An Institutionalist Framework for a Consistent Financial Regulation

Abstract:

In the light of recurrent systemic crises that financialized market economies have been experiencing since the 1980s, this article seeks to determine the conditions required for a regulatory framework apt to ensure financial stability. Drawing upon an Institutionalist Minskyian endogenous financial instability approach, the article studies the fragilities of liberalized finance and points to some policy alternatives able to lead to an alternative financial regulatory model that is consistent with macroeconomic stability. It argues that in a weak regulatory environment financial markets naturally generate instabilities that could turn into systemic crises. The analysis maintains that in order to deal with such crises, a tight supervision should be framed under the aegis of public authorities and suggests some rules to develop a relevant regulatory system through an open and democratic decision process. Two points then deserve particular attention: a macro-prudential approach that regards instability as a systemic (non-individual) issue, and a preventive approach that aims at preventing systemic-risk generating activities from taking control over the markets.     

Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

We trace the impact of formative experiences on portfolio choice. Plausibly exogenous variation in workers’ exposure to a depression allows us to identify the effects and a new estimation approach makes addressing wealth and income effects possible. We find that adversely affected workers are less likely to invest in risky assets. This result is robust to a number of control variables and it holds for individuals whose income, employment, and wealth were unaffected. The effects travel through social networks: individuals whose neighbors and family members experienced adverse circumstances also avoid risky investments.     

The Effects of Oil Supply and Demand Shocks on U.S. Consumer Sentiment

This paper investigates how the University of Michigan's Index of Consumer Sentiment responds to oil price shocks. While oil supply shocks play only a limited role, the effect of aggregate demand shocks is positive for the first few months and negative thereafter. A typical other oil demand shock has a significant negative impact for up to 2 years. By studying the responses of individual survey questions, we find that expectations of future inflation and a change in real household income as well as perceived vehicle and house buying conditions are the main transmission channels of oil supply and demand shocks.     

What Accounts for the Changes in U.S. Fiscal Policy Transmission?

Using vector autoregressions on U.S. time series for 1957–79 and 1983–2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier period. We try to account for this observation within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the structural parameters of the model for both periods by matching impulse responses. Model‐based counterfactual experiments suggest that most of the changes in fiscal policy transmission are accounted for by increased asset market participation and the more active monetary policy of the Volcker–Greenspan period.     

Between a rock and a hard place: corporate elites in the context of religion and secularism in Turkey

Drawing on discourse analyses of 36 in-depth interviews with elite business people from Turkey, the study identifies the networking patterns of new and established business elites in the context of economic liberalization and socioreligious transformation of the country. Through a comparative analysis of the so-called secular and religious elite networks, we demonstrate the role of institutional actors such as the government, and identity networks, based on religion and place of birth in shaping the form and content of social networks among business elites in Turkey. In order to achieve this, we operationalize Bourdieu's notion of theory of practice and Granovetter's theory of social networks, illustrating the utility of combining these approaches in explicating the form and content of social networks in their situated contexts, in which power and divergent interests are negotiated.     

Building Structure Design as an Integral Part of Architecture: A Teaching Model for Students of Architecture

This paper explores the place of structural design within undergraduate architectural education. The role and format of lecture-based structure courses within an education system, organized around the architectural design studio is discussed with its most prominent problems and proposed solutions. The fundamental concept of the current teaching model in the Middle East Technical University (Ankara, Turkey) is quite appropriate for the education of future architects. If we consider that the main occupation of an architect is to design, then, naturally, the design studio should be at the center of the curriculum. Since the act of designing cannot be realized without artistic skills and scientific and theoretical knowledge it is also suitable that the activities in design studios are backed up with relevant lecture courses. On the other hand, the importance of effective structural design knowledge for an architect is emphasized within the context of a country that encountered major earthquakes in the past.     

Regímenes de producción y relaciones laborales en el sector chino del automóvil

Las huelgas en el sector del automóvil acaecidas en China en 2010 suscitaron reformas sustanciales de las relaciones laborales en la provincia de Guangdong. A partir de una investigación empírica exhaustiva en empresas líderes de ensamblaje y en sus suministradoras, el autor construye una tipología de los regímenes de producción para analizar los cambios actuales de las relaciones laborales. Este marco ayuda a entender y a conceptualizar la diversidad creciente de regímenes en la industria china automotriz y la segmentación de la fuerza de trabajo a lo largo de la cadena de suministro. Se concluye con un análisis de las perspectivas de reforma ulterior.     

Income distribution and exchange in a dynamic search model

This paper studies the link between income distribution and trade mechanisms in a dynamic search model with two-sided asymmetric information. Buyers and sellers have imperfect information about the income levels of the other group. Furthermore, asymmetry of information about incomes is the source of price dispersion. In such a frictional environment, we capture the effects of a change in inter- and intra-class income distribution on the trade mechanism, which is represented by the expected trade volume and the flux of buyers and sellers in the market.     

QuEChERS结合液相色谱-串联质谱法快速测定鸡肉中磺胺类残留

采用QuEChERS方法提取和净化鸡肉样品,建立测定磺胺类12种兽药残留的液相色谱-串联质谱(LC-MS/MS)检测方法。样品经乙腈和缓冲盐包SBEQ-CA8802-B提取,提取液经净化管净化后取上清液,旋转蒸发仪减压蒸干,溶解过膜,在电喷雾离子源多反应监测(MRM)模式下进行测定,基质外标法定量。结果表明,12种磺胺类药物测定方法的线性范围为0.01~0.20μg·kg^-1,线性相关系数r均大于0.999,定量检出限为0.02~0.12μg·kg^-1,10μg·kg^-1添加范围的平均回收率为87.6%~101.0%,相对标准偏差为3.53%~11.60%。该方法操作简单,净化效果好,灵敏度高,能够快速有效地检测鸡肉中的磺胺类药物残留。