Municipal Bond Insurance: Trends and Prospects

Privately sold bond insurance is the most common form of credit enhancement for municipal bonds. Research generally finds that bond insurance reduces interest costs for lower rated, long–term debt issues. Researchers have concluded that these results are consistent with presumed investor risk aversion, as well as more "rational" risk management behaviors, and with theories concerning the efficiency–enhancing properties of financial intermediation in imperfect markets. We propose a research agenda based both on traditional theories and on additional hypotheses that seek to account for the observed use of bond insurance where net savings would not normally be predicted.     

Conversations in Context: The (Mis)Measurement of Value Change in Advanced Industrial Societies

One aspect of the multifaceted controversy on value change in advanced industrial societies concerns the measurement of values. Analyses of 1976–86 Euro-Barometer data have indicated that responses to the four-item “materialist-postmaterialist” values index are very sensitive to current economic conditions, especially inflation and unemployment rates and, hence, much of the recorded increase in postmaterialism in eight Western European countries since the mid-1970s is artifactual. Although it has been claimed these findings disappear if more recent data are considered, time series analyses reveal that responses to the values measure are strongly affected by prevailing economic conditions throughout the entire 1976–92 period. These aggregate-level findings are buttressed by individual-level analyses of 1989 Euro-Barometer data.     

The Coming of Parliamentary Television: The Lords and the Senate Compared

Subscribing to a Burkean view of representation, legislators have long tended to resist constant public scrutiny. In recent years, however, they have overcome this reluctance in a large number of countries and voted to allow the televising of their proceedings. But why they did so remains a mystery. Some media theorists argue that television exposure is a 'great democratizer'. It demystifies public authority figures and obliges them to become more accountable for their actions. The experience of the British House of Lords and the United States Senate suggests instead that television was invited in by rational political actors as a means of achieving their goals in a time of change. In this view, television is best seen not as a force in its own right, but as a medium of communication that can be strategically deployed by goal-oriented political élites responding to different political circumstances and institutional incentive structures.     

Work and Family Life among Migrant Factory Workers in China and Vietnam

ABSTRACT

Through on-site interviewing, a comparative study has been carried out about migrant factory workers in industrialised parts of China’s Guangdong province and in Vietnam’s Ho Chi Minh City. Even though China and Vietnam possess similar legacies of socialist transformation and have household registration regulations that restrict rural migrants’ access to urban social services and impede their settlement in cities, there exist marked differences in Guangdong and Ho Chi Minh City in migration patterns, factory work conditions and migrant worker family livelihoods. In particular, migrant families in Ho Chi Minh City largely stay intact and tend to settle there permanently, while married migrant workers in Guangdong normally need to split up their families and remain trapped in circular rural–urban migration. As shall be seen, the national and local governments play important roles in determining the inclusion or exclusion of migrants from urban life, the wages they are paid and their standard of living and, most important of all, their children’s access to education. Each of the two countries’ differences in implementing policies is examined and comparatively analysed.