The International Finance Corporation and the emerging market funds industry

Linking the world’s core equity markets with semi-peripheral and peripheral equity markets has been a fundamentally different process from linking core markets with each other. International financial institutions have played a larger role in core‐periphery equity market integration, and issues of corporate governance assume greater importance in the core‐periphery cases. Illustrating these differences, this article considers the creation of the Korea fund, one of the early country funds in an emerging market promoted by the International Finance Corporation (IFC). The case shows that increasingly sophisticated financial instruments, like country funds, alter the structure of the international financial system in such a way as to reposition governments in developing market economies with respect to their domestic financial systems; allow for some international capital inflows without loss of corporate control; and make diversification possible for a transnational class of investors. Moreover, the article proposes that international financial institutions like the IFC can alter the structural context of a particular market within which various financial actors later strike deals. In the light of the process of coalition building elaborated here, the article reserves a role for considerations of both multilateralism and a state’s position in the world system in a body of literature heavily concentrated on state-level political activity.     

Searching for the best structure for American local government

Citizens, practitioners and academicians involved in local government have for decades debated the best structure for local public organizations; at the polar ends of this debate are those advocating rational administration and those advocating political responsiveness. The conventional wisdom equates rational administration with reformed structures like the council-manager plan and political responsiveness with structures which have an elected chief executive officer. The debate is unresolvable within this value-driven framework, and these ideological positions do not seem to be helping in the design of governmental structures which “work” in a practical and meaningful way. The paper argues for a “functional” model of local government structure based on how much citizens and administrators can know and oversee with competence. The analysis leads to a significant rethinking of the role of governing bodies, administrators, and the general management position in American local government.     

Non-Suicidal Self-Injury and Depressive Symptoms During Middle Adolescence: A Longitudinal Analysis

Previous research has shown a consistent positive association between non-suicidal self-injury and depressive symptoms. However, the direction of the effects has not been examined. To understand whether non-suicidal self-injury predicts depressive symptoms or vice versa, we examined the relations between non-suicidal self-injury and depressive symptoms across three waves of self-report data collected 1 year apart from 506 Swedish adolescents (47 % girls; M age = 13.21; SD = .57) who were attending 7th grade at the onset of the study. The results suggest that depressive symptoms predict increases in non-suicidal self-injury 1 year later between the first and second waves of the study. Between the second and third waves of the study depressive symptoms and non-suicidal self-injury were significantly correlated indicating co-occurrence with no direction of effect rather than depressive symptoms predicting non-suicidal self-injury or vice versa. Group comparisons revealed no differences for boys and girls. The findings help clarify the relationships between non-suicidal self-injury and depressive symptoms during middle adolescence.     

The decline of an export industry,or the growth of Peruvian sugar consumption in the long run

Growth of domestic consumption of agricultural exportables is a neglected aspect of LDCs’ long‐run primary export performance. Price and income elasticities of local demand for specific exportables vary with economic development, so the Peruvian sugar industry was chosen to illustrate how and why such changes occur. Elasticity estimates for different types of sugar are presented for several time periods between 1913 and 1978. A comparison of these results with those of other researchers suggests that aggregating raw, refined and plantation white sugar consumption may bias income elasticity estimates for refined sugar upwards, and price elasticity estimates downwards.     

Electoral Fraud and Electoral Geography: United Russia Strongholds in the 2007 and 2011 Russian Parliamentary Elections*

Despite United Russia’s (Edinaya Rossiya—UR) dominance in repeated Russian legislative elections, the correlates of the party’s electoral support remain noticeably understudied beyond the influence of electoral manipulation. I pinpoint the specific contours of UR’s strongholds in the two most recent parliamentary elections in Russia—2007 and 2011—focusing on raion- and regional-level correlates of the vote using an original dataset. UR has been undergirded by geographically concentrated ethnic minorities and the countryside, and these patterns of support have persisted even in the absence of fraud, suggesting that the dominant party’s electoral windfalls cannot be attributed solely to electoral malfeasance.