The Inextricable Link Between Sovereign Debt and Pensions in Argentina, 1993–2010

Established with the reform of 1993, Argentina's private pension funds became crucial sources of credit for the national government. They purchased large amounts of sovereign bonds defaulted on in 2001 and hence were key to the success of the debt restructuring of 2005. The private pillar was always vulnerable to political maneuvering; the nationalization of private pension funds in 2008 was only the last stage in an iterated process of state intervention, a function of public debt dynamics. This article argues that the financial pressures associated with Argentina's sovereign debt burden systematically shortened the temporality of pension policy decisions, taking those away from long‐term concerns about the stability of the social security system and toward the immediacy of debt‐financing imperatives. Therefore, the politics of pension reform reversal in Argentina were determined by the increasingly strong and inextricable link between debt and pensions.     

State of Change: Global Turmoil and Government Reinvention

The current global credit crisis is unfolding in a context in which new dynamics in the engagement of the public sector and the market are taking shape. This article explores some of these dynamics, especially the reemergence of (re)nationalization initiatives, as well as the growing use of private methodologies for asset management on the part of some governments, which behave as both financial market players and domestic economic stabilizers. Hence, the article discusses the return of the state as a traditional "public leviathan" involved in financial regulation, as well as the work of sovereign wealth funds. The author concludes that at the heart of capitalism's endurance lies this diversity of public responses, which ultimately reveal governments' adaptable agendas and heterogeneous tasks.

I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable. Our problem is to work out a social organisation which shall be as efficient as possible without offending our notions of a satisfactory way of life.
—John Maynard Keynes, The End of Laissez-Faire , 1926
The all-powerful market which is always right is finished.…We have to have a new balance between the state and the market.
—French president Nicolas Sarkozy, 2008

     

The EU's Relations with Moldova: Governance,Partnership or Ignorance?

This article examines recent EU–Moldova relations under the European Neighbourhood Policy (ENP) and the Eastern Partnership (EaP) in order to assess the EU's policies and their (limited) effectiveness over the past decade. I draw on the ‘external governance approach’ and develop the ‘partnership as cooperation perspective’ to examine which approach prevails in the theory and in the political practice of EU–Moldova relations. Whereas the external governance approach focuses on the expansion of EU rules to assess the effectiveness of the EU's external relations, the partnership perspective draws attention to effective cooperation based on mutual concessions in areas of converging preferences.     

Reframing development and accountability: the influence of sovereign credit ratings on policy making in developing countries

At a time of increased financial volatility, understanding ‘development’ requires that we trace spheres of accountability in order to detect the consequences of shifts in power structures from the public to the private sectors, especially. By focusing on the business of sovereign credit ratings, I argue that ratings have been particularly influential in this context not only because of their function as a benchmark for private investment, but because they now also enter into the calculations of policy makers in developing countries who are increasingly compelled to implement policies that reduce their countries' sovereign risk at possibly high costs for sustained economic growth. I explain that governments' eagerness to signal their potential as reliable capital recipients allows for credit ratings to become a powerful site of governance. This outcome is not justified by the quality of rating agencies' output, but by the subjective power of the notion of risk in a crisis prone environment that shifts accountability—through this disproportional influence of credit rating agencies—from the public to the private realm. The Argentine crisis of 2001 is presented here as a case study that illustrates these dynamics.     

Challenges for EU governance through Neighbourhood Policy and Eastern Partnership: the values/security nexus in EU–Belarus relations

Whereas the European Union (EU) has had some effect on political and economic reforms in the Ukraine and Moldova, it almost completely failed to impress the regime and population of Belarus. Despite growing consensus at the EU level that the Union's policies for Eastern Europe cannot succeed without Belarus, few attempts have been made to account for the failure of EU governance in Belarus. Having recalled the current legal and institutional set-up of EU–Belarus relations, this article introduces the notion of the ‘values/security nexus’ to explain the limited impact of EU governance in Belarus. It argues that the highly contradictory normative objectives in the Union's current Neighbourhood Policy towards Belarus effectively undermine the EU's credibility in the country: idealist values of ‘winning the hearts and minds’ of the Belarusian population increasingly collide with traditional realist goals of protecting EU interests and the stability of the Belarusian state. By way of conclusion, the article highlights the challenges facing the EU's new Eastern Partnership, including Belarus.     

Variations in mental health problems, substance use, and delinquency between African American and Caucasian juvenile offenders: implications for reentry services

The incarceration of young people is a growing national problem. Key correlates of incarceration among American youth include mental health problems, substance use, and delinquency. The present study uses a statewide sample of incarcerated youth to examine racial differences in African American and Caucasian juvenile offenders' outcomes related to mental health, substance use, and delinquency. The data indicate that relative to Caucasian offenders, African American offenders report lower levels of mental health problems and substance use but higher levels of delinquent behavior such as violence, weapon carrying, and gang fighting. The data further reveal that African American offenders are more likely than Caucasian offenders to be victims of violence and to experience traumatic events such as witnessing injury and death. Recognition of these patterns may help to improve postrelease services by tailoring or adapting preexisting programs to patterns of risk factors and their relative magnitudes of effect.     

Intimate partner violence and immigration laws in Canada: How far have we come?

Immigrant women face numerous, and sometimes insurmountable, barriers in reporting and seeking services for intimate partner violence (IPV). A number of these obstacles relate to immigration laws, policies and legal processes they encounter due to their immigration status and sponsorship relationship. The present study was conducted in Canada, in an urban centre that boasts one of the largest immigrant populations in the world. Using a focus group methodology within a participatory action research framework, this investigation sought to identify factors that facilitate or impede women from coming forward and disclosing IPV, and traced their help-seeking actions. Qualitative data from helping professionals and women reveal that in cases of sponsorship breakdown due to IPV, the criteria required for a viable immigration application are unrealistic, and in many cases impossible to meet in situations of domestic abuse. These data indicate that despite claims to the contrary, laws and policies related to immigration have remained stable for over a decade. Systemic and structural barriers that these create for abused women are still clearly present in immigration laws and policies. The result is that many women stay in abusive relationships, often with their children, for prolonged periods of time accruing serious negative mental health effects. Implications are discussed to help inform policy and practice.