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.     

The matching extension problem in general graphs is co-NP-complete

A simple connected graph G with 2n vertices is said to be k-extendable for an integer k with \(0<k<n\) if G contains a perfect matching and every matching of cardinality k in G is a subset of some perfect matching. Lakhal and Litzler (Inf Process Lett 65(1):11–16, 1998) discovered a polynomial algorithm that decides whether a bipartite graph is k-extendable. For general graphs, however, it has been an open problem whether there exists a polynomial algorithm. The new result presented in this paper is that the extendability problem is co-NP-complete.     

Divorce and parity progression following the death of a child: A register-based study from Finland

Most studies that have examined whether a child’s death influences parental relationship stability have used small-scale data sets and their results are inconclusive. A likely reason is that child loss affects not only the risk of parental separation, but also the risk of having another child. Hence parity progression and separation must be treated as two competing events in relation to child loss. The analysis in this paper used Finnish register data from 1971 to 2003, covering over 100,000 married couples whose durations of both first marriage and parenthood could be observed. We ran parity-specific Cox regressions in which process time started from the birth of each additional child. All marriages included women of childbearing age, none of whom had experienced any child death on entering the analysis. We find that child loss only modestly influences the divorce risk, whereas its effect on the risk of parity progression is considerable.     

Choice of study discipline and the postponement of motherhood in Europe: The impact of expected earnings,gender composition,and family attitudes

Theory suggests that the field of study may be at least as consequential for fertility behavior as the duration and level of education. Yet, this qualitative dimension of educational achievement has been largely neglected in demographic studies. This article analyzes the mechanisms relating the field of study with the postponement of motherhood by European college-graduate women aged 20–40. The second round of the European Social Survey is used to assess the impact of four features of study disciplines that are identified as key to reproductive decision making: the expected starting wage, the steepness of the earning profile, attitudes toward gendered family roles, and gender composition. The results indicate that the postponement of motherhood is relatively limited among graduates from study disciplines in which stereotypical attitudes about family roles prevail and in which a large share of the graduates are female. Both the level of the starting wage and the steepness of the earning profile are found to be associated with greater postponement. These results are robust to controlling for the partnership situation and the age at entry into the labor market.     

From Materialist to Post-Materialist Happiness? National Affluence and Determinants of Life Satisfaction in Cross-National Perspective

This paper takes the theory of value change as developed by Inglehart as a point of departure and tests its implications for the determinants of human happiness. It investigates whether the importance of post-material concerns for happiness, relative to that of materialist concerns, is indeed higher in rich post-industrial societies. Personal autonomy and job creativity serve as indicators for post-materialist concerns, the income domain as an indicator for materialist concerns. The main assumption is put against data for 48 countries from wave 5 of the World Values Survey, the most recent survey, which covers the full range from poor agrarian to rich post-industrial societies. Employing a multi-level design, the paper indeed reveals a quite consistent pattern towards post-materialist happiness as we move from poor to rich societies. This pattern seems to be driven by both a devalorization of material concerns and a valorization of post-materialist concerns, although the evidence suggests that the former trend is stronger and more linear than the latter.     

Adaptive information design for outdoor augmented reality

Augmented Reality focuses on the enrichment of the user's natural field of view by consistent integration of text, symbols and interactive three-dimensional objects in real time. Placing virtual objects directly into the user's view in a natural context empowers highly dynamic applications. On the other hand, this necessitates deliberate choice of information design and density, in particular for deployment in hazardous environments like military combat scenarios. As the amount of information needed is not foreseeable and strongly depends on the individual mission, an appropriate system must offer adequate adaptation capabilities. The paper presents a prototypical, vehicle-mountable Augmented Reality vision system, designed for enhancing situation awareness in stressful urban warfare scenarios. Tracking, as one of the most crucial challenges for outdoor Augmented Reality, is accomplished by means of a Differential-GPS approach while the type of display to attach can be modified, ranging from ocular displays to standard LCD mini-screens. The overall concept also includes envisioning of own troops (blue forces), for which a multi-sensor tracking approach has been chosen. As a main feature, the system allows switching between different information categories, focusing on friendly, hostile, unidentified or neutral data. Results of an empirical study on the superiority of an in-view navigation cue approach conclude the paper.     

Expatriate contact with a local host: an intervention to increase social support

Social capital is a crucial factor for expatriates to employ as they cope with the demands of an international assignment. This longitudinal study used a mixed method approach to examine the social support benefits of expatriate contact with a local host. Western expatriates in the Netherlands were randomly divided into two groups: an experimental group (n = 33), that had contact with a Dutch host during 9 months, and a control group (n = 32) with no host. Qualitative methods such as interviews and diaries were included to shed light on the various types of social support that occurred. Results show that local hosts offered all four types of social support: social companionship, informational support, emotional support, and instrumental support. Furthermore, expatriates with a host increased their social capital; they received significantly more social support from host nationals than did those without a host. This study shows that HRD professionals may develop the social capital of expatriates by bringing them into contact with a local host, which can produce more social support from host nationals. Increased social capital may lead to a higher performance at both the individual and organisational levels.