Beyond the Financial Crisis:Addressing Risk Challenges in a Changing Financial Environment

The Financial Crisis has not only highlighted the importance of addressing issues such as liquidity risk – it has also brought to the fore the need to focus on unregulated instruments such as hedge funds, which are of systemic importance to the financial industry. Risk is an area which, owing to its increasing significance, requires greater focus. A move to risk based strategies is evidenced by the growing popularity of risk based regulation and meta regulatory strategies. Given the presence of an unregulated hedge fund industry however, such attempts do not suffice on their own. Further, the systemic nature of risk exacerbates the problem of such unregulated institutions. This paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. These theories will be considered against a background of themes such as dynamism, evolutionism, developments in science and industry, cultural attitudes to risk, and the need to be responsive and reflexive to changes which have arisen in modern society. Theoretical models and hybrids of a responsive model of regulation such as Enforced self regulation and meta regulation, which have the potential to address the problems relating to risk will be addressed. By virtue of the pro cyclical nature of risk, the inability of Basel 2 to address risk cycles were revealed during the Northern Rock Crisis. Other flaws and deficiencies inherent in Basel 2, a form of meta regulation, will be highlighted. The relevance of internal control systems to an efficient system of regulation, the reasons for which meta regulation is not only considered to be the most responsive form of regulation, but also one which assigns central role to internal control systems will be discussed. The contested nature of risk and the difficulties attributed to its quantification, raise questions about its ability to function effectively as a regulatory tool. If risks could be eliminated in their entirety however, then regulation would serve no purpose. This paper aims generally therefore to direct attention to those areas which could be addressed, namely institutional risks, and measures whereby such risks, even though impossible to eliminate, could be minimize

The prefigurative power of urban political agroecology: rethinking the urbanisms of agroecological transitions for food system transformation

In recent years, urban contexts and urban-rural linkages have become central for scholars and activists engaged in agrarian questions, agroecological transitions and food system transformation. Grassroots experimentations in urban agroecology and farmers' engagement with urban policies have marked the rise of a new agenda aiming to bridge urban and agrarian movements. Departing from the work of Eric Holt-Gimenez and Annie Shattuck, this paper argues that the way urban-rural links have been conceptualized is occasionally progressive, and that an agroecology-informed food system transformation needs radical approaches. Acknowledging that processes of urbanization are dynamic, driven by specific lifestyles, consumption patterns, and value orientations - producing ongoing suburbanization, land enclosures, farmers displacement and food-knowledge loss - the paper argues that thinking transitions through new rural-urban links is unfit to tackle the evolving nature of these geographies, and reproduces the distinction between consumers and producers, living on either side of what Mindi Schneider and Philip McMichael have described as an epistemic and ecological rift. Building on insights from four case-studies across global north and south, the paper reframes agroecological transitions as a paradigmatic change in biopolitical spatial relations, economic values and planning agency - what we call an 'agroecological urbanism'. The paper articulates a transformation agenda addressing urban nutrients, peri-urban landuse, community food pedagogies and farmers' infrastructure

Beyond the Financial Crisis: Addressing risk challenges in a changing financial environment

Paper presented at "Strategies For Solving Global Crises Conference: The Financial Crisis and Beyond" (October 2009). Also published in "Corporate Finance: Governance, Corporate Control & Organization Journals" (July 2010) The Financial Crisis has not only highlighted the importance of addressing issues such as liquidity risk – it has also brought to the fore the need to focus on unregulated instruments such as hedge funds, which are of systemic importance to the financial industry. Risk is an area which, owing to its increasing significance, requires greater focus. A move to risk based strategies is evidenced by the growing popularity of risk based regulation and meta regulatory strategies. Given the presence of an unregulated hedge fund industry however, such attempts do not suffice on their own. Further, the systemic nature of risk exacerbates the problem of such unregulated institutions. This paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. These theories will be considered against a background of themes such as dynamism, evolutionism, developments in science and industry, cultural attitudes to risk, and the need to be responsive and reflexive to changes which have arisen in modern society. Theoretical models and hybrids of a responsive model of regulation such as Enforced self regulation and meta regulation, which have the potential to address the problems relating to risk will be addressed. By virtue of the pro cyclical nature of risk, the inability of Basel 2 to address risk cycles were revealed during the Northern Rock Crisis. Other flaws and deficiencies inherent in Basel 2, a form of meta regulation, will be highlighted. The relevance of internal control systems to an efficient system of regulation, the reasons for which meta regulation is not only considered to be the most responsive form of regulation, but also one which assigns central role to internal control systems will be discussed. The contested nature of risk and the difficulties attributed to its quantification, raise questions about its ability to function effectively as a regulatory tool. If risks could be eliminated in their entirety however, then regulation would serve no purpose. This paper aims generally therefore to direct attention to those areas which could be addressed, namely institutional risks, and measures whereby such risks, even though impossible to eliminate, could be minimized.risk; theories; financial; regulation; Financial; Crisis

Resisting bare life : civil solidarity and the hunt for illegalized migrants

While European governments have pursued illegalized migrants for decades, the techniques through which they do so have taken a more radical turn since 2015. Focusing on the particular case of Belgium, this paper documents how its Federal government has increasingly tried to “police” migrants into the European refugee regime, while migrants and citizens have continued to resist these efforts through a series of “political” actions. Drawing on ethnographic work with the Brussels‐based Citizen Platform for the Support of Refugees, I pursue two aims: first, I demonstrate how the Belgian state has consciously produced a humanitarian crisis as part of a broader “politics of exhaustion”; and second, I explore the specific forms and types of humanitarian action that emerge from citizens’ response to these policies. I do so by describing three moments in which these opposing logics of policing and politicization conjure

Rethinking bank business models: the role of intangibles

<p>Purpose: This paper provides a new way of rethinking banking models by using qualitative research on intangibles. This is required because the banking sector has been transformed significantly by the changing environment over the past two decades. The 2007-2009 financial crisis also added to concerns about existing bank business models.</p> <p>Design/Methodology approach: Using qualitative data collected from interviews with bank managers and analysts in the UK, this paper develops a grounded theory of bank intangibles.</p> <p>Findings: The model reveals how intangibles and tangible/financial resources interact in the bank value creation process, how they actively respond to environmental changes, how bank intangibles are understood by external observers such as analysts, and how bankers and analysts differ in their views.</p> <p>Research implications: Grounded theory provides the means to further develop bank models as business models and theoretical models. This provides the means to think beyond conventional finance constructs and to relate bank models to a wider theoretical literature concerning intellectual capital, organisational and social systems theory, and ‘performativity’.</p> <p>Practical implications: Such development of bank models and of a systems perspective is critical to the understanding of banks by bankers, by observers and for their ‘critical and reflexive performativity’. It also has implications for systemic risk and bank regulation.</p> <p>Social implications: Improvement in bank models and their use in open and transparent processes are key means to improve public accountability of banks.</p> <p>Originality: The paper reveals the core role of intellectual capital (IC) in banks, in markets, and in developing theory and research at firm and system levels. </p&gt

Discourse Analysis: varieties and methods

This paper presents and analyses six key approaches to discourse analysis, including political discourse theory, rhetorical political analysis, the discourse historical approach in critical discourse analysis, interpretive policy analysis, discursive psychology and Q methodology. It highlights differences and similarities between the approaches along three distinctive dimensions, namely, ontology, focus and purpose. Our analysis reveals the difficulty of arriving at a fundamental matrix of dimensions which would satisfactorily allow one to organize all approaches in a coherent theoretical framework. However, it does not preclude various theoretical articulations between the different approaches, provided one takes a problem-driven approach to social science as one?s starting-point

Cities and global governance: State failure or a new global order?

International society, so long the resolution to problems of collective political order, now appears to be failing in its capacity to deal with transnational challenges such as climate change, global security and financial instability. Indeed, the structure of international society itself has become a significant obstacle to such pressing issues of global governance. One striking response has been the reemergence of cities as important actors on the international stage in recent decades. This article will show how these two issues are intrinsically linked. Cities have taken on new governance roles in the gaps left by hamstrung nation-states, and their contribution to an emerging global governance architecture will be a significant feature of the international relations of the twenty-first century. But do the new governance activities of cities represent a failure on the part of states, as some scholars have argued? Or are they a part of an emerging form of global order, in which the relationship between states, cities and other actors is being recalibrated? This article argues that the remarkable renaissance of cities in recent decades has been a result of a shift in the structure of international society, and assesses the causal drivers of this shift. It goes on to draw out some of the implications of the recalibration of the relationship between the city and the state for how we understand the emerging form of global order