Michael Quinlan
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199563944
- eISBN:
- 9780191721274
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199563944.001.0001
- Subject:
- Political Science, International Relations and Politics
This book reflects the author's experience across more than forty years in assessing and helping to shape policy about nuclear weapons, mostly at senior levels close to the centre both of British ...
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This book reflects the author's experience across more than forty years in assessing and helping to shape policy about nuclear weapons, mostly at senior levels close to the centre both of British governmental decision-making and of NATO's development of plans and deployments, with much interaction also with comparable levels of United States activity in the Pentagon and the State Department. From this exceptional background of practical experience Part I of this book seeks to distill basic conceptual ways of understanding the nuclear revolution—the transformation brought about by the existence of nuclear weapons, and their significance in preventing major war. It also surveys NATO's progressive development of thinking about nuclear deterrence, and then discusses the deep moral dilemmas posed—for all possible standpoints—by the existence of such weapons. Part II considers the risks and costs of nuclear-weapon possession, including proliferation dangers, and looks at both successful and unsuccessful ideas for risk-management. Part III illustrates specific issues by reviewing the history and current policies of one long-established possessor, the United Kingdom, and two more recent ones in South Asia. Part IV turns to the future, examines the goal of the eventual abolition of all nuclear armouries, and then discusses the practical agenda, short of such a goal, which governments can usefully tackle in reducing the risks of proliferation and other dangers while not surrendering prematurely the war-prevention benefits which nuclear weapons have brought since 1945.Less
This book reflects the author's experience across more than forty years in assessing and helping to shape policy about nuclear weapons, mostly at senior levels close to the centre both of British governmental decision-making and of NATO's development of plans and deployments, with much interaction also with comparable levels of United States activity in the Pentagon and the State Department. From this exceptional background of practical experience Part I of this book seeks to distill basic conceptual ways of understanding the nuclear revolution—the transformation brought about by the existence of nuclear weapons, and their significance in preventing major war. It also surveys NATO's progressive development of thinking about nuclear deterrence, and then discusses the deep moral dilemmas posed—for all possible standpoints—by the existence of such weapons. Part II considers the risks and costs of nuclear-weapon possession, including proliferation dangers, and looks at both successful and unsuccessful ideas for risk-management. Part III illustrates specific issues by reviewing the history and current policies of one long-established possessor, the United Kingdom, and two more recent ones in South Asia. Part IV turns to the future, examines the goal of the eventual abolition of all nuclear armouries, and then discusses the practical agenda, short of such a goal, which governments can usefully tackle in reducing the risks of proliferation and other dangers while not surrendering prematurely the war-prevention benefits which nuclear weapons have brought since 1945.
Nikolas Rose and Joelle M. Abi-Rached
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691149608
- eISBN:
- 9781400846337
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691149608.003.0007
- Subject:
- Neuroscience, Development
This chapter examines the arguments that claim that human antisocial behavior—notably impulsivity, aggression, and related forms of criminal conduct—have neurobiological roots. While neurobiological ...
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This chapter examines the arguments that claim that human antisocial behavior—notably impulsivity, aggression, and related forms of criminal conduct—have neurobiological roots. While neurobiological evidence from genomics or functional brain imaging is likely to have limited traction in the criminal courtroom itself, a new diagram is nonetheless emerging in the criminal justice system as it encounters developments in the neurosciences. This does not entail a challenge to doctrines of free will or an exculpatory argument that “my brain made me do it,” as some have suggested. Rather it is developing around the themes of susceptibility, prediction, and precaution that have come to infuse many aspects of criminal justice systems as they have come to focus on questions of risk—risk assessment, risk management, and risk reduction.Less
This chapter examines the arguments that claim that human antisocial behavior—notably impulsivity, aggression, and related forms of criminal conduct—have neurobiological roots. While neurobiological evidence from genomics or functional brain imaging is likely to have limited traction in the criminal courtroom itself, a new diagram is nonetheless emerging in the criminal justice system as it encounters developments in the neurosciences. This does not entail a challenge to doctrines of free will or an exculpatory argument that “my brain made me do it,” as some have suggested. Rather it is developing around the themes of susceptibility, prediction, and precaution that have come to infuse many aspects of criminal justice systems as they have come to focus on questions of risk—risk assessment, risk management, and risk reduction.
Edmund Cannon and Ian Tonks
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199216994
- eISBN:
- 9780191711978
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199216994.003.0010
- Subject:
- Business and Management, Pensions and Pension Management
This chapter examines the supply of annuities, and discusses the regulatory framework. It discusses the market share of annuity business in the UK and the risk-management of annuity contracts by ...
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This chapter examines the supply of annuities, and discusses the regulatory framework. It discusses the market share of annuity business in the UK and the risk-management of annuity contracts by annuity providers, in relation to interest rate risk and cohort-mortality risk.Less
This chapter examines the supply of annuities, and discusses the regulatory framework. It discusses the market share of annuity business in the UK and the risk-management of annuity contracts by annuity providers, in relation to interest rate risk and cohort-mortality risk.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0014
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter concludes the book by reviewing some of the key links between stabilization, liberalization, and growth. The first section reviews why instability is bad for the growth of the economy. ...
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This chapter concludes the book by reviewing some of the key links between stabilization, liberalization, and growth. The first section reviews why instability is bad for the growth of the economy. The second reviews the argument that an excessive focus on price stability, as opposed to stability of output or employment, can be bad for growth. The third argues that excess reliance on monetary policy as a tool for stabilization may be bad for long-run economic growth, and examines the long-run consequences of failing to maintain the economy at as close to full employment as possible. The fourth and final section brings together the various strands of argument put forward in this book by first looking at the issues of liberalization and macroeconomic policy through the lens of risk management, and then discussing the links between stabilization and liberalization, and between growth and poverty.Less
This chapter concludes the book by reviewing some of the key links between stabilization, liberalization, and growth. The first section reviews why instability is bad for the growth of the economy. The second reviews the argument that an excessive focus on price stability, as opposed to stability of output or employment, can be bad for growth. The third argues that excess reliance on monetary policy as a tool for stabilization may be bad for long-run economic growth, and examines the long-run consequences of failing to maintain the economy at as close to full employment as possible. The fourth and final section brings together the various strands of argument put forward in this book by first looking at the issues of liberalization and macroeconomic policy through the lens of risk management, and then discussing the links between stabilization and liberalization, and between growth and poverty.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.001.0001
- Subject:
- Political Science, International Relations and Politics
It has become almost a cliché in many Euro-Atlantic political and academic circles to argue that the transatlantic security community that defines itself around liberal-democratic values is facing a ...
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It has become almost a cliché in many Euro-Atlantic political and academic circles to argue that the transatlantic security community that defines itself around liberal-democratic values is facing a particularly dangerous set of challenges and must find ways to adapt to an environment marked by the growing power of unconventional enemies, particularly transnationally organized terrorist groups. But the question is, what has this meant in practice? What are the dynamics and implications of the security policies and practices aimed at addressing the (allegedly) new threat of international terrorism? This book examines the practices enacted by three key institutions of the transatlantic security community — the EU, NATO, and the OSCE — in the name of combating international terrorism, and analyses the ways in which those practices have both been affected by and contributed to changes in the field of security. This book argues that contemporary attempts to respond to the perceived threat of international terrorism reflect a particular ethos of risk-management and involve a combination of two different — an inclusive and an exclusionary — logics of security. This book examines the interplay between the two logics and analyses their implications, including the ways in which they have contributed to processes of reconstitution of boundaries and norms of governance in the security community. In developing this analysis, this book also explores some of the normative and political dilemmas generated by contemporary patterns of inclusion/exclusion. On this basis, it seeks to make a significant contribution to the study of security practices and international governance in the post-9/11 world.Less
It has become almost a cliché in many Euro-Atlantic political and academic circles to argue that the transatlantic security community that defines itself around liberal-democratic values is facing a particularly dangerous set of challenges and must find ways to adapt to an environment marked by the growing power of unconventional enemies, particularly transnationally organized terrorist groups. But the question is, what has this meant in practice? What are the dynamics and implications of the security policies and practices aimed at addressing the (allegedly) new threat of international terrorism? This book examines the practices enacted by three key institutions of the transatlantic security community — the EU, NATO, and the OSCE — in the name of combating international terrorism, and analyses the ways in which those practices have both been affected by and contributed to changes in the field of security. This book argues that contemporary attempts to respond to the perceived threat of international terrorism reflect a particular ethos of risk-management and involve a combination of two different — an inclusive and an exclusionary — logics of security. This book examines the interplay between the two logics and analyses their implications, including the ways in which they have contributed to processes of reconstitution of boundaries and norms of governance in the security community. In developing this analysis, this book also explores some of the normative and political dilemmas generated by contemporary patterns of inclusion/exclusion. On this basis, it seeks to make a significant contribution to the study of security practices and international governance in the post-9/11 world.
Gøsta Esping‐Andersen
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198742005
- eISBN:
- 9780191599163
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198742002.003.0003
- Subject:
- Political Science, Comparative Politics
This chapter and the previous one revisit the political economy within which post‐war welfare regimes emerged, matured, and, now appear crisis‐ridden. Here, an analysis is made of social risks and ...
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This chapter and the previous one revisit the political economy within which post‐war welfare regimes emerged, matured, and, now appear crisis‐ridden. Here, an analysis is made of social risks and welfare states. The post‐war welfare state was premised upon assumptions about family structure and labour market behaviour that, today, are largely invalid. Risks that in the 1950s or 1960s were assumed away are now becoming dominant, and vice versa. The post‐war welfare state being the child of the 1930s Depression and the ‘workers question’, was moulded on a society in which the prototypical client was a male production worker, who is now rather hard to find. A first step towards an understanding of the contemporary welfare state crisis must begin with: (a) a diagnosis of the changing distribution and intensity of social risks, and (b) a comprehensive examination of how risks are pooled and distributed between state, market, and family. The different sections of the chapter are: The State in the Welfare Nexus—the misunderstood family, and the welfare triad of state, market, and family; The Foundations of Welfare Regimes: Risk Management—family and market ‘failures’; and The distribution of risks and models of solidarity—class risks, life‐course risks, intergenerational risks, de‐commodification, and familialism and de‐familialism.Less
This chapter and the previous one revisit the political economy within which post‐war welfare regimes emerged, matured, and, now appear crisis‐ridden. Here, an analysis is made of social risks and welfare states. The post‐war welfare state was premised upon assumptions about family structure and labour market behaviour that, today, are largely invalid. Risks that in the 1950s or 1960s were assumed away are now becoming dominant, and vice versa. The post‐war welfare state being the child of the 1930s Depression and the ‘workers question’, was moulded on a society in which the prototypical client was a male production worker, who is now rather hard to find. A first step towards an understanding of the contemporary welfare state crisis must begin with: (a) a diagnosis of the changing distribution and intensity of social risks, and (b) a comprehensive examination of how risks are pooled and distributed between state, market, and family. The different sections of the chapter are: The State in the Welfare Nexus—the misunderstood family, and the welfare triad of state, market, and family; The Foundations of Welfare Regimes: Risk Management—family and market ‘failures’; and The distribution of risks and models of solidarity—class risks, life‐course risks, intergenerational risks, de‐commodification, and familialism and de‐familialism.
Christopher S. Chapman, David J. Cooper, and Peter Miller (eds)
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199546350
- eISBN:
- 9780191720048
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199546350.001.0001
- Subject:
- Business and Management, Organization Studies, Finance, Accounting, and Banking
Accounting has an ever-increasing significance in contemporary society. Indeed, some argue that its practices are fundamental to the development and functioning of modern capitalist societies. We can ...
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Accounting has an ever-increasing significance in contemporary society. Indeed, some argue that its practices are fundamental to the development and functioning of modern capitalist societies. We can see accounting everywhere: in organizations where budgeting, investing, costing, and performance appraisal rely on accounting practices; in financial and other audits; in corporate scandals and financial reporting and regulation; in corporate governance, risk management, and accountability, and in the corresponding growth and influence of the accounting profession. Accounting, too, is an important part of the curriculum and research of business and management schools, the fastest growing sector in higher education. This growth is largely a phenomenon of the last fifty years or so. Prior to that, accounting was seen mainly as a mundane, technical, bookkeeping exercise (and some still share that naive view). The growth in accounting has demanded a corresponding engagement by scholars to examine and highlight the important behavioural, organizational, institutional, and social dimensions of accounting. Pioneering work by accounting researchers and social scientists more generally has persuasively demonstrated to a wider social science, professional, management, and policy audience how many aspects of life are indeed constituted, to an important extent, through the calculative practices of accounting. Anthony Hopwood, to whom this books is dedicated, has been a leading figure in this endeavour, which has effectively defined accounting as a distinctive field of research in the social sciences. The book brings together the work of leading international accounting academics and social scientists, and demonstrates the scope, vitality, and insights of contemporary scholarship in and on accounting and auditing.Less
Accounting has an ever-increasing significance in contemporary society. Indeed, some argue that its practices are fundamental to the development and functioning of modern capitalist societies. We can see accounting everywhere: in organizations where budgeting, investing, costing, and performance appraisal rely on accounting practices; in financial and other audits; in corporate scandals and financial reporting and regulation; in corporate governance, risk management, and accountability, and in the corresponding growth and influence of the accounting profession. Accounting, too, is an important part of the curriculum and research of business and management schools, the fastest growing sector in higher education. This growth is largely a phenomenon of the last fifty years or so. Prior to that, accounting was seen mainly as a mundane, technical, bookkeeping exercise (and some still share that naive view). The growth in accounting has demanded a corresponding engagement by scholars to examine and highlight the important behavioural, organizational, institutional, and social dimensions of accounting. Pioneering work by accounting researchers and social scientists more generally has persuasively demonstrated to a wider social science, professional, management, and policy audience how many aspects of life are indeed constituted, to an important extent, through the calculative practices of accounting. Anthony Hopwood, to whom this books is dedicated, has been a leading figure in this endeavour, which has effectively defined accounting as a distinctive field of research in the social sciences. The book brings together the work of leading international accounting academics and social scientists, and demonstrates the scope, vitality, and insights of contemporary scholarship in and on accounting and auditing.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.003.0001
- Subject:
- Political Science, International Relations and Politics
The first chapter sets the scene by placing the analysis within the framework of debates about developments in the transatlantic security community in the post-9/11 world. It explains this book's ...
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The first chapter sets the scene by placing the analysis within the framework of debates about developments in the transatlantic security community in the post-9/11 world. It explains this book's focus on the EU, NATO, and the OSCE, and discusses the methods and data used in this study. Following an analysis of changes in the field of security since the end of the Cold War — and, as a prelude to the empirical chapters, a brief discussion of the evolving roles of the EU, NATO, and the OSCE — this chapter explains the conceptual framework used in this book. Drawing on analyses of risk-management developed in the disciplines of sociology, criminology, and political science, it argues that contemporary practices aimed at preventing and fighting terrorism can be understood as instantiations of a particular form of management of allegedly exceptional risks to modern liberal order.Less
The first chapter sets the scene by placing the analysis within the framework of debates about developments in the transatlantic security community in the post-9/11 world. It explains this book's focus on the EU, NATO, and the OSCE, and discusses the methods and data used in this study. Following an analysis of changes in the field of security since the end of the Cold War — and, as a prelude to the empirical chapters, a brief discussion of the evolving roles of the EU, NATO, and the OSCE — this chapter explains the conceptual framework used in this book. Drawing on analyses of risk-management developed in the disciplines of sociology, criminology, and political science, it argues that contemporary practices aimed at preventing and fighting terrorism can be understood as instantiations of a particular form of management of allegedly exceptional risks to modern liberal order.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.003.0002
- Subject:
- Political Science, International Relations and Politics
This chapter argues that the risk of terrorist attacks by transnational groups has been systematically invoked by EU bodies to justify the launch (or expansion) of a broad set of risk-management ...
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This chapter argues that the risk of terrorist attacks by transnational groups has been systematically invoked by EU bodies to justify the launch (or expansion) of a broad set of risk-management programmes and projects that involve a combination of inclusive and exclusionary practices. To begin with, those actors seen as vulnerable to, but not yet fully corrupted by, the anti-liberal ideas promoted by terrorist organizations are to be supported, monitored, and guided by the EU in an attempt to transform them into self-disciplined, ‘responsible’ liberal actors who are worthy of inclusion in liberal relations of community. Thus, in the contemporary security environment, the EU has sought to enhance its ability to construct ‘good’ (liberal) actors, both in Europe and abroad, and in so doing also to expand the broader security community of liberal-democratic values. Those inclusive practices are accompanied by attempts at enhancing the collective ability of members of the Union to identify and exclude from their territory — or at least contain and place beyond the realm of normal politics and liberal socio-economic activities — individuals and groups with alleged links to international terrorism.Less
This chapter argues that the risk of terrorist attacks by transnational groups has been systematically invoked by EU bodies to justify the launch (or expansion) of a broad set of risk-management programmes and projects that involve a combination of inclusive and exclusionary practices. To begin with, those actors seen as vulnerable to, but not yet fully corrupted by, the anti-liberal ideas promoted by terrorist organizations are to be supported, monitored, and guided by the EU in an attempt to transform them into self-disciplined, ‘responsible’ liberal actors who are worthy of inclusion in liberal relations of community. Thus, in the contemporary security environment, the EU has sought to enhance its ability to construct ‘good’ (liberal) actors, both in Europe and abroad, and in so doing also to expand the broader security community of liberal-democratic values. Those inclusive practices are accompanied by attempts at enhancing the collective ability of members of the Union to identify and exclude from their territory — or at least contain and place beyond the realm of normal politics and liberal socio-economic activities — individuals and groups with alleged links to international terrorism.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.003.0003
- Subject:
- Political Science, International Relations and Politics
Over the past few years, the challenge for NATO has been to transform itself into a highly flexible and complex institution, designed to manage a plurality of complex risks, especially the risk of ...
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Over the past few years, the challenge for NATO has been to transform itself into a highly flexible and complex institution, designed to manage a plurality of complex risks, especially the risk of terrorist attacks. Although NATO remains an institution that is significantly different from the EU, in response to significant changes in the field of security, the alliance has adopted a similar approach to risk-management, combining inclusive and exclusivist security practices. This chapter examines some notable examples of such practices, ranging from efforts to expand the security community via the diffusion of liberal norms in partner states, to attempts to control and exclude terrorists from the allied territory via operations such as Operation Active Endeavour in the Mediterranean. In addition, this chapter analyses NATO's most important current mission — ISAF in Afghanistan — and argues that this, too, reveals a combination of practices of inclusion and exclusion. This chapter also shows that, as in the case of the EU, practices enacted in the name of combating terrorism have contributed to a redefinition of modes of governance in the Euro-Atlantic area, especially by blurring the boundaries between the public–private spheres.Less
Over the past few years, the challenge for NATO has been to transform itself into a highly flexible and complex institution, designed to manage a plurality of complex risks, especially the risk of terrorist attacks. Although NATO remains an institution that is significantly different from the EU, in response to significant changes in the field of security, the alliance has adopted a similar approach to risk-management, combining inclusive and exclusivist security practices. This chapter examines some notable examples of such practices, ranging from efforts to expand the security community via the diffusion of liberal norms in partner states, to attempts to control and exclude terrorists from the allied territory via operations such as Operation Active Endeavour in the Mediterranean. In addition, this chapter analyses NATO's most important current mission — ISAF in Afghanistan — and argues that this, too, reveals a combination of practices of inclusion and exclusion. This chapter also shows that, as in the case of the EU, practices enacted in the name of combating terrorism have contributed to a redefinition of modes of governance in the Euro-Atlantic area, especially by blurring the boundaries between the public–private spheres.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.003.0004
- Subject:
- Political Science, International Relations and Politics
This chapter examines some of the key OSCE initiatives adopted in the name of combating international terrorism, showing how the organization has sought to cast itself as a relevant, in some ways, ...
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This chapter examines some of the key OSCE initiatives adopted in the name of combating international terrorism, showing how the organization has sought to cast itself as a relevant, in some ways, uniquely competent security institution in the context of the fight against international terrorism. In particular, the OSCE has repeatedly invoked and sought to reinforce the inclusive security logic that it embodies. This chapter examines the dynamics — and limits — of some of the main practices enacted by the organization in the name of preventing and combating terrorism. It suggests that, for all its claims to the contrary, one of the key problems currently faced by the OSCE is that its ability to act as a security community-builder via the dissemination of norms of liberal-democratic governance has been significantly weakened in recent years. Simultaneously, the organization seems to have developed a greater capacity to carry out practices aimed at excluding from the OSCE territory individuals/groups suspected of involvement in terrorism. This chapter concludes with a discussion of the normative and political problems generated by this apparent change in the mix of inclusive and exclusionary security practices enacted by the OSCE.Less
This chapter examines some of the key OSCE initiatives adopted in the name of combating international terrorism, showing how the organization has sought to cast itself as a relevant, in some ways, uniquely competent security institution in the context of the fight against international terrorism. In particular, the OSCE has repeatedly invoked and sought to reinforce the inclusive security logic that it embodies. This chapter examines the dynamics — and limits — of some of the main practices enacted by the organization in the name of preventing and combating terrorism. It suggests that, for all its claims to the contrary, one of the key problems currently faced by the OSCE is that its ability to act as a security community-builder via the dissemination of norms of liberal-democratic governance has been significantly weakened in recent years. Simultaneously, the organization seems to have developed a greater capacity to carry out practices aimed at excluding from the OSCE territory individuals/groups suspected of involvement in terrorism. This chapter concludes with a discussion of the normative and political problems generated by this apparent change in the mix of inclusive and exclusionary security practices enacted by the OSCE.
Alexandra Gheciu
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199217229
- eISBN:
- 9780191712449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199217229.003.0005
- Subject:
- Political Science, International Relations and Politics
The final chapter explores the ways in which the EU, NATO, and the OSCE have related to each other in their (theoretically joint) effort to prevent and combat international terrorism. Drawing on the ...
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The final chapter explores the ways in which the EU, NATO, and the OSCE have related to each other in their (theoretically joint) effort to prevent and combat international terrorism. Drawing on the work of sociologist Pierre Bourdieu, it argues that important instances of cooperation among NATO, the EU, and the OSCE have been accompanied by a dynamic of competition, as each institution has sought to secure a privileged position in the changing field of security by invoking and seeking to further enhance its symbolic and material capital. This chapter also reflects on the ways in which the activities carried out by the EU, NATO, and the OSCE have further contributed to transformations in the field of security and, more broadly, to changes in norms of governance in the Euro-Atlantic area, for instance by participating in the process of blurring the boundaries between policing/defence activities, public/private spheres, and (re)constituting categories of protector/protected. Through their practices, NATO, the EU, and the OSCE have also complicated questions about the acceptable limits of exceptional treatments of exclusion that target individuals and groups deemed as enemies of the community based on liberal-democratic values.Less
The final chapter explores the ways in which the EU, NATO, and the OSCE have related to each other in their (theoretically joint) effort to prevent and combat international terrorism. Drawing on the work of sociologist Pierre Bourdieu, it argues that important instances of cooperation among NATO, the EU, and the OSCE have been accompanied by a dynamic of competition, as each institution has sought to secure a privileged position in the changing field of security by invoking and seeking to further enhance its symbolic and material capital. This chapter also reflects on the ways in which the activities carried out by the EU, NATO, and the OSCE have further contributed to transformations in the field of security and, more broadly, to changes in norms of governance in the Euro-Atlantic area, for instance by participating in the process of blurring the boundaries between policing/defence activities, public/private spheres, and (re)constituting categories of protector/protected. Through their practices, NATO, the EU, and the OSCE have also complicated questions about the acceptable limits of exceptional treatments of exclusion that target individuals and groups deemed as enemies of the community based on liberal-democratic values.
Michel Crouhy, Dan Galai, and Robert Mark
- Published in print:
- 2005
- Published Online:
- January 2007
- ISBN:
- 9780195169713
- eISBN:
- 9780199783717
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195169713.003.0006
- Subject:
- Economics and Finance, Financial Economics
This chapter presents the New Capital Adequacy Accord proposed by the Basel Committee on Banking Supervision (Basel II) to replace the current 1988 Capital Accord (Basel I) by a more risk-sensitive ...
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This chapter presents the New Capital Adequacy Accord proposed by the Basel Committee on Banking Supervision (Basel II) to replace the current 1988 Capital Accord (Basel I) by a more risk-sensitive framework for the measurement of credit risk. Basel II offers a menu of approaches: the “standardized” approach and the “internal ratings based” (IRB) approach with two variants: the “foundation” and the “advanced” approaches. These approaches are reviewed and their shortcomings are discussed. The standardized approach presents similar flaws to Basel I. The regulatory capital attribution according to the IRB approach is compared with the economic capital allocation from the industry-sponsored credit portfolio models, including CreditMetrics, KMV, and CreditRisk+. This comparison shows that the capital attribution for investment grade facilities from the IRB approach, although much lower than for the standardized approach, is still too high compared with the allocation from internal models. For subinvestment grade portfolios, the opposite is true where the IRB approach allocates more capital than the standardized approach, but still much less than the internal models. It is also noted that when the various credit portfolio models are calibrated with consistent parameters, they produce capital attributions that are relatively close to one another. It is clear from these conclusions that regulatory arbitrage will prevail as banks will be incentivized, as under Basel I, to shed away their high-quality assets through loan sales and securitization, and keep on their balance sheet the more risky loans for which regulatory capital underestimates the actual economic risk.Less
This chapter presents the New Capital Adequacy Accord proposed by the Basel Committee on Banking Supervision (Basel II) to replace the current 1988 Capital Accord (Basel I) by a more risk-sensitive framework for the measurement of credit risk. Basel II offers a menu of approaches: the “standardized” approach and the “internal ratings based” (IRB) approach with two variants: the “foundation” and the “advanced” approaches. These approaches are reviewed and their shortcomings are discussed. The standardized approach presents similar flaws to Basel I. The regulatory capital attribution according to the IRB approach is compared with the economic capital allocation from the industry-sponsored credit portfolio models, including CreditMetrics, KMV, and CreditRisk+. This comparison shows that the capital attribution for investment grade facilities from the IRB approach, although much lower than for the standardized approach, is still too high compared with the allocation from internal models. For subinvestment grade portfolios, the opposite is true where the IRB approach allocates more capital than the standardized approach, but still much less than the internal models. It is also noted that when the various credit portfolio models are calibrated with consistent parameters, they produce capital attributions that are relatively close to one another. It is clear from these conclusions that regulatory arbitrage will prevail as banks will be incentivized, as under Basel I, to shed away their high-quality assets through loan sales and securitization, and keep on their balance sheet the more risky loans for which regulatory capital underestimates the actual economic risk.
Andrew P. Kuritzkes and Hal S. Scott
- Published in print:
- 2005
- Published Online:
- January 2007
- ISBN:
- 9780195169713
- eISBN:
- 9780199783717
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195169713.003.0007
- Subject:
- Economics and Finance, Financial Economics
This chapter addresses the issue of whether and to what extent banks should be required by regulation to hold capital against operational risks. It argues that the types of operational risk for which ...
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This chapter addresses the issue of whether and to what extent banks should be required by regulation to hold capital against operational risks. It argues that the types of operational risk for which Basel II requires capital, internal or external event risks, are and should be dealt with by other means — better controls, loss provisions, or insurance. Basel's definition of “operational risk” excludes the major category of non-financial risk for which banks do hold capital — namely, business risk. It is estimated that business risk accounts for slightly more than half of a bank's total non-financial risk, which, in turn, averages about 25 to 30% of economic capital. Analysing legal risk, as a type of operational risk, the chapter shows the difficulties in defining or predicting such risk, and that the amount of such risk will vary depending on the legal jurisdictions to which a bank is subject. It also argues that the Basel II limit of 20% on capital mitigation achievable through insurance is arbitrary and creates a perverse incentive for banks to be underinsured. It generally concludes that banks should not be required by regulation to hold capital for operational risks; the issue would be better dealt with through supervision and market discipline.Less
This chapter addresses the issue of whether and to what extent banks should be required by regulation to hold capital against operational risks. It argues that the types of operational risk for which Basel II requires capital, internal or external event risks, are and should be dealt with by other means — better controls, loss provisions, or insurance. Basel's definition of “operational risk” excludes the major category of non-financial risk for which banks do hold capital — namely, business risk. It is estimated that business risk accounts for slightly more than half of a bank's total non-financial risk, which, in turn, averages about 25 to 30% of economic capital. Analysing legal risk, as a type of operational risk, the chapter shows the difficulties in defining or predicting such risk, and that the amount of such risk will vary depending on the legal jurisdictions to which a bank is subject. It also argues that the Basel II limit of 20% on capital mitigation achievable through insurance is arbitrary and creates a perverse incentive for banks to be underinsured. It generally concludes that banks should not be required by regulation to hold capital for operational risks; the issue would be better dealt with through supervision and market discipline.
Philip A. Wellons
- Published in print:
- 2005
- Published Online:
- January 2007
- ISBN:
- 9780195169713
- eISBN:
- 9780199783717
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195169713.003.0008
- Subject:
- Economics and Finance, Financial Economics
This chapter examines the role of enforcement for capital adequacy regulation in US banking and securities markets. Very little is known about how enforcement works: What broken rules are being ...
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This chapter examines the role of enforcement for capital adequacy regulation in US banking and securities markets. Very little is known about how enforcement works: What broken rules are being enforced? By whom? How serious are the violations? How effective is enforcement, which presumably should discourage others from breaking important capital rules? The data are from enforcement actions over the last 6 to 10 years by US regulators, who are unique in publishing them. Even though the capital adequacy rules differ for banks and securities firms, the approaches to enforcing them overlap enough to allow rough comparison. This chapter finds a very low number of formal enforcement actions. Most target the small firms or individuals, not the big firms. Formal actions are particularly rare against the largest banks and securities firms, those that pose the greatest threat to the financial system. All but one of the capital adequacy violations resulted from fraud, theft, or other forms of operational risk. Only one resulted from credit risk. The chapter examines possible explanations of the findings, such as the relatively strong economy during much of the period and the possibility that very effective supervision catches almost all firms before their capital falls too low. Evidence from case studies of failed banks suggests that supervisors need to do a better job relating a bank's apparently adequate capital to its risk exposure, and to force banks to implement proposals regulators make to remedy deficiencies. Perhaps the very limited enforcement against large firms reflects a regulatory bias in their favor rather than their underlying strength and adequate capital.Less
This chapter examines the role of enforcement for capital adequacy regulation in US banking and securities markets. Very little is known about how enforcement works: What broken rules are being enforced? By whom? How serious are the violations? How effective is enforcement, which presumably should discourage others from breaking important capital rules? The data are from enforcement actions over the last 6 to 10 years by US regulators, who are unique in publishing them. Even though the capital adequacy rules differ for banks and securities firms, the approaches to enforcing them overlap enough to allow rough comparison. This chapter finds a very low number of formal enforcement actions. Most target the small firms or individuals, not the big firms. Formal actions are particularly rare against the largest banks and securities firms, those that pose the greatest threat to the financial system. All but one of the capital adequacy violations resulted from fraud, theft, or other forms of operational risk. Only one resulted from credit risk. The chapter examines possible explanations of the findings, such as the relatively strong economy during much of the period and the possibility that very effective supervision catches almost all firms before their capital falls too low. Evidence from case studies of failed banks suggests that supervisors need to do a better job relating a bank's apparently adequate capital to its risk exposure, and to force banks to implement proposals regulators make to remedy deficiencies. Perhaps the very limited enforcement against large firms reflects a regulatory bias in their favor rather than their underlying strength and adequate capital.
Brigitte Madrian, Olivia S. Mitchell, and Beth J. Soldo (eds)
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199230778
- eISBN:
- 9780191710971
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199230778.001.0001
- Subject:
- Business and Management, Pensions and Pension Management
As the leading edge of the “Baby Boom” generation in the United States reaches sixty years of age, members of this unusually large cohort born between 1946 and 1966 are poised to redefine retirement ...
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As the leading edge of the “Baby Boom” generation in the United States reaches sixty years of age, members of this unusually large cohort born between 1946 and 1966 are poised to redefine retirement — just as they have restructured educational, housing, and labor markets previously. Looking ahead, their numbers and energy are sure to have a major impact on national pensions, healthcare, and social safety nets. This book notes that “Boomers” will be better off than their predecessors in many ways, having benefited from the long run-up in housing prices, dramatic improvements in healthcare, and the expanding economy. On the other hand, the generation's sheer size will surely squeeze resources and require new approaches to retirement risk management. On average, the Boomers are in better financial and physical health than prior cohorts, and they can be anticipated to fare better than current retirees in absolute terms. Yet the distribution of retiree income and wealth will be less equal than in earlier years, and in relative terms, many Boomers will be less well off than their forebears. The chapters in this book use many invaluable models and datasets, including the incomparable Health and Retirement Study (HRS) which affords unique insights into the status of mature adults surveyed at the same age and hence same point in their life cycles, but at three different time periods. Chapter contributors offer new evidence about prospects for health and income during retirement, as well as pensions and housing equity, health, portfolio allocation, and financial literacy.Less
As the leading edge of the “Baby Boom” generation in the United States reaches sixty years of age, members of this unusually large cohort born between 1946 and 1966 are poised to redefine retirement — just as they have restructured educational, housing, and labor markets previously. Looking ahead, their numbers and energy are sure to have a major impact on national pensions, healthcare, and social safety nets. This book notes that “Boomers” will be better off than their predecessors in many ways, having benefited from the long run-up in housing prices, dramatic improvements in healthcare, and the expanding economy. On the other hand, the generation's sheer size will surely squeeze resources and require new approaches to retirement risk management. On average, the Boomers are in better financial and physical health than prior cohorts, and they can be anticipated to fare better than current retirees in absolute terms. Yet the distribution of retiree income and wealth will be less equal than in earlier years, and in relative terms, many Boomers will be less well off than their forebears. The chapters in this book use many invaluable models and datasets, including the incomparable Health and Retirement Study (HRS) which affords unique insights into the status of mature adults surveyed at the same age and hence same point in their life cycles, but at three different time periods. Chapter contributors offer new evidence about prospects for health and income during retirement, as well as pensions and housing equity, health, portfolio allocation, and financial literacy.
Robert L. Clark and Olivia S. Mitchell
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199592609
- eISBN:
- 9780191594618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199592609.003.0001
- Subject:
- Business and Management, Pensions and Pension Management
Leading academics, public pension sponsors, and their advisors offer new research on ways to reformulate and restructure retirement risk management. This chapter summarizes the research findings ...
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Leading academics, public pension sponsors, and their advisors offer new research on ways to reformulate and restructure retirement risk management. This chapter summarizes the research findings presented throughout this volume.Less
Leading academics, public pension sponsors, and their advisors offer new research on ways to reformulate and restructure retirement risk management. This chapter summarizes the research findings presented throughout this volume.
Gordon L. Clark, Adam D. Dixon, and Ashby H. B. Monk (eds)
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199557431
- eISBN:
- 9780191721687
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557431.001.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized ...
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Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized problems have quickly spread, putting at risk the solvency of both local and global financial institutions. As these markets are increasingly complex, interconnected, and embedded in the daily lives of individuals, there is a pressing need to unravel and understand the complexities and prospects of this new and transformative social, political, and geographical paradigm. This book brings together a group of scholars from a range of disciplines to formulate a more holistic understanding of financial risk by rooting it in different environments, spatial scales, and disciplines.Less
Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized problems have quickly spread, putting at risk the solvency of both local and global financial institutions. As these markets are increasingly complex, interconnected, and embedded in the daily lives of individuals, there is a pressing need to unravel and understand the complexities and prospects of this new and transformative social, political, and geographical paradigm. This book brings together a group of scholars from a range of disciplines to formulate a more holistic understanding of financial risk by rooting it in different environments, spatial scales, and disciplines.
Samuel Randalls
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199557431
- eISBN:
- 9780191721687
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557431.003.0010
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
Financial risks relating to the environment are frequently concentrated in cities, both in the source of risks and in the management of those risks. Urban areas are prone to a number of environmental ...
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Financial risks relating to the environment are frequently concentrated in cities, both in the source of risks and in the management of those risks. Urban areas are prone to a number of environmental concerns including brownfield biodiversity, flooding, and potential relations to climate change, and the effects of ‘everyday’ environmental changes, for example the weather, on productivity. Managing these risks will frequently be found in the city too through mainstream financial institutions like banks and insurers that seek both physical and financial protection for themselves and their clients from the worst environmental effects. One clear example is decision-making about the Thames Barrier in London, which aims to protect the financial heartland of the UK from severe flooding. At the same time, in nearby offices, a wide range of new products are being created to manage these urban environmental risks, including diverse catastrophe bonds, weather derivatives, and global warming indexes. This chapter explores the range of financial risks emerging from environmental changes and the ways in which these are being managed. This brings together both an appreciation of the nature of these risks as well as a financial focus on environmental risks. Relatively little has been written in geography on these products and this chapter provides an overview that is both introductory, but also based on contemporary research on these issues that addresses much deeper questions. If environmental risks are to be successfully managed, then it is clear that there will need to be an appreciation of the raft of financial responses, both current and potential, that will be introduced by companies to achieve this.Less
Financial risks relating to the environment are frequently concentrated in cities, both in the source of risks and in the management of those risks. Urban areas are prone to a number of environmental concerns including brownfield biodiversity, flooding, and potential relations to climate change, and the effects of ‘everyday’ environmental changes, for example the weather, on productivity. Managing these risks will frequently be found in the city too through mainstream financial institutions like banks and insurers that seek both physical and financial protection for themselves and their clients from the worst environmental effects. One clear example is decision-making about the Thames Barrier in London, which aims to protect the financial heartland of the UK from severe flooding. At the same time, in nearby offices, a wide range of new products are being created to manage these urban environmental risks, including diverse catastrophe bonds, weather derivatives, and global warming indexes. This chapter explores the range of financial risks emerging from environmental changes and the ways in which these are being managed. This brings together both an appreciation of the nature of these risks as well as a financial focus on environmental risks. Relatively little has been written in geography on these products and this chapter provides an overview that is both introductory, but also based on contemporary research on these issues that addresses much deeper questions. If environmental risks are to be successfully managed, then it is clear that there will need to be an appreciation of the raft of financial responses, both current and potential, that will be introduced by companies to achieve this.
Susan J. Smith
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199557431
- eISBN:
- 9780191721687
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557431.003.0011
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
In the ‘home ownership’ societies of the English speaking world — where owner occupation is the tenure de rigueur, and mortgages are the respectable face of debt — borrowers, lenders, developers, and ...
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In the ‘home ownership’ societies of the English speaking world — where owner occupation is the tenure de rigueur, and mortgages are the respectable face of debt — borrowers, lenders, developers, and politicians are vying for the positions that gain most, and lose least, from the housing roller coaster, as it navigates a landscape of economic and environmental shocks. This jostling is hardly surprising, because housing is the world's largest class of assets, and its price appreciation has outstripped that of most other investments for more than a decade. But buying into housing can be a risky business, especially for ordinary households whose wealth tends to be concentrated within a single owned home where it increasingly forms an asset base for welfare. Strangely none of the financial instruments invented to manage this growing dependence on a narrow, sometimes volatile, and generally heavily leveraged, investment ‘portfolio’ — and which protect large institutions against the ups and downs of virtually every other major asset class (commodities, equities, bonds, and more) — are yet available for housing. Attempts to change this are, however, underway. This chapter weighs up their merits and limitations, considers whether they are likely to succeed, and comments on who gets what, where as a result.Less
In the ‘home ownership’ societies of the English speaking world — where owner occupation is the tenure de rigueur, and mortgages are the respectable face of debt — borrowers, lenders, developers, and politicians are vying for the positions that gain most, and lose least, from the housing roller coaster, as it navigates a landscape of economic and environmental shocks. This jostling is hardly surprising, because housing is the world's largest class of assets, and its price appreciation has outstripped that of most other investments for more than a decade. But buying into housing can be a risky business, especially for ordinary households whose wealth tends to be concentrated within a single owned home where it increasingly forms an asset base for welfare. Strangely none of the financial instruments invented to manage this growing dependence on a narrow, sometimes volatile, and generally heavily leveraged, investment ‘portfolio’ — and which protect large institutions against the ups and downs of virtually every other major asset class (commodities, equities, bonds, and more) — are yet available for housing. Attempts to change this are, however, underway. This chapter weighs up their merits and limitations, considers whether they are likely to succeed, and comments on who gets what, where as a result.
