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.     

Re‐framing the Analysis: A 3‐dimensional Perspective of Prisoners’ Children's Well‐being

This article highlights three dimensions to understanding children's well‐being during and after parental imprisonment which have not been fully explored in current research. A consideration of ‘time’ reveals the importance of children's past experiences and their anticipated futures. A focus on ‘space’ highlights the impact of new or altered environmental dynamics. A study of ‘agency’ illuminates how children cope within structural, material and social confines which intensify vulnerability and dependency. This integrated perspective reveals important differences in individual children's experiences and commonalities in broader systemic and social constraints on prisoners’ children. The paper analyses data from a prospective longitudinal study of 35 prisoners’ children during and after their (step) father's imprisonment to illustrate the arguments.     

Exclusion and vulnerability on public transit: experiences of transit dependent riders in Portland,Oregon

In urban areas, the inequitable distribution of transit systems and services has been shown to reproduce safety and environmental risks – potentially exacerbating preexisting inequities. Thus, how vulnerable populations access and utilize public transportation is of critical concern to urban scholars. This paper utilizes focus group data to explore how transit-dependent (particularly low-income) riders engage with the public transit system in Portland, Oregon. We illustrate specific ways in which transit-dependent riders experience marginalization and exclusion. We find that certain groups, particularly mothers with young children and those with disabilities are not well served by a public infrastructure oriented toward an ‘ideal rider’ who is an economically stable, able-bodied, white, male commuter. We conclude that a public infrastructure meant to serve all riders equitably, yet which fails to consider the unique experiences of marginalized transit users risks further amplifying existing social vulnerabilities and reinforcing gender, racial, and class inequalities.     

A weighted least-squares approach to clusterwise regression

Clusterwise regression aims to cluster data sets where the clusters are characterized by their specific regression coefficients in a linear regression model. In this paper, we propose a method for determining a partition which uses an idea of robust regression. We start with some random weighting to determine a start partition and continue in the spirit of M-estimators. The residuals for all regressions are used to assign the observations to the different groups. As target function we use the determination coefficient R²_wR^{2}_{w} for the overall model. This coefficient is suitably defined for weighted regression.     

Equality of two blues and ridge-type estimates

Equality is shown of the g-inverse and Moore-Penrose inverse representation of the BLUE in the general linear model. The proof is based on a matrix identity which allows also to establish a functional relationship between the BLUE and Ridge-type estimates.     

Introduction to Special Issue on Sustainability

Population and Environment -