The Impact of Federal Preemption of State Antipredatory Lending Laws on the Foreclosure Crisis

State antipredatory lending laws (APLs) are designed to protect borrowers against predatory lending that can increase the risk of default and deplete the home equity held by borrowers. Federal regulators instituted preemption that limited the scope and reach of state antipredatory lending regulations for certain lenders. Based on the variation in state laws and the variation in the regulatory environment among lenders, this paper identifies the effects of federal preemption of state APLs on the quality of mortgages originated by preempted lenders. The results provide evidence of a relatively higher increase in default risk among loans exempted from strong state antipredatory laws. These results are most robust among refinance mortgages with adjustable interest rates—a large and highly dynamic market in the period of analysis. The findings provide initial evidence that preemption of state mortgage lending regulations may result in an increase in mortgage default risk, thus limiting consumer protection in the residential mortgage market.     

The Impact of Energy Asset Privatisation on State Government Debt Management and Service Provision in Victoria and New South Wales

The purpose of this article is to look at the impact of the privatisation of the electricity and gas industries in the state of Victoria on the level of state government debt and subsequent ability of the state to deliver public services in the areas of health, education and law and order. In order to undertake this, a comparison is made with the state of New South Wales (NSW), where the privatisation of the electricity industry was often debated during the 1990s and 2000s, but never undertaken.     

Manufactured Responsiveness: The Impact of State Electoral Laws on Unified Party Control of the Presidency and House of Representatives, 1840–1940

The modern history of divided government in America suggests that the framers succeeded in creating a government unresponsive to popular passions. Yet in the nineteenth century the party winning the presidency almost always captured control of the House of Representatives. Why and how could nineteenth century national elections be so responsive that they resemble parliamentary outcomes? We identify electoral institutions present in the states that directly linked congressional elections to presidential coattails. Specifically, we estimate the impact of state ballot laws and the strategic design of congressional districts on presidential coattail voting from 1840 to 1940. We find that presidential elections, as mediated by state electoral laws, strongly account for unified party control of the House and the presidency throughout the nineteenth century.     

The Road to South Carolina: Intergovernmental Tax Immunity and the Constitutional Status of Federalism

In South Carolina v. Baker the Supreme Court struck a powerfulblow at constitutional federalism. As a result of this landmarkcase, the question of whether issuing tax exempt bonds is asovereign right of the states or a privilege they are accordedby the national government has been settled. Relying in parton precedent from Garcia, the Court determined that immunityis not a right under the Tenth Amendment. In addition, SouthCarolina established a new doctrine of intergovernmental taximmunity which formally accords superior powers to the nationalgovernment. Taken together, these results have implicationsfor the future course of intergovernmental fiscal policy aswell as the basic character of the relationship between thenational and state and local governments.     

Contextual Effects on Retrospective Economic Evaluations The Impact of the State and Local Economy

The theoretical premise of this study is that individual retrospective evaluations of the national economy, which have a clear impact on voting behavior in national elections, are influenced not only by the national economy but also by the state and local economic context. This hypothesis is tested by analyzing the effect that the unemployment rate in the individual's state and community has on the individual's retrospective evaluation of the national unemployment situation in 1992, using data from the 1992 American National Election Study survey, supplemented with data on the unemployment rate during the third quarter of 1992 for the respondent's community and state. The findings show that the state unemployment rate has a clear effect on retrospective evaluations of national economic conditions. This effect occurs apart from any effect on fear of unemployment, which is unaffected by the state unemployment rate. The community unemployment rate has little or no effect on retrospective economic evaluations, except for a small impact on personal unemployment experience. The contextual effect that we observe therefore is primarily sociotropic, not personal pocketbook, in nature. We suggest that the contextual patterning of information, perhaps especially through media reporting of economic conditions, is responsible for producing this effect.     

Equity and Accountability: The Impact of State Accountability Systems on School Finance

Using an 11‐year panel data set containing information on revenues, expenditures, and demographics for every school district in the United States, we examine the effects of state‐adopted school accountability systems on the adequacy and equity of school resources. We find little relationship between state implementation of accountability systems and changes in school finance equity, though we do find evidence that states in which courts overturned the school finance system during the decade exhibited significant equity improvements. Additionally, while implementation of accountability per se does not appear linked to changes in resource adequacy, states that implemented strong accountability systems did experience improvements.     

The Impact of State Rainy Day Funds in Easing State Fiscal Crises During the 1990–1991 Recession

This article examines the degree to which rainy day funds eased the fiscal stress experienced by states during the 1990–1991 recession. In the first section, a state fiscal policy of neutrality over the business cycle is used as a benchmark for evaluating the use of budget stabilization funds. The next section looks at data from the last three recessions to see how recessions have affected the taxes and expenditures of states. A measure of degree of fiscal stress experienced by each state during the 1990–1991 recession is then calculated. These results are used to empirically investigate the impact of explicit state rainy day funds in easing state fiscal stress. Next, the article examines whether states that had rainy day funds in 1989 were more likely to have less fiscal stress, and whether the specific deposit and withdrawal provisions of these funds made a difference.     

Canadian Abortion Policy: National Policy and the Impact of Federalism and Political Implementation on Access to Services

The Canada Health Act requires provinces and territories toprovide medically necessary services and to provide equal accessto such services. Since 1995, the governing Liberal Party hasissued statements indicating that it views abortion servicesas medically necessary services. Yet the operation of healthdelivery systems in Canada is primarily reserved for the provincesand territories. Provincial and territorial access to abortionservices is significantly affected by bottom-up political implementation,where national policy is often undermined and "trumped" by thepolitics and pressures operative within provincial and territorialpolitical systems and by other intense interest group pressures.     

党规国法协调发展的法治文化：构成要素与构建原则

党内法规和国家法律协调发展已成为法学领域研究的重大课题,要实现这一目标,需要加强党规国法协调发展的法治文化建设,运用现代法治精神和法治理念去指导党内法规和国家法律实践。党规国法协调发展的法治文化,包括遵守规则的法治意识、程序公正的法治思维、捍卫民主的价值理念、控制权力的法治要义、保护权利的文化取向和公平正义的价值追求。加强党规国法协调发展的法治文化建设,要坚持党的全面领导,坚定以人民为中心的价值取向,坚持弘扬中华优秀传统法律文化,学习借鉴世界优秀法治文明成果,使党规国法更好体现国家价值目标、社会价值取向。     

When Less is More: The Impact of the Regulation on Standard Workweek on Labor Productivity in South Korea

This paper examines the impact of a workweek reduction policy on the labor productivity of manufacturing plants in Korea. Taking advantage of the stepwise introduction of the standard 40‐hour workweek in Korea, we apply a difference‐in‐differences framework to individual‐level cross‐sectional and plant‐level longitudinal data to examine the impact of the policy on working hours and output, respectively. We find that the policy reduced per‐worker hours but increased per‐worker output, which is robust to various specifications and sample restrictions. The observed increase in per‐worker output is likely to be mediated through the increase in the total factor productivity and the amount of capital stock.     

Restructuring the State in South Africa: New Strategies of Incorporation and Control

Although it is now widely conceded that there have been many changes in South Africa in recent years, not least in the political sphere, the nature and significance of these changes remain hotly contested. After sketching the pre-reform system, this article presents a broad and comprehensive account of the institutional reorganization of the South African state and the official justification for it. Acknowledging that at the moment only tentative interpretations of these developments are possible, it poses questions about the adequacy of official explanations and suggests that a deeper motivation for the changes lies in a commitment to both order and reform, the outlines of which are much clearer at the local than at the national level.     

The Influence of Unobserved Factors on Position Timing and Content in the NAFTA Vote

e-mail: boehmke{at}umich.edu A variety of factors have been shown to influence position timingand the content of positions taken by legislators on importantissues. In addition to these observed factors, I argue thatunobserved factors such as behind-the-scenes lobbying and partyloyalty may also influence position timing and position content.Although hypotheses about observed factors can be tested usingtraditional methods, hypotheses about unobserved factors cannot.To test for systematic effects of unobserved factors on positiontiming and content, I develop a seemingly unrelated discrete-choiceduration estimator and apply it to data from the vote for theNorth American Free Trade Agreement. The results indicate thateven after controlling for observed factors, there is stillevidence that unobserved factors such as Presidential lobbyingand/or party loyalty influence both choices.     

The Impact of Public Officials’ Corruption on the Size and Allocation of U.S. State Spending

This article demonstrates the impact of public officials’ corruption on the size and allocation of U.S. state spending. Extending two theories of “excessive” government expansion, the authors argue that public officials’ corruption should cause state spending to be artificially elevated. Corruption increased state spending over the period 1997–2008. During that time, the 10 most corrupt states could have reduced their total annual expenditure by an average of $1,308 per capita—5.2 percent of the mean per capita state expenditure—if corruption had been at the average level of the states. Moreover, at the expense of social sectors, corruption is likely to distort states’ public resource allocations in favor of higher‐potential “bribe‐generating” spending and items directly beneficial to public officials, such as capital, construction, highways, borrowing, and total salaries and wages. The authors use an objective, concrete, and consistent measurement of corruption, the number of convictions.     

The Impact of Tax Revenue from Capital Gains Realizations on State Income Tax Revenue and Budget Conditions

We explore the effect of the rapid increase in capital gains realizations on state income tax revenue during the 1990s and 2000s, and the effect that this had on state fiscal decisions regarding the use of these revenue. We find wide variation in the growth of capital gains realizations across states and that the growth in capital gains had a significant effect on state income tax revenue for many states. We find that states used a sizable portion of the additional revenue from capital gains to fund reserves in the year the revenue was generated, and that capital gains revenue lead to some reductions in taxes but not to increases in expenditures. The evidence suggests that states were conservative in their use of capital gains related revenues.     

Impact of compulsory competitive tendering on the structure and performance of local government systems in the State of Victoria*

Around the world, the public sector is introducing private sector management practices. Abandoning the binary model of public and private sectors the State Government of Victoria introduced the compulsory competitive tendering system under which local government bodies are required to tender out their services to private sector service providers. The aim was to encourage local government bodies to operate in contestable situations so that they can increase efficiency, decrease operating costs, develop clear programme goals and objectives, become responsive to client goals, and improve the quality of goods and services. The article describes how the practice of the compulsory competitive tendering system has introduced major changes to organizational cultures, attitudes of employees, power and authority structures, sytems of decision making, delegation of financial and managerial authority, and the nature of control and accountability. In addition, the article explains the degree of competitiveness and efficiency that local government bodies have achieved and describes how the corporatized structure has helped to achieve the financial objectives. The article also discusses how the role of the elected councils is diminishing under this new management structure and argues that in the absence of a genuine monitoring system and accountability mechanism the local government bodies find it difficult to assert their role as quality service deliverers. This has forced the councils to comply with the requirements of the competition laws which have reduced direct accountability of government to the public. Copyright © 2000 John Wiley & Sons, Ltd.