Has the SARB become more effective post inflation targeting?

This paper assesses the impact of a monetary policy shock on 15 key macroeconomic variables of South Africa, in the pre- and post-inflation targeting periods. For this purpose, we use a Factor-Augmented Vector Autoregressive (FAVAR) model comprising of 107 monthly time series over two equal sub-samples of 1989:01–1997:12 and 2000:01–2008:12. The results, based on impulse response functions, are in line with economic theory and indicate no puzzling effects often observed with small-scale monetary Vector Autoregressive (VAR) models. More importantly, we find that the ability of monetary policy in affecting key macroeconomic variables, including inflation, has increased in the post-targeting period. But, majority of the effects are insignificant, which could, however, also be due to the shorter-lengths of the sub-samples relative to the number of variables used in this study, rather than depicting the inability of monetary policy to significantly affect the South African economy.     

Informal Controls and the Explanation of Propensity to Offend: A Test in Two Urban Samples

Propensity to offend is an important and stable predictor of offending. A person’s propensity is often thought of as a multidimensional trait consisting of morality and low self-control. The aim of this paper is to explain individual differences in propensity to offend as one single construct and two of its dimensions, namely morality and low self-control. It is well established that low levels of morality and low self-control increase the risk of offending. However, there is less empirical research that focuses on the main predictors of morality and self-control. Therefore the main research question for this study is to explain to what extent parental attachment, parental control and the school social bond have a direct effect on one’s propensity to offend (low morality or delinquency tolerance and low self-control). The data are drawn from two different samples of young adolescents in Antwerp, Belgium (N = 2,486), and Halmstad, Sweden (N = 1,003). The results show that parental control, parental attachment and the school social bond have direct effects on individual differences in propensity to offend, regardless of individual background variables. The results are highly equivalent in both samples. The similarity of the results across two independent samples suggests that the findings are stable. Implications for further studies are discussed.     

<Emphasis Type="Bold">A</Emphasis>nti-corruption agencies: between empowerment and irrelevance

The anti-corruption activity of the 1990s is characterized by the rise of new players, such as specialized anti-corruption bodies. Anti-corruption agencies (ACAs) are public bodies of a durable nature, with a specific mission to fight corruption and reducing the opportunity structures propitious for its occurrence in society through preventive and/or repressive measures. Independently of their format and powers, ACAs encounter various constraints to their mandate, which explains the meagre results obtained by some of them. This introductory paper tries to understand the rise, future, and implications of this new kind of “integrity warrior” and to locate them in the evolving doctrine of corruption control. The objective of this edited volume is to re-launch the debate on ACAs as the most innovative feature of the anti-corruption movement of the last two decades.     

An economic theory of the regulation of preliminary measures

Preliminary measures adopted early in litigation are crucial for plaintiffs, given existing court delays and changing economic environment, but can also harm a blameless defendant. Therefore, some form of regulation is needed to minimize the harms that can result and discard non-optimal measures. Law and economic scholars have suggested that courts should control requests for preliminary measures, but this form of regulation fails to explain existing legislations, both in civil law and common law countries. This article argues that non-optimal preliminary measures can be more efficiently filtered through a strict liability regime, and that their judicial control should be residual.     

Cultural Cognition and Public Policy: The Case of Outpatient Commitment Laws

What explains controversy over outpatient commitment laws (OCLs), which authorize courts to order persons with mental illness to accept outpatient treatment? We hypothesized that attitudes toward OCLs reflect “cultural cognition” (DiMaggio, P. Annl Rev Sociol 23:263–287, 1997), which motivates individuals to conform their beliefs about policy-relevant facts to their cultural values. In a study involving a diverse sample of Americans (N = 1,496), we found that individuals who are hierarchical and communitarian tend to support OCLs, while those who are egalitarian and individualistic tend to oppose them. These relationships, moreover, fit the cultural cognition hypothesis: that is, rather than directly influencing OCL support, cultural values, mediated by affect, shaped individuals’ perceptions of how effectively OCLs promote public health and safety. We discuss the implications for informed public deliberation over OCLs.     

Green Criminology and Dirty Collar Crime

As a contribution to literature drawing together green criminology and studies of organised and corporate crime, this paper provides a case study of crimes and public health harms linked to the Naples garbage disposal crisis. The context is the inability of modern consumer society to cope with the problem of mass production of waste. In turn this leads to opportunities for both legal and criminal entrepreneurs to offer services that promise but fail to ‘dispose’ of the problem. The analysis draws upon environmental law and classic studies of organised crime.     

Regulatory competition in European company law

States have customarily tended to compete with one another. Not always, however, is this tendency, or the underlying methods put to use, obvious. That states (provincial divisions in the US) were competing to attract incorporations by relaxing their regulatory standards, couldn’t be seriously observed and highlighted until mid-1970s. Today, a few would doubt the existence of regulatory competition in corporate law in the US. In this paper, the author examines the issue whether the EU is (likely to be) engaged in regulatory competition in the area of company law. Answering the question in affirmative, the author proceeds to examine the strength of the race to the bottom and the race to the top theories, as developed and argued in the US, for the European setting. Since the legal systems of Member States of the EU have certain very disparate “core values” along which those systems have historically developed, relaxation of standards in the EU would take place against different variables. Because of the multitude of variables, comparable variables are unlikely to yield comparable results; either of the race theories is unlikely to satisfactorily predict the regulatory behaviour of EU Member States. Instead, since “laxation” in respect of one variable would be met by “optimisation” in respect of the other, there is likely to be simultaneous races to the top and to the bottom among the EU Member States.     

Earth system governance: a research framework

The Earth System Science Partnership, which unites all major global change research programmes, declared in 2001 an urgent need to develop “strategies for Earth System management”. Yet what such strategies might be, how they could be developed, and how effective, efficient and equitable such strategies would be, remains unspecified. It is apparent that the institutions, organizations and mechanisms by which humans currently govern their relationship with the natural environment and global biochemical systems are not only insufficient—they are also poorly understood. This article presents the science programme of the Earth System Governance Project, a new 10-year global research effort endorsed by the International Human Dimensions Programme on Global Environmental Change (IHDP). It outlines the concept of earth system governance as a challenge for the social sciences, and it elaborates on the interlinked analytical problems and research questions of earth system governance as an object of study. These analytical problems concern the overall architecture of earth system governance, agency beyond the state and of the state, the adaptiveness of governance mechanisms and processes as well as their accountability and legitimacy, and modes of allocation and access in earth system governance. The article also outlines four crosscutting research themes that are crucial for the study of each analytical problem as well as for the integrated understanding of earth system governance: the role of power, knowledge, norms and scale.