Inward investment and the drivers of post recession recovery in Germany

This paper examines changes in the drivers of productivity in Germany over the period 1997-2012. We start by comparing the performance of German firms and inward investors before and during the recovery from the recent global financial crisis of 2008 across a range of sectors, and subsequently examine the channels through which different firms are able to generate productivity. Our results show that foreign investors are more productive than German MNEs and purely domestic firms, with the gap narrowing in the manufacturing sector, but growing in the service sector during the recovery period. We also contrast those firms for whom productivity growth is related to greater use of intangible assets, compared with those for whom productivity is linked to cash flow. Productivity of inward investors is driven by cash flow rather than intangible assets, these being limited to high-technology investors from the EU and the USA.

The possibilities and limits of contestation in times of 'urban austerity'

This paper seeks to provide a conceptual framework in which to examine the social practices of contemporary austerity programmes in urban areas, including how these relate to different conceptions of crisis. Of current theoretical interest is the apparent ease with which these austerity measures have been accepted by urban governing agents. In order to advance these understandings we follow the recent post-structuralist discourse theory ‘logics’ approach of Glynos and Howarth (2007), focusing on the relationship between hegemony, political and social logics, and the subject whose identificatory practices are key to understanding the form, nature and stability of discursive settlements. In such thinking it is not only the formation of discourses and the mobilisation of rhetoric that are of interest, but also the manner in which the subjects of austerity identify with these. Through such an approach we examine the case of the regeneration/economic development and planning policy area in the city government of Birmingham (UK). In conclusion, we argue that the logics approach is a useful framework through which to examine how austerity has been uncontested in a city government, and the dynamics of acquiescence in relation to broader hegemonic discursive formations.

Tanulságok a gazdasági és monetáris unió számára a 2008-as világgazdasági válság kapcsán (Lessons for the Economic and Monetary Union from the 2008 global economic crisis)

Írásunkban a 2008-ban kitört világgazdasági válságnak a Gazdasági és Monetáris Unióra gyakorolt hatásait elemezzük. Tanulmányunkban rávilágítunk a Gazdasági és Monetáris Unió két olyan problémájára, amelyek a válság után váltak igazán nyilvánvalóvá. Egyrészt a görög államcsődveszély, illetve egyes, korábban jól teljesítő országok botladozása jelzi, hogy a Monetáris Unió intézményrendszere legalábbis hiányos. A másik kérdés összefügg az előzővel, és azon országok szemszögéből érdekes, amelyek csatlakozni kívánnak a GMU-hoz: felerősödtek azok a vélemények, amelyek a csatlakozás elhalasztása mellett foglalnak állást. Tanulmányunk második részében ezt a kérdést járjuk körbe. / === / In our paper we are analyze the effects of the economic crisis of 2008 on the Economic and Monetary Union. We are focusing on two core problems of the EMU which came to surface only after the outbreak of the crisis. First, we address the fiscal problems of Greece and other member states which performed well before the crisis. These problems show that there are major institutional shortcomings in the Monetary Union. The second question is connected to the first one and concerns the new member states of the European Union and their strategies to join the Euro zone. After the crisis more and more voices in the new member states suggest postponing EMU membership.

Rules-based economic governance in the European Union: A reappraisal of national fiscal rules.

The economic and financial crisis of 2007/2009 has posed unexpected challenges on both the global and the regional level. Besides the US, the EU has been the most severely hit by the current economic crisis. The financial and banking crisis on the one hand and the sovereign debt crisis on the other hand have clearly shown that without a bold, constructive and systematic change of the economic governance structure of the Union, not just the sustainability of the monetary zone but also the viability of the whole European integration process can be seriously undermined. The current crisis is, however, only a symptom, which made all those contradictions overt that were already heavily embedded in the system. Right from the very beginning, the deficit and the debt rules of the Maastricht Treaty and the Stability and Growth Pact have proved to be controversial cornerstones in the fiscal governance framework of the European Economic and Monetary Union (EMU). Yet, member states of the EU (both within and outside of the EMU) have shown an immense interest in adopting numerical constraints on the domestic level without hesitation. The main argument for the introduction of national fiscal rules was mostly to strengthen the accountability and credibility of national fiscal policy-making. The paper, however, claims that a relatively large portion of national rules were adopted only after the start of deceleration of the debt-to-GDP ratios. Accordingly, national rules were hardly the sole triggering factors of maintaining fiscal discipline; rather, they served as the key elements of a comprehensive reform package of public budgeting. It can be safely argued, therefore, that countries decide to adopt fiscal rules because they want to explicitly signal their strong commitment to fiscal discipline. In other words, it is not fiscal rules per se what matter in delivering fiscal stability but a strong political commitment.

Volt-e likviditási válság? Volatilitás és likviditás kapcsolatának vizsgálata (Was there a liquidity crisis? Analysis the relationship between volatility and liquidity)

Széleskörűen alátámasztott, empirikus tény, hogy önmagában a nagyobb volatilitás csökkenti a piac likviditását, vagyis változékonyabb piacokon várhatóan nagyobb lesz egy-egy tranzakció áreltérítő hatása. Kutatásomban azt a kérdést vizsgáltam, hogy a Budapesti Értéktőzsdén az OTP-részvény piacán a 2007/2008-as válságban tapasztalható, átmeneti likviditáscsökkenés betudható volt-e egyszerűen a megnövekedett volatilitásnak, vagy ezen túl abban más tényezők (pl. a szereplők körének és viselkedésének drasztikus megváltozása, általános forráscsökkenés stb.) is szerepet játszhattak-e. A volatilitást a loghozamok szórásával, illetve a tényleges ársávval, míg az illikviditást a Budapesti Likviditási Mértékkel (BLM) reprezentáltam. Egyrészt azt állapítottam meg, hogy az OTP esetében a tényleges ársáv szorosabban korrelál a BLM-mel, mint a szórás. Másrészt az is egyértelmű, hogy a válság előtti kapcsolat a volatilitás és a likviditás között a válságban és azután már jelentősen megváltozott. Válságban az illikviditás jóval nagyobb volt, mint amit a volatilitás növekedése alapján vártunk, a válság lecsengése után azonban megfordult ez a reláció. _________ It is a widely supported empirical fact, that the greater volatility in itself decreases the liquidity of the market, namely more volatile a market is, the higher a transaction’s price impact will be. I have examined in my paper the question, whether the decrease of liquidity during the crisis of 2007/2008 in case of the OTP stock – traded on the Budapest Stock Exchange – was the consequence of the increased volatility, or other factors had an effect on the illiquidity as well (e.g.: the drastic change of market participants’ behaviour; reduction of fi nancing sources; etc.). I have represented volatility with the standard deviation of the logreturns, and with the true range, while the illiquidity with the Budapest Liquidity Measure (BLM). On one hand I have identifi ed, that in case of the OTP, the true range has a stronger relationship with the BLM than the standard deviation has. On the other hand it was clear, that the relationship between volatility and liquidity has changed notably during and after the crisis. During crisis the illiquidity was greater than what I have estimated based on the volatility increase, but after the crisis this relation has changed.

Implicit rating: A potential new method to alert crisis on the interbank lending market

A new measure called “implicit rating” is introduced which might be a component of an early warning system. The proposed methodology relies on the aggregation of experts’ knowledge hidden in the transactional data of the interbank market of unsecured loans. Banks are simultaneously assessing the creditworthiness of each other which is reflected in the partner limits and in the interest rates. In the Hungarian interbank market the overall trading volume and the average interest rate did not show any negative trends before the crisis of 2008, however the average implicit partner limit started to decrease several months earlier, hence it might serve as a stress indicator.

“I had a different way of governing”: The evangelical presidential style of Jimmy Carter and his mission for Middle East peace

President Jimmy Carter once said, "I had a different way of governing." In attempting to explain what he meant by this, Carter has been variously described as a political amateur, a trustee, a non-political politician, an "active-positive" president, and a forerunner of the 1990s' New Democrats. It is argued here, however, that mere secular descriptions and categories such as these do not adequately capture the essence of Carter's brand of politics and his understanding of the presidency. Rejecting Richard Neustadt's prescriptions for effective presidential leadership, Carter thought political bargaining and compromise were "dirty" and "sinful." He deemed the ways of Washington as "evil," and considered many, if not most, career politicians immoral. While he fully supported the institutional separation of church and state, politics for Carter was about "doing right," telling the truth, and making the United States and the world "a better demonstration of what Christ is." Like two earlier Democrats, William Jennings Bryan and Woodrow Wilson, Carter understood politics as an alternative form of Christian ministry and service. In this regard, Carter was a presidential exception. Carter's evangelical faith gave his politics meaning, skill, vision, and a framework for communication. Using Fred Greenstein's categories of presidential leadership, Carter's faith provided him with "emotional intelligence", too. However, Carter's evangelical style provoked many of his contemporaries, including many of his fellow Democrats. To his critics at home and abroad, Carter was often accused of being arrogant, stubborn, naive, and ultimately a political failure. But as evinced by his indispensable role in negotiating peace between Israel and Egypt, his leadership style also provided him some remarkable achievements. The research here is based on a thorough examination of President Carter's many writings, his public papers, interviews, and opinion pieces. Written accounts from former Carter administration officials and from Israeli and Egyptian participants at Camp David are also used. This project is largely descriptive, qualitative in approach, but quantitative data are used when appropriate and as supplements.

Gender politics, women's rights and international norms in Lebanon

The purpose of this dissertation is to investigate the reasons for the under-representation of women in politics in Lebanon, and the role of international norms of gender equality in bringing about change. For those questions, I examined the particular relevance of confessionalism arguing that a confessional social structure and political system empower patriarchal forms of organization with detrimental effects to women's political participation. This dissertation makes innovative contributions to two types of literature. First, literature on the barriers to women being elected into political office has put strong emphasis on electoral systems of representation, but has rarely addressed the way in which electoral systems that seek to ensure minority representation – such as the confessional system in Lebanon – operate to keep women out of politics. This study provides an important corrective to this literature by exploring a non-Western case and broadening theorizing on the issue. Second, constructivist literature in the field of International Relations has argued that international norms of gender equality – including gender quotas – have diffused throughout the 20th century. This research illustrates the mechanisms that counteract international diffusion, and adds to our understanding of how international norms are translated into domestic contexts.

Life, Social Studies, and the Pursuit of Happiness: Using Classroom-based Multicultural Democratic Education to Challenge Conservative Notions of Civic Education

Bok (2010) argues civic understanding could improve student happiness by improving perceptions of politics and government, but the state of civic education in public schools keeps this from happening. This study argues that this notion of civic education is conservative by exploring Bok’s premises, social studies, and civic education.

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

When Poverty Becomes Profitable: A Critical Discourse Analysis of Microfinancial Development in Haiti

For the past thirty years, policymakers have lauded microfinance for its promises to reduce poverty and empower women in developing nations. First conceived by the Bangladeshi economist Muhammed Yunus and the bank he founded, microfinance has been hailed as a visionary project that promises to advance the economic interests of the poor by engaging them directly. Conventional studies by political scientists explore the place of microfinance in the global development architecture of international financial institutions, governments, and NGOs. Economic studies of its effectiveness are contributing to a crisis of legitimacy since they reveal that thousands of clients in developing nations continue to default on their loans due to predatory lending practices. Drawing on discourse analysis methodology, this article seeks to explain how microfinance, an industry embedded in the financialization of development, is now concerned with high financial returns for investments, not the social goals promised by its original raison d'être. Treating microfinance as a discourse, I argue that there is a fundamental tension between the short-term social goals promised by microfinance and the long-term financial objectives of sustainability of investors.

Global Capitalism, Immigrant Labor, and the Struggle for Justice

Around the world borders are militarized, states are stepping up repressive anti-immigrant controls, and native publics are turning immigrants into scapegoats for the spiraling crisis of global capitalism. The massive displacement and primitive accumulation unleashed by free trade agreements and neo-liberal policies, as well as state and “private” violence has resulted in a virtually inexhaustible immigrant labor reserve for the global economy. State controls over immigration and immigrant labor have several functions for the system: 1) state repression and criminalization of undocumented immigration make immigrants vulnerable and deportable and therefore subject to conditions of super-exploitation, super-control and hyper-surveillance; 2) anti-immigrant repressive apparatuses are themselves ever more important sources of accumulation, ranging from private for-profit immigrant detention centers, to the militarization of borders, and the purchase by states of military hardware and systems of surveillance. Immigrant labor is extremely profitable for the transnational corporate economy; 3) the anti-immigrant policies associated with repressive state apparatuses help turn attention away from the crisis of global capitalism among more privileged sectors of the working class and convert immigrant workers into scapegoats for the crisis, thus deflecting attention from the root causes of the crisis and undermining working class unity. This article focuses on structural and historical underpinnings of the phenomenon of immigrant labor in the new global capitalist system and on how the rise of a globally integrated production and financial system, a transnational capitalist class, and transnational state apparatuses, have led to a reorganization of the world market in labor, including deeper reliance on a rapidly expanding reserve army of immigrant labor and a vicious new anti-immigrant politics. It looks at the United States as an illustration of the larger worldwide situation with regard to immigration and immigrant justice. Finally, it explores the rise of an immigrant justice movement around the world, observes the leading role that immigrant workers often play in worker’s struggles and that a mass immigrant rights movement is at the cutting edge of the struggle against transnational corporate exploitation. We call for replacing the whole concept of national citizenship with that of global citizenship as the only rallying cry that can assure justice and equality for all.

Crisis and Welfare Society in Spain

Some arguments are briefly presented about the negative consequences of the deep global economic and financial crisis of 2008 on the economic activity and the social situation in Spain. Reformulation, sustainability and financial viability of social welfare in Spain require a new management through resource efficiency, increasing market presence and initiative of stakeholders as a whole. In this sense, the main credible argument of the welfare social in Spain depends on a new perspective on socialization and generosity of social protection system. Specifically, the solution to the crisis must come through economic growth, increased productivity, employment and competitiveness and not by the way of increasing levels of social protection.

Survival of a Perverse Nation: Sexuality and Kinship in Post-Soviet Armenia

Survival of a Perverse Nation traces the ways in which contemporary Armenian anxieties are congealing into the figure of the “homosexual.” As in other post-Soviet republics, homosexuality has increasingly become defined as the crisis of the times, and is understood by many as a destructive force linked to European encroachment. In Armenia, a growing right-wing nationalist movement since 2012 has been targeting LGBT and feminist activists. I suggest that this movement has arisen out of Armenia’s concerns regarding proper social and biological reproduction in the face of high rates of emigration of especially men in search of work. Many in the country blame this emigration on a post-Soviet oligarchy, with close ties to the government. This oligarchy, having quickly and massively privatized and liquidated industry and land during the war over the region of Nagorno-Karabagh (1990-1994) with Azerbaijan, created widespread un(der)employment. A national narrative attributing the nation’s survival of the 1915 Genocide and dispersion of its populations to strong morality preserved by institutions such as the Church and the family has now, in the post-Soviet era, ruptured into one of moral “perversion.” This dissertation is based on 15 months of ethnographic research, during which I participated in the work of two local non-governmental organizations: Public Information and Need for Knowledge, an LGBT rights organization and Women’s Resource Center, a feminist organization. I also conducted interviews with 150 households across Yerevan, the capital city, and did in-depth interviews with other activists, right-wing nationalists and journalists. Through psychoanalytic frameworks, as well as studies of kinship, I show how sovereignty – the longed for dream for Armenians over the last century – is felt to have failed because of the moral corruption of the illegitimate figures that fill Armenian seats of authority. I, thus, examine the ways in which a missing father of the household is discursively linked to the lack of strong leadership by a corrupt government, producing a prevalent feeling of moral disintegration that nationalists displace onto the “homosexual.”

Weathering the crisis? Managing democracy at a national broadcaster

With post-2008 political and economic crises as its backdrop, this inquiry into the political roles and functions of public service broadcasting (PSB) in Ireland is principally concerned with examining the capacities for and actuality of critical and counter-hegemonic professional journalistic and institutional mediations of crisis. Recognising the diversity of influences on the normative identity of Irish PSB, the dissertation adopts a sociological approach that acknowledges the systemic embedding of media institutions in the broader field of power. An initial tracing of the formative impacts of endogenous and exogenous forces on the democratic horizons of PSB suggests that the present crisis conjuncture does not represent promising terrain for engendering critical crisis and recovery imaginaries. A methodologically diverse intra-institutional empirical research agenda aims to explore at close hand Irish PSB’s contingent navigation of crisis, encompassing ethnographic observation in the newsroom, practitioner interviews and textual analysis of broadcast output. These methods afford close analysis of practices of journalistic production and reflexivity, self-conceptions of the journalistic habitus, and ideological affinities of crisis framings in broadcast output. These analyses are supplemented by a participant observation study of the possibilities for public agenda-building in a key institutional venue of public participation in broadcasting governance. The findings offer an evidential basis for the arguments that the crisis has prompted only minimal changes to professional norms and practices of representation and inclusion; that journalistic crisis framings tend toward effecting hegemonic repair by lending support to neoliberal crisis and recovery imaginaries; and that the institutional openings for the building of public counterpower are highly constrained. The overall conclusion is made that the normative democratic orientation embedded in the professional and institutional projects of public service broadcasting help render it ill-equipped to act as a re-democratising countervailing power against the democratic regressions engendered by the present crisis of democratic capitalism.