Much Ado About Nothing? Macro-Prudential Ideas and the Post-Crisis Regulation of Shadow Banking

Post-crisis, macro-prudential ideas have challenged the epistemic authority of private risk management technologies, declaring them to be pro-cyclical contributors to systemic risk. This discursive challenge has been most critical of the shadow banking system, where private risk management instruments are central. This challenge, however, has not been translated into regulatory tools which reflect these convictions. This paper studies this process of discursive challenge to (failed) regulatory intervention for the case of the repo-market, the heart of the current shadow banking system. It traces regulatory efforts on the global and EU level from regulatory statements to (lack of) action, documenting both the persistent articulation of macro-prudential ideas challenging private risk-management systems and timid to no regulatory intervention. It links this hiatus to international coordination problems, the need for macro-prudential action to span regulatory communities, involving banking and financial market authorities and disagreements between micro- and macro-prudentially oriented regulators. The lack of evidence and the difficulty to generate it are identified as major impediments for regulatory consensus, further aggravated by ambiguities about the goals of anti-cyclical regulation. Beyond governance problems and the persistent appeal of private risk-management systems, the paper thus points to difficulties operationalizing macro-prudential ideas as a major explanatory factor.     

Coping With Stress as an LGBTQ+ Health Care Professional

Lesbian, gay, bisexual, transgender, queer, and other sexual/gender minority (LGBTQ+) health care providers face both general work-related stresses and working in heteronormative settings with ill-informed or hostile coworkers and patients, yet there has been little study of whether the coping strategies are specific to LGBTQ+ stress. We analyzed qualitative data from 277 health care professionals. Sources of stress included religiously and politically conservative coworkers, coworker/patient lack of knowledge, stresses of being closeted, and concerns about being out to patients. Consequences of being out as LGBTQ+ included lack of promotions, gossip, refusals of tenure, and anti-LGBTQ+ comments and behaviors in the workplace. Respondents showed mostly positive coping strategies to deal with stress, including becoming educators/advocates and self-care activities. Self-care options were common in rural areas with few LGBTQ+ social resources. Negative coping strategies were reported by 18% of respondents. The study highlights the extra burden of stress on LGBTQ+ health care providers.     

Then press enter: digital payment technology and the history of telephone interface

The internet and other digital networks in the U.S. (and beyond) remain essentially an upgrade of the national telephone network built by AT&T over the first half of the twentieth century, and digital payment remains tethered to telephony at the level of infrastructure. Telephone history also continues to inform digital payment at the level of interface. Debit card readers feature a keypad nearly identical to those introduced (also by AT&T) to the dialling public a half-century ago on touch-tone telephones. In this essay I highlight the development of the touch-tone keypad as a transformative payment technology. There have been three great leaps forward in the history of telephone interface: the dial, the keypad and the touch screen. Each corresponds to a period of technological transformation in the telephone industry and society more broadly: the rotary dial and automation, touch-tone keypads and digitization, and touch screens and computerization. The successful careers of the dial and the keypad, especially when read in tandem, suggest that touch screens will alter the everyday economics of retail payment even more radically than its predecessors. I also describe a broader trajectory of digital naturalization, whereby telephone numbers have proliferated into a personal identification number, passwords and a plethora of personalized information. Payments increasingly circulate today as subsets of personal information within the vast sea of big data. Payment apps are demonstrating a capacity to reorganize retail transactions on a scale as vast as any technology since the cash register. The history of retail payment finds the point of sale heading from the till into shoppers’ pockets. As a result, consumers are increasingly shouldering the costs of purchasing, maintaining, upgrading and securing the technology used for everyday transactions.     

Constructing Unfinalizability: A Subject Positioning Analysis of a Couple's Therapy Session Hosted by Tom Andersen

The notion of subject positions is a useful tool in thinking through therapeutic interactions. In this article, I discuss positioning as an everyday phenomenon, and highlight the relational and social power dynamics that shape the subject positions persons may inhabit. Analysis is presented of the positional dynamics that play out in the couple's therapy session facilitated by Tom Andersen. Analysis suggests that Andersen adopts a not‐knowing, uncertain, and curious position, while constructing the couple as competent, unfinalizable persons able to negotiate the choice‐points that arise in front of them. However, if subject positions are grounded in social power dynamics, the session leaves a particular question unanswered: How will these emergent positions take hold outside of the consulting room?     

Population age structure and consumption growth: evidence from National Transfer Accounts

We assess the effects of the population age structure and the population dynamics on economic growth. Following recent research, we focus on the generational turnover effect to characterize the influence of birth and death rates, depending on the age profile of individual consumption, the extent of annuity market imperfections, and the willingness of households to shift consumption over time. Using data from the National Transfer Accounts on age profiles of consumption for a number of different countries, we assess—in a comparative way—the sign and the magnitude of the generational turnover effect and its impact on economic growth. We find considerable cross-country differences and trace them back to the underlying variation in demography and in the age structure of consumption.     

Model-based clustering with sparse covariance matrices

Statistics and Computing - Finite Gaussian mixture models are widely used for model-based clustering of continuous data. Nevertheless, since the number of model parameters scales quadratically with...     

Community-based arts research for people with learning disabilities: challenging misconceptions about learning disabilities

This article presents some of the community-based artwork of a group of men with learning disabilities, who aimed to challenge some of the misconceptions associated with learning disabilities. People with learning disabilities regularly face many forms of direct and indirect stigma. The consequences of such negative perceptions may affect individuals’ social relationships and ensure that barriers are strengthened which prevent their full inclusion. The men in this project used a series of visual and creative methods to challenge some of these misconceptions by telling stories through art, demonstrating skill through photography, using poetry to talk about sexual identity and improvising drama and filmmaking to challenge stigma, and through sculpture expressed their voices. Thus, by doing so, they were able to challenge some of the stigma associated with learning disabilities, indicating that community-based arts research is a valuable way in which to promote the voices of people with learning disabilities.     

Change Communication in Public Sector Cutback Management

Public Organization Review - Budget cuts in public sector organizations create additional strain for employees, often contributing to uncertainty, rumors, and low morale. This study examines the...