In the 2007–08 financial crisis, over‐the‐counter (OTC) derivatives triggered the collapse of colossal financial institutions. In response, global policy makers instituted clearinghouse mandates. As a result, all standardized OTC derivatives must now use clearinghouses, and global financial market stability now depends upon these institutions. Yet certain underlying legal and regulatory structures threaten to undermine clearinghouse stability, particularly were a significant clearinghouse to become distressed. This article argues that the clearinghouse mandates are incomplete in that they fail to reform these problematic arrangements. As with electric utilities, the lights at the financial market infrastructures known as clearinghouses must always be on. Yet the legal frameworks for handling a distressed clearinghouse, the problem of clearinghouse recovery, and resolution, remain uncertain. This article advances debate on this issue. It argues that recovery, a private market restructuring process, can be conceptualized as a bargaining game dependent upon time‐critical cooperation between a clearinghouse and members. This article uses transaction cost economics to demonstrate, however, that certain underlying legal and regulatory structures could work at cross‐purposes to this necessary cooperation, and actually increase its cost. Based upon this analysis, it proposes reforms designed to ensure that parties’ incentives promote efficient recovery. In the absence of efficient recovery frameworks, the path of a distressed, significant clearinghouse is likely to resemble that of the government‐backed mortgage lenders whose fate more than ten years after their entry into conservatorship remains uncertain. This article aims to help avoid a repeat of this history. 相似文献
This essay sets out to search for an equivalent Chinese word to the English word ‘justice’ in classical Chinese language, through ancient Chinese philosophical texts, imperial codes and idioms. The study found that there does not seem to be a linguistic sign for ‘justice’ in classical Chinese, and further, yi resembles ‘justice’ in some ways and has been used sometimes to translate ‘justice’, but yi is a complex concept in traditional Chinese philosophy with multiple meanings and it is dissimilar to ‘justice’ in their semantic and pragmatic meanings in Chinese and English legal culture. While ‘justice’ is a keyword and fundamental to Western law, yi is not a legal word or concept in classical Chinese in traditional China. Given its complexity, yi does not have a one-to-one equivalent in English. It sometimes carries a sense of ‘righteousness’ and occasionally ‘justice’, but yi and ‘justice’ are not equivalent. In view of these, it becomes understandable that the translations of yi in contemporary Chinese usage vary ranging from ‘friendship and justice’ to ‘greater good’, among others. The meaning of yi is still uncertain and context sensitive as it was two thousand years ago.
Respiratory pathogens have been detected in forensic investigations using multiple techniques; however, no study has examined the use of automated, nested, multiplex polymerase chain reaction (ANM‐PCR), commonly used in living patients, in the forensic setting. This retrospective study assessed the utility of ANM‐PCR in detecting respiratory pathogens in the pediatric forensic setting. Respiratory samples from 35 cases were tested for up to 20 respiratory pathogens. 51.4% of these cases yielded a positive ANM‐PCR result, 20% of which were considered the cause of or contributory to death. The most commonly detected pathogens were rhinovirus/enterovirus and respiratory syncytial virus, and these were the only pathogens determined to play a significant role in cause of death. The sampled sites and postmortem intervals tested did not affect the likelihood of a positive or negative test. ANM‐PCR panels are effective, affordable, and rapid ancillary tools in evaluating cause of death in the forensic pediatric population. 相似文献
Media reports routinely reference the drug-related violence in Mexico, linking crime in communities along the Southwest U.S. Border to illegal immigrants. The primary purpose of the current research is to examine whether the media assertions can be supported. Logistic regression models were run to determine the impact of citizenship on the likelihood of disproportionate arrest for federal drug and violent crimes, along the U.S./Mexico border. In arrests for homicide, assault, robbery, and weapons offenses, U.S. citizens were disproportionately more likely than non-citizens to be arrested. The only federal crime where non-citizens were disproportionately more likely to be arrested than were U.S. citizens was for marijuana offenses. Results of the current study challenge the myth of the criminal immigrant. 相似文献
Like many new democracies, Argentina has struggled with contentious movements that have challenged its precarious stability. Two very different sectors have led particularly powerful opposition movements: the military—associated historically with the abuse of power—and the unemployed workers, with important support from prestigious human rights organizations. This article looks both at how the political standing of the sector (military versus civil society) influences policy choices and at how these policy choices influence whether opposition movements remain mobilized and contentious. It argues that situation‐alleviating policies—those that successfully address interests of the sector as a whole—tend to be more successful in defusing contentious movements than policies relying on coercion, concessions, or co‐optation of mobilized opposition groups. Situation alleviation depletes the contentious groups of possible recruits, while policies targeting the mobilized opposition may inadvertently motivate those actors to remain mobilized. 相似文献
This article examines the experiences of women occupying reserved seats on the suku councils of Timor-Leste (each of which represents a number of small villages). The limited political participation of these women is often ascribed to patriarchal ideas within rural areas, and the need for capacity development. This article argues, however, that there are further structural issues at play, whereby the interaction between traditional and modern governance makes it difficult for women occupying reserved seats to make their mark. While gender quotas can be a useful tool to encourage women's political participation, these structural issues need to be recognised and addressed in order to truly empower women. 相似文献