The Risk Management of Minimum Return Guarantees

Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

Blighted Spaces and the Politics of Everyday Life

While a great deal is known about the demographic and historical trends that shape the built environment of American cities, much less is known about the politics of everyday life among residents who continue to live in postindustrial neighborhoods. This study seeks to compensate for the current gaps in academic research by conducting spatially informed ethnography in a North Philadelphia community. Specifically, the study will explore the issue of urban "blight" from a cultural geography perspective, primarily by looking at the ways in which "blighted" spaces shape everyday life, and everyday life in turn shapes and produces the spatial environment. In response to these concerns, my study poses the questions: What would it mean to focus on the ways in which human agency, imagination, and subjectivity are shaped by "blighted" geographical locations? What would it mean to pay ethnographic attention to how subjects in given historical conditions are shaped by "blighted" spaces, as well as how they respond to these spaces in culturally specific ways? By incorporating critical interdisciplinary approaches, this study offers a new way of looking at the various practices of daily life - including flexible, informal economic activities and post-welfare related "lifestyles" of resistance. Through the lens of spatial ethnography, the study seeks to elucidate the ways in which postindustrial space interacts with culture, poverty and addiction; as well as the ways in which users continue to appropriate postindustrial spaces in culturally meaningful ways under the aegis of the semi-welfare state.

Resisting Postmodernity: Swedish social policy in the 1990s

The purpose of this paper is to introduce ideas that have emerged during the course of writing a book on Swedish welfare in the 1990s. The book is the result of many years of writing about two subjects: Swedish drug policy and the Swedish welfare state. The one very specialised, the other, more general. I first became interested in Swedish drug policy on a research visit to Örebro Län in 1986. A social worker showed me a copy of the county's drug policy programme and explained the significance of the 'restrictive line'. I have spent the years since that visit, trying to understand and explain the Swedish goal of a drug-free society (Gould 1988, 1994, 1996b). I only began to write about the welfare state in Sweden in the early 1990s, just as things were beginning to go wrong for the economy (Gould 1993a, 1993b, 1996a, 1999). For the last few years I have intended to write a book on the events covered by the period 1991-1998 - the years of a Bourgeois and a Social Democratic Government -which would bring the two halves of my work together. Material for this study has been accumulated over many years. A number of research visits have been made; large numbers of academics, politicians, civil servants, journalists, unemployed people, social workers and their clients have been interviewed; and extensive use has been made of academic, administrative and public libraries. Since September 1991 I have systematically collected articles from Dagens Nyheter about social services, social insurance, health care, employment, social issues and problems, the economy and politics. The journal Riksdag och Departement (Parliament and Ministry), which summarises a wide range of public documents, has been invaluable. Friends and informal contacts have also given me insights into the Swedish way of life. The new book is based upon all of these experiences. This paper will begin with a brief account of major global social and economic changes that have occurred in the last twenty years. This is intended to provide a background to the more recent changes that have occurred in Swedish society in the last decade. It will be suggested that the changes in Sweden, particularly in the field of welfare, have been less severe than elsewhere and that this is due to political, institutional and cultural resistance. The paper will conclude by arguing that Sweden, as an exemplar of an Apollonian modern society, has had much to fear from the Dionysian characteristics of postmodernity.

Equality and Diversity in the Dutch Welfare State

Under the Constitution, the equality principle is very important in the Netherlands. This article argues that there is little evidence for equal citizenship in the Netherlands. There is anti-discrimination legislation in the Netherlands, but it is not very robust. The core argument in this article is that the equality principle must be supplemented by the diversity principle. Diversity is multi-dimensional and can refer to religion, philosophy of life, political persuasion, race (ethnicity), gender, nationality, sexual orientation, age, disability and chronic illness. In this paper multi-culturalism and disability are taken into account and we make a comparison of the social position of disabled people and people from ethnic minorities. Policies on diversity are needed to arrive at diverse citizenship in a varied society. This implies that a distinction has to be made between political citizenship and cultural citizenship. The former has to do with equality, and the latter with diversity.

Social Integration and New Realities in the Swedish Welfare Society

This article argues that there is a discrepancy between the perception of social realities held by professionals of welfare (school teachers and social workers) in Sweden and the social realities of migrants, especially migrants depending on social assistance. The views held by professionals are rooted in an old model of social integration within the framework of the nation-state. This perception contrasts with the life conditions, expressed here in the consumption practices of migrant families who, in their daily life, are linked to both local and transnational places. Consumption is an “old question” that has been linked both to poverty and immigration. The article is focusing not on consumption as such; instead on consumption as an illustration of the mismatch existing between the professionals’ view and the migrants’ description of their own consumption. The analysis is based on a qualitative study including interviews with migrant families and welfare officers in a neighbourhood in Malmoe, a city in the South of Sweden with some 300,000 inhabitants, of which 29 % are born outside Sweden.