The impact of surplus sharing on the portfolio mix of public sector defined benefit pension plans: a public choice approach

The riskiness of state employee pension plan portfolios varies across states. We investigate whether this variation is related to how public employees and taxpayers share actuarial surpluses of pension accounts. We focus on two determinants of a plan’s asset mix: the relative influence of public employees to taxpayers; and whether a surplus-sharing contract is specified. Our theoretical model demonstrates that the effect of public employee influence on the asset mix is ambiguous. Our empirical results corroborate this complex theoretical result. In our theoretical and empirical analyses, if a surplus sharing rule is specified, plans adopt a more aggressive investment allocation.     

Adding rooms onto a house we love: Central banking after the global financial crisis

This article examines the extent to which central bankers have been willing and able to rethink their beliefs about monetary policy in the wake of the global financial crisis. We show that despite the upheaval, the core pre‐crisis monetary policy paradigm remains relatively intact: central bankers believe that they should primarily pursue price stability through targeting a low inflation rate in a transparent manner, and that they need operational independence in order to achieve this goal. In a bid to address post‐crisis conditions and maintain their credibility, however, central bankers have also layered new elements onto this paradigmatic core. We document both the resilience of pre‐crisis beliefs and the process of layering using computer‐assisted text analysis and qualitative analysis of 13,586 speeches given between 1997 and 2017 by central bankers from around the world.     

The Penal Voluntary Sector in England and Wales: Adaptation to Unsettlement and Austerity

This article draws on some findings from research which investigated penal voluntary sector adaptation to the mixed market in criminal justice services. The article firstly reprises the main trends for aligning state relationships with the voluntary sector from the 1980s to the present. We then outline some findings about adaptive experiences, situations and practices of the voluntary sector in criminal justice resettlement in the light of considerable upheaval. The research found that service providing voluntary sector organisations (VSOs) either outwardly comply with, or, in a minority of cases, actively embrace, competitive marketised models of service delivery. Secondly, the sector has normalised commercial approaches to organisational efficiency as well as aligned with bureaucratic practices common to the statutory sector. Despite charges that they are effectively co‐opted by both state and market interests, many have reported conflicts between prioritising long‐term financial viability with their founding ‘ethos and values’. We conclude that while many VSOs have successfully adjusted to market and bureaucratic norms, aspects of that repositioning have been at a cost to their traditions of relative autonomy, localism and distinctiveness, to the possible detriment of a vigorous civil society.     

Ebola vaccines,evidentiary charisma and the rise of global health emergency research

Abstract

The 2013–2016 West African Ebola outbreak was both a catastrophic public health disaster and a rare research opportunity. This paper analyses how the tensions between the humanitarian imperatives of disease control and the epistemic conventions of bioscientific inquiry played out in the accelerated development, testing and licensure of Ebola vaccines. Beginning with the epidemiological projections of the disease’s spread, the paper develops the notion of evidentiary charisma to capture the power of experimental designs and data packages to marshal public health salience, recruit moral legitimacy and short-circuit scientific contestation. Attention to the charismatic dimensions of Ebola vaccine R&D helps to unpick the simultaneous appeals to exception and convention in the unfolding of a global health crisis, and to trace the normative and technical contours of the emerging paradigm of emergency research.     

Facts,power and global evidence: a new empire of truth

Abstract

What are the epistemological and political contours of evidence today? This introduction to the special issue lays out key shifts in the contemporary politics of knowledge and describes the collective contribution of the six papers as an articulation of what we describe as a ‘new empiricism’, exploring how earlier historical appeals to evidence to defend political power and decision-making both chime with and differ from those of the contemporary era. We outline some emerging empirical frontiers in the study of instruments of calculation, from the evolution of the randomized controlled trial (RCT) to the growing importance of big data, and explore how these methodological transformations intersect with the alleged crisis of expertise in the ‘post-truth’ era. In so doing, we suggest that the ambiguity of evidence can be a powerful tool in itself, and we relate this ambiguity to the ideological commitment and moral fervour that is elicited through appeals to, and the performance of, evaluation.     

Measuring subnational democracy: toward improved regime typologies and theories of regime change

Social scientists have been limited in their work by the paucity of global time series data about subnational institutions and practices. Such data could help scholars refine regime typologies, improve theories of democratization and regime change, better understand subnational democracy, and illuminate issues of development, conflict, and governance. This article addresses the lack of data by introducing 22 subnational measures from a new dataset, Varieties of Democracy. Validity tests demonstrate that the measures’ strengths outweigh their weaknesses. The measures excel in covering all subnational levels for most countries, capturing different elements of subnational elections, and including a variety of dimensions of elections and civil liberties. The measures also offer unmatched global and temporal coverage. The article demonstrates how these strengths can provide scholars with the benefits described above.