Lehman Brothers in the Dutch offshore financial centre: the role of shadow banking in increasing leverage and facilitating debt

Credit intermediation outside the regular banking system, or shadow banking, has increased immensely over the past decade. This paper situates this increase against the backdrop of the structural problem of overaccumulation, and thus the absence of profitable reinvestment opportunities in the production sphere, in addition to the scarcity of high-quality collaterals. Zooming in on Europe’s offshore world and Dutch conduit structures in particular, the paper illustrates, on the basis of the Amsterdam-based Lehman Brothers subsidiary (and others), how shadow banking enables regular banks to increase leverage and take on excessive debt. It will be argued that the continued expansion of debt at the systemic level, inter alia facilitated by shadow banking, heralds the prospect of a crisis far more dramatic than the one we are currently witnessing.     

Part-time Work,Job Satisfaction and Well-being: Evidence from a Developing OECD Country

We estimate the effects of part-time work on job and life satisfaction using new data for Chile. While part-time work is being promoted to increase female labour participation in many countries, there are concerns about its quality and the overall effect on well-being of such policies. We estimate models for job and life satisfaction addressing for endogeneity and selectivity bias. We found that part-time work has a negative effect on job satisfaction and well-being for men; however, when looking at just women, the negative effect is reversed. This should be considered when designing public policies oriented at increasing female labour participation through part-time work.     

The Variability of Ecstasy Tablets Composition in Brazil

The content of ecstasy tablets has been changing over the years, and nowadays 3,4‐methylenedioxymethamphetamine (MDMA) is not always present in the tablets. The aim of this study was to investigate the chemical composition in the seized tablets labeled as ecstasy. We analyzed samples from 150 different seizures made by Sao Paulo's State Police by gas chromatography–mass spectrometry. MDMA was present in 44.7% of the analyzed samples, and another twenty different active substances were identified in these tablets, such as caffeine, 2C‐B, piperazines, amphetamines, phencyclidine, and others. Methamphetamine was present in 22% of these samples. The results demonstrate a huge shift in the pattern of trafficking of synthetic drugs, where MDMA has been replaced in tablets mostly by illicit psychoactive substances, in a clear attempt to bypass the law. The great variability in the tablets composition may lead to an increased risk of drug poisoning.     

Introducing political considerations into technical plans: A case study of nicaragua's economic reorganization in a post sandinista administration

Planners and politicians do not always agree on the best way of distributing resources. Usually, planners take to a technical strategy while politicians take to a constituent building strategy. The differences in opinion between planners and politicians is most acute in Nicaragua's post Sandinista Administration. Nicaraguan planners are addressing enormous economic problems while simultaneously trying to obtain outside assistance form the Multinational Financial Institutions (World Bank, IMF, Inter-American Development Bank). Politicians, on the other hand, are trying to stabilize the country's political system after a decade of the marxist Sandinista's control. The desperate political and economic situation in Nicaragua has made the already troubled marriage between planners and politicians more tenuous.

In this paper we evaluate the inconsistencies between the technical and political modes of decision making. We draw on a case study of implementing a technical economic plan for the Nicaraguan government in 1992 to illustrate the differences of opinion between planners and politicians. In addition, we use the Nicaraguan case study to explore some considerations for reducing these inconsistencies.     

A Nonlinear Least Squares Approach to Time of Death Estimation Via Body Cooling

The problem of time of death (TOD) estimation by body cooling is revisited by proposing a nonlinear least squares approach that takes as input a series of temperature readings only. Using a reformulation of the Marshall–Hoare double exponential formula and a technique for reducing the dimension of the state space, an error function that depends on the two cooling rates is constructed, with the aim of minimizing this function. Standard nonlinear optimization methods that are used to minimize the bivariate error function require an initial guess for these unknown rates. Hence, a systematic procedure based on the given temperature data is also proposed to determine an initial estimate for the rates. Then, an explicit formula for the TOD is given. Results of numerical simulations using both theoretical and experimental data are presented, both yielding reasonable estimates. The proposed procedure does not require knowledge of the temperature at death nor the body mass. In fact, the method allows the estimation of the temperature at death once the cooling rates and the TOD have been calculated. The procedure requires at least three temperature readings, although more measured readings could improve the estimates. With the aid of computerized recording and thermocouple detectors, temperature readings spaced 10–15 min apart, for example, can be taken. The formulas can be straightforwardly programmed and installed on a hand‐held device for field use.     

Men and women in the same prison: interpersonal needs and psychological health of prison inmates

The purpose of this study was to investigate the gender differences in the state of interpersonal needs and psychological health of male and female prison inmates who live in the same prison. The authors conducted in-person interviews with 118 male and 70 female inmates. The results show that women present a better interpersonal state and psychological health than do men. For both genders, the consequences of fulfilling or not fulfilling interpersonal needs-specifically, social loneliness and sexual satisfaction-are associated with psychological health. These findings suggest the importance of the state of prison inmates' interpersonal needs in promoting psychological health in the context of the prison, where these needs are generally difficult to be met. Making contacts possible between male and female inmates who are in the same prison might help them to better fulfill some of their interpersonal needs, especially those related to their sexual lives.     

Tuning knowledge ecosystems: exploring links between hotels’ knowledge structures and online government services provision

The development of knowledge-based business opportunities in many economic sectors worldwide is often conceived through a silo-mentality, whereby efforts are focused in either industry or government entities in isolation. Without a systemic or holistic understanding of connections between these, any present or future project evaluation becomes either input- or output-based instead of having a comprehensive understanding of its impact. In order to address such a challenge, this empirical study focuses on the Spanish hospitality sector, which currently thrives by continuously accessing external and internal sources of knowledge, thus offering opportunities to conceptualise it as a knowledge ecosystem. Lessons learned from the Spanish hospitality sector have the potential to inform the design of online government services as part of a knowledge ecosystem. This can, in turn, yield further opportunities for innovation in the hospitality sector. A structural equation model validated by factor analysis of 130 hotels is used to assess the extent to which hotels currently benefit from online government services. This study concludes that online government services can be better fostered by nurturing external communities while also setting up internal working communities and practices. The model and its implications can also inform initiatives which seek to pursue ecosystem-oriented research and practice, as well as future policy and technology transfer initiatives.