The healthcare systems of the United States and United Kingdom are vastly different. The former relies primarily on private sector incentives and market forces to allocate medical care services, while the latter is a centrally planned system funded almost entirely by the public sector. Therefore, each nation represents divergent views on the relative efficacy of the market or government in achieving social objectives in the area of medical care policy. Since its inception in 1948, the National Health Services of the (...) United Kingdom has consistently emphasized equity in the allocation of medical services. It has done so by creating a system whereby services are universally free of charge at the point of entry. Conversely, the United States has relied upon the evolution of a perplexing array of public and private sector insurance schemes centered more around consumer choice than equity in allocation. (shrink)

Can the institutional systems that prepare Black nurse researchers question the ways their systemic pathways have impacted health equity knowledge development in nursing? We invite our readers to keep this question in mind and engage with our conversation as Black nurse researchers, scholars, educators, and clinicians. The purpose of our conversation, and this article, is to explore the transactional impact of knowledge development pathways and Black faculty retention pathways on the state of health equity knowledge in nursing today. Over a (...) series of conversations, we discuss the research exploitation of communities of color, deficit research funding, knowledge capitalization, the marginalization of diversity as a continuous process, a lack of sociocultural authority, and our thoughts on solutions. We conclude by using the wisdom of a generation to answer our initial question. (shrink)

System guarantying deposits in Poland was created during the economy transformation. Its founding was resulted from a tough situation in the bank sector, that is why it was supposed to be an antidotum to clients' problems connected with solvency of the collapsing banks and also with adjusting to the European community law. The aim of this work is to present The Bank Guarantee Fund, an institution belonging to a network of financial security, which main task is (...) to protect the deponent’s interests and to secure the banking system's stability. The work concerns some aspects of the growing interest in insurance systems for banks deposits and revived discussions on this subject during crisis on bank markets. In reply on the crisis, which was started on credit market subprime in USA and then spread on other segments of financial markets in other countries, the ECOFIN took a decision for increasing the obligatory guarantee limits for individual persons and also for accelerating the payment of guaranteed means. The aim of above changes is to increase surety of clients and trust to bank sector. (shrink)

This paper proposes a model to study the arrangement of Islamic project finance with the participation of the government as a provider of loan guarantees. The owner-shareholders initiate a project and raise funds by issuing Islamic profit-loss sharing mudarabah certificates. The government intervenes in providing financial guarantees in order to enhance the creditworthiness and increase the mudarabah capital capacity of the project. Our work raises several policy implications related to the structuring of Islamic project finance and the participation of both (...) government and multilateral public agencies such as the Islamic Development Bank. It provides a unifying framework for the improvement of access to funds for Islamic projects and gives a rationale for government intervention in the arrangement of these projects. (shrink)

Supply chain financing guaranteed by third-party logistics firms is an effective way to solve the financing difficulties of small and medium-sized enterprises. Studies have explored factors that affect the willingness of supply chain financial credit providers under guarantee of 3PL firms. However, whether the scale of 3PL firms will affect the bank’s credit decision has not been studied, as well as the neural processing of credit decisions. To clarify these issues, this study extracted behavioral and event-related potentials data (...) when participants performed a selection task of judging whether to grant credit to guaranteed financing-seeking enterprises according to the large or small scale of the 3PL guaranteeing firms. The behavioral results showed that under the condition of a large-scale 3PL guaranteeing firm, the willingness to provide credit to SMEs was higher than that under the condition of a small-scale 3PL guaranteeing firm. This finding indicates there was credit scale discrimination against 3PL guaranteeing firms in supply chain finance. The ERP results showed that compared with the condition of a large-scale 3PL guaranteeing firm, a greater N2 amplitude was induced under the condition of a small-scale 3PL guaranteeing firm, which indicated that credit decision makers experienced greater perceived risk and more decision-making conflict. In contrast, a larger LPP amplitude was detected under the condition of a large-scale 3PL guaranteeing firm, which indicated that large-scale 3PL guaranteeing firms received more positive comments and more positive emotions from credit decision makers than small-scale 3PL guaranteeing firms. Based on these results, this study reveals the cognition process of credit decision makers regarding the impact of the 3PL guaranteeing firm scale on the willingness to provide credit in supply chain finance and explains the theory of credit scale discrimination from the perspective of decision neuroscience. (shrink)

Modern military engagements are made possible by a state’s ability to easily acquire revenue. By either taking the money from its citizens via taxation, borrowing funds through bonds or loans from private financiers or other governments, or inflating the currency by issuing bank notes without the backing of specie or another commodity, Western governments wield enough power over money and banking to fund any venture. British involvement in the Napoleonic Wars was no exception to the rule. This paper (...) examines the role of the British government, including William Pitt and Parliament, and the Bank of England in manipulating the currency, by borrowing, taxing, and issuing Bank notes to fund the war with Napoleonic France in the late eighteenth and early nineteenth centuries. (shrink)

This article studies the differences between traditional financial intermediaries (commercial banks, savings banks and cooperative banks) and ethical banks based on property rights, in which the owner decides the ideology, principles, standards and objectives of the organisation. In ethical banking, affinity centres on positive social and ethical values. The article consequendy focuses on an index proposed both to differentiate ethical banks from other types of banks, and also to pinpoint the differences between the various ethical banks themselves.This is the Radical (...) Affinity Index (RAI), which groups banks together in terms of their stance on ethical commitment, concentrating on ethical ideology and principles (information transparency, placement of assets, guarantees and participation) and using a sample of 114 European banks. The evidence shows that transparency of information and placement of assets are factors that differentiate ethical banks from other financial intermediaries.Guarantees and participation are characteristics specific to ethical banks; these variables, however, do not offer clear evidence to our analysis. (shrink)

Bank competition promotes enterprises to obtain credit funds through market mechanisms, and a combination of industry and finance has an important influence on establishing bank-enterprise relationship. Based on data of 2,245 manufacturing enterprises and branches of commercial banks in China from 2007 to 2019, this research establishes a moderated mediation model to verify whether CIF has a moderating effect on bank competition on enterprise innovation. The results are as follows. First, bank competition can both directly and (...) indirectly promote enterprise innovation by alleviating financing constraints. Second, CIF has no moderating effect on the direct effect of bank competition on enterprise innovation but has a negative moderating effect on the first half of mediating effect. (shrink)

Le propos est de comparer la dynamique concurrentielle à la gestion centralisée de l’industrie bancaire à partir de la mise en perspective de deux systèmes différents : l’expérience des banques libres du Massachusetts et celle de la monopolisation de l’émission de billets par la Banque de France.Nous montrons l’influence de la réglementation sur la structure du système bancaire, l’ accumulation du capital bancaire et la stabilité du crédit. Les banques peuvent financer leur politique de crédit à partir de fonds permanents (...) ou de fonds à vue. La mise en place de privilèges réglementaires sur les fonds à vue permettant aux banques de les utiliser sans les payer au prix de marché est à l’origine de l’instabilité cyclique.Our purpose is to compare the competitive dynamics and the centralized management of banking industry from the prospects of two different systems: the Free Banking experience in Massachusetts and the monopolization of issue by the Banque de France.We show the influence of regulation on the banking system structure, the hoarding of banking capital and credit stability. Banks may finance their loans either from investment funds or from demand deposit. The establishment of regulatory privileges on demand deposit allowing the banks to use them without paying the market price involves cyclical instability. (shrink)

This article investigates the nexus between bank-specific risks and the financial stability of the banks for a panel data set of 15 scheduled banks in Pakistan over a 12-year period from 2009 to 2020. Using the fixed-effect model, the study result shows that bank-specific risks, i.e., credit risk and liquidity risk are detrimental to bank stability, whereas funding risk has no significant impact on bank stability. Besides these, bank size has also a negative impact on (...) bank stability, whereas the return on assets revealed a positive influence. To ensure stability, bank management should establish policies that confirm secure loan granting and timely reimbursement from customers to minimize the credit risk. Besides this, management should keenly observe the liquidity position and should also effectively mobilize the customer deposits to attain financial stability. (shrink)

This paper investigates the emerging effect of mutual fund involvement on the agency problem between majority and minority shareholders during the pre-IFRS period in China indicated by earnings informativeness from an ethical perspective. We find that the presence of mutual fund hampers earnings informativeness implying that mutual funds in general, at their early stage in China, are not yet capable of serving as an effective monitor. This finding is in sharp contrast to the role of institutional investors in (...) mature markets as documented in the literature. However, mutual funds affiliated with banks have been found to be effective to improve earnings informativeness of Chinese listed companies, and the impact is more pronounced among those affiliated with joint-equity banks compared to their counterparts affiliated with state-owned banks. (shrink)

“Offsetting” habitat destruction has widespread appeal as an instrument for balancing economic growth with biodiversity conservation. Requiring proponents to pay the nontrivial costs of habitat loss encourages sensitive planning approaches. Offsetting, biobanking, and biodiverse carbon sequestration schemes will play an important role in conserving biodiversity under increasing human pressures. However, untenable assumptions in existing schemes are undermining their benefits. Policies that allow habitat destruction to be offset by the protection of existing habitat are guaranteed to result in further loss of (...) biodiversity. Similarly, schemes that allow trading the immediate loss of existing habitat for restoration projects that promise future habitat will, at best, result in time lags in the availability of habitat that increases extinction risks, or at worst, fail to achieve the offset at all. We detail concerns about existing approaches and describe how offsetting and trading policies can be improved to provide genuine benefits for biodiversity. Due to uncertainties about the way in which restored vegetation matures, we propose that the biodiversity bank should be a savings bank. Accrued biodiversity values should be demonstrated before they can be used to offset biodiversity losses. We provide recommendations about how this could be achieved in practice. (shrink)

Some mutual funds not only apply the usual asset management and custodial fees, but also front loads and redemption fees as a kind of ‘toll charge’ payable on entering and/or leaving the fund. The aim of this work is to examine the implications of the different loads and fees applied to mutual fund investors in the Spanish market. The results show that there is a relationship between the various charges and fees. The fact that load fund companies (...) charge higher management and custody fees proves the potential of the fund companies to impose higher fees on a segment of the clientele. The investors in load funds, which tend to be large in number of shareholders and belonging to banks and savings banks, are small investors who show a low cost sensitivity. A lower level of financial sophistication may be the reason for the apparent lower price awareness. The problem is that the investors in load funds are not financially compensated for the extra cost represented by the front‐load and redemption fees. The only beneficiary seems to be the financial institution itself. On this view, the survival of load funds seems to depend on the lack of financial sophistication of their clientele, combined with market inefficiencies. It is worth asking about the ethics of a situation of market segmentation that allows managing institutions to benefit from the segment of the least sophisticated investors. (shrink)

The Norwegian Oil Fund (‘Government Pension Fund – Global’) is worth over NOK 10.6 trillion (USD 1.15 USD trillion)1 making it the largest sovereign wealth fund in the world (Norges Bank Investment...

More impetus needs to be placed on cord blood donationIn July, the Royal College of Obstetricians and Gynaecologists released a report on the uses and the potential perils of umbilical cord blood collection.1 This report has had the positive effect of drawing attention to what has hitherto been an under addressed topic of medical research and ethics. However, the focus and recommendations of the report say little about one important aspect of cord blood usage—research. Such an omission, although understandable from (...) an organisation primarily concerned with maternal and neonatal health, may nevertheless have implications for the broader applicability of the report’s recommendations, outside the immediate arena of patient care.The RCOG report deals with various aspects of cord blood collection and use—the harvesting procedure itself; cord blood transplantation treatment, either as an autologous cell transplant or as a donation for community use; and whether cord blood banking for personal use should be permitted or encouraged as a privately funded commercial enterprise. It also makes note of some of the legal and ethical issues surrounding cord blood and tissue banking more generally, concerns that will be of increasing importance as more biobanks are established worldwide. A large part of the report deals with concerns on neonatal and maternal safety and whether cord blood collection may pose a risk. These concerns may be valid and certainly, the health of mothers and children should not be compromised. The guidance provided by this report in relation to the collection procedure will undoubtedly assist maternity health professionals in this area.The main relevance of the RCOG …. (shrink)

Squeezed between increasing entitlement expenditures and static or declining real revenues, state‐funded urban development is increasingly perceived as an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little or no interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. However, some analysts argue that pension funds are properly only the agents of (...) plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals’ future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision‐making. In this paper, I set out a morally informed justification of public pension plan investment in community development. In doing so, I develop a model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. This approach also has significant implications for a wide variety of private sponsored plans. The paper begins with an assessment of pension fund decision‐making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to issues of social obligation, referencing recent research on the nature of social contracts. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds’ Investment Management Board to invest in the state government's corrections authority. (shrink)

Industrial investment funds are a new financing innovation mode that can build an effective financing channel for enterprises.Based on the panel data of Chinese Listed Companies in 2008–2017, this manuscript constructed a static panel model between industrial investment funds, government R&D subsidies, and technological innovation to empirically analyze the effects of industrial investment fund involvement and government R&D subsidies on companies’ technological innovation. The research shows that industrial investment fund involvement can increase the company’s R&D investment by providing (...) financial funds for the company, which can effectively solve the company’s lack of funds in the process of technological innovation and guarantee the smooth running of the company’s innovation activities. Secondly, government R&D subsidies can alleviate the pressure of R&D investment to a certain extent, which is conducive to promote a higher level of technological innovation in the company. Thirdly, for companies with industrial investment fund involvement, government R&D subsidies are conducive to promote technological innovation. In contrast, for companies without industrial investment fund involvement, government R&D subsidies have no significant impact on technological innovation to a certain extent or even have a “crowding out effect.”. (shrink)

This study is based on the objective conditions of Islamic banking in Indonesia, which have not carried out their social functions optimally. Based on reports from the financial services authority, Indonesia bank and several related research, the efforts to optimise the social function of Islamic banking still encounters several problems related to the distribution of banking funds that are more focused on business interests, lack of real business run by Islamic banks, customer funds that are mostly deposited in Indonesia (...) bank and have not been distributed to the real sector effectively, to banking activities by referring to the capitalistic economic paradigm and not fully referring to sharia guidelines. The results of the study of documents, literature and actual phenomena using descriptive and holistic analysis methods indicate that the degradation of the social function of Islamic banking appears as a result of a lack of understanding of the concept of Islamic economics based on the construction of Islamic social theology. The lack of understanding of banking management towards Islamic social theology has created a gap between the practical and conceptual sides of Islamic social theology, which in turn has an impact on the lack of social commitment from related parties in the implementation of Islamic banking activities. Strengthening the practical side of Islamic social theology is a necessity to overcome the existing problems.Contribution: The article contributes to the discourse on the application of Islamic social theology to Islamic banking practices. It aims to contribute to theological thought in Islam in order to strengthen the social function of Islamic banking, by focusing on the main objective of Islamic economics: al-falah or the achievement of spiritual and material prosperity. (shrink)

Given that women CEOs are usually more risk averse, engage less in opportunistic behavior, and provide higher quality earnings than men CEOs, we argue that firms with women CEOs are likely to face lower operational and information risk and thus enjoy cheaper external funds. Using a large sample of Chinese A-share listed firms operating from 2006 to 2012, we find consistent evidence that Chinese banks tend to impose lower loan costs on firms with women CEOs compared to firms with men (...) CEOs. This effect is more pronounced for non-state-owned enterprises than for state-owned enterprises, for firms without political connections than for firms with political connections, and during non-crisis periods. We do not find any significant effects for firms with women chairpersons, CFOs, or directors. (shrink)

This note considers the recent House of Lordsdecision in Royal Bank of Scotland plc. v.Etridge (No. 2). It concerns the familiarscenario of a wife jointly mortgaging (orproviding a guarantee for a mortgage of) thefamily home in order to secure financialsupport for a business run by her husband. Ina landmark judgement, Lord Nicholls set out newand specific procedures to be followed bylenders and solicitors who are providingindependent advice, in order to counter anyargument by the wife that the charge should (...) beset aside because her signature on the lender'scharge has been obtained by the undue influenceof her husband. This note considers the impactof the decision upon the parties involved insuch transactions. Special consideration isgiven to the surety wife and her chances ofdefending possession proceedings brought bylenders in the post Etridge era. (shrink)

This paper reports on an action research project about organizational change by a regional food bank in New York State’s southern tier. While the project team initially included a sociologist, food bank leadership and staff, it expanded to involve participants in food access programs and area college students. This paper combines findings from qualitative research about the food bank with findings generated through a collaborative inquiry about a ten-year process of organizational change. We ask how a regional (...) food bank can change its approach to address root causes of hunger. Acknowledging that narrow, pragmatic definitions of hunger promote charitable responses, our collaboration is grounded in structural understandings of poverty that refuse to blame the poor or treat poverty as an accident. Decades-long economic restructuring, deindustrialization and a rise in the service economy have resulted in growing inequality and long-term demand for “emergency” food in New York State. We outline critiques by scholars and practitioners of the emergency food regime. Description and analysis of the organizational change efforts of the Food Bank of the Southern Tier combine discourse analysis, collaborative inquiry, interviews, and participant observation. Discourse analysis of the agency’s strategic plans documents changes in aspirations, exposure to new epistemic communities and repertoires of actions. Interviews with participants evidence impacts of the organization’s advocacy and education programs on people with lived experience in poverty. Through a participatory process, we developed a collaborative chronology of phases of organizational change. Collaborative analysis of organizational changes demonstrates new definitions of the problem, a shift in service focus, changing outcomes and increased funding for advocacy. While recognizing substantial constraints, this project contributes to evidence that food banks may shift their discourse and practices beyond charity. (shrink)

Robert C. Hockett’s “franchise view” argues, convincingly, that the capacity of banks or quasi-bank financial entities to create money rests on the laws, regulations, and guarantees of the state under which they operate. Fred Block advocates the use of this insight as a beachhead for establishing the legitimacy of locally embedded, nonprofit lenders whose investments would be dedicated to public purposes. However, given the pervasive influence of “everyday libertarianism,” which fosters blindness to the public character of private economic power, (...) this commentary warns of possible counterproductive consequences of this proposal unless it is fused to the democratization of central banking. An end to central bank independence would highlight the ineliminable role of the state in the market and make that role easier to reshape. It would also end the dynamic whereby monetary easing provides political cover for damaging fiscal austerity and thus lead to better democratic deliberation on the contours of policy. (shrink)

Banks are expected to play a key role in assisting the real economy with the green transition process. One of the tools used for this purpose is the issuance of green bonds. We analyze the characteristics of banks that issue green bonds to understand: (i) which banks are more likely to resort to these funding instruments, and (ii) if the issuance of green bonds leads to an improvement in a bank’s environmental footprint. We find that large banks and banks (...) that had already publicly expressed their support for a green transition are more likely to issue green bonds. Conditional on being a green bond issuer, smaller banks tend to resort to green bonds in a more persistent manner and for relatively larger amounts, while larger banks issue green bonds on a more occasional basis and for smaller amounts. This heterogeneity is also reflected in our findings that only banks that issue green bonds more intensively improve their emissions and reduce lending to polluting sectors, thus contributing to the decarbonization of the financial sector. (shrink)

The general relationship between a bank and customer is contractualin nature. For conventional banks, the banker-customer relationship is basedon the debtor-creditor relationship with the bank earning a profit from a spreadmade between interest charged on the borrower of funds and interest paid tothe depositors. In Islamic banking, due to the different contractual transactionsof Islamic banking operation, it is based on a multi-contractual relationships.However, bank consumers perceive that banks enhance their profits by treatingconsumers unfairly and failing to take (...) responsibility when things go wrong.This study examines the duty of care of conventional and Islamic banks towardsbank consumers. It also focuses on the Islamic banks’ duty of care from theperspective of maqāṣid al-Sharī‛ah, to those who use their services. Adoptingthe doctrinal analysis method, this study analyses and compares the duty ofcare of both conventional and Islamic banks. Findings of this study includethat misconduct by banking industries remains rife and that unfair treatment ofcustomers are frequent. As for Islamic banks, the maqāṣid al-Sharī‛ah basedduty of care is found missing in their Islamic banking operation. This studysuggests that the duty of care for both banks should be reformed to improvebank consumers’ experience. For Islamic banks, an improved standard is usefulin performing their duties based on Islamic values. (shrink)

Whether ethical screening affects portfolio performance is an important question that is yet to be settled in the literature. This paper aims to shed further light on this question by examining the performance of a large global sample of Islamic equity funds from 1984 to 2010. We find that IEFs underperform conventional funds by an average of 40 basis points per month, consistent with the underperformance hypothesis. In line with popular media claims that Islamic funds are a safer investment, IEFs (...) outperformed conventional funds during the recent banking crisis. However, we find no such outperformance for other crises or high volatility periods. Based on fund holdings-based data, we provide evidence of a negative curvilinear relation between fund performance and ethical screening intensity, consistent with a return trade-off to being more ethical. (shrink)

This case note considers the Court of Appeal decision in Royal Bank of Scotland v. Etridge (No. 2) and other appeals [1998] 4 All E.R. 705. It concerns the familiar scenario of a wife jointly mortgaging (or providing a guarantee for a mortgage of) the family home in order to secure financial support for a business run by her husband. The House of Lords decision in Barclays Bank v O'Brien [1994] A.C. 180 has given rise to a (...) range of litigation in this area, and the spotlight has now moved from the banks to an examination of the quality of advice given by solicitors. The banks have heeded the warnings in O'Brien and now insist that wives are told to obtain independent legal advice. It will be seen that, following Etridge, if the bank tells the solicitor to give the wife legal advice upon undertaking the transaction, that will be sufficient to protect the bank, notwithstanding that the advice was either inadequate or even not actually given. The onus to ensure that proper advice is given is shifted squarely on to the solicitor. The note concludes that the decision is indicative of the shift of judicial opinion against wives seeking to avoid charges over matrimonial homes and in favour of banks. (shrink)

We examine initial public offering (IPO) holdings in the mutual funds of four large investment banks and five large non-investment banks during the period 1997 through 2002. Investment banks hold IPOs with different characteristics than IPOs held by noninvestment banks, and they also tend to hold IPOs in different types of funds than non-investment banks. We classify holdings as to whether the IPO lies outside or inside the fund's objective. Investment banks hold IPOs outside the fund objective in (...) 27% of the fund/IPO pairs while non-investment banks hold outside their objective in just 5.4% of fund/IPO pairs. We see significant differences in IPO underpricing for both groups as well. For example, when non-investment banks hold IPOs outside a large capitalization fund objective, they select IPOs with 52% higher underpricing as measured by first-day returns. (shrink)

Les professeurs Macey et Miller analysent la relation entre l’assurance des dépôts et l’ inadé quation dans la structure des échéances des actifs et passifs des banques commerciales. Après avoir critiqué l’hypothèse traditionnelle concernant la réglementation, d’après laquelle les banques sont incitées à financer les actifs à long terme par des passifs à court terme parce que l’assurance des dépôts garantie par l’Etat stimule le crédit des banques et subventionne les passifs à court terme, ils utilisent l’analyse économique des décisions (...) publiques pour soutenir qu’une version modifiée de l’hypothèse de la réglementation est la meilleure explication de la déstructuration des échéances des actifs et passifs bancaires.Finalement, ils considèrent que soutenir l’hypothèse de la réglementation n’entraîne pas l’ acceptation du modèle d’assurance des dépôts garantie par l’Etat tel qu’il existe aux Etats-Unis aujourd’hui.Professors Macey and Miller explore the relationship between deposit insurance and the mismatch in the term structure of commercial banks’ assets and liabilities. After criticizing the traditional regulatory hypothesis, which posits that banks have incentives to fund long-term assets with short-term liabilities because government-sponsored deposit insurance enhances bank credit and subsidizes short-term liabilities, they use public choice theory to argue that a modified version of the regulatory hypothesis is the best explanation for the mismatch in the term structure of banks’ assets and liabilities. Finally, they argue that embracing the regulatory hypothesis does not imply acceptance of the government-sponsored deposit insurance scheme as it exists in the U.S. today. (shrink)

The marginal cost of public funds measures the loss incurred by society in raising additional revenues to finance government spending. The MCF has emerged as one of the most important concepts in public economics; it is a key component in evaluations of tax reforms, public expenditure programs, and other public policies. The Marginal Cost of Public Funds provides a unified treatment of the MCF, carefully developing its theoretical foundations in a variety of contexts and describing its application to a wide (...) range of policies--from excise taxes in Thailand to public sector borrowing in Canada and the United States. The Marginal Cost of Public Funds develops the basic theory of the MCF within the framework of public economics and shows how it is related to the traditional measures of the efficiency loss from distortionary taxation. The MCF concept is then applied to the major sources of revenues for governments--sales and excise taxes, taxes on labor income, taxes on the return to capital, public sector borrowing, and intergovernmental grants. This book will be an essential reference for economists and public policy analysts both in and out of government. Exercises and recommendations for further reading at the end of each main chapter highlight its usefulness as a supplementary text in advanced undergraduate or graduate courses in public economics.Bev Dahlby is Professor of Economics at the University of Alberta and a coauthor of Public Finance in Canada, second edition. He has served as a consultant for such organizations as the International Monetary Fund, the World Bank, and the Canadian government's Department of Finance. (shrink)

As a sovereign wealth fund, the $1 trillion Norwegian Government Pension Fund-Global, which is managed by Norges Bank Investment Management on behalf of the welfare of Norway’s citizens, is supposed to be a flagship for socially responsible investments through its Council of Ethics. However, its investment in Delta Topco, the holding company of Formula 1 world championship that, through Formula One Group, brokered a deal with Russia to host a Formula 1 Grand Prix in 2014, raises the (...) question of whether the Oil Fund should enhance its due diligence processes. Although no evidence of corruption related to the race is introduced, the complex relation between financial logic and the world of sports still raises questions about the ethical solidity of the Oil Fund’s investment. Drawing upon reports of the relationship between political economy and sporting events, this paper therefore analyses, in light of the Oil Fund’s ethical guidelines, the complexities of its investment in Delta Topco. As a result, it is argued that a new set of examination methods by the Council of Ethics may be warranted. (shrink)

The objective of Working Group 4 of the COST Action NET4Age-Friendly is to examine existing policies, advocacy, and funding opportunities and to build up relations with policy makers and funding organisations. Also, to synthesize and improve existing knowledge and models to develop from effective business and evaluation models, as well as to guarantee quality and education, proper dissemination and ensure the future of the Action. The Working Group further aims to enable capacity building to improve interdisciplinary participation, to promote (...) knowledge exchange and to foster a cross-European interdisciplinary research capacity, to improve cooperation and co-creation with cross-sectors stakeholders and to introduce and educate students SHAFE implementation and sustainability. To enable the achievement of the objectives of Working Group 4, the Leader of the Working Group, the Chair and Vice-Chair, in close cooperation with the Science Communication Coordinator, developed a template to map the current state of SHAFE policies, funding opportunities and networking in the COST member countries of the Action. On invitation, the Working Group lead received contributions from 37 countries, in a total of 85 Action members. The contributions provide an overview of the diversity of SHAFE policies and opportunities in Europe and beyond. These were not edited or revised and are a result of the main areas of expertise and knowledge of the contributors; thus, gaps in areas or content are possible and these shall be further explored in the following works and reports of this WG. But this preliminary mapping is of huge importance to proceed with the WG activities. In the following chapters, an introduction on the need of SHAFE policies is presented, followed by a summary of the main approaches to be pursued for the next period of work. The deliverable finishes with the opportunities of capacity building, networking and funding that will be relevant to undertake within the frame of Working Group 4 and the total COST Action. The total of country contributions is presented in the annex of this deliverable. (shrink)

Many developing and transitional countries have grown faster than advanced countries in the past decade, resulting in a shift in the distribution of world income in their favor. China is now the second largest economy in the world, behind the United States and ahead of Japan. As the relative economic weight of China and several others has come to match or exceed that of the middle-ranking G7 economies, the world economy has shifted from “unipolar” toward “multipolar,” less dominated by the (...) G7. How is this change being translated into changes in authority and influence within multilateral organizations like the G20, the World Bank, and the International Monetary Fund? Alarm bells are ringing in G7 capitals about G7 loss of influence. According to a WikiLeaks cable from the senior U.S. official for the G20 process, from January 2010, “It is remarkable how closely coordinated the BASIC group of countries [Brazil, South Africa, India, China] have become in international fora, taking turns to impede US/eu initiatives and playing the US and EU off against each other.” This essay suggests that the shift in power is much smaller than the headlines or private alarm bells suggest. The United States remains the dominant state, and the G7 states together continue to exercise primacy, but now more fearfully and defensively. China is split between asserting itself as “the wave of the future” and defending itself as too poor to take on global responsibilities. The combination of G7 defensiveness and emerging states’ jealous guarding of sovereignty produces a spirit of Westphalian assertion in international fora, or “every state for itself.” On the assumption that the world economy is in a transitional period, the article suggests reforms in the G20 and the World Bank that would boost their role and legitimacy as multilateral organizations in a more multipolar world. (shrink)

Kit Fine’s arguments in Essence and Modality are widely accepted as being a decisive blow against modal essentialism. A selection of replies exist that have done little to counter the general view that modally construed essence is out of touch with what we really mean when we make essentialist claims. I argue that Fine’s arguments fail to strike a decisive blow, and I suggest a new interpretation of the debate that shows why Fine’s arguments fall short of achieving their goal.

This note considers the recent House of Lordsdecision in Royal Bank of Scotland plc. v.Etridge (No. 2). It concerns the familiarscenario of a wife jointly mortgaging (orproviding a guarantee for a mortgage of) thefamily home in order to secure financialsupport for a business run by her husband. Ina landmark judgement, Lord Nicholls set out newand specific procedures to be followed bylenders and solicitors who are providingindependent advice, in order to counter anyargument by the wife that the charge should (...) beset aside because her signature on the lender'scharge has been obtained by the undue influenceof her husband. This note considers the impactof the decision upon the parties involved insuch transactions. Special consideration isgiven to the surety wife and her chances ofdefending possession proceedings brought bylenders in the post Etridge era. (shrink)

Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly perceived as an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little or no interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. However, some analysts argue that pension funds are properly only the agents of (...) plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals' future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision-making. In this paper, I set out a morally informed justification of public pension plan investment in community development. In doing so, I develop a model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. This approach also has significant implications for a wide variety of private sponsored plans. The paper begins with an assessment of pension fund decision-making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to issues of social obligation, referencing recent research on the nature of social contracts. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds' Investment Management Board to invest in the state government's corrections authority. (shrink)

The third edition of this popular book has been updated to take account of the latest developments in policy and social work practice. It includes new sections on radical/emancipatory and postmodern approaches to ethics, analysis of the latest codes of ethics from over 30 different countries, additional case studies of ethical problems and dilemmas, practical exercises, and annotated further reading lists at the end of each chapter.

The book revives the neutral monism of Mach, James, and Russell and applies the updated view to the problem of redefining physicalism, explaining the origins of sensation, and the problem of deriving extended physical objects and systems from an ontology of events.

A consideration of Mach's elements, his philosophy of neutral monism, and philosophy of physics, especially space and time, much of it based on unpublished writings from the Nachlass and other original sources. The historical connection between Mach and logical positivism is shown to be superficial at best, and Mach's elements are shown to be mind independent natural qualities (world-elements) with dynamic force, not limited to human sensations.

Traditional conventionalism about modality claims that a proposition is necessarily true iff it is true by convention. In the wake of the widespread repudiation of truth-byconvention, traditional conventionalism has fallen out of favour. However, a family of theories of modality have arisen that, whilst abandoning truth-by-convention, retain the spirit of traditional conventionalism. These ‘neo-conventionalist’ theories surpass their forebears and don’t fall victim to the criticisms inherited through truth-by-convention. However, not all criticisms levelled at traditional conventionalism target truth-by-convention. Any conventional theory (...) of modality must face the contingency problem. This claims that the contingency of our linguistic conventions jeopardises the necessity of the necessities they determine. I present the contingency problem as relevant to both the traditional conventionalist and the neo-conventionalist. I examine a response from Einheuser that builds upon a response from Wright. I show that the Einheuser response does more to accommodate the conventionalist’s modal beliefs, but that it does not fully satisfy some further conditions that ought to be laid upon such a response. I then suggest how the response can be revised so as to satisfy these conditions. The resulting model of conventionalism is compatible with the validity of S4, and suitably in the spirit of conventionalism. (shrink)

The domain of professional ethics -- Virtue, ethics, and professional life -- Virtues, vices, and situations -- Professional wisdom -- Care -- Respectfulness -- Trustworthiness -- Justice -- Courage -- Integrity.

This book explores the far-reaching ethical implications of recent changes in the organization and practice of the social professions, including social work, community and youth work. Drawing on moral philosophy, professional ethics and new empirical research, the author explores such questions as: * Can any occupation justifiably claim a special set of ethics? * What is the impact of the new 'ethics of distrust' on the autonomy discretion and creativity of practitioners? * How does inter-professional working challenge conceptions of professional (...) identities and roles? * Do 'professional ethics' act as an obstruction to constructive developments? Combing interviews with practitioners with developments in ethical theory, Ethics, Accountability and the Social Professions shows the complexity and range of issues at stake. (shrink)

It is argued that theoretical models cannot use qualia as explanatory tools, and cannot explain them either; thus, there is no way to make qualia do any useful work at all, at least in a theory. However, qualia do occur in both imagery and perception, and this article presents some ways of thinking about qualia from a functional perspective. Imagery differs from perception in its function. It is not a faded copy of perception. It is less distinct than perception because (...) it is only as distinct as it needs to be, not because it is inherently indistinct. Qualia represent functionally relevant encodings whether in perception or imagery. The present approach is functionalist and quite similar to Pani's. (shrink)

Professionals in all fields, struggling to be both successful and ethical, will find the book challenging, provocative, yet reassuring.

McDowell offers an unusually frank discussion of the ethical principles that should govern decisions and analyzes the pressures that drive some professionals to sell unnecessary or excessive services.

For years, _Multicultural Education_ has served as an essential resource for education professionals, featuring scholarly articles written by industry leaders and topics, following current trends in education instruction today. The text helps educators understand the concepts, paradigms, and explanations necessary for becoming effective practitioners in the ever-evolving classroom environment, highlighting cultural, raocial and language-focused topics. Each chapter now incorporates new theoretical, conceptual, and research developments within the field, providing an adaptable approach to classroom techniques. With growing classroom diversity, the text (...) also features a chapter that focuses on lesbian, gay, bisexual and transgender issues. Statistical tables, figures and charts have been updated to present the most current information. (shrink)