Postgraduate research students: You are the future of the Academy

This paper explores the changing role of the university developed and changed over time, and how this is likely to change further in the next 25 years. By drawing on scenarios for the future of the HE sector in the UK in 2035, the article argues that postgraduate research students will be the key factor that sustains the future of the Academy as universities focus more and more attention on the teaching of ever increasing numbers of undergraduate students. The paper highlights the danger of a divide occurring between the idea of the university and the notion of the Academy in the future, and the essential role that research students will play in ensuring this divide remains bridged. The article argues that it is imperative for universities to expand their postgraduate research degree provision if the Academy is to continue in the future as the foundation to knowledge creation.     

Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European Market

Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market.     

The Living Arrangements of Single Mothers with Dependent Children

Abstract . Despite the rapid increase in families headed by single mothers, sufficient attention has not been paid to the living arrangements of these families. Most prior research has generally relied on Bureau of the Census definitions as household head and subfamily head to categorize single mothers' living arrangements. This two part grouping, however, obscures the actual diversity of living arrangements undertaken, including cohabitation with unrelated males. This paper moves beyond the standard two part grouping of single mothers and instead provides a detailed taxonomy of single mothers' living arrangements using data from the Current Population Survey. Among the findings, the economic status of families headed by single mothers varies tremendously by living arrangement, a fact which has been entirely overlooked in earlier research.     

Reviews

REGIONAL POLITICS: GERMAN AND BRITISH.

Anderson, Jeffrey J. 1992: The Territorial Imperative: Pluralism, Corporatism and Economic Crisis. Cambridge University Press, £35 hardback.

COMMUNITIES ON THE PERIPHERY: THAMESMEAD AND AAMSTERDAM NORTH.

Coping with Social and Economic Change at Neighbourhood Level: Final Reports on the Netherlands and the UK of Research carried out for the European Foundation for the Improvement of Living and Working Conditions.

GETTING A NEW START?

White, M. and Lakey, J. 1992: The Restart Effect — Does Active Labour Market Policy Reduce Unemployment? Policy Studies Institute.

JOB SEARCH AND MISMATCH IN CITIES.

Simpson, W. 1992: Urban Structure and the Labour Market: Worker Mobility, Commuting, and Underemployment in Cities. Oxford: Clarendon Press, £25 hardback.