Banking in a theory of the business cycle: a model and critique of the Basle Accord on risk-based capital requirements for banks

This paper presents a theoretical framework for understanding the investment decisions and financing decisions of financial and non-financial enterprises over the business cycle. At the core of this theoretical framework is an agency problem between relatively more risk averse depositor/bondholders and relatively less risk averse stockholders. The solution to this agency problem is a corporate governance system that takes the form of an up-front contract that directs managers to make portfolio/investment decisions in the interest of their stockholders, and financing decisions in the interest of their depositor/bondholders. This enables depositor/bondholders to offset any risk shifting portfolio/investment decisions made on behalf of the shareholders thereby mitigating the moral hazard problem among debtors and creditors. The Basle Accord on risk-based capital requirements for depository institutions is one particular regulatory application of this more general theoretical framework. The paper concludes with a comparison between the Basle Accord and the 100% reserve or narrow banking proposal as the means of achieving a risk-free medium of exchange and a financial system that facilitates the optimal transfer of resources from savers to investors consistent with society’s aversion towards risk.     

Judging the Best Interests of the Child: Judges' Accounts of the Tender Years Doctrine

With dramatic changes in family life over the last several decades, child custody law has shifted from a maternal preference to a more egalitarian standard, the best interests of the child. Despite this change in the law, scholars have debated whether gender continues to play a role in the resolution of custody disputes. Drawing on feminist legal scholarship and sociolegal research on judges, I assess the current debates over gender and custody by examining the accounts of judges who frequently adjudicate custody cases. I conduct in-depth, face-to-face interviews with twenty-five trial court judges in Indiana and investigate judges' accounts about whether they continue to use the tender years doctrine in custody disputes, even though the custody statute is explicitly gender-neutral. Then, I assess several competing explanations of the variation across judges' accounts, including the judges' gender role attitudes, gender, age, and political party affiliation. In exploratory analyses, I also examine the contested custody rulings of a subset of nine judges to assess whether judges' accounts are congruent with their actual custody decisions. I discuss the implications of these findings in light of feminist legal scholarship as well as empirical research on child custody adjudication.     

Gender convergence in crime: Evidence from Canadian adult offense charge data

This study provided some new empirical evidence relating to the hypothesis that there was convergence between certain male and female offenses over time. Using time-series data for adults charged with offenses in Canada over the period 1983 to 2000, several formal statistical tests of this convergence hypothesis were conducted. This study allowed for the particular characteristics of the data, such as various types of structural breaks and changes over time in the process that generated the data. A number of new tests that had not previously been applied to this problem were employed, and the results that were obtained provided the first strong evidence in favor of gender-convergence for a range of offenses in Canada.     

Nations hospitable to organized crime and terrorism

This report assesses conditions that contribute to or are potentially hospitable to transnational criminal activity and terrorist activity in selected regions of the world during the period 1999–2002. Although the focus of the report is on transnational activity, domestic criminal activity is recognized as a key foundation for transnational crime, especially as the forces of globalization intensify. The report has been arranged geographically into the following major headings: Africa, the former Soviet Union and Eastern Europe, South Asia, Southeast Asia, Western Europe, and the Western Hemisphere. Within the geographical headings, the report addresses individual countries with particularly salient conditions. Cases such as the Triborder Area (TBA) of South America and East and West Africa, where conditions largely overlap national borders, have been treated as regions rather than by imposing an artificial delineation by country. The bibliography has been divided into the same geographical headings as the text. The major sources for this report are recent periodical reports from Western and regional sources, Internet sites offering credible recent information, selected recent monographs, and personal communications with regional experts. Treatment of individual countries varies according to the extent and seriousness of conditions under study. Thus some countries in a region are not discussed, and others are discussed only from the perspective of one or two pertinent activities or conditions. Because they border the United States, Canada and Mexico have received especially extensive treatment.     

Introduction: The state of labor in the People’s Republic of China

Studies in Comparative International Development -     

Inequality, unemployment and crime in Latin American cities

Crime rates in many Latin American citiestend to be very high. But there is alsodiversity between and within cities. Regardless of whether the role ofdeterrence or those of poverty andinequality are emphasised as causes ofcrime, the use of aggregate data instatistical work may provoke seriousunobserved-heterogeneity biases. Diversity, divisiveness and heterogeneitymay also affect future trends, includingfurther vigilantism, official orsemi-official violence, segmentation,privatisation and ``medievalisation'. Thediscussion is completed by some ideas as tothe possibility that Latin America'spresent may be an accurate forecast ofEurope's future.     

Differentiation of hydrocephalic calf and human calvariae

Occasionally, partial calvariae of hydrocephalic calves are found in forensic contexts and mistakenly identified as human. Such specimens can be properly identified through immunological assessment of associated soft tissue, microscopic analysis of associated hair, and morphological comparison with documented museum specimens. Morphological comparison should focus on the form of the occiput, supraorbital grooves, and bulbous vault and presence of coronal processes.     

Cocaine and sudden "natural" death

The cardiovascular effects of cocaine may culminate in clinical episodes of angina pectoris, myocardial infarction, arrhythmias, and intracranial hemorrhage. To clarify whether or not cocaine causes fatalities by these mechanisms, we studied 24 cases of sudden, apparently natural deaths as a result of coronary arteriosclerosis (15 cases), hypertensive cardiovascular disease (4 cases), and intracranial hemorrhage (5 cases) associated with cocaine use. In 11 cases, cocaine was found in the blood (average concentration: 0.57 mg/L, range: 0.05 to 1.45 mg/L), whereas in the remainder, cocaine or its major metabolite was found in the urine or other tissues. In the majority of decedents, autopsy disclosed the existence of severe natural disease which could have been exacerbated by the administration of stimulant drugs, including cocaine. These data, and a review of the current medical literature, indicate that cocaine may precipitate the sudden death of an individual with undiagnosed cardiovascular disease. A contributory role of cocaine should be considered in any apparently natural death occurring in a population where cocaine abuse is prevalent.