Quantitative Easing Forever? Financialisation and the Institutional Legitimacy of the Federal Reserve’s Unconventional Monetary Policy

Scholars of financialisation have argued that the emergence of finance-led grow regimes requires new instruments for effective conduct of economic policy. In this scholarship, central banks have been seen as the most promising actors to utilise one of the most synergetic policies, the maintenance of high and stable prices of financial assets. Since the financial crisis of 2007–8, central banks of the developed world have adopted various unconventional monetary policy measures that serve this function. But will these unconventional measures become institutionally legitimate and institutionalised as conventional practice, as suggested necessary by scholars of financialisation? In this paper, we answer to this question by studying the institutional legitimation of the Federal Reserve’s Quantiative Easing (QE) programmes. We argue that the QE programmes have been legitimated successfully but with institutional legitimation strategies, which cause institutional pressures that question the potential of QE from becoming a regular policy instrument and practice.     

Topical modelling issues in Solvency II

The main reasons for giving European insurance companies the option to apply internal models for calculating the main solvency requirement within the Solvency II framework is to enhance better risk management in the firms, and to provide the opportunity to derive a more accurate risk-oriented capital requirement than the standard Solvency Capital Requirement (SCR) could provide. The possibility to use internal models within pillar 1 basically means freedom to calculate the solvency requirement using some other formula and even principles than those given by the standard formula. This freedom is more limited with partial models.

This paper gives a brief introduction and update to the Solvency II project, reviews and discusses some topical aspects of internal models from the supervisory point of view, and points out some relating results of the Quantitative Impact Studies carried out, thus far, in the EU by CEIOPS.     

Features of the Z-scoring method in graphical two-dimensional web surveys: the case of ZEF

Research in the human and behavioral sciences has long been burdened by a methodological distinction between two categories of research: that which measures and produces facts and that which understands and interprets phenomena. However all interpretation of numbers requires that results be viewed in relative terms and there are no other means for this than comparison. The Z-scoring method, that is to say standardization, in web survey ZEF, emphasizes relative traits of survey answering. Questions in ZEF are illustrated in graphical two-dimensional chart where respondents are able to compare their answers at the moment of answering process. This trait of answering emphasizes the relationship of questions more than an absolute values on the scales of two dimensions. The Z-scoring method that is used in ZEF for handle results is based for same assumption: The respondents are compared questions and are formulated their answers through comparison. The significance of differences between groups cannot be measured directly: in some content areas, even small differences may be important, while in others changes of even several per cent are not significant. Standardization makes visible how different respondents and groups value things, that is, construct an order for them, using the dimensions given.     

Vacation travel planning segments: Self-planning vs. users of motor club and travel agents

The characteristics and travel behavior of 2,436 respondents are analyzed with respect to their use of planning assistance for vacation travel. Differences were detected between the three planning segments: self-planners, motor club users and travel agent users, e.g., travel agent users traveled more often by air and for multiple purposes. Substantial similarities were found between self-planners and motor club users. In general, the use of professional planning assistance increased as the distance to be traveled increased. The findings support the development of specific marketing programs developed for the motor clubs and travel agent users by destination managers.     

“China,why not?”: serious leisure and transmigrant runners’ stories from Beijing

The purpose of this study was to examine how amateur, serious distance runners negotiate their running practices upon transnational migration to China. Despite the extensive body of research into expatriate experiences and adaptation, serious leisure as a site where meaning-making occurs has not been studied in existing research. Through interviews with five female and two male expatriates, we studied the ways in which Western runners brought meaning to the transition experience and negotiated meanings and bodily practices associated with running. Through narrative analysis, we identified three core narratives of migration (possibility, necessity and growing up) and two emergent narratives (community and running to feel like oneself) about shifting meaning in running. We conclude with implications for future research in serious leisure and migration studies.     

The conference on security and cooperation in Europe: Its impact on tourism

The Conference on Security and Cooperation in Europe adopted principles which have both direct and indirect impact on travel and tourism. The data for the paper include documentary material, a survey sent to the national travel and tourism bureaus of the participating states, and personal interviews. It is evident that most of the problems encountered in implementing the final act are political, not technical. A separate section is devoted to the discussion of the impact on travel for professional reasons. The overall result of this study points to the fact that progress has been slow and tangible results have been limited.     

‘Running Fever’: understanding runner identities in Shanghai through turning point narratives

Distance running has long been a popular leisure activity in many affluent countries, and it has recently become a fashionable sport in China. However, research into leisure running has mostly been confined to participants in the Global North. The present study explores runners’ stories from Shanghai with a focus on psychological turning points – that is, subjectively important events that may change life trajectories and sense of self – within running careers. Thirty runners (14 women) participated in an interview using a life story approach. Turning point events were coded into six categories: relationship, transition in education/work, commitment, achievement, vulnerability and discovery. Stories were analysed for narrative themes and contexts, specifically in relation to running subculture and discourses surrounding gender and class. The findings highlight the relational achievement of a runner identity within the running subculture, emphasising ‘right’ attitude, persistence, and achievement. Simultaneously, the runner identity emerges as a signifier of a ‘modern’, middle class individual, who pursues self-development and credits oneself for accomplishments. Enthusiasm could, however, lead to injuries that challenged running identities. Runners in Shanghai share much of the narrative landscapes of running culture in the Global North, but also draw upon local narrative resources in runner identity construction.     

Solvency II – towards a new insurance supervisory system in the EU

This article describes the current state of affairs in the EU Solvency II project. The background and international context of the project is discussed, as well as the general outline of a future EU solvency system. In particular, several areas where further technical work is needed are outlined. These topics could provide interesting objects of study for professionals of actuarial sciences as well as to those of other related sciences.