Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services

Financial regulators in many states recently have obtained statutory mandates to enhance consumer financial literacy. This paper investigates the development of policy pursuant to such mandates in the UK and Canada to identify how national regulators represent the role of the literate consumer in the financial market place. It finds that regulators in both countries represent financial education as empowering consumers but that each embeds in its policy an implicit normative ordering of responsible consumer behavior. The paper relates the tension between empowerment and responsibilization aspects of literacy enhancement to policy goals of expanding financial markets and assisting financial regulators to manage consumers' expectations of protection. It raises questions about regulators' use of consumer education to responsibilize consumption of financial products and calls for further research on the international growth of financial literacy education as a regulatory project.     

Trade Unions in Africa

The following address was given before a joint meeting of theRoyal African Society and the Royal Empire Society on June 30,1955. The Rt. Hon. James Griffiths, M.P., and former ColonialSecretary, took the Chair.     

The Politics of Forecast Bias: Forecaster Effect and Other Effects in New York City Revenue Forecasting

This paper examines the impact of forecasters, horizons, revenue categories, and forecast timing in relation to decision making on forecast bias or accuracy. The significant findings are: for the most part forecasters tend to report forecasts that are similar rather than competitive. Forecast bias (underforecasting) increases over longer horizons; consequently claims of structural budget deficit are suspect, as an assertion of structural deficit requires that a reliable forecast of revenue shows continuous shortfall compared with a reliable forecast of expenditures. There is an overforecasting bias in property tax, possibly reflecting demand for services. There is an underforecasting forecast bias in two revenue categories, all other taxes and federal categorical grants, resulting in a net total underforecasting bias for the city's revenue. There appears to be a period effect (forecasts in June are substantially biased), but this effect requires further study. The study suggests further examination of the bias associated with revenue categories, time within the budget cycle, and forecast horizon.     

Violence in and around Entertainment Districts: A Longitudinal Analysis of the Impact of Late‐Night Lockout Legislation

Violence in entertainment districts is a major problem across urban landscapes throughout the world. Research shows that licensed premises are the third most common location for homicides and serious assaults, accounting for one in ten fatal and nonfatal assaults. One class of interventions that aims to reduce violence in entertainment districts involves the use of civil remedies: a group of strategies that use civil or regulatory measures as legal “levers” to reduce problem behavior. One specific civil remedy used to reduce problematic behavior in entertainment districts involves manipulation of licensed premise trading hours. This article uses generalized linear models to analyze the impact of lockout legislation on recorded violent offences in two entertainment districts in the Australian state of Queensland. Our research shows that 3 a.m. lockout legislation led to a direct and significant reduction in the number of violent incidents inside licensed premises. Indeed, the lockouts cut the level of violent crime inside licensed premises by half. Despite these impressive results for the control of violence inside licensed premises, we found no evidence that the lockout had any impact on violence on streets and footpaths outside licensed premises that were the site for more than 80 percent of entertainment district violence. Overall, however, our analysis suggests that lockouts are an important mechanism that helps to control the level of violence inside licensed premises but that finely grained contextual responses to alcohol‐related problems are needed rather than one‐size‐fits‐all solutions.     

West African Marketing Boards

This article represents the main parts of a lecture deliveredon the 30th October, with Lord Milverton in the chair. Mr. Williamsis editor of West Africa and the West African Review. He servedwith the Forces in East Africa during the War.     

NETWORK GOVERNANCE AND ENVIRONMENTAL MANAGEMENT: CONFLICT AND COOPERATION

In this article we propose structural preconditions for effective network governance, including network structures that can facilitate effective coordination of action (such as relational and structural embeddedness), and agreement among network actors about goals and actions. We illustrate circumstances in which these preconditions do not seem to be met through a case study of environmental governance of a major water resource – the Swan River in Western Australia. This governance system, since changed by legislation, did not exhibit embeddedness among its constituent organizations, and crucial relations involved contestation, with organizations apparently pursuing different goals. This paper demonstrates how advanced social network methods can be used to analyse a networked governance system.