cross-border banking, as nervous lenders retreat in particular from the more troubled parts of the Eurozone or at least try to isolate operations within national boundaries. It is increasing at the Bank level, however the senior policy makers consider this a negative trend – Mario Draghi, president of the European Central Bank, has talked of the need to “repair this financial fragmentation” and Mark Carney, head of global regulatory body the Financial Stability Board, [and now Governor of the Bank of England] has warned that deglobalising finance will hurt growth and jobs by “reducing financial capacity and systemic resilience”. In this article I would like to examine the impact of banking balkanisation on international trade and provide some initial thoughts about remedies for excessive risk in a banking non-balkanising world.

Regurgitated bodies: presenting and representing trauma in 'The Act of Killing'

Focusing on The Act of Killing, this chapter examines how an “ethics of realism” operates on three key cinematic arenas: genre, authorship and spectatorship. As far as genre is concerned, the film’s realist commitment emerges from where it is least expected, namely from Hollywood genres, such as the musical, the film noir and the western, which are used as documentary, that is to say, as a fantasy realm where perpetrators can confess to their crimes without restraints or fear of punishment, but which nonetheless retains the evidentiary weight of the audiovisual medium. Authorship, in turn, translates as Oppenheimer’s unmistakable auteur signature through his role of self-confessed “infiltrator” who disguises as a sympathiser of the criminals in order to gain first-hand access to the full picture of their acts. One of them, the protagonist Anwar Congo, is clearly affected by post-traumatic stress disorder, and his repetitive reliving of his killings is made to flare up in front of the camera so as to bring back the dead to the present time in their material reality, through his own body, including a harrowing scene of the actor’s unpredictable and uncontrollable retching as he re-enacts the killing of his victims through strangulation. Finally, in the realm of spectatorship, the usual process of illusionistic identification on the part of the spectator is turned onto its head by means of disguising these criminals as amateur filmmakers, led to shoot, act within, and then watch their own film within the film so as to force them to experience beyond any illusion the suffering they had caused.

Mechanisms and function of flower and inflorescence reversion

Flower and inflorescence reversion involve a switch from floral development back to vegetative development, thus rendering flowering a phase in an ongoing growth pattern rather than a terminal act of the meristem. Although it can be considered an unusual event, reversion raises questions about the nature and function of flowering. It is linked to environmental conditions and is most often a response to conditions opposite to those that induce flowering. Research on molecular genetic mechanisms underlying plant development over the last 15 years has pinpointed some of the key genes involved in the transition to flowering and flower development. Such investigations have also uncovered mutations which reduce floral maintenance or alter the balance between vegetative and floral features of the plant. How this information contributes to an understanding of floral reversion is assessed here. One issue that arises is whether floral commitment (defined as the ability to continue flowering when inductive conditions no longer exist) is a developmental switch affecting the whole plant or is a mechanism which assigns autonomy to individual meristems. A related question is whether floral or vegetative development is the underlying default pathway of the plant. This review begins by considering how studies of flowering in Arabidopsis thaliana have aided understanding of mechanisms of floral maintenance. Arabidopsis has not been found to revert to leaf production in any of the conditions or genetic backgrounds analysed to date. A clear-cut reversion to leaf production has, however, been described in Impatiens balsamina. It is proposed that a single gene controls whether Impatiens reverts or can maintain flowering when inductive conditions are removed, and it is inferred that this gene functions to control the synthesis or transport of a leaf-generated signal. But it is also argued that the susceptibility of Impatiens to reversion is a consequence of the meristem-based mechanisms controlling development of the flower in this species. Thus, in Impatiens, a leaf-derived signal is critical for completion of flowering and can be considered to be the basis of a plant-wide floral commitment that is achieved without accompanying meristem autonomy. The evidence, derived from in vitro and other studies, that similar mechanisms operate in other species is assessed. It is concluded that most species (including Arabidopsis) are less prone to reversion because signals from the leaf are less ephemeral, and the pathways driving flower development have a high level of redundancy that generates meristem autonomy even when leaf-derived signals are weak. This gives stability to the flowering process, even where its initiation is dependent on environmental cues. On this interpretation, Impatiens reversion appears as an anomaly resulting from an unusual combination of leaf signalling and meristem regulation. Nevertheless, it is shown that the ability to revert can serve a function in the life history strategy (perenniality) or reproductive habit (pseudovivipary) of many plants. In these instances reversion has been assimilated into regular plant development and plays a crucial role there.

Accounts of the English Crown with Italian merchant societies, 1272-1345

The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king's account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus 'breaking' a succession of merchant societies. These documents provide an essential basis for a re-examination of the 'credit rating' of the medieval English Crown.

Bottom-up planning and the future of planning education in India

The article discusses normative guidelines for reorienting planning education in India within the context of the immensely influential Constitutional Amendment Act of 1993. First, it briefly sketches the status of planning education at present in India, in relation to the role of planners in planning practice. It then descibes the changes that have taken place in general, following the Constitutional Amendment Act, dwelling more on the specific changes within the State of Kerala. The implications of these for planning education in general are then discussed normatively, highlighting three areas that need immediate attention from the planning academic community.

The implications of improved communications for participatory forest management in Tanzania

Following the 1998 National Forest Policy and Forest Act of 2002, participatory forest management (PFM) is being introduced in Tanzania. PFM has two key objectives: to reduce forest degradation thereby increasing ecosystem services, and to improve the livelihoods of local villagers. A unique data set collected in 2006 suggests that significant challenges remain with respect to communicating the new forest policies if the objectives of PFM are to be achieved. First, villagers as a group are much less well informed than other stakeholders, and their knowledge is often inaccurate. Second, women are less likely than men to have heard of the changes. Third, how PFM will contribute to poverty reduction (a key objective of PFM) is not always clear. Fourth, environmental degradation may not be reduced as much as anticipated – without alternatives sources, villagers often continue to cut trees for charcoal and firewood in the protected forests. Finally, several mismatches in perceptions are identified that could lead to difficulties in implementing PFM.

Auditory distraction eliminates retrieval induced forgetting: implications for the processing of unattended sound

The Retrieval-Induced Forgetting (RIF) paradigm includes three phases: (a) study/encoding of category exemplars, (b) practicing retrieval of a sub-set of those category exemplars, and (c) recall of all exemplars. At the final recall phase, recall of items that belong to the same categories as those items that undergo retrieval-practice, but that do not undergo retrieval-practice, is impaired. The received view is that this is because retrieval of target category-exemplars (e.g., ‘Tiger’ in the category Four-legged animal) requires inhibition of non-target category-exemplars (e.g., ‘Dog’ and ‘Lion’) that compete for retrieval. Here, we used the RIF paradigm to investigate whether ignoring auditory items during the retrieval-practice phase modulates the inhibitory process. In two experiments, RIF was present when retrieval-practice was conducted in quiet and when conducted in the presence of spoken words that belonged to a category other than that of the items that were targets for retrieval-practice. In contrast, RIF was abolished when words that either were identical to the retrieval-practice words or were only semantically related to the retrieval-practice words were presented as background speech. The results suggest that the act of ignoring speech can reduce inhibition of the non-practiced category-exemplars, thereby eliminating RIF, but only when the spoken words are competitors for retrieval (i.e., belong to the same semantic category as the to-be-retrieved items).

Seasonality and the valuation of commodity options

Price movements in many commodity markets exhibit significant seasonal patterns. However, given an observed futures price, a deterministic seasonal component at the price level is not relevant for the pricing of commodity options. In contrast, this is not true for the seasonal pattern observed in the volatility of the commodity price. Analyzing an extensive sample of soybean, corn, heating oil and natural gas options, we find that seasonality in volatility is an important aspect to consider when valuing these contracts. The inclusion of an appropriate seasonality adjustment significantly reduces pricing errors in these markets and yields more improvement in valuation accuracy than increasing the number of stochastic factors.