Innovation and the cost of mortgage credit: A historical perspective

Abstract

Since the inception of U.S. institutional mortgage lending in the 1830s there have been major changes in mortgage instruments, the delivery system, and funding sources. Some of these changes qualify as innovations that have lowered the cost of credit and increased its availability. This article divides the history of U.S. mortgage finance into three periods and identifies the source and type of major innovations.

The “Origins” period, from 1831 to 1931, included the development of many mortgage lending institutions and instruments. The second era, “A Wonderful Life,” featured a government‐supported special circuit that dominated mortgage finance from 1932 to 1981 and witnessed development of mortgage‐backed securities. The current era, “A Brave New World,” features a new system of credit delivery dominated by specialized institutions and technology. In it, application of automated underwriting and artificial intelligence may have far‐reaching effects on the market and the accessibility of low‐income households to mortgage credit.     

U.S.-China Space Cooperation: Balancing Act between the U.S. Congress and President

There are a growing number of U.S. space scientists and managers calling for reinitiating cooperation with China in space. It is well-known that investigations of the U.S. Congress into various allegations involving China have resulted in a series of laws curtailing space cooperation between these two countries. By surveying the concurrent political developments within the United States in the 1980s and 1990s, this article attempts to reveal the domestic compulsions that propelled changes in the U.S. space policy towards China. The fundamental impetus is the power struggle and differences between the U.S. president and Congress in their perception of U.S. economic interests and national security in the context of space technology that strained these relations. Recent U.S. presidents who inherited this situation added to the discourse based on their own perceptions about outer space and China. These perceptions either found congruence with the policy of the U.S. Congress or led to finding ways to circumvent its legal restrictions. Based on these developments, it is concluded that the view of the U.S. president has alternated between necessary, desirable, and objectionable on the issue of U.S.-China space cooperation, and the U.S. Congress has thus shifted from supporting to restricting and then legally banning cooperation.     

Geospatial intelligence and the U.S. Exploring Expedition (1838–1842): reframing the history of U.S. Naval Intelligence

This paper reframes the U.S. Exploring Expedition (USEE, 1838–1842) as a naval/geospatial intelligence collection activity. By charting the Pacific, the USEE furthered U.S. commercial interests, while also building a picture of the ‘maritime operational environment’ on which all other forms of intelligence were (and are) based. Viewing the USEE in this light broadens the opportunities open to historians of U.S. Naval Intelligence and historicizes contemporary concerns about climate change and resource scarcity. It suggests that ‘knowledge of the environment’ has long coexisted with ‘knowledge of the enemy’ as a priority for the U.S. Navy.     

U.S. SOUTH AFRICA POLICY IN THE 1980s: CONSTRUCTIVE ENGAGEMENT AND BEYOND

In this article no attempt is made to defend the Reagan administration's six-year-old policy of constructive engagement toward the Republic of South Africa, for to all but a few diehards the policy is indefensible. Instead, my response to Beres contains three components. First, I take issue with his dismissal of constructive engagement as no more than a ruse by which "to make apartheid palatable" to the American people, and argue that the purpose of the policy was to enable the Reagan administration to take credit for achieving a Namibia independence settlement. Second, I show that Beres' plea for popular opposition to an unjust policy comes too late, for a large number of Americans, during the past two years in particular, have been doing his bidding. Finally, I conclude with an assessment of the nature of the policy debate over South Africa that such popularity has prompted, in which direction U.S. South Africa policy now appears headed, and what issues, if any, remain to be resolved.     

Regional Power in National Diplomacy: The Case of the U.S. Section of the International Boundary and Water Commission

An interesting anomaly in the usual pattern of federal foreignpolicy management is found in the case of the U.S. Section ofthe International Boundary and Water Commission, United Statesand Mexico. The U.S. Section functions as a quasi-independentagency formally subject to the U.S. Department of State forpolicy oversight. Since its formation in 1945, however, theU.S. Section has acquired substantial institutional autonomyfrom the State Department due to its specialized jurisdiction,clientele relations with U.S. border states, and bilateral diplomacy.The U.S. Section performs a mediator role between the StateDepartment and its state clientele in resolving transboundaryproblems with Mexico, and leans toward the states when federaland state interests conflict.     

COVID-19 and American Attitudes toward U.S.-China Disputes

The COVID-19 outbreak has fueled tension between the U.S. and China. Existing literature in international relations rarely focuses on virus outbreaks as factors affecting international relations between superpower countries, nor does research examine an outbreak’s potential influence on the public’s opinion about their country’s foreign policy. To bridge this research gap, this study explores the extent to which the American public may be prone to favor policies that “punish” China via existing U.S.-China disputes, such as the South China Sea dispute and the U.S.-China trade war. I conducted an online survey using Amazon’s Mechanical Turk and ran multinomial and ordered logit models to estimate the association between an individual’s preferred policies and the country or government an individual blame for the impact of the pandemic. After controlling several essential confounding factors, such as one’s levels of nationalism and hawkishness, I found strong evidence that there is a positive association between people’s attribution of blame to the Chinese government and the likelihood of supporting aggressive policy options in the two disputes with China. That is to say, U.S. citizens who believe that the Chinese government is solely culpable for the outbreak in the U.S., compared to those who think otherwise, are more likely to support hawkish policy options, such as confrontational military actions, economic sanctions, or higher tariff rates. The research provides a glimpse into where Americans may stand in these disputes with China and the potential development of U.S.-China relations in the post-pandemic era.

     

A sociosemiotic interpretation of cybersecurity in U.S. legislative discourse

ABSTRACT

Based on one specially created corpus of U.S. cybersecurity-related laws, this study employs the corpus approach to examine the referent objects and securitizing actors in U.S. cybersecurity legislative discourse, which are two critical issues in constructing security, including cybersecurity. Through corpus data analysis, it is found that unlike traditional security, cybersecurity has become more people-oriented in terms of referent objects with critical infrastructure as a key referent object. Additionally, the role of private sectors and cooperative security are highlighted in U.S. cybersecurity legislative discourse. From a sociosemiotic perspective, it is noted that the meaning-making process of U.S. cybersecurity not only is conveyed by the texts but also interacts with other sign systems, such as historical background, cyberspace as a virtual realm and social contexts, which suggests that the specific meanings of signs constructing cybersecurity and cybersecurity itself should be interpreted in specific temporal or spatial contexts. Furthermore, a sociosemiotic approach to U.S. cybersecurity legislative discourse also offers valuable insights to how signs and concepts in cybersecurity contribute to sketching a holistic landscape of cybersecurity and further security on a large scale.     

The 2000 E-Campaign for U.S. Senate

Abstract

The 2000 election saw another increase in the number of Web sites produced by candidates for the U.S. Senate, to over 90% for the major party candidates and nearly 60% for third-party candidates. A content analysis of these campaign Web sites finds an increase in design elements that advance campaign purposes, such as online and credit card contributions. At the same time, few features or services were directed to the mass electorate. The absence of voter registration information and privacy policies from the large majority of Web sites is particularly striking. Sites often lacked basic navigation tools, making it difficult to find desired information. They also took little advantage of the interactivity that makes Web sites such a powerful communication and marketing tool. Third-party candidate Web sites lagged behind those of Democrats and Republicans in most respects, with the notable exceptions of mentioning their party names and the candidates at the tops of their tickets. The study concludes that campaign Web sites have not leveled the playing field for third parties, nor become a vehicle for increasing voter education and activation of the mass electorate. Neither are these Web sites employing a relationship     

The Armenian-American Lobby and Its Impact on U.S. Foreign Policy

Most of the few studies and press articles dealing with the U.S. Armenian lobby have tended to insist on this lobby’s successes, regarded as impressive and disproportionate. This has generated a few problems in its global understanding, especially with regards to its impact on U.S. foreign policy, and has contributed to shape a generalized perception of a “small” lobby, capable of considerable influence on U.S. foreign policy. The main goal of this article is to question this common perception in order to propose a more accurate evaluation of this lobby. Mostly thanks to its influence in Congress, it has succeeded in getting positive results, particularly concerning U.S. financial assistance to Armenia. However, it has also experienced some failures, particularly on issues related to Turkey or American energy policy.     

U.S.‐Style Leadership for English Local Government?

Significant changes in the political management of local authorities in the United Kingdom are now taking place as a result of legislation passed by the Labour government since 1997. The new political management models aim to modernize local governance by strengthening local leadership, streamlining decision making, and enhancing local accountability. These changes owe much to U.S. experience: They involve the introduction of a separation of powers between an executive and an assembly, and they allow local authorities to introduce directly elected mayors for the first time ever. Is U.K. local government beginning to adopt what might be described as U.S.‐style approaches to local governance? The evidence suggests the new institutional designs for U.K. local authorities represent a radical shift toward U.S.‐style local leadership and decision making. However, the U.K. central state remains heavily involved in the details of local decision making, to an extent that would be unthinkable in the United States.     

Interorganizational Mobility within the U.S. Federal Government: Examining the Effect of Individual and Organizational Factors

Interorganizational mobility can make a positive contribution both organizationally and government‐wide. Using data from the U.S. Federal Employee Viewpoint Survey, this article seeks to provide a better empirical understanding of the determinants of interorganizational mobility within the U.S. federal government. A specific analytical framework is used, as the intention to take another job within the federal government is nested in the intention to leave the current organization. The results highlight that gender, minority status, length of service, and promotion are determinants of interorganizational mobility within the U.S. federal government.     

The Branding of Candidates and Parties: The U.S. News Media and the Legitimization of a New Political Term

Political marketing research indicates that brands and branding are a robust aspect of politics. However, little is known of the broader cultural appreciation of political branding. Through a content analysis of major U.S. newspapers over a 40-year period, we provide evidence that the U.S. news media is increasingly aware of political branding. Moreover, we present a typology of media treatment that indicates that the national media in the U.S. increasingly perceive brands and branding in the public sphere as an innate, multifaceted, and effective part of modern politics.     

Political Science and Prediction: What's Next for U.S. Climate Change Policy?

This article analyzes how U.S. climate change politics and policy making are changing in the public, private and civil society sectors, and how such changes are likely to influence U.S. federal policies. It outlines the current status of U.S. climate change action and explores four overlapping pathways of policy change: (1) the strategic demonstration of the feasibility of climate change action; (2) the creation and expansion of markets; (3) policy diffusion and learning; and (4) the creation and promulgation of norms about the need for more aggressive climate change action. These four pathways seek to fruitfully draw from rationalist and constructivist approaches to policy analysis, without collapsing or confusing the different logics. Building on this analysis, it predicts that future federal U.S. climate policy will include six major components: (1) A national cap on GHG emissions; (2) A national market based cap‐and‐trade GHG emissions trading scheme; (3) Mandatory renewable energy portfolio standards; (4) Increased national product standards for energy efficiency; (5) Increased vehicle fleet energy efficiency standards; and (6) Increased federal incentives for research and development on energy efficiency issues and renewable energy development. In addition, expanding federal climate policy may bring about significant changes in U.S. foreign policy as U.S. international re‐engagement on climate change is likely to occur only after the development of more significant federal policy.     

Growing Stem Cells: The Impact of Federal Funding Policy on the U.S. Scientific Frontier

This paper articulates a citation‐based approach to science policy evaluation and employs that approach to investigate the impact of the United States’ 2001 policy regarding the federal funding of human embryonic stem cell (hESC) research. We evaluate the impact of the policy on the level of U.S. hESC research, the U.S. position at the knowledge frontier, and the strategic response of U.S. scientists. Consistent with recent research on the science of science and innovation policy, we employ a difference‐in‐differences approach using bibliometric data with the aim of analyzing the causal impact of the policy on cumulative research. Our estimates suggest that in the aftermath of the 2001 policy, U.S. production of hESC research lagged 35 to 40 percent behind anticipated levels. However, this relative decline was largely concentrated in the years 2001 to 2003 and ameliorated over time. The rebound in U.S. hESC research after 2003 was driven by contributions by researchers at elite U.S. institutions and U.S. researchers who collaborated with international partners. The results suggest that scientists respond strategically to research funding restrictions and that modest science policy shifts can have a significant influence on the within‐country composition of research and the pattern of global research collaboration.     

The State Constitutional Pedigree of the U.S. Bill of Rights

A direct comparison between the U.S. Bill of Rights and prominentEnglish common law documents shows that the first ten amendmentsto the U.S. Constitution have only a limited relationship toEnglish antecedents. Nor were the amendment proposals by thestate ratifying conventions the primary source of the U.S. Billof Rights. Instead, this famous addition to the federal Constitutionwas a summary of the common core found in the seven existingstate bills of rights. James Madison's use of this source restedupon colonial developments in rights theory, contrasting notionsof rights in England and America, competing notions of libertyin America in the 1780s, and the political exigencies surroundingthe ratification of the U.S. Constitution.     

Legislative Television as an Institutional Entry Barrier: The Impact of C-SPAN2 on Turnover in the U.S. Senate, 1946–1998

The present study examines the impactof televised U.S. Senate sessions (byC-SPAN2) on turnover rates in the U.S.Senate over the period 1946–1998. Using atheoretical model wherein politicalservices are viewed as search/experiencegoods, it is argued that there are manyparliamentary procedures available to U.S.Senators (e.g., filibustering, SpecialOrder Speeches, etc.) that serve them aslow-cost forms of persuasive advertising. These outlets provide opportunities forpolitical ``grandstanding'' on popular issueswhich challengers would have to spend largesums of money to combat and/or replicate. In this way C-SPAN (potentially) servesincumbent Senators as an entry barrier.     

Introduction: Dimensions of Interstate Relations

By dividing political power between the national governmentand multiple constituent governments, a federal system automaticallyproduces relations among the constituent governments. This articledescribes six provisions of the U.S. Constitution for handlingrelations between the states: (1) federal judicial settlementof interstate disputes, (2) cooperative action by states, (3)privileges and immunities within each state for out-of-statecitizens of the United States, (4) full faith and credit forthe public acts, records, and judicial proceedings of each state,(5) interstate rendition, and (6) free interchange of commerceamong the states.     

Pleasing the Principal: U.S. Influence in World Bank Policymaking

How do policies in international organizations reflect the preferences of powerful institutional stakeholders? Using an underutilized data set on the conditions associated with World Bank loans, we find that borrower countries that vote with the United States at the United Nations are required to enact fewer domestic policy reforms, and on fewer and softer issue areas. Though U.S. preferences permeate World Bank decision making, we do not find evidence that borrower countries trade favors in exchange for active U.S. intervention on their behalf. Instead, we propose that U.S. influence operates indirectly when World Bank staff—consciously or unconsciously—design programs that are compatible with U.S. preferences. Our study provides novel evidence of World Bank conditionality and shows that politicized policies can result even from autonomous bureaucracies.     

美国联邦政府的宽带薪资试验及其启示

20世纪80年代以来,随着内外部环境的变化,建立在严格的职位分类基础之上的美国联邦政府传统薪资系统受到越来越多的挑战。为此,美国联邦政府开始探索适用于政府部门的新型薪资结构,宽带薪资试验就是这种尝试之一。三项宽带薪资试验对于美国政府机构乃至美国私营企业的薪资体系创新都产生了深远的影响。试验不仅揭示了宽带薪资是公共部门薪资体系的发展方向之一,而且对我国公共部门的薪资体系改革具有重要的借鉴意义。     

Federalism and Full Faith and Credit: Must States Recognize Out-of-State Same-Sex Marriages?

As Hawaii considers recognizing same-sex marriages, other stateshave started to ask whether, under the full faith and creditclause of Article IV of the U.S. Constitution, they could becompelled of recognize those marriages solemnized in Hawaii.Under Article IV, the Congress could legislate on the issueand provide further guidance to states. Federal courts couldintervene, and offer interpretations of the full faith and creditclause as it applies to same-sex marriages. Given the currentpolitical climate, however, it is unlikely that this issue willbe resolved, at least initially, by the federal government.Instead, the issue is likely to be decided in state courts andlegislatures, with the essential question being whether a sufficientstate public policy exists to exempt the state from the otherwisemandatory requirements of the full faith and credit clause.