Der Europ?ische Gerichtshof als Motor der Integration: Eine akteursbezogene Erkl?rung

For nearly five decades, the European Court of Justice (ECJ) has developed a decisively pro-European case law and has become the ??engine of integration??. Institutional explanations shed light on the Court??s room for manoevre. They have to be complemented by actor-centered explanations that shed light on the judges?? motives of action. The explanation offered by the following paper is unfolded in two steps. In the first one, the article describes idiosyncrasies of the European law discourse that already shaped the judges before they were appointed. The analysis of the idiosyncrasies corresponds to a scepticism towards the idea of national sovereignty, a belief in the necessity of creative and idealist, law-augmenting judges and a dominance of output-oriented legitimization strategies. In a second step, the article shows that in the sociological sense the ECJ judges constitute a group. While the individual judges share an understanding of the aims and functions of European law, the group develops its own identity and grants status to those who perform successful actions with respect to the common integration agenda. This explanation is more realistic than ??rational choice?? explanations which point to the direct and personal benefits that judges derive from their pro-European case law.     

Affordability and mortgage design: Permanent buydowns and buyups

Abstract

A simulation model that mirrors the actual practices of lenders in setting qualification requirements for mortgage loans is used to assess the impact of permanent buydowns and buyups on the maximum sale price that buyers can afford. Buydowns are reductions in the coupon rate traded off against higher discount points; buyups are the reverse. Although buydowns have little effect on afford ability, buyups can have significant effects. Their potential is largely unrealized, however, because of the call risk to lenders of loans carrying premiums. The authors propose a “discount recovery” provision, which would be similar to a prepayment penalty except that the payment upon prepayment would be tied to the amount of the discount foregone by the lender. This would protect lenders against call risk, giving them every reason to offer buyups as a way of expanding demand.     

The intellectual legacy of J.E. Hodgetts

Abstract: J.E. (Ted) Hodgetts was influenced by both the political economy approach that he learned at the University of Toronto and by the comprehensive historical method developed by Leonard White, under whom he studied at Chicago. His first great project, Pioneer Public Service, convinced him that responsible government was impossible without responsible public administration. The authors examine how his response to management theories and practices evolved following his participation in the Glassco, Lambert and Gomery commissions. Hodgetts consistently refused the complete separation of politics and administration, and he promoted the use of management techniques to strengthen parliamentary supervision of the public service. The two key components of his legacy are thus a commitment to the democratic values of representative government and the comprehensive study of the internal dynamics of public administration in interaction with the relevant environmental factors.