The role of Investment Management Systems in regulatory compliance: a Post-Financial Crisis study of displacement mechanisms

The financial crisis of 2007–2009 and the resultant pressures exerted on policymakers to prevent future crises have precipitated coordinated regulatory responses globally. A key focus of the new wave of regulation is to ensure the removal of practices now deemed problematic with new controls for conducting transactions and maintaining holdings. There is increasing pressure on organizations to retire manual processes and adopt core systems, such as Investment Management Systems (IMS). These systems facilitate trading and ensure transactions are compliant by transcribing regulatory requirements into automated rules and applying them to trades. The motivation of this study is to explore the extent to which such systems may enable the alteration of previously embedded practices. We researched implementations of an IMS at eight global financial organizations and found that overall the IMS encourages responsible trading through surveillance, monitoring and the automation of regulatory rules and that such systems are likely to become further embedded within financial organizations. We found evidence that some older practices persisted. Our study suggests that the institutionalization of technology-induced compliant behaviour is still uncertain.

Socio-cultural Degeneration and State Patronage of the Arts: Mapplethorpe, Cultural Crisis, and the NEA

The goal of this paper is to investigate how the Untied States federal government, specifically through the National Endowment for the Arts, or NEA, has acted in the position of an arts patron in the past few decades. Specifically, this paper will focus on the past decade and a half since the 'arts crisis' of the late 1980s and the social and political backlash against the art community in the 1990s, which was only against ‘offensive’ art that was seen as morally and culturally corruptive. I explore the political, social, and economic forms the backlash took, particularly rooted in a perceived fear of degenerative arts as a corruption of and a catalyst for the eventual collapse of American culture and values. Additionally, I analyse the role the federal government played in ‘ameliorating’ the situation. I investigate how state arts patronage has affected and continues to affect both the concepts behind and the manifestations of art, as well as who is encouraged, sanctioned, or neglected in the production of art. To accomplish this, I explore how and why the federal government employs the arts to define and redefine morality and culture, and how does it express/allow the expressions of these through art.

The influence of the global crisis on the slowdown of the emerging markets

A presente dissertação investiga a relação empírica entre a crise financeira de 2007-2009, a crise da dívida soberana de 2010-2012 e a recente desaceleração dos mercados de capitais nos mercados emergentes. A exposição dos mercados emergentes à crise nos desenvolvidos é quantificada através de um modelo de interdependência de factores. Os resultados mostram que estes sofreram, de facto, um choque provocado por ambas as crises. No entanto, este foi um choque de curta duração enquanto os mercados desenvolvidos ainda lutavam com as consequências resultantes das sucessivas crises financeiras. A análise do modelo mostra ainda que após a crise da divida soberana, enquanto os mercados desenvolvidos iniciam a sua recuperação, os emergentes desaceleram o seu crescimento. De forma a completar a análise do modelo foi efectuado um estudo sobre a influência dos fluxos de capitais entre os mercados emergentes e desenvolvidos na direcção do seu crescimento, revelando que existe uma relação entre estes dois eventos.

The importance of firms' strategic resources and capabilities in crisis situations

The general idea of this research is to analyze overall firm performance before and after the global financial crisis of 2008. The main question is: What kind of strategies did companies adopt that led to positive business performance after the crisis? Are there any particular competitive advantages that bring better performance in the case of an economic downturn? This research focuses on competitive advantage gained by resource-based view attributes of a product (quality, durability and prestige) and dynamic capabilities (strategic flexibility in product development and technological innovation ability). The economic crisis setting provides a proper background to analyze the competitive advantage strategies in a dynamic, low-probability environment to determine which are most worth adopting in the business world. I employ an OLS regression analysis in order to measure the business performance of 136 Brazilian firms across four years – 2002, 2005, 2008 and 2012. The findings indicate that even though all of the strategic resources and capabilities positively influence firm performance in expansionary periods, only the superior product characteristics are pertinent in surviving an economic downturn.

Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis

Includes bibliography

Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis

Includes bibliography

Towards a theory of change

Includes bibliography

Liberalism, Marxism and Democratic Theory Revisited: Proposal of a Joint Index of Political and Economic Democracy

Liberalism and Marxism are two schools of thought which have left deep imprints in sociological, political and economic theory. They are usually perceived as opposite, rival approaches. In the field of democracy there is a seemingly insurmountable rift around the question of political versus economic democracy. Liberals emphasize the former, Marxists the latter. Liberals say that economic democracy is too abstract and fuzzy a concept, therefore one should concentrate on the workings of an objective political democracy. Marxists insist that political democracy without economic democracy is insufficient. The article argues that both propositions are valid and not mutually exclusive. It proposes the creation of an operational, quantifiable index of economic democracy that can be used alongside the already existing indexes of political democracy. By using these two indexes jointly, political and economic democracy can be objectively evaluated. Thus, the requirements of both camps are met and maybe a more dialogical approach to democracy can be reached in the debate between liberals and Marxists. The joint index is used to evaluate the levels of economic and political democracy in the transition countries of Eastern Europe.

Challenges of the Cooperative Movement In Addressing Issues of Human Security In the Context of a Neoliberal World: the Case of Argentina

The response of some Argentine workers to the 2001 crisis of neoliberalism gave rise to a movement of worker-recovered enterprises (empresas recuperadas por sus trabajadores or ERTs). The ERTs have emerged as former employees took over the control of generally fraudulently bankrupt factories and enterprises. The analysis of the ERT movement within the neoliberal global capitalist order will draw from William Robinson’s (2004) neo-Gramscian concept of hegemony. The theoretical framework of neo-Gramscian hegemony will be used in exposing the contradictions of capitalism on the global, national, organizational and individual scales and the effects they have on the ERT movement. The ERT movement has demonstrated strong level of resilience, despite the numerous economic, social, political and cultural challenges and limitations it faces as a consequence of the implementation of neoliberalism globally. ERTs have shown that through non-violent protests, democratic principles of management and social inclusion, it is possible to start constructing an alternative social order that is based on the cooperative principles of “honesty, openness, social responsibility and caring for others” (ICA 2007) as opposed to secrecy, exclusiveness, individualism and self-interestedness. In order to meet this “utopian” vision, it is essential to push the limits of the possible within the current social order and broaden the alliance to include the organized members of the working class, such as the members of trade unions, and the unorganized, such as the unemployed and underemployed. Though marginal in number and size, the members of ERTs have given rise to a model that is worth exploring in other countries and regions burdened by the contradictory workings of capitalism. Today, ERTs serve as living proofs that workers too are capable of successfully running businesses, not capitalists alone.

The World Trade Organization’s Legitimacy Crisis: What Does The Beast Look Like?

The concept of legitimacy has many facets. The article reviews from a politics and law perspective the diagnosis of an ``institution in crisis''. This article is divided into three sections. It starts with a cautionary note on existing fallacies about assessing multilateral intergovernmental institutions and discusses competing schools of thought that approach the World Trade Organization (WTO) with varying perceptions of democracy and legitimacy. Section II takes up the actual debate on redesigning the WTO and directs attention to the question of balancing input and output legitimacy. Section III sketches potential avenues of research that have been neglected in the past.

Reconstruyendo imaginarios sobre democracia : a propósito de las elecciones a partir de la crisis del 2001

El trabajo aborda la relación democracia y ciudadanía desde la dimensión subjetiva de la política e indaga las representaciones mentales del imaginario político sobre participación y representación ciudadana a partir de los procesos electorales. El objetivo es rescatar las significaciones que sostienen o transforman la institucionalidad democrática. La crisis del 2001 en Argentina generó nuevas formas de participación y un redimensionamiento de la democracia. Los resultados del trabajo atribuyen la escasa calidad democrática a la dirigencia política aunque abren la posibilidad de un mayor compromiso, participación y autonomía ciudadana y recuperación de lo político, como inescindible de lo social.

Procesos políticos, crisis y tendencias regionales actuales en América Latina

América Latina es abordada como región y como parte de un sistema mundial, cuyas expresiones se entroncan con nuevas dinámicas hemisféricas, las cuales tienen en la hegemonía norteamericana a uno de sus principales ejes de articulación. En este encuadre, se estudian las características de los procesos políticos actuales, desde el punto de vista de las principales tensiones internas y externas a la región. Al hacerlo, se privilegia la categoría de democracia, no sólo como régimen, sino como cambio político de la sociedad y el Estado. La línea argumental reconoce el contexto del neoliberalismo en su fase de cuestionamiento generalizado, especialmente por sus resultados y, a la vez, una tendencia que se orienta hacia proyectos alternativos de desarrollo e integración.

Crisis de representación política en Argentina a fines de los '90 : Algunas vías de análisis

La crisis de representación política en Argentina a fines de los noventa es abordada en esta tesina desde diversas vías de análisis. Se presentan las contradicciones propias de la democracia en un sistema representativo que limita la posibilidad del llamado "gobierno del pueblo", así como los dilemas de la relación entre representante y representado. Los cambios políticos, la crisis del Estado de Bienestar y las transformaciones de los partidos ofrecen el marco general para el análisis de las distintas interpretaciones sobre el problema de la crisis en Argentina. Las teorías utilizadas en este estudio ofrecen una amplia mirada sobre el tema, desde las que consideran que se trata de un problema de representatividad de los partidos hasta las que tratan otras dimensiones tales como el Estado, el régimen político, los políticos, la ciudadanía, los liderazgos, entre otros. Los niveles de análisis abordados permiten configurar el estado de situación del problema de la crisis de representación, se incluyen cuestiones de la democracia per se y se relacionan los problemas políticos generales que han afectado a varios países con aquellos específicos de la crisis de representación en Argentina.

Crisis de representación política en Argentina a fines de los '90 : Algunas vías de análisis

La crisis de representación política en Argentina a fines de los noventa es abordada en esta tesina desde diversas vías de análisis. Se presentan las contradicciones propias de la democracia en un sistema representativo que limita la posibilidad del llamado "gobierno del pueblo", así como los dilemas de la relación entre representante y representado. Los cambios políticos, la crisis del Estado de Bienestar y las transformaciones de los partidos ofrecen el marco general para el análisis de las distintas interpretaciones sobre el problema de la crisis en Argentina. Las teorías utilizadas en este estudio ofrecen una amplia mirada sobre el tema, desde las que consideran que se trata de un problema de representatividad de los partidos hasta las que tratan otras dimensiones tales como el Estado, el régimen político, los políticos, la ciudadanía, los liderazgos, entre otros. Los niveles de análisis abordados permiten configurar el estado de situación del problema de la crisis de representación, se incluyen cuestiones de la democracia per se y se relacionan los problemas políticos generales que han afectado a varios países con aquellos específicos de la crisis de representación en Argentina.

Crisis de representación política en Argentina a fines de los '90 : Algunas vías de análisis

La crisis de representación política en Argentina a fines de los noventa es abordada en esta tesina desde diversas vías de análisis. Se presentan las contradicciones propias de la democracia en un sistema representativo que limita la posibilidad del llamado "gobierno del pueblo", así como los dilemas de la relación entre representante y representado. Los cambios políticos, la crisis del Estado de Bienestar y las transformaciones de los partidos ofrecen el marco general para el análisis de las distintas interpretaciones sobre el problema de la crisis en Argentina. Las teorías utilizadas en este estudio ofrecen una amplia mirada sobre el tema, desde las que consideran que se trata de un problema de representatividad de los partidos hasta las que tratan otras dimensiones tales como el Estado, el régimen político, los políticos, la ciudadanía, los liderazgos, entre otros. Los niveles de análisis abordados permiten configurar el estado de situación del problema de la crisis de representación, se incluyen cuestiones de la democracia per se y se relacionan los problemas políticos generales que han afectado a varios países con aquellos específicos de la crisis de representación en Argentina.