AbstractIs state power or control over financial markets really withering? Most narratives/analyses of financialisation see a growing penetration of private capital into everyday life that runs parallel to the increasing power of private financial capital over state policy. Yet housing finance – mortgages – sits at the centre of banking, and banking sits at the centre of the financial system. Large-scale mortgage markets only function where the state wraps around the banking system to remove maturity risks and to limit excessive credit creation. Partial deregulation in the 1990s and 2000s created a crisis that states resolved by re-nationalising much of mortgage finance. This renewed and overwhelming state presence suggests that financialisation is a state-driven story, and that private financial power, stability and instruments require state support above and beyond contract enforcement and prudential regulation. 相似文献
May 2019 marks twenty years since the first elections to the Scottish Parliament and Welsh Assembly. This report discusses a paper published by the Institute for Government (IfG) that reflects on the experience to date of devolution, drawing on interviews with thirteen individuals who have served as ministers in the devolved governments. Reflecting the structure of the IfG paper, there are three main themes in this report: governing without a majority, institutional change, and—in the light of Brexit—relationships between the devolved governments, Westminster and the EU. The conclusion is that the report, although limited in coverage, provides a useful addition to the literature on devolution. 相似文献
How do political parties divide coalition payoffs in multiparty governments? Perhaps the most striking answer to this question is Gamson’s Law, which suggests a strong fairness norm in the allocation of office payoffs among coalition partners. Building upon recent advancements in portfolio allocation research, we extend this approach in three important ways. First, we study fairness with regard to the allocation of policy (rather than office) payoffs. Second, we introduce measures to assess the fairness of the division of policy payoffs following two norms: envy-freeness and equitability. Third, we explore why some allocations of ministerial portfolios deviate from fairness norms. Based on an original data set of party preferences for individual portfolios in Western and Central Eastern Europe, we find substantial variation in the fairness of policy payoffs across cabinets. Moreover, coalitions are more likely to arrive at envy-free and equitable bargaining outcomes if (1) these fair allocations are based on an allocation of cabinet positions that is proportional to party size and if (2) the bargaining power is distributed evenly among government parties. The results suggest that fairness is not a universal norm for portfolio allocation in multiparty governments, but in fact depends on the cabinet parties’ bargaining positions.
Political Behavior - Scholarship in the U.S. provides mounting evidence of a linkage between economic inequality and inequality in representation and policymaking. In response, this article... 相似文献
Understanding the political development of the Balkans can be challenging even for historians and social scientists. This is particularly the case with the region's past and present interest group systems as virtually no research is available on the subject. With this in mind, this article provides basic background on the region and its fledgling interest group system as a foundation for approaching the analysis in the 7 country articles that follow. The topics considered include an overview of the common elements of the 7 group systems and their differences, developments that shaped these systems, and an initial look at the role of interest groups in consolidating the region's pluralist political systems. 相似文献
This comprehensive coverage of public affairs and interest group activity in the Balkans has 2 objectives. One is to produce the first study focusing solely on interest groups in each of the 7 countries of the former socialist Yugoslavia. The second is to compare developments across the region to assess the extent to which this study reflects existing research and what it can add to this knowledge. To achieve these objectives, this article explains several aspects of the methodology used by all contributors. These include common use of terms, an explanation of the topics covered, and the survey instrument. 相似文献
Over the past years since the signing of the Rome peace Accords, Mozambique has generally been regarded as an exemplary African post war success story. However, events in the last four years illuminate something different. This article will show that the low intensity but violent clashes between FRELIMO government forces and former rebel group RENAMO are not just a mere manifestation of Mozambican’s government inability to consolidate post war gains. These clashes could be framed and located within the broader context of complexities associated with transforming a peace Accord into a genuine and sustainable postwar peace dividend. It seems the success was largely registered in terms of reducing direct violence by creating negative peace. Even though negative peace was good, it was unfortunately not adequate. This article also argues that the success narrative lulled many including Mozambicans into ignoring fissures in the area of structural violence which effectively limited the country’s ability to progress towards positive peace. Despite all this, however, this article will concur with the belief that an outright full scale war is still highly improbable, but not impossible because RENAMO is still capable of spoiling and eroding the registered post war gains. 相似文献
Research has linked concentrated foreclosures with negative neighborhood outcomes; for instance, increased crime and decreased property values. These outcomes drain community asset holdings and impact the longer term trajectory of the neighborhood. However, data reported in this article from a Boston study challenge the assumption that negative neighborhood outcomes are a foregone conclusion in the face of foreclosures. Analysis of interviews with real estate agents and other foreclosure professionals, neighborhood ethnographic observation, and citywide sales and foreclosure sales documents demonstrate that the distinct nature of the foreclosure sales process creates market disruptions heightening the risk for documented negative neighborhood outcomes. Attempts by the seller to reduce financial risks in the sale increase the likelihood of vacancy and create a market oriented toward investor–buyers. Understanding the risk preferences of key decision makers in the foreclosure sale process reveals new intervention points—such as intervening at the short sale, or expanding and updating foreclosure laws to reflect current foreclosure sales markets—to reduce market disruptions and preserve community assets in the face of foreclosures. 相似文献
Inequality in both income and wealth has grown rapidly in the United States since the 1970s. Over the same period, homeownership rates increased in step with expansionist government policies and the development of subprime and other exotic loan products, and housing affordability challenges emerged as the most prevalent housing problem for owners and renters alike. The subprime lending and foreclosure crises of the 2000s stretched households financially, threatening the traditional economic benefits of homeownership, bringing into stark relief the ways in which housing and inequality mutually influence one another, and implicating homeownership, housing affordability, and subprime lending in the widening gap between the rich and the poor. This article examines the changing roles of homeownership, housing affordability, and subprime lending in contemporary U.S. inequality by, first, describing trends in county inequality and housing characteristics and, second, modeling inequality as a function of the previous decade's housing characteristics over the period of 1980–2010. We build upon past models of county inequality by more explicitly considering causal order, place characteristics, and state and regional fixed effects. The results confirm that homeownership, affordability, and subprime lending not only reflect existing inequalities but also perpetuate those inequalities over time. Homeownership promotes equality, affordability problems undermine it, and subprime lending has the potential to ameliorate inequality in certain contexts, but these effects shift significantly over time, particularly as a result of widespread foreclosures and economic recession. Our analysis establishes the importance of housing in explaining contemporary inequality, highlights how place characteristics and causal ordering may improve county inequality models, and provides a foundation for future studies examining inequality in light of the Great Recession and the foreclosure crisis. 相似文献