Tommaso Padoa-Schioppa
- Published in print:
- 2004
- Published Online:
- July 2005
- ISBN:
- 9780199270569
- eISBN:
- 9780191602542
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199270562.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank ...
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This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank licensing principles. Essay three explores the changing attitude towards banking competition. Essay four discusses self-regulation by financial institutions. Essay five explores the increasing links between banking and securities activities. Essay six examines the organisational structure of financial regulatory and supervisory functions. Essays seven and eight discuss the abandonment of the coincidence between the jurisdiction of monetary policy and the jurisdiction of banking supervision, and the important role of central banks in financial stability, respectively.Less
This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank licensing principles. Essay three explores the changing attitude towards banking competition. Essay four discusses self-regulation by financial institutions. Essay five explores the increasing links between banking and securities activities. Essay six examines the organisational structure of financial regulatory and supervisory functions. Essays seven and eight discuss the abandonment of the coincidence between the jurisdiction of monetary policy and the jurisdiction of banking supervision, and the important role of central banks in financial stability, respectively.
W. M. Jacob
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199213009
- eISBN:
- 9780191707179
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213009.001.0001
- Subject:
- Religion, Church History
This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ ...
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This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ between 1680 and 1840. It concentrates on the ‘lower clergy’, that is parish clergy, and their role within the broader social context of later Stuart and Georgian society. It considers the nature of professions during the period, and examines the social backgrounds; recruitment and selection; education, at school and university or otherwise; career development; and finances of the clergy. It also investigates what they actually did in their parishes in terms of conducting worship, exercising pastoral care, and providing education in the Christian faith, and their relations with the people amongst whom they lived and worked. It takes account of changing expectations during the period, especially the pressure for, and steps towards, ‘reform’ from the 1780s onwards, and, where possible, offers comparisons with people in other professions, especially doctors, lawyers, and ministers of dissenting churches. It also considers the evidence of the accountability and acceptability of the clergy to their congregations, and the extent of anticlericalism, and the means by which they were supervised by bishops and their officers. The clergy emerge as the most carefully recruited and educated of the ‘learned professions’ with a strong supervisory role exercised by bishops, in relation to a generally responsive but not uncritical or subservient laity. The book effectively challenges the received view that the majority of the clergy were inappropriately educated, poverty-stricken, and inattentive to their canonical duties.Less
This book focuses upon the clergy of the established Church in England and Wales as a professional group, and investigates their role in their parishes and society during the ‘long 18th century’ between 1680 and 1840. It concentrates on the ‘lower clergy’, that is parish clergy, and their role within the broader social context of later Stuart and Georgian society. It considers the nature of professions during the period, and examines the social backgrounds; recruitment and selection; education, at school and university or otherwise; career development; and finances of the clergy. It also investigates what they actually did in their parishes in terms of conducting worship, exercising pastoral care, and providing education in the Christian faith, and their relations with the people amongst whom they lived and worked. It takes account of changing expectations during the period, especially the pressure for, and steps towards, ‘reform’ from the 1780s onwards, and, where possible, offers comparisons with people in other professions, especially doctors, lawyers, and ministers of dissenting churches. It also considers the evidence of the accountability and acceptability of the clergy to their congregations, and the extent of anticlericalism, and the means by which they were supervised by bishops and their officers. The clergy emerge as the most carefully recruited and educated of the ‘learned professions’ with a strong supervisory role exercised by bishops, in relation to a generally responsive but not uncritical or subservient laity. The book effectively challenges the received view that the majority of the clergy were inappropriately educated, poverty-stricken, and inattentive to their canonical duties.
Mark J. Warshawsky, Neal McCall, and John D. Worth
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204656
- eISBN:
- 9780191603822
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204659.003.0005
- Subject:
- Economics and Finance, Financial Economics
Recent financial market and plan termination experiences have exposed the shortcomings of existing funding, disclosure, and premium rules governing private single-employer defined benefit pension ...
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Recent financial market and plan termination experiences have exposed the shortcomings of existing funding, disclosure, and premium rules governing private single-employer defined benefit pension plans in the United States. These rules were designed to provide predictability for plan sponsors and administrators by insulating pension plans from the realities of economic and financial market fluctuations. Unfortunately, current practice often overlooks key financial principles that arguably should inform a responsible set of pension rules and the insurance system backing the plans. This chapter outlines the key characteristics of pension plans needed to beneficially guide rule-making and offers examples drawn from proposed funding and premium rules.Less
Recent financial market and plan termination experiences have exposed the shortcomings of existing funding, disclosure, and premium rules governing private single-employer defined benefit pension plans in the United States. These rules were designed to provide predictability for plan sponsors and administrators by insulating pension plans from the realities of economic and financial market fluctuations. Unfortunately, current practice often overlooks key financial principles that arguably should inform a responsible set of pension rules and the insurance system backing the plans. This chapter outlines the key characteristics of pension plans needed to beneficially guide rule-making and offers examples drawn from proposed funding and premium rules.
Julia Coronado and Nellie Liang
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204656
- eISBN:
- 9780191603822
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204659.003.0006
- Subject:
- Economics and Finance, Financial Economics
It is sometimes argued that firms sponsoring defined benefit pensions are led to take higher risks because pension insurance premiums and funding requirements do not reflect the riskiness of the ...
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It is sometimes argued that firms sponsoring defined benefit pensions are led to take higher risks because pension insurance premiums and funding requirements do not reflect the riskiness of the pension plan portfolio or sponsor bankruptcy risk. This perspective is tested by linking company data on expected default probabilities with newly-available information on pension plan assets. It is shown that moral hazard induced by the current pension insurance environment has influenced corporate pension plan sponsor funding outcomes, even controlling for cash availability. There is no evidence that the share of plan assets invested in equities is related to firm bankruptcy risk or the plan’s contingent claims on the pension insurance entity.Less
It is sometimes argued that firms sponsoring defined benefit pensions are led to take higher risks because pension insurance premiums and funding requirements do not reflect the riskiness of the pension plan portfolio or sponsor bankruptcy risk. This perspective is tested by linking company data on expected default probabilities with newly-available information on pension plan assets. It is shown that moral hazard induced by the current pension insurance environment has influenced corporate pension plan sponsor funding outcomes, even controlling for cash availability. There is no evidence that the share of plan assets invested in equities is related to firm bankruptcy risk or the plan’s contingent claims on the pension insurance entity.
David McCarthy and Anthony Neuberger
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204656
- eISBN:
- 9780191603822
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204659.003.0007
- Subject:
- Economics and Finance, Financial Economics
This chapter models the UK’s recently-established Pension Protection Fund (PPF) established to guarantee defined benefit pensions. It shows that the PPF is likely to face many years of low claims ...
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This chapter models the UK’s recently-established Pension Protection Fund (PPF) established to guarantee defined benefit pensions. It shows that the PPF is likely to face many years of low claims interspersed irregularly with periods of very large claims. There is a significant chance that these claims will be so large that the PPF will default on its liabilities, leaving the government with no option but to bail it out. This is because of the double impact of a fall in equity prices on the PPF, which would render sponsor firms more likely to default and make defaulted plans more likely to be underfunded. The chapter derives a fair premium for this insurance under different circumstances, estimates the extent of cross-subsidies in the PPF between strong and weak sponsors, and shows that risk rated premiums are unlikely to have a substantial effect on either the size or the lumpiness of claims unless they are so powerful that they force weaker sponsors to cut fund deficits and improve the match between assets and liabilities.Less
This chapter models the UK’s recently-established Pension Protection Fund (PPF) established to guarantee defined benefit pensions. It shows that the PPF is likely to face many years of low claims interspersed irregularly with periods of very large claims. There is a significant chance that these claims will be so large that the PPF will default on its liabilities, leaving the government with no option but to bail it out. This is because of the double impact of a fall in equity prices on the PPF, which would render sponsor firms more likely to default and make defaulted plans more likely to be underfunded. The chapter derives a fair premium for this insurance under different circumstances, estimates the extent of cross-subsidies in the PPF between strong and weak sponsors, and shows that risk rated premiums are unlikely to have a substantial effect on either the size or the lumpiness of claims unless they are so powerful that they force weaker sponsors to cut fund deficits and improve the match between assets and liabilities.
P.Brett Hammond and Douglas Fore
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204656
- eISBN:
- 9780191603822
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204659.003.0009
- Subject:
- Economics and Finance, Financial Economics
Under the traditional approach to defined benefit plans, well-intended disciplinary and regulatory regimes have sought to restrict discretion, reduce uncertainty and risk, and protect workers and ...
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Under the traditional approach to defined benefit plans, well-intended disciplinary and regulatory regimes have sought to restrict discretion, reduce uncertainty and risk, and protect workers and employers. Nevertheless, the discouraging state of defined benefit plans indicates that past efforts have gone awry. This chapter suggests that a new approach to defined benefit plans could resurrect the key elements required for retirement income security, rather than pursuing piecemeal reform.Less
Under the traditional approach to defined benefit plans, well-intended disciplinary and regulatory regimes have sought to restrict discretion, reduce uncertainty and risk, and protect workers and employers. Nevertheless, the discouraging state of defined benefit plans indicates that past efforts have gone awry. This chapter suggests that a new approach to defined benefit plans could resurrect the key elements required for retirement income security, rather than pursuing piecemeal reform.
William Bain
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780199260263
- eISBN:
- 9780191600975
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199260265.001.0001
- Subject:
- Political Science, International Relations and Politics
The international administration of troubled states—whether in Bosnia, Kosovo, or East Timor—has seen a return to the principle of trusteeship: i.e. situations in which some form of international ...
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The international administration of troubled states—whether in Bosnia, Kosovo, or East Timor—has seen a return to the principle of trusteeship: i.e. situations in which some form of international supervision is required in a particular territory in order both to maintain order and to foster the norms and practices of fair self‐government. This book rescues the normative discourse of trusteeship from the obscurity into which it has fallen since decolonization. It traces the development of trusteeship from its emergence out of debates concerning the misrule of the East India Company (Ch. 2), to its internationalization in imperial Africa (Ch. 3), to its institutionalization in the League of Nations mandates system (Ch. 4) and in the UN trusteeship system, and to the destruction of its legitimacy by the ideas of self‐determination and human equality (Ch. 5). The book brings this rich historical experience to bear on the dilemmas posed by the resurrection of trusteeship after the end of the cold war (Ch. 6) and, in the context of contemporary world problems, explores the obligations that attach to preponderant power and the limits that should be observed in exercising that power for the sake of global good. In Ch. 7, the book concludes by arguing that trusteeship remains fundamentally at odds with the ideas of human dignity and equality.Less
The international administration of troubled states—whether in Bosnia, Kosovo, or East Timor—has seen a return to the principle of trusteeship: i.e. situations in which some form of international supervision is required in a particular territory in order both to maintain order and to foster the norms and practices of fair self‐government. This book rescues the normative discourse of trusteeship from the obscurity into which it has fallen since decolonization. It traces the development of trusteeship from its emergence out of debates concerning the misrule of the East India Company (Ch. 2), to its internationalization in imperial Africa (Ch. 3), to its institutionalization in the League of Nations mandates system (Ch. 4) and in the UN trusteeship system, and to the destruction of its legitimacy by the ideas of self‐determination and human equality (Ch. 5). The book brings this rich historical experience to bear on the dilemmas posed by the resurrection of trusteeship after the end of the cold war (Ch. 6) and, in the context of contemporary world problems, explores the obligations that attach to preponderant power and the limits that should be observed in exercising that power for the sake of global good. In Ch. 7, the book concludes by arguing that trusteeship remains fundamentally at odds with the ideas of human dignity and equality.
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.intro
- Subject:
- Economics and Finance, Financial Economics
This introductory chapter begins with a discussion of the proposed revision of the rules for the regulation of capital adequacy developed by the Basel Committee on Banking Supervision. It then ...
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This introductory chapter begins with a discussion of the proposed revision of the rules for the regulation of capital adequacy developed by the Basel Committee on Banking Supervision. It then describes the differences among financial institutions and the three ways to ensure adequate capital: market discipline, supervisory review of firm economic models used to determine capital, and command and control regulation. An overview of the chapters included in this volume is presented.Less
This introductory chapter begins with a discussion of the proposed revision of the rules for the regulation of capital adequacy developed by the Basel Committee on Banking Supervision. It then describes the differences among financial institutions and the three ways to ensure adequate capital: market discipline, supervisory review of firm economic models used to determine capital, and command and control regulation. An overview of the chapters included in this volume is presented.
Francis Wing-lin Lee
- Published in print:
- 2011
- Published Online:
- September 2011
- ISBN:
- 9789888028801
- eISBN:
- 9789882207226
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888028801.003.0017
- Subject:
- Society and Culture, Asian Studies
In putting a stop to the criminalization process, the gradual procession in which a juvenile delinquent develops into an adult criminal because of insufficient intervention, intermediate intervention ...
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In putting a stop to the criminalization process, the gradual procession in which a juvenile delinquent develops into an adult criminal because of insufficient intervention, intermediate intervention is employed. This program enables the court to require attendance in one or more treatment groups for the probation order of a young offender. Effective rehabilitation and aftercare supervision involve measuring the effects of these programs through analyzing both hard and soft data. Whether these supervision measures are based on group guidance or individual work or interviews, mutual trust proves to be an integral factor. Before a consensus is arrived at regarding the most appropriate RJ measures, it is important that a mixed criminal justice model be continuously applied. This chapter emphasizes the need for utilizing CBTs, participation in therapeutic treatment groups, and support for these groups.Less
In putting a stop to the criminalization process, the gradual procession in which a juvenile delinquent develops into an adult criminal because of insufficient intervention, intermediate intervention is employed. This program enables the court to require attendance in one or more treatment groups for the probation order of a young offender. Effective rehabilitation and aftercare supervision involve measuring the effects of these programs through analyzing both hard and soft data. Whether these supervision measures are based on group guidance or individual work or interviews, mutual trust proves to be an integral factor. Before a consensus is arrived at regarding the most appropriate RJ measures, it is important that a mixed criminal justice model be continuously applied. This chapter emphasizes the need for utilizing CBTs, participation in therapeutic treatment groups, and support for these groups.
J. C. R. Dow and I. D. Saville
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283195
- eISBN:
- 9780191596186
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283199.003.0010
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter is divided into three different sections. It analyses forms of control that are not part of the ‘classical’ tradition of the previous chapter. The first section examines the idea of the ...
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This chapter is divided into three different sections. It analyses forms of control that are not part of the ‘classical’ tradition of the previous chapter. The first section examines the idea of the resource and lending management system known as the ‘corset’. It studies the effects of the corset and reasons why it fell into disrepute. The chapter then moves on to examine the problem of over‐funding and the role of government, banks, and the public in bringing this about. The final section is an analysis of banking supervision to prevent serious bank failures.Less
This chapter is divided into three different sections. It analyses forms of control that are not part of the ‘classical’ tradition of the previous chapter. The first section examines the idea of the resource and lending management system known as the ‘corset’. It studies the effects of the corset and reasons why it fell into disrepute. The chapter then moves on to examine the problem of over‐funding and the role of government, banks, and the public in bringing this about. The final section is an analysis of banking supervision to prevent serious bank failures.
Phyllis Solomon, Mary M. Cavanaugh, and Jeffrey Draine
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195333190
- eISBN:
- 9780199864317
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195333190.003.0006
- Subject:
- Social Work, Research and Evaluation
Chapter 6 focuses on preparing the setting for the intervention and highlights the necessity for ongoing cooperation. The use of computer technology for recruitment and tracking of participants is ...
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Chapter 6 focuses on preparing the setting for the intervention and highlights the necessity for ongoing cooperation. The use of computer technology for recruitment and tracking of participants is presented. In addition, the importance of the interplay of the environmental setting and the community-based psychosocial intervention is examined. Considerations as to how to manage a shift in the intervention and policies and staffing changes during the conduct of the RCT are discussed. Training and supervising staff regarding implementing the intervention are also essential to ensuring the integrity of the RCT. Issues of implementing fidelity assessments and means to assess and ensure the protection of the control condition from contamination of the experimental intervention are implementation priorities. The utility of qualitative methods in assessing the implementation and environmental contextual factors that may also impact the intervention, as well as the outcomes, are examined.Less
Chapter 6 focuses on preparing the setting for the intervention and highlights the necessity for ongoing cooperation. The use of computer technology for recruitment and tracking of participants is presented. In addition, the importance of the interplay of the environmental setting and the community-based psychosocial intervention is examined. Considerations as to how to manage a shift in the intervention and policies and staffing changes during the conduct of the RCT are discussed. Training and supervising staff regarding implementing the intervention are also essential to ensuring the integrity of the RCT. Issues of implementing fidelity assessments and means to assess and ensure the protection of the control condition from contamination of the experimental intervention are implementation priorities. The utility of qualitative methods in assessing the implementation and environmental contextual factors that may also impact the intervention, as well as the outcomes, are examined.
Joan Petersilia
- Published in print:
- 2009
- Published Online:
- May 2012
- ISBN:
- 9780195160864
- eISBN:
- 9780199943395
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195160864.003.0003
- Subject:
- Sociology, Law, Crime and Deviance
This chapter discusses the early evolution of parole in the United States and its use in modern sentencing practices. Parole is similar to probation in that both refer to the supervision of an ...
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This chapter discusses the early evolution of parole in the United States and its use in modern sentencing practices. Parole is similar to probation in that both refer to the supervision of an offender who lives and works in the community. Offenders on parole, however, have served prison terms and been released to the community under parole supervision. Proponents hoped that abolishing parole would reduce disparities in prison time served, and it has. Proponents also hoped that abolishing parole would tie the hands of parole boards, which were often accused of letting inmates out early. Recent research shows, however, that inmates actually serve longer prison terms in states retaining discretionary parole, and those states' parolees have higher success rates. Retaining discretionary parole may serve to refocus prison staff and corrections staff on planning for release, not just opening the door at release.Less
This chapter discusses the early evolution of parole in the United States and its use in modern sentencing practices. Parole is similar to probation in that both refer to the supervision of an offender who lives and works in the community. Offenders on parole, however, have served prison terms and been released to the community under parole supervision. Proponents hoped that abolishing parole would reduce disparities in prison time served, and it has. Proponents also hoped that abolishing parole would tie the hands of parole boards, which were often accused of letting inmates out early. Recent research shows, however, that inmates actually serve longer prison terms in states retaining discretionary parole, and those states' parolees have higher success rates. Retaining discretionary parole may serve to refocus prison staff and corrections staff on planning for release, not just opening the door at release.
Joan Petersilia
- Published in print:
- 2009
- Published Online:
- May 2012
- ISBN:
- 9780195160864
- eISBN:
- 9780199943395
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195160864.003.0004
- Subject:
- Sociology, Law, Crime and Deviance
This chapter describes parole supervision (as distinguished from parole release) as it is practiced today. The major criticisms of parole release (e.g., unwarranted discretion and ineffectiveness) ...
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This chapter describes parole supervision (as distinguished from parole release) as it is practiced today. The major criticisms of parole release (e.g., unwarranted discretion and ineffectiveness) have been leveled at parole field supervision and have caused major changes and reforms there as well. Parole officers, historically committed to providing counseling and brokering community resources to assist parolees, have become more surveillance oriented. The public's tough-on-crime stance has demanded it, and the practical considerations of high parole caseloads combined with scarce resources have left parole officers with few alternatives. Drug testing, house arrest, and electronic monitoring are now common parole supervision techniques. Such techniques seldom contribute to rehabilitation; they just help identify the failures more quickly.Less
This chapter describes parole supervision (as distinguished from parole release) as it is practiced today. The major criticisms of parole release (e.g., unwarranted discretion and ineffectiveness) have been leveled at parole field supervision and have caused major changes and reforms there as well. Parole officers, historically committed to providing counseling and brokering community resources to assist parolees, have become more surveillance oriented. The public's tough-on-crime stance has demanded it, and the practical considerations of high parole caseloads combined with scarce resources have left parole officers with few alternatives. Drug testing, house arrest, and electronic monitoring are now common parole supervision techniques. Such techniques seldom contribute to rehabilitation; they just help identify the failures more quickly.
Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz (eds)
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271405
- eISBN:
- 9780191601200
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271402.001.0001
- Subject:
- Economics and Finance, Economic Systems
Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly ...
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Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly critical for the choice of currency denomination. Conversely, the exchange value and prospective usefulness of small currencies becomes less certain, and transaction costs for them may rise. Economic instability is invited as currency and portfolio substitution with the dominant international currency denomination increase the likelihood of currency mismatches and financial crises. In view of these failings of many of the financially small currencies, the number of currencies worldwide well may shrink greatly in the decades ahead.Drawing lessons mostly from contemporary developments, this book analyzes current approaches to overcoming excessive monetary division within integrating regions. It focuses on the effects of monetary or currency unions on trade among members and on their financial development and stability. In the process, contributors analyze the promise and subversion of hard pegs such as that attempted by the currency board of Argentina. They also examine unilateral dollarization -- adopted in a few countries formally, and in many more informally without giving up the local currency -- and multilateral monetary union in Europe. There the euro functions as an innovative, non-hegemonic form of internationally shared and co-managed fiat money that will also be adopted by the 2004 class of European-Union accession countries in coming years.Less
Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly critical for the choice of currency denomination. Conversely, the exchange value and prospective usefulness of small currencies becomes less certain, and transaction costs for them may rise. Economic instability is invited as currency and portfolio substitution with the dominant international currency denomination increase the likelihood of currency mismatches and financial crises. In view of these failings of many of the financially small currencies, the number of currencies worldwide well may shrink greatly in the decades ahead.
Drawing lessons mostly from contemporary developments, this book analyzes current approaches to overcoming excessive monetary division within integrating regions. It focuses on the effects of monetary or currency unions on trade among members and on their financial development and stability. In the process, contributors analyze the promise and subversion of hard pegs such as that attempted by the currency board of Argentina. They also examine unilateral dollarization -- adopted in a few countries formally, and in many more informally without giving up the local currency -- and multilateral monetary union in Europe. There the euro functions as an innovative, non-hegemonic form of internationally shared and co-managed fiat money that will also be adopted by the 2004 class of European-Union accession countries in coming years.
David P. Farrington and Brandon C. Welsh
- Published in print:
- 2006
- Published Online:
- May 2012
- ISBN:
- 9780195304091
- eISBN:
- 9780199944071
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195304091.003.0015
- Subject:
- Sociology, Law, Crime and Deviance
This chapter evaluates the importance of family factors as predictors of offending. The findings reveal that strongest predictor is usually criminal or antisocial parents while other quite strong and ...
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This chapter evaluates the importance of family factors as predictors of offending. The findings reveal that strongest predictor is usually criminal or antisocial parents while other quite strong and replicable predictors are large family size, poor parental supervision, parental conflict and disrupted families. The result suggests that child abuse and young mothers are relatively weak predictors. This chapter suggests that family-based programs targeting family risk factors might prevent delinquency.Less
This chapter evaluates the importance of family factors as predictors of offending. The findings reveal that strongest predictor is usually criminal or antisocial parents while other quite strong and replicable predictors are large family size, poor parental supervision, parental conflict and disrupted families. The result suggests that child abuse and young mothers are relatively weak predictors. This chapter suggests that family-based programs targeting family risk factors might prevent delinquency.
David P. Farrington and Brandon C. Welsh
- Published in print:
- 2006
- Published Online:
- May 2012
- ISBN:
- 9780195304091
- eISBN:
- 9780199944071
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195304091.003.0022
- Subject:
- Sociology, Law, Crime and Deviance
This chapter evaluates family-based prevention programs or programs that target risk factors for delinquency and later offending that are associated with the family, such as poor child-rearing, poor ...
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This chapter evaluates family-based prevention programs or programs that target risk factors for delinquency and later offending that are associated with the family, such as poor child-rearing, poor parental supervision, and inconsistent or harsh discipline. These programs are usually delivered by health professionals such as nurses and they are typically less behavioural, mainly providing advice and guidance to parents or general parent education. The findings reveal that parent education plus daycare services and parent management training are effective in preventing delinquency and later offending.Less
This chapter evaluates family-based prevention programs or programs that target risk factors for delinquency and later offending that are associated with the family, such as poor child-rearing, poor parental supervision, and inconsistent or harsh discipline. These programs are usually delivered by health professionals such as nurses and they are typically less behavioural, mainly providing advice and guidance to parents or general parent education. The findings reveal that parent education plus daycare services and parent management training are effective in preventing delinquency and later offending.
Thomas H. Stanton
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199915996
- eISBN:
- 9780199950324
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199915996.003.0007
- Subject:
- Economics and Finance, Financial Economics
Chapter 7 looks at organization and management of financial supervisors. The Gramm-Leach-Bliley Act of 1999 reflected deregulatory sentiment and left serious gaps in the regulatory system. The ...
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Chapter 7 looks at organization and management of financial supervisors. The Gramm-Leach-Bliley Act of 1999 reflected deregulatory sentiment and left serious gaps in the regulatory system. The apparently benevolent period of the early 2000s, when it did not seem easily possible for financial institutions to make serious mistakes, lulled not only financial firms and rating agencies, but also policy makers and supervisors into complacency. Supervisors were reluctant to bring enforcement actions against firms that appeared to be so profitable. Supervisors often were unable or unwilling to set limits when firms engaged in regulatory arbitrage, especially to avoid capital requirements. Informal prodding was the approach of choice for supervisors who feared that a supervised firm might move to another supervisor that seemed more congenial. If a supervised firm left to another regulator, the agency losing jurisdiction over the firm would lose budget resources. Interagency cooperation to set limits on risky practices was difficult and meant that interagency guidance often was weak and late.Less
Chapter 7 looks at organization and management of financial supervisors. The Gramm-Leach-Bliley Act of 1999 reflected deregulatory sentiment and left serious gaps in the regulatory system. The apparently benevolent period of the early 2000s, when it did not seem easily possible for financial institutions to make serious mistakes, lulled not only financial firms and rating agencies, but also policy makers and supervisors into complacency. Supervisors were reluctant to bring enforcement actions against firms that appeared to be so profitable. Supervisors often were unable or unwilling to set limits when firms engaged in regulatory arbitrage, especially to avoid capital requirements. Informal prodding was the approach of choice for supervisors who feared that a supervised firm might move to another supervisor that seemed more congenial. If a supervised firm left to another regulator, the agency losing jurisdiction over the firm would lose budget resources. Interagency cooperation to set limits on risky practices was difficult and meant that interagency guidance often was weak and late.
Charles M. Kahn and João A. C. Santos
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271405
- eISBN:
- 9780191601200
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271402.003.0017
- Subject:
- Economics and Finance, Economic Systems
The Maastricht Treaty created the European System of Central Banks and the European Central Bank (ECB) to head the system. The treaty entrusts the ECB with the responsibility for monetary policy, but ...
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The Maastricht Treaty created the European System of Central Banks and the European Central Bank (ECB) to head the system. The treaty entrusts the ECB with the responsibility for monetary policy, but national authorities remain responsible for financial stability. In this chapter, we focus on the implications of national versus central assignment of lender-of-last-resort and supervisory functions for the degree of forbearance in closing distressed banks and for the level of diligence in bank supervision. One major conclusion is that, if only one of the two functions is centralized, then it will be more effective to centralize the supervisory function.Less
The Maastricht Treaty created the European System of Central Banks and the European Central Bank (ECB) to head the system. The treaty entrusts the ECB with the responsibility for monetary policy, but national authorities remain responsible for financial stability. In this chapter, we focus on the implications of national versus central assignment of lender-of-last-resort and supervisory functions for the degree of forbearance in closing distressed banks and for the level of diligence in bank supervision. One major conclusion is that, if only one of the two functions is centralized, then it will be more effective to centralize the supervisory function.
Dermot Hodson
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199572502
- eISBN:
- 9780191728860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572502.003.0002
- Subject:
- Political Science, Political Economy, European Union
This chapter explores the European Central Bank’s (ECB) evolution as a political actor from a rational choice institutionalist perspective. It takes issue with claims that the Bank shares the same ...
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This chapter explores the European Central Bank’s (ECB) evolution as a political actor from a rational choice institutionalist perspective. It takes issue with claims that the Bank shares the same preferences for ever closer union as the traditional engines of European integration. Presenting case studies of ECB policy on the European anti-fraud agency (OLAF), the Constitutional Treaty, the Lisbon Treaty, economic policy coordination, and financial supervision, it shows that the Bank has, in many cases, resisted attempts to enhance the Community dimension of Economic and Monetary Union. This conclusion challenges the idea that supranational institutions are hardwired to support the European project and raises questions about whether this tendency might apply to other European Union institutions and agencies.Less
This chapter explores the European Central Bank’s (ECB) evolution as a political actor from a rational choice institutionalist perspective. It takes issue with claims that the Bank shares the same preferences for ever closer union as the traditional engines of European integration. Presenting case studies of ECB policy on the European anti-fraud agency (OLAF), the Constitutional Treaty, the Lisbon Treaty, economic policy coordination, and financial supervision, it shows that the Bank has, in many cases, resisted attempts to enhance the Community dimension of Economic and Monetary Union. This conclusion challenges the idea that supranational institutions are hardwired to support the European project and raises questions about whether this tendency might apply to other European Union institutions and agencies.
Melvin Delgado
- Published in print:
- 2006
- Published Online:
- January 2009
- ISBN:
- 9780195301182
- eISBN:
- 9780199863679
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195301182.003.0005
- Subject:
- Social Work, Communities and Organizations
This chapter discusses how service access has been conceptualized over an extended period of time, and offers a variety of frameworks from which to develop a better understanding of different ways of ...
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This chapter discusses how service access has been conceptualized over an extended period of time, and offers a variety of frameworks from which to develop a better understanding of different ways of viewing culture as an important construct in the development of services. It also provides a framework for a multifaceted perspective on access to services. These two frameworks in combination serve as theoretical and practical guides for understanding the barriers Latinos face in receiving social services, and must be utilized simultaneously to achieve their intended goals. Finally, two critical social systems with particular relevance to the issue of access are discussed (correctional and child welfare).Less
This chapter discusses how service access has been conceptualized over an extended period of time, and offers a variety of frameworks from which to develop a better understanding of different ways of viewing culture as an important construct in the development of services. It also provides a framework for a multifaceted perspective on access to services. These two frameworks in combination serve as theoretical and practical guides for understanding the barriers Latinos face in receiving social services, and must be utilized simultaneously to achieve their intended goals. Finally, two critical social systems with particular relevance to the issue of access are discussed (correctional and child welfare).
