LIQUIDITY AND CONTAGION: THE CRISIS OF 1763

The financial crisis that swept across northern Europe in 1763 bears a strong resemblance to more recent episodes of financial distress. The combination of the specific contractual arrangements at the time, interlocking credit relationships, and the high leverage of market participants triggered distress sales of assets, leading to a severe liquidity crisis. Hence, the crisis is an early instance of contagion on the asset side of the balance sheet. We highlight the salient features of the 1763 crisis and propose a stylized model of the events. While the financial institutions have changed fundamentally in the intervening 200 or so years, the underlying problems appear to be universal. (JEL: 6621, E44, N23)     

Paying More than Necessary? The Wage Cushion in Germany

In Germany, more than 40 per cent of plants covered by collective agreements pay wages above the level stipulated in the agreement, giving rise to a wage cushion between actual and contractual wages. Cross‐sectional and fixed‐effects estimations indicate that the wage cushion mainly varies with the profit situation of the plant and with indicators of labour shortage and the business cycle. Whereas plants bound by multi‐employer agreements seem to pay wage premiums in order to overcome the restrictions imposed by the rather centralized bargaining system in (western) Germany, plants that use single‐employer agreements are significantly less likely to have wage cushions.     

Subjectivity in Feminist Science and Technology Studies: Implications and Applications for Sociological Research

Feminist science and technology studies calls the researcher to reconsider subjectivity in three ways. First, who or what has subjectivity? Second, is subjectivity a property of an individual being with sentience, or is it a more diffuse process? Third, who or what acts in meaningful ways to impact social relations (and are thus worthy of sociological study)? According to feminist STS, the conferral of subjectivity has been nationalized, racialized, and sexualized, and the influence of non‐human life and non‐living matter has been underemphasized. We suggest that sociological research could benefit from a more expansive understanding of subjectivity and a more interactive (or “entangled”) notion of social–material relations. Human relations and action need not just be considered in the context of the human and social but can also be considered in relation to the non‐human and material. To make the implications of feminist STS more concrete, we offer specific applications of feminist STS methodologies across a range of sociological methods and topics.     

Simultaneous estimation of quantile curves using quantile sheets

The results of quantile smoothing often show crossing curves, in particular, for small data sets. We define a surface, called a quantile sheet, on the domain of the independent variable and the probability. Any desired quantile curve is obtained by evaluating the sheet for a fixed probability. This sheet is modeled by $P$ -splines in form of tensor products of $B$ -splines with difference penalties on the array of coefficients. The amount of smoothing is optimized by cross-validation. An application for reference growth curves for children is presented.     

Verfassungen als Spiegel globaler Normen?

The founding of the United Nations permitted to define the discrimination of women as a problem concerning world society at large. Today, equal rights are considered as a global norm by which states and organisations are measured. The article focuses on the questions of how far global norms of equal rights govern national constitutions and on which kind of factors their national designs depend. For answering these questions we use a quantitative content analysis of family rights and equal rights in national constitutions (n = 164). In contrast to neo-institutionalist assumptions we found three clearly distinguished models of equal rights. They serve as dependent variables in a regression analysis which shows that equal rights evolve independently of the national degree of development. To the contrary, the cultural and religious tradition of a country, its inclusion into world society and the power of its civil society are far more decisive for their evolution.