The politics of mortgage credit expansion in the small coordinated market economies

Abstract

Recent contributions to the comparative political economy literature claim that liberal market economies are vulnerable to asset booms and busts because of financial deregulation, shrinking welfare states and a political ideology emphasising financial self-sufficiency. This article examines the rapid expansion of mortgage lending in three coordinated market economies (CMEs): Denmark, Sweden and the Netherlands. This expansion is puzzling given that all three countries are CMEs with generous welfare states. Yet the pattern of mortgage lending resembles the Anglo-Saxon or liberal market economies (LMEs) more than other CMEs. The article argues that mortgage bubbles in the small CMEs emerged as the unintended outcome of pairing neoliberal programmes to expand home ownership with collectivist housing institutions. This resulted in supply restrictions and rising property values which saddled households with extraordinarily high mortgage debts. In short, mortgage credit bubbles are not unique to Anglo-liberal welfare states and may have different origins.     

The view from below: Local government and Putin's reforms

Local government reforms in contemporary Russia are placed in the broader contexts of political reform under Putin and the historical relationship between local administration and the state. Reforms of local government thus help illuminate the architecture of contemporary state building in Russia and the degree to which contemporary Russia perpetuates political traditions. This study reviews the antecedent action in local government prior to the Putin era. It then examines the Kozak Commission and the new law on local government, assessing the strengths and weaknesses of these reforms. Finally, this study examines the challenges of implementing the reforms and what these challenges tell us about devolution and centralisation under Putin.     

Bargaining for justice: A means to resolve competing justice claims

In many types of social situations, individuals defend their claims to a portion of the rewards by arguing that they are just. Although a great deal of research demonstrates that individuals differ in their distribution preferences and thus their beliefs about what is fair, the literature curiously omits consideration of the consequences of these differences, especially the conflict they may engender. This paper first reviews the few attempts to address such justice conflict. The limitations of these approaches suggest concerns to be addressed in an alternative framework. The paper presents a theoretical discussion of this alternative that integrates assumptions about distribution preferences, justice beliefs, conditions fostering the emergence of justice conflict, and elements of negotiation processes as a basic framework for predictions about the bargaining strategies individuals may employ to resolve competing justice claims.     

Supporting Asylum Seekers and Refugees in Glasgow: The Role of Multi-agency Networks

The implementation of a dispersal policy in Britain has broughtasylum seekers to regions of the country which previously hadlittle experience of providing services for this group. Around10,000 asylum seekers have been resettled in the city of Glasgowsince 2000 as a result of the policy. Multi-agency networkshave been established in Glasgow as a medium for facilitatingco-operation across the voluntary and statutory sectors forthe provision of locally-based support services, while alsofacilitating community development. This paper explores theexperiences of these networks since their inception. While highlightingthe continuing importance of the voluntary sector in supportingasylum seekers and refugees, it raises concerns over the reactiveway in which services have been provided, where responsibilityhas fallen on voluntary and community organizations to fillgaps in statutory service provision. It further examines theimplications for social cohesion of housing-led resettlement,which has largely been in areas suffering from social deprivation.The findings highlight the frustrations of service providersworking within a disjointed policy framework, characterizedby contradictions between Scottish and UK policy goals.     

PROFILE: CHILD CUSTODY MEDIATION SERVICES IN CALIFORNIA SUPERIOR COURTS

California is now in its 11th year of mandatory child custody mediation, with a current yearly case volume statewide estimated at 65,494. This article profiles the variations in programs and mediation styles in 56 of the state's 58 Superior Courts. Two research studies provide the basis for the information on program structures, case activity, procedures, agreement formats, recommendations, facilities, security, and fees.     

The referral decision scale with mentally disordered inmates

Correctional facilities are increasingly burdened with mentally disordered offenders and are faced with the formidable task of effectively screening inmates for major mental disorders and suicide potential. Teplin and Swartz (1989) developed the Referral Decision Scale (RDS) as a rapid screen for schizophrenia and major mood disorders in jail populations. However, more recent research by Hart, Roesch, Corrado, and Cox (1993) has called into question the effectiveness of the RDS. In this study, we examined the convergent and discriminant validity of the RDS with the Schedule of Affective Disorders and Schizophrenia—Change Version (SADS-C) and the Personality Assessment Inventory (PAI) on a sample of 108 mentally disordered inmates. The RDS provided moderate evidence of convergent validity but failed to demonstrate acceptable discriminant validity, because of high intercorrelations on RDS subscales (heterotrait-monomethod coefficients). In comparison, the SADS-C yielded similar evidence of convergent validity and excellent discriminant validity.The authors would like to thank the Research Opportunities Program, University of North Texas for its grant support and Captain James Moore for his active cooperation.Tarrant County Mental Health and Mental Retardation Services.     

A mesolevel comparative approach to maxi and mini strategies of public enterprise reform

Large-scale privatization is an unfamiliar area of public policy. The practice and study of property reforms and privatization needs to include mesolvel phenomena such as laws, regulations, institutions and standard operating procedures. There has been little comparative analysis of privatization programs around the world. The author argues that analysts should compare the most immediately relevant institutional environment of the enterprise. Conceptually, this mesolevel system is situated between the firm and the macroeconomy. This system of action is especially fruitful for cross-national comparisons of privatization programs because it is at this level that privatization strategies are designed. The problem for Eastern Europe and for less-developed countries is lack of experience with the relatively light economic regulation that characterizes industrial countries. Government leaders must also decide how much effort to devote to privatization of state-owned enterprises and how much to fostering private sector investment in new firms. Ernest J. Wilson, III is affiliated with the National Security Council, Washington, D.C.     

Proficiency testing (external quality assessment) of drug detection in oral fluid

Eighteen external quality assessment (proficiency testing) samples were prepared from client specimens collected with the Intercept^® oral fluid collection device and by spiking drug-free oral fluid. Samples were circulated in pairs at quarterly intervals to 13 UK and USA based laboratories for analysis by a panel of OraSure micro-plate Intercept^® enzyme immunoassay kits and hyphenated mass spectrophotometric techniques. During the survey, there was a single case of non-specificity in a false report for methadone. The major errors were of lack of sensitivity relative to the concentration thresholds specified for the immunoassays. The sensitivity for overall ‘present’/‘not found’ reports calculated as true positives/(true positives + false negatives) were for the amfetamine specific assay 50%, methyl-amfetamines 93%, barbiturates 64%, cannabinoids 73%, cocaine and metabolites 100%, benzodiazepines 69%, methadone 95%, opiates 79% (opiates excluding oxycodone 93%), phencyclidine 93% and human gamma-globulin 97%. A small number of the sensitivity errors were attributable to errors in chromatographic confirmation techniques.