The 2014–15 Financial Crisis in Russia and the Foundations of Weak Monetary Power Autonomy in the International Political Economy

ABSTRACT

This article contributes to international political economy debates about the monetary power autonomy (MPA) of emerging market and developing countries (EMDs). The 2014–15 Russian financial crisis is used as a case study to explore why an accumulation of large international reserves does not provide protection against currency crises and macroeconomic adjustments in EMDs. The analysis centres on the interplay between two dimensions of MPA: the Power to Delay and the Power to Deflect adjustment costs. Two structural factors condition Russia’s low MPA. First, the country’s subordinated integration in global financial markets increases its financial vulnerability. The composition of external assets and liabilities, combined with cross-border capital flows, restrict the use of international reserves to delay currency crises. Second, the choice of a particular macroeconomic policy regime embraced the financialisation of the – mainly state-owned – Russian banking sector, thus making it difficult to transform liquidity inflows into credits for enterprises. Russia’s main comparative advantage, hydrocarbon export revenues, is not exploited. The type of economy created due to the post-Communist transition means that provided ‘excessive’ liquidity remains in the financial system and is channelled into currency arbitrage. This factor increases exchange rate vulnerability and undermines Russia’s MPA.     

MEASURING THE STOCK OF CONSUMER DURABLES AND ITS IMPLICATIONS FOR EURO AREA SAVINGS RATIOS

The purpose of this article is to estimate the impact of capitalizing durable goods on the euro area household saving ratios and disposable incomes for the first time. The reason for this exercise is twofold. Firstly, it is generally accepted that individual households regard consumer durables as assets even though they are not treated as such in the System of National Accounts 1993 . Secondly, the issue is related to the definition of household saving ratios. For instance, the U.S. Federal Reserve Board publishes three household saving measures. The main difference between these saving ratios is that one is derived by treating expenditure on consumer durables as investments while the other two are compiled by considering them to be household final consumption expenditure. We find that the effect of capitalizing consumer durables on EA saving ratios is moderate. The impact is lower than it is in the U.S.     

Anger in social conflict: Cross-situational comparisons and suggestions for the future

This paper reviews research on the role of anger in conflict. We distinguish between intrapersonal and interpersonal effects of anger, the former referring to the impact of parties’ feelings of anger on their own behavior and the latter referring to the impact of one parties’ anger on the other’s behavior. We further compare the effects of anger across a variety of conflict settings, including negotiation, ultimatum bargaining, prisoner’s dilemma, resource dilemma, and coalition formation. At the intrapersonal level, anger is associated with competition in all conflict settings. In contrast, the interpersonal effects of anger differ across situations, with anger sometimes eliciting cooperation, sometimes eliciting competition, and sometimes having no effect. Based on the research reviewed, we conclude that the interpersonal effects of anger in conflict are determined by the level of interdependence of the parties, their information processing tendencies, and the justifiability of the anger expressions. Preparation of this paper was facilitated by a Veni grant from the Netherlands Organization for Scientific Research (NWO 451–05–010) awarded to Gerben A. Van Kleef.     

Preliminary negotiations as an indicator of the context and the utilization of research: A case study

According to Komter, the consultations necessary to get permission to investigate a certain group can provide information as to the research subject and the prospects that the people to be examined believe to have in their circumstances. In this paper it will be made clear that these ‘preliminary investigations’ can provide more than these two kinds of information. On the basis of a case study it will be demonstrated that: (1) the reasons provided by the people involved for not being able to participate in the research as such, or in its proposed form, at least provide some information about the context in which the empirical research will have to take place; (2) this context may suggest in what way the results of the research will possibly be utilized by the people examined. I am grateful to Pieter Bak for presenting me with the necessary information for this article and to Sara Delamont and Paul Atkinson for their helpful comments and suggestions.     

TEACHER CHARACTERISTICS AND THEIR EFFECTS ON STUDENT TEST SCORES: A SYSTEMATIC REVIEW

It has become widely accepted that teachers are important in facilitating student learning. Hundreds of empirical studies have tried to explain differences in student performance by evaluating the impact of particular teacher characteristics. Yet, this topic has not been the subject of a systematic review for more than 10 years, even though most of the empirical evidence has emerged over the past decade. This study provides an up‐to‐date review, drawing on empirical findings from several countries and distinguishing between acquired and sociodemographic teacher characteristics. This review confirms the existing consensus that subject‐related degrees and knowledge, and not general teacher certifications, are positively related to student performance and particularly so for Master's degrees in math and science. A new insight is that recent findings point out that teacher experience continues to contribute to student test scores throughout a teacher's career, instead of merely the first few years. An important future research avenue would be to examine which mechanisms can explain these teacher characteristic effects.     

Events and online interaction: the construction of hybrid event communities

Events are per definition limited in time and space. However, the social interaction taking place during events can continue virtually. This can result in hybrid communities, existing of an offline and an online dimension. This paper explores the construction of hybrid event communities based on the following research questions: (1) What type of online practices can be identified before, during and after the event? (2) How do online and offline event practices and rituals influence each other? (3) How do combinations of online and offline practices contribute to the creation and maintenance of hybrid event communities?

The practices of three events were studied using qualitative methods. Fifty-six interviews were conducted, and participant observation took place during 11 editions of the events. This was complemented with an online study.

The findings identify different types of online practices around events such as connecting practices, recruiting practices and creative practices. Moreover, the combinations of practices lead to different types of event communities. The paper develops a framework of online/offline interaction processes that result in different types of event communities, contributing to our knowledge about the role that events can play in the contemporary network society.     

The necessity of being flexible

In two kinds of research, changing the focus or nature of a research problem is an accepted practice: exploratory and qualitative research. By investigating the terms under which this practice is acceptable in these areas, by stressing the exploratory or qualitative character of all kinds of research, and by demonstrating its scientific quality, the conditions are outlined under which it is acceptable and even necessary to change the problem in any research. It is also argued that the changing of a research problem does not always imply post-factum explanations which are only plausible (Merton).