bluuebunny/crossref_metadata_2025 huggingface dataset:
The ‘Monster of Troy’ Vase: The Earliest Artistic Record of a Vertbrate Fossil Discovery?
Authors: Mayor Adrienne
Published: March 2003

This note proposes a new interpretation of a scene on a well‐known Corinthian vase illustrating the Homeric legend of Herakles rescuing Hesione from the Monster of Troy. Commentators have assumed that the artist intended to depict the monster as a ketos, an imaginary sea monster, but the features of the beast do not conform to the traditional imagery of sea monsters in Greek art. I suggest that instead of creating a typical hybrid sea monster by mixing the features of various living creatures, this artist used for his model the large fossil skull of a prehistoric mammal. The vase was painted in the midst of widespread interest in large fossil remains, which the ancient Greeks identified as relics of giants and monsters of the mythological age. The features of the odd head on the vase match the basic skull anatomy of a large mammal of the Tertiary age, such as the Samotherium, a giant giraffe of the Miocene epoch. Numerous literary accounts describe exposures of these and similar large mammal fossils in antiquity along the Turkish coast, on Aegean islands, and on the Greek mainland. I conclude that this vase painting is the earliest artistic record of such a discovery.
The Golden Fleece: Myth, Euhemeristic Explanation and Archaeology
Authors: Lordkipanidze Otar
Published: March 2003

‘The Golden Fleece’ figures in Greek mythology as the principal objective of the expedition of the Argonauts. The question of the essence and real meaning of the Golden Fleece is widely discussed in the Classical world and modern specialist literature as well. It can be hypothesized that in Greek stories about the Argonauts the Golden Fleece was a symbol of a protector of royal power. The country where the Golden Fleece was preserved, i.e. Aea/Colchis, is identified with modern Western Georgia. The richness of Colchis in metal, mainly gold, became a basis for the euhemerizing, i.e. rationalist explanation, of the Golden Fleece.
Later Prehistory in South‐East Scotland: A Critical Review
Authors: Harding D.W.
Published: March 2003

This paper reviews the progress of research over the past twenty years, with particular reference to enclosed and unenclosed settlement, agricultural patterns, domestic structural types and burial practices of the Iron Age in the south‐eastern Borders. The concept of a ‘trend towards enclosure’ in the first millennium BC is reviewed and rejected, not least on the grounds of evidence from excavation for the dating sequences of major enclosed sites. In consequence a new overview of the later prehistoric settlement of the region is now possible, consistent with the accumulating archaeological and environmental data.
The Roman invasion of Britain (AD 43) in imperial perspective: a response to Frere and Fulford
Authors: Sauer Eberhard
Published: March 2003

Few subjects have been more passionately discussed recently than the question of whether the invasion force in AD 43 landed in Kent or on the south coast or simultaneously in both areas. Recently Professor Frere and Professor Fulford joined forces to produce a series of arguments, each independently, supporting a landing in Kent. It is argued here that while archaeological or strategic considerations do not exclude either theory, some of the new ‘evidence’– especially Frere's and Fulford's logistical and linguistic arguments – is demonstrably incorrect. Furthermore, the Kent hypothesis relies on the assumption of an unmentioned far–distance embassy and other non–straightforward interpretations of our main textual source, Cassius Dio. It is, however, not the aim of this paper to replace one one–sided hypothesis by another, but to point out the dangers of dogma.
Planting Disinformation through Voluntary Export Restraints
Authors: Miyagiwa Kaz , Ohno Yuka
Published: March 2003

Voluntary export restraints typically are determined in bilateral negotiations between an importing country and a major exporting country, and have the appearance of forcibly limiting exports from the latter while leaving minor exporters unrestrained. However, during the negotiation process the major exporter can acquire insight into the nature of the importing country government. This private information may actually motivate the major exporter to restrain exports voluntarily.
Collapsing Exchange Rate Regime Under Optimal Monetary Control
Authors: Hung N. M. , Quyen N. V.
Published: March 2003

In this paper, we analyse the problem of optimal domestic credit expansion for a small open economy. We show that (i) the transition from the fixed to the flexible exchange rate regime proceeds smoothly with no speculative attack on the central bank's foreign reserves; (ii) once the exchange rate has floated, it will never be optimal to repeg it afterward; (iii) even under uncertainty, there will not be any speculative attack; however, the optimal rate of credit expansion jumps discontinuously at the date of complete depletion of the known stock of foreign reserves.
The Working of the Currency Board: The Experience of Hong Kong 1935–1997
Authors: Jao Y. C.
Published: March 2003

Hong Kong had twice adopted, in its modern monetary history, the currency board system: the first in November 1935, and the second in October 1983. This article provides an analysis of the modus operandi of Hong Kong's version of currency board, as well as an appraisal of its advantages and disadvantages.
Duplicating Contingent Claims by the Lagrange Method
Authors: Chow Gregory
Published: March 2003

The problem of investing y(0) dollars at time 0 to duplicate a contingent claim is formulated as a dynamic optimization problem and solved by the Lagrange method. As an example, the well‐known formula of Black and Scholes on option pricing is derived. If the function defining dy(t) is concave in y(t), owing to costs of trading in incomplete markets, there is economy of scale in producing many claims simultaneously, thus explaining the profitability of institutions in providing such financial services.
Value Relevance of Earnings in an Emerging Capital Market: the Case of A‐shares in China
Authors: Haw In‐Mu , Qi Daqing , Wu Woody
Published: March 2003

This study investigates the value relevance of earnings in the emerging capital market of China by examining the information content of accounting earnings measured under the People’s Republic of China Accounting Standards (PRC‐GAAP). Based on the A‐shares of listed Chinese firms during 1994–97, a significant association is observed between annual market‐adjusted stock return and the change of earnings. Also documented is a significant price reaction to the annual earnings announcement in a three‐day window centered around the announcement date. Overall, the empirical results suggest that earnings reported in China are value‐relevant to A‐share investors.
Why Do Nations Trade (So Little)?
Authors: Anderson James E.
Published: March 2003

There is not nearly as much trade as standard models suggest there should be. Formal trade barriers and transport costs are too low to account for the difference. The pattern of missing trade has interesting variation across country pairs. These clues suggest the need for theoretical and eventually structural empirical work on the missing transactions costs. This paper reviews recent empirical findings and some promising research directions in search, predation and contract theory.
Impact Of Tariff Reduction On Structural Employment In China: A Computable General Equilibrium Analysis
Authors: Xu Dianqing , Chang Gene H.
Published: March 2003

The paper studies the effect of tariff reduction on employment in China. Using a computable general equilibrium (CGE) analysis, a model simulates the structural adjustment in the Chinese economy as a result of tariff cuts and predicts their quantitative impacts on structural unemployment during the adjustment period. It is concluded that the structural unemployment in China caused by tariff reduction is not as serious as some have claimed. The technique of study on structural unemployment can be extended to other countries to analyze the impact of trade reform.
Exogeneity of Money and its Policy Implications for Price Control: Evidence from South Asia
Authors: Luintel Kul B.
Published: March 2003

Abstract. We investigate the policy role that could be assigned to money stock in controlling the price level in four South Asian countries, namely, India, Nepal, Pakistan and Sri Lanka. The problem of policy assignment associated with the Granger non‐causality tests is pointed out. Various forms of exogeneity are tested. Money stocks (M1 and M2), consumer price index (CPI) and real GDP are cointegrated and causally related but we find overwhelming evidence of endogeneity of money. The endogeneity of money does not support the authorities’ policy stance of controlling price level through the control of money stock.
Novel Colours and the Content of Experience
Authors: Macpherson Fiona
Published: March 2003

Abstract:I propose a counterexample to naturalistic representational theories of phenomenal character. The counterexample is generated by experiences of novel colours reported by Crane and Piantanida. I consider various replies that a representationalist might make, including whether novel colours could be possible colours of objects and whether one can account for novel colours as one would account for binary colours or colour mixtures. I argue that none of these strategies is successful and therefore that one cannot fully explain the nature of the phenomenal character of perceptual experiences using a naturalistic conception of representation.
Max Plowman’s Pacifism
Authors: Tyldesley Mike
Published: March 2003

This article considers the pacifism of Max Plowman, the notable British pacifist. It focuses upon the period between the outbreak of the Second World War and his death in June 1941. It examines the strategy for British pacifism that Plowman advocated at that time, and situates it in the context of ongoing debates in the Peace Pledge Union (PPU), in which Plowman was a leading figure. As a point of contrast to Plowman’s viewpoint, consideration is given to the arguments advanced by the Forward Movement grouping within the PPU. The article notes that Plowman’s pacifism originated in the First World War and developed in the stormy decade of the 1930s. It considers how well the pacifism Plowman advocated stood up to the challenges of the Second World War, and to what extent it acted as a useful guide for pacifists during that war.
Rights and the Art of Boundary Maintenance
Authors: Anderson Gavin W.
Published: March 2003

Clapham, Andrew Human Rights in the Private Sphere
Judicial Representations of Scientific Evidence
Authors: Edmond Gary
Published: March 2003

A critical examination of the way that courts handle scientific expert evidence reveals inconsistency in strategies for validating and legitimating the weight attached to it. This inconsistency is rooted in perceptions of the nature of scientific knowledge. The essay considers the implications of this analysis for the Woolf reforms of civil procedure with respect to expert evidence.
Testing Fidelity to Legal Values: Official Involvement and Criminal Justice
Authors: Ashworth Andrew
Published: March 2003

The article examines the current criminal law and possible justifications for it with respect to three areas that are located between prosecutorial discretion and defences. These areas are officially‐induced mistakes of law, entrapment, and conduct motivated by a desire to bring someone else to justice or to restore property. Common themes in the justifications for the avoidance of punishment in these examples suggest an underlying principle of fidelity to legal values, which should guide procedural and substantive law.
Breach of Confidence as a Privacy Remedy in the Human Rights Act Era
Authors: Phillipson Gavin , Fenwick Helen
Published: March 2003

This article examines the impact of the Human Rights Act (HRA) on the current lack of a remedy for non‐consensual publication of personal information by the media. It argues that the action for breach of confidence is now ripe for development into a privacy law in all but name and that the normative impetus for this enterprise can be found in the HRA which will require domestic courts to consider Convention jurisprudence. It will suggest that when Strasbourg decisions are examined in the context of more general Convention doctrines, they may be seen to suggest the need for an effective privacy remedy. Drawing upon approaches from other jurisdictions it seeks to demonstrate that principled solutions may be found to the thicket of legal problems associated with such development. It contends that the main objection to this enterprise, the perceived threat to media freedom, is largely misplaced, as analysis at the theoretical and doctrinal levels reveals that speech and privacy interests are in many respects mutually supportive and the areas of conflict small and readily susceptible to resolution.
Signa De Caelo in the Lives of St Cuthbert: The Impact of Biblical Images and Exegesis on Early Medieval Hagiography
Authors: Duncan Sandra
Published: March 2003

This article uses the two prose Lives of Cuthbert written by an anonymous monk of Lindisfarne and by Bede in the first half of the eighth century to illustrate how an understanding of the impact of biblical language and its accompanying exegetical tradition may help in the interpretation of hagiographical works. After an examination of recent scholarly work on the relationship scripture and hagiography and the impact of signa upon the early medieval thought‐world, the paper examines the incidents that are recorded as happening during Cuthbert's time as a hermit on Farne. Looking first at the Lindisfarne account, the potential symbolism inherent in miracles concerning building materials such as rock, stone and wood, as well as living water and ravens are examined by outlining biblical parallels and then looking at the development of the symbols in the exegetical tradition. It thus becomes apparent that the writer was using a shared Christian symbolic language to make statements about Cuthbert as builder of the Northumbrian Church. A similar process is undertaken with Bede's account, noting differences and additions, and reaching the conclusion that it is more developed, showing Cuthbert as a teacher and pastor. In both cases the writers were using the events to foreshadow Cuthbert's imminent episcopal career, thus connecting the contemplative preparation with the subsequent active ministry. The article concludes that the hagiographers believed that God continued to speak to His Church through signa as He had spoken in the Bible and that it was natural His words should coincide with their own polemical and didactic concerns and intentions.
Michael Polanyi, Tacit Cognitive Relativist
Authors: Jacobs Struan
Published: March 2003

Celebrated as a theorist of science, and a source of stimulating ideas for theologians and philosophers of religion, Michael Polanyi explicitly denied cognitive relativism. Yet cognitive relativism, this paper suggests, is implied by Polanyi's account of conceptual frameworks and intellectual controversies.

In ‘The Stability of Beliefs’ (1952) Polanyi understands conceptual frameworks (science, psychoanalysis, Azande witchcraft, Marxism) as embedded in, and as expressed in the use of, their own languages. The language‐with‐theory limits the range of discussable subjects, interprets relevant facts in its own terms, permits only certain questions to be asked, with answers to these questions serving to confirm the framework.

In Polanyi's masterwork, Personal Knowledge (1958), these ideas inform his discussion of controversies over scientific frameworks and frameworks vying to become part of science. In each controversy, frameworks are logically disconnected, Polanyi foreshadowing the incommensurability thesis

I argue that Polanyi's ideas satisfy recognised criteria of cognitive relativism. Perception is undetermined by objects and conditioned by language. Empirical propositions, in Polanyi's view, are accepted as true only within a conceptual framework. Polanyi regards supporters of logically disconnected frameworks as thinking differently, living in different worlds, speaking different languages and as experiencing communication failure. There is no framework‐independent argument or evidence to distinguish any framework as the best available approximation to the truth. Frameworks are logically disconnected and incommensurable.
Origen and Gregory of Nyssa on The Lord’s Prayer
Authors: Meredith Anthony
Published: March 2003

The aim of this article is twofold. Both Origen and Gregory of Nyssa treat of the Lord’s Prayer, the former in his own treatise On Prayer, the latter in the course of five sermons on the same prayer. By means of an analysis of the methods of both writers and of the results at which they arrive I hope to illustrate their respective treatments of the same text and so to show how what began life as an eschatological prayer became in the course of three or four centuries something rather different. A major difficulty faced by both writers is how to understand the coming of the kingdom, if it is already there.

My second intention, beyond that of comparison is to assess what influence, if any, was exercised by Origen on Gregory. The answer arrived at is rather disappointing, above all for those who believe in a strong influence on Gregory of his predecessor, by way of his grandmother, Macrina. Not only are the styles of the two men quite different, but also, apart from a sort of common Platonism, their answers are often quite distinct.
Edward IV, the Earl of Warwick and the Yorkist Claim to the Throne
Authors: Jones Michael K.
Published: March 2003

This note and document discusses a grant made by Edward IV to Richard Neville, earl of Warwick, in March 1463. The content of the document, which provides valuable detail on the relationship between Edward and Warwick during their exile in Calais in 1459–60, is explained and amplified. Particular attention is paid to one striking phrase that may cast new light on the dynastic politics of the period. A possible interpretation is advanced, supported by additional relevant primary material, and its implications considered in terms of the broader historiographical debate concerning the motives of the Yorkist party at this stage of the civil war.
Richard, Son of Richard: Richard III and Political Prophecy
Authors: Coote Lesley , Thornton Tim
Published: March 2003

This article provides a new context for the politics surrounding the death of Edward IV, the accession of Edward V and his replacement in turn by Richard III. By examining prophecy texts, both those recorded at the time and those preserved in local tradition, the article shows how Richard's role as protector and then as king was validated in prophecy. The article sheds new light on Richard of Gloucester's possible motivations and self-interpretation, and further suggests the ways in which the prophecy tradition helped give Richard's regime its particular form.
Women academics at Royal Holloway and Bedford Colleges, 1939–69
Authors: Kirk Elizabeth
Published: March 2003

This article examines the relationship between female academics and domesticity at Royal Holloway and Bedford Colleges between 1939 and 1969. Women scholars in particular have had to juggle the demands of pastoral care and research and the former often took priority, which meant that women lagged behind men in academic publications. The evidence shows that, even though the balance of power in academic appointments shifted dramatically from women to men during this period, Royal Holloway was still committed to employing single women who would live in the college. By contrast Bedford employed women who often combined work and marriage. However, neither model of academic womanhood enabled women who taught at these colleges to escape the notion that femininity rendered them incapable of wielding authority.
Party Politics, Political Economy and British Protectionism, 1919–1932
Authors: Garside W. R.
Published: March 2003

Recent consideration of the proximate causes of Britain's fiscal turnaround in 1932 has given rise to two polarized views. The adoption of the tariff is seen on the one hand as the almost inevitable outcome of mounting protectionist pressures in the post‐1918 period, and on the other as a direct reaction to the economic and financial crises generated by the world depression. This article undertakes a further review of the commercial policy debate. It traces the rise of protectionist sentiment in the aftermath of the First World War, identifies the immediate problems generated by the depression of the early thirties, and assesses the extent to which either or both developments offer an adequate explanation of why free trade was abandoned in 1932 and not before. The imposition of protection is seen as the result of a conjunction between a long‐term shift in attitude within the Conservative Party, buttressed by growing support for tariffs in labour, business and financial circles by 1930, and the fiscal crisis of 1931–2, allowing a dominant political party to capitalize upon a symbiotic fusion of political impetus and economic rationale.
Narrative Trauma and Civil War History Painting, or Why Are These Pictures So Terrible?
Authors: Conn Steven
Published: March 2003

The Civil War generated hundreds of history paintings. Yet, as this essay argues, painters failed to create any iconic, lasting images of the Civil War using the conventions of grand manner history painting, despite the expectations of many that they would and should. This essay first examines the terms by which I am evaluating this failure, then moves on to a consideration of the American history painting tradition. I next examine several history paintings of Civil War scenes in light of this tradition and argue that their “failure” to capture the meaning and essence of the war resulted from a breakdown of the narrative conventions of history painting. Finally, I glance briefly at Winslow Homer’s Civil War scenes, arguably the only ones which have become canonical, and suggest that the success of these images comes from their abandonment of old conventions and the invention of new ones.
Pitfalls and Prospects in Partnership: Probation Programmes for Substance Misusing Offenders
Authors: Rumgay Judith , Cowan Sharon
Published: March 2003

Home Office directions to probation services to forge financial partnerships with voluntary sector organisations are beginning to have their impact on inter‐agency relationships. Concurrently, encouragement has been given to the development of treatment programmes for substance misusing offenders through Schedule 1A of the Criminal Justice Act 1991, which provides for such treatment to be required as a condition of a probation order. The authors report on an ongoing study of partnerships between probation services and substance misuse agencies in England and Wales. They compare the expectations of partnership as revealed in policy and management perspectives with the experience of probation officers and drug/alcohol workers involved in projects at practice level. Differences between successful and problematic partnerships are explored and the question is asked as to how far inter‐agency relationships are influenced by the additional factor of financial contracts for the services of voluntary agencies. The implications for the developing role of statutory and voluntary agency partnerships in community supervision of offenders are considered with particular reference to issues in compulsion and enforcement.
The Use of Direct Deductions from Benefits in Scottish Courts
Authors: Clark Ian
Published: March 2003

Since October 1992 Scottish courts have been able to make orders for unpaid fines to be recovered by deductions at source from defaulters' income support payments. This paper summarises the findings of research undertaken in an attempt to evaluate the new system and explain the relatively low usage of direct deductions in Scotland in the first year they were available. Perhaps the most significant finding was that at least 84 out of 230 sentencers had deliberately not used direct deductions, for 21 separate reasons; foremost of which (expressed by 30 sentencers) was the belief that direct deductions would cause hardship to defaulters and their families.
Crime on the Internet: Its Presentation and Representation
Authors: Spencer Jon
Published: March 2003

The internet is a rapidly expanding communication medium. It has generated considerable anxiety in relation to what is perceived as the easy availability of pornography and other sexually explicit material. There is a considerable amount of police‐based internet activity which constructs crime in particular ways. This article explores the way in which crime is constructed on the internet through police pages and goes on to highlight some of the questions which this raises for criminology.
Crime Prevention Through Environmental Design and Consumption Control in the United States
Authors: Del Carmen Alejandro , Robinson Matthew B.
Published: March 2003

CPTED theory, research and practice are frequently held to be relatively recent developments in the field of American criminology, generated largely by the works of Oscar Newman (1972) and C. Ray Jeffery (1971). This view of CPTED and its development in the United States falls short of providing an adequate understanding of the vital part that it has played, and can play, in the advancement of crime prevention theory and public policy. CPTED is actually broader than as it is currently understood in the discipline of criminology. This is demonstrated through an examination of the ‘era of consumption'’ (that is, the time period roughly from the early 1800s to early 1900s where the disease later referred to as tuberculosis was widespread in the US); during this time period, efforts to control the spread of illness were achieved through CPTED strategies which preceded the academic writings of those considered to be the founders of CPTED. Our main goal is to increase the understanding of and appreciation for the vital role that CPTED has played in the history of crime prevention in the United States. Finally, implications are discussed for the prevention of tuberculosis today, as well as HIV infection and AIDS.
National Standards for the Probation Service: Managing Post‐Fordist Penality
Authors: Sparrow Paul , Brooks Graham , Webb David
Published: March 2003

The debate surrounding post‐Fordism was focused primarily on changes in the ‘late industrial’ technology of work and the new social relations of production with which this is associated. This analysis has rarely reached into the domain of punishment and discipline, which is perhaps surprising given the historical demonstration of an ‘elective affinity’ between the nature of work regimes and the form of discipline to which offenders are subject. If we have indeed entered a new era of technological and social relations of production (‘post‐Fordism”) then we might expect there to be consequential changes in the administrative contours of criminal justice. The exploration of this conjecture has a set of three interwoven elements. Firstly, there is a review of the historical background to the structural affinities between work and penality, as well as an indication of some emerging contemporary resonance between them. Secondly, this will be given a measure of empirical reference through examining the nature of the modern probation service, and in particular the extensive network of guidelines, contracts, monitoring and inspection which serve to ‘regulate’ not only offenders but also the working practices of the probation officer. Finally, we conclude by suggesting that the new penality is a continuation of the modern strategies of punishment and discipline, which in its revised form can indeed be seen as post‐Fordist (though certainly not postmodern).
The New Governance of Probation
Authors: Wargent Martin
Published: March 2003

There is a richness of material around the subject of governance and public service, much of which is relevant to the organisation of probation as a public service in the new millennium. It is possible to be excited, concerned, dismayed and excited again, all in turn, by the direction of thinking on public services. Excited by the move to citizen‐centred approaches, concerned at the poverty of thinking in probation about these approaches, dismayed by some of the simplistic, negative ideas that we live with and excited again by hopes of readdressing our present and our future. This article addresses both the necessity and potential of the new Probation Boards within the strategic framework set by the new National Probation Directorate in England and Wales. The Boards have arrived, perhaps rather fortuitously, without much of a rationale, at least a written one, but they have the potential to create a strong local dimension in the administration of the service. They could make a significant contribution to the achievement of service objectives, to local communities, to community justice and not least to the hard‐working probation staff whose proverbial energy and dedication we can no longer take for granted.
Does the ADA Disable the Disabled?— More Comments
Authors: Schwochau Susan , Blanck Peter
Published: March 2003

This article examines how best to identify individuals with disabilities for analysis of the impact of the Americans with Disabilities Act (ADA) of 1990. It also explores whether amending the ADA to broaden its definition of disability can be expected to improve the employment prospects of those who seek its protections. Answering these questions requires that we learn much more about the labor force participation decisions of those with disabilities. Our aim here is to encourage further consideration and analysis of these and related questions regarding the possible effects of the ADA and of other environmental factors that affect the labor force participation of those with disabilities.
First Price Auctions in the Asymmetric N Bidder Case
Authors: Lebrun Bernard
Published: March 2003

I consider the first price auction when the bidders' valuations may be differently distributed. I show that every Bayesian equilibrium is an ‘essentially’ pure equilibrium formed by bid functions whose inverses are solutions of a system of differential equations with boundary conditions. I then prove the existence of an equilibrium. I prove its uniqueness when the valuation distributions have a mass point at the lower extremity of the support. I give sufficient conditions for uniqueness when every valuation distribution is one of two atomless distributions. I establish inequalities between equilibrium strategies when relations of stochastic dominance exist between valuation distributions.
Monopoly and Oligopoly Provision of Addictive Goods
Authors: Driskill Robert , McCafferty Stephen
Published: March 2003

This article investigates monopoly and oligopoly provision of an addictive good. Consumer preferences are modeled as in Becker and Murphy (1988). Addictive goods have characteristics that create interesting strategic issues when suppliers are noncompetitive. We characterize the perfect Markov equilibrium of a market with noncompetitive supply of an addictive good and compare it with the efficient solution. Depending on particular parameter values, we find a wide variety of possible steady‐state outcomes, including ones with output above the efficient level and price below marginal cost. We also find that market power can be disadvantageous.
Welfare‐improving adverse selection in credit markets*
Authors: Vercammen James
Published: March 2003

A model of simultaneous adverse selection and moral hazard in a competitive credit market is developed and used to show that aggregate borrower welfare may be higher in the combined case than in the moral‐hazard‐only case. Adverse selection can be welfare improving because in the pooling equilibrium of the combined model, high‐quality borrowers cross subsidize low‐quality borrowers. The cross subsidization reduces the overall moral hazard effort effects, and the resulting gain in welfare may more than offset the welfare loss stemming from distorted investment choices. The analysis focuses on pooling equilibria because model structure precludes separating equilibria.
UDROP: A Contribution to the New International Financial Architecture
Authors: Buiter Willem H. , Sibert Anne C.
Published: March 2003

We propose a Universal Debt Rollover Option with a Penalty (UDROP) to prevent liquidity crises for foreign‐currency debt. All foreign‐currency liabilities should have an attached option entitling the borrower to extend performing debt for a specified period at a penalty rate. UDROP is market‐oriented; contracting parties determine the option's price. Subsequent derivatives trading cannot undo it because contingent liabilities must also carry the option. No public money is required and all creditors are automatically ‘bailed in’. The proposal is rule based and general. This contrasts with the current practice of discretionary and politicized refinancing arrangements cobbled together by the IMF.
The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?
Authors: Friedman Benjamin M.
Published: March 2003

The influence of monetary policy over interest rates, and via interest rates over non‐financial economic activity, stems from the central bank's role as a monopolist over the supply of bank reserves. Several trends already visible in the financial markets of many countries today threaten to weaken or even undermine the relevance of that monopoly, and with it the efficacy of monetary policy. These developments include the erosion of the demand for bank‐issued money, the proliferation of non‐bank credit and aspects of the operation of bank clearing mechanisms. What to make of these threats from a public policy perspective – in particular, whether to undertake potentially aggressive regulatory measures in an effort to forestall them – depends in large part on one's view of the contribution of monetary policy towards successful economic performance.
The Regulator's Dilemma: Hedge Funds in the International Financial Architecture
Authors: Eichengreen Barry
Published: March 2003

This paper considers the role of hedge funds in international financial markets, with a focus on market manipulation, the issue of concern to smaller countries, and systemic stability, the issue of concern to larger ones. To address market integrity, it recommends expanding the coverage of the US Large Trade and Position Reporting System and establishing analogous reporting mechanisms in other countries where they do not presently exist. To address systemic stability, it recommends tightening up supervision of hedge fund counterparties and strengthening market discipline. It concludes that emerging markets at risk from hedge fund operations have no choice but to protect themselves. Self‐protection in this context means adopting more flexible exchange rates as a way of removing the one‐way bets that hedge fund managers find irresistible and placing holding period taxes on portfolio investments to discourage the round‐tripping they find so attractive.
Analysing UDROP: An Instrument for Stabilizing the International Financial Architecture
Authors: Lindner Axel
Published: March 2003

This paper analyses implications of a proposal, called UDROP, to reform the standards of international debt contracts. The idea is to give borrowers a roll‐over option at maturity for a specified length of time. Using recently developed models of financial crises, the paper shows for which type of crisis UDROP is beneficial. Moral hazard of the borrower is one of the problems UDROP faces which can be addressed by appropriately designing the debt contract.
Financial Markets and Systemic Risk in an Era of Innovation
Authors: Crockett Andrew , Cohen Benjamin H.
Published: March 2003

This essay reviews some of the more significant ongoing changes in the global financial system over the past decade and identifies implications these changes have had for systemic stability and for the role of public authorities. Trends such as disintermediation and financial sector con‐solidation have modified the ways in which systemic shocks are propagated and distributed among market participants. This has complicated the role of banks, which continue to stand at the centre of the financial system in many countries. While the overall results will no doubt continue to be positive for households and businesses, this complexity increases the potential for uncertainty, particularly during the period when new markets and institutions are developing. These developments have also complicated the roles of financial regulators, including central banks. The response has been a move towards a greater reliance on transparency and market discipline as ways to improve the spread of information and thus prevent systemic disruption. There has been an increased recognition of the systemic significance of a diverse range of markets and channels of intermediation to the health of the financial system.
Ipsative and Normative Scales in Adjectival Measurement of Personality: Problems of Bias and Discrepancy
Authors: Matthews Gerald , Oddy Keith
Published: March 2003

887 respondents completed ipsative and normative versions of the PAL‐TOPAS personality questionnaire. Data were analysed to test for (1) systematic bias in scores associated with the two response formats and (2) predictors of the magnitude of the discrepancy in the individual's ipsative and normative scores. Discrepancy was assessed for both item responses and scale scores. Sources of biases investigated included ipsative scaling artifact, extremeness of scores on the normative scales and response variability. Results showed that systematic bias in scale scores and magnitude of discrepancy were predicted by different factors. One source of systematic bias was associated with ipsative scaling artifact: the ipsative scales measure both the scale itself and rejection of other alternatives. A second source of systematic bias was acquiescence in response to normative items. A confirmatory factor analysis showed that a good but imperfect fit to the data may be obtained by constructing a structural model of the inter‐relationship between normative and ipsative scores which accommodates both sources of bias. The strongest influence on discrepancy in scale scores was extremeness of normative scoring, associated with a bias towards either general acceptance or rejection of trait adjectives. It is concluded that both normative and ipsative response formats have limitations, and it may often be desirable to assess both.
Swedish Enlistment Battery (SEB): Construct Validity and Latent Variable Estimation of Cognitive Abilities by the CAT‐SEB
Authors: Mårdberg Bertil , Carlstedt Berit
Published: March 2003

Modern computer technology permits efficient evaluation of test scores in terms of basic orthogonal factors of ability. A three‐level hierarchical model of cognitive abilities was used as the theoretical basis of the computerized Swedish Enlistment Battery (CAT‐SEB). Structural analysis of ten ability tests on a sample of 1,436 conscripts by confirmatory factor analysis (tested by the LISREL system) revealed a general, a verbal and a spatial factor ‐‐ although the determinacy of the latter was weak. A nested factor model was used, with direct influences of the latent variables on the tests. This result is a construct validity evaluation of the testing system. Unrelated factor scores of the three latent variables comprise the output of the testing system. Future research should evaluate the efficiency of the prediction from the latent variables.
Solidarity in Italy's policies towards the frail elderly: a value at stake
Authors: Gori C.
Published: March 2003

The Italian public policies towards the frail elderly are underdeveloped by both quantitative and qualitative standards. The bulk of care responsibilities lies on the family and the private provision of paid care is flourishing. The last decade was characterised by significant signs of improvement – an increase in the public resources committed to long‐term care and the rising interest of politicians and scholars towards this issue – but the situation is still highly critical. In such a context several questions on solidarity arise regarding the degree to which this value is actually embedded in the public policies, what are the most relevant issues and how the main actors involved are concerned. The article aims to answer some of these questions, taking into consideration the points of view of the main actors: elderly people, carers and professionals.

In doing so, the article discusses the targets of the public services, differences in their provision across the country, the rise of the care allowance and the private provision of paid care. The article shows the problems regarding solidarity in the Italian policies towards the frail elderly and sets an agenda of issues to deal with in the next decade. How policy‐makers will be able to manage these issues will determine whether and how the value of solidarity will shape Italy's long‐term care policies in the future.
Book Reviews
Authors: Rei Dario , King Desmond , Dupuy Gabriel , Hoeper Bernhard
Published: March 2003

Brun, Jacques and Catherine Rhein (eds.) La ségrégation dans la ville: concepts et mesures

Smith, Michael Peter and Joe R. Feagin (eds.) The bubbling cauldron: race, ethnicity and the urban crisis

MacShane, Clay (ed.) Down the asphalt path: the automobile and the American city

McAndrew, John P. Urban usurpation — from friar estates to industrial estates in a Philippine hinterland
The Elite of St Petersburg as Seen by the City Inhabitants
Authors: Golofast Valery , Protassenko Tatiana , Bozhkov Oleg
Published: March 2003

This paper is based on a survey of St Petersburg's elite, carried out in October 1994 for a city daily, Nevskoe Vremia (a paper with approximately 100,000 subscribers). A representative sample of 800 city dwellers were interviewed by phone, responding to mainly open questions about the city elite. Eight main indicators provided data on the general composition of the elite and lists of names by categories of influence, authority and personal fortune. Of the 150 names nominated by our respondents, all but 12 were identified and characterized in terms of their current or recent formal status, political or social‐cultural standing and/or reputation. Some general and specific problems of the study are considered: What is an elite? Is there a theoretical consensus on the nature of the ruling and non‐ruling constituents of an elite? What are the dynamics of regional or city elites in modern Russia today? Has the emergence of an elite any relevance to the system of representative democracy and to other aspects of social life? What are the mechanisms determining the formation and reproduction of an elite in public space?

Cet article est basé sur un sondage de l'élite de Saint Pétersbourg, fait en 1994 pour un quotidien de la ville, Nevskoe Vremia (un journal qui a environ 100,000 abonnés). Une section représentative de 800 citadins fut interviewée par téléphone, répondant à des questions, principalement des questions ouvertes, concernant l'élite de la ville. Huit indicateurs principaux offraient des informations sur la composition des élites et des listes de noms classés par catégories d'influence, d'autorité et de fortune personnelle. Des 150 noms cités par les personnes interrogées, tous sauf 12 furent identifiés et caractérisés par leur statut formel, leur rang et/ou réputation politique ou socio‐culturel, actuels ou récents. Certains problèmes de cette étude, généraux ou spécifiques, sont examinés. Qu'est‐ce qu'une élite? Y a‐t‐il un consensus quant à la nature des éléments qui constituent une élite dirigeante et non‐dirigeante? Quelles sont les dynamiques des élites régionales ou citadines de la Russie moderne actuelle? Est‐ce que l'apparition d'une élite a un rapport avec le système de democratie représentative et avec d'autres aspects de la vie sociale? Quels sont les processus qui déterminent la formation et la reproduction d'une élite dans l'espace public?
Reflective images: the case of urban regeneration in Glasgow and Bilbao
Authors: Gómez María V.
Published: March 2003

Old industrial cities have made broad use of new strategies as the means to overcome the difficulties created by the restructuring of their former economic basis. Although usually based on physical practices, these strategies have attempted to ease the transformation towards a services‐based economy, which has been presented as the essential means to solve the cities’ economic problems. Even if it has been of widespread currency, the effectiveness of this formula is not clear, as its impact on the city of Glasgow illustrates. Yet, at present, Bilbao, a Basque variant of one of those old industrial cities, is making use of the same ideas to legitimate its own current renewal, through focusing upon the misleading message that comes from Glasgow’s apparent success in urban regeneration. The article underlines the poor scope of the success achieved by such a strategy in old industrial contexts facing serious unemployment problems.
The Green Revolution, agrarian productivity and labor
Authors: Das Raju J.
Published: March 2003

The use of Green Revolution inputs has been responsible for higher levels of agrarian productivity in India. This is both because of the biological structure of high‐yield varieties of seeds themselves and because of the structure of the agrarian political economy in the country. But the question is: have the laborers benefited from the rise in productivity made possible by the use of these inputs? I have shown, both conceptually and empirically, that laborers do gain from higher productivity, but not uniformly over space. They gain more where they are more organized. This means that the relation between productivity and wages is, in part, a political relation, and the strength of this relation is characterized by ‘spatial inconstancy’. I have also discussed how the Green Revolution has tended to undermine the relations of personal dependence between the landed and the laborers, and this seems to have helped labor organization to some extent. Labor organization is also affected by the structure of land/asset distribution. In particular, whether or not laborers possess some land/asset makes a difference to the effectiveness of laborers’ bargaining power with landowners over wages, and therefore, to the actual level of wages being paid.