Norms, Legitimacy, and Global Financial Governance

Despite regular and serious systemic volatility, reform of international financial architecture remains limited, retaining market-oriented characteristics and adjustment mechanisms. A failure of the architecture to focus on the political underpinnings of global financial and monetary governance yields crucial deficiencies. The article defends three propositions implying a serious challenge to political legitimacy in contemporary financial governance: i) external financial constraints conflict with a range of potential domestic, particularly democratic, political imperatives; ii) developed state initiated global financial integration strengthens private interests in the policy process, narrowing the definition of the public interest in a democratic context; iii) market-friendly institutional reforms put pressure on domestic socio-political arrangements underpinning longer run political legitimacy. The article first analyses norms and legitimacy in global financial governance; then outlines the constraints on public policy of global financial market integration in the light of the foregoing analysis of legitimacy; thirdly it discusses possible solutions.

The Political Economy of Global Financial Governance: The Costs of Basle II for Poor Countries

The 1990s financial crises triggered many changes to the design of the international financial system, the so-called international financial architecture. While much affected, developing countries have had very little influence on the changes, which the formulation of the new Basle capital accord (B-II) illustrates. The article shows that B-II has largely been formulated to serve the interests of powerful market players, with developing economies being left out. For developing countries, B-II can make domestic financing more costly and raise the costs of and reduce the access to external financing. Importantly, B-II can exacerbate fluctuations in the supply of external financing, an unfortunate outcome, given that developing countries already suffer from volatility.Basle Committee, capital adequacy, financial governance, financial architecture, financial reform, international standards, capital flows, poor countries, cost of capital, international development

Genomic Characterization Of Steroid Hormone-binding Globulins

Sex-hormone binding globulin (SHBG) and corticosteroid binding globulin (CBG) are the major plasma transport proteins for sex-steroids and glucocorticoids, respectively, and may impact directly upon steroid hormone bioavailability to target cells. Androgen binding protein (ABP) is closely related to SHBG and is believed to maintain an androgenic environment for sperm maturation. The isolation of SHBG-related cDNAs from human testis and a corresponding transcription unit indicates that SHBG and ABP are encoded by the same gene. In addition, the SHBG/ABP gene gives rise to two novel testicular transcripts through a process of alternative splicing. The putative proteins encoded by these transcripts are related to SHBG, but contain differences that may specify unique functions. Interestingly, the human SHBG/ABP gene contains multiple Alu repetitive elements, and one of these was implicated in the process of alternative splicing. It is clear that CBG is a member of the serine proteinase inhibitor superfamily, and is closely related to {dollar}\alpha{dollar}1-proteinase inhibitor ({dollar}\alpha{dollar}1-PI). The human CBG gene was isolated and found to comprise five exons distributed over an approximately 19 kb region of the human genome, and the finding that it has the same exon/intron structure as the {dollar}\alpha{dollar}1-PI gene indicates that they have arisen by a recent gene duplication event. Studies of the regulation of CBG gene expression were extended with the characterization of the rat CBG gene promoter. Five protein binding sites were identified in the rat CBG gene promoter that were closely related to known transcription factor binding elements. Notably, the rat CBG gene promoter contains a binding site for hepatocyte nuclear factor-1 (HNF-1). Transient transfection of rat CBG gene promoter deletion constructs into H4IIEC3 cells revealed the presence of both positive and negative-acting cis-elements, and that promoter function was serum-dependent. In addition, the rat CBG gene promoter contains cis-element(s) that potently repress its activity in HeLa cells. The continued study of the SHBG/ABP and CBG genes should precisely define their regulation during biological processes, and may impact upon our understanding of eukaryotic gene expression in general

Financial Liberalisation and Political Variables: a response to Abiad and Mody

We challenge recent findings by Abiad and Mody (2005) which suggest that financial liberalization has little to do with political variables. This analysis is at odds with some of the established literature, and only with difficulty comes to terms with the considerable cross-national variation in the pace, phasing, and extent of financial reforms over time. Using Abiad and Mody’s own index of financial liberalization, but slightly unbundling and refining their measures of ‘ideological affinity’ and ‘regime type’, we examine what Abiad and Mody call the ‘triggers’ of liberalisation and the dynamics of the subsequent ‘cumulative transformation’. We demonstrate the role of political variables in relation to initial liberalisation episodes, and as variables affecting the cumulative dynamics and sustainability of ongoing financial reform processes, including those which affect the acceptability and costs of liberalization. These factors include (i) shifts to – as opposed to levels in – Left government; (ii) the incidence of Left governments combined with low levels of democracy; (iii) international voter support for free markets; (iv) the extent of social safety nets; (v) the presence of multilateral and bilateral aid programs. Our empirical investigation confirms these factors as statistically significant determinants of financial liberalization, and reveal what Abiad and Mody identify as ‘learning’ to be a highly political process.

American Recovery and Reinvestment Act (ARRA) FEMP Technical Assistance - United States Pacific Command (PACOM) Guam, Task 3.3: Building Retuning Training

Document describes an onsite workshop and building retuning training conducted in Guam in August 2010. Document reports on issues identified during an audit of several buildings and recommendations to save energy throughout the site. During the workshop, it became apparent that as site personnel maintain the facilities at Guam, the following retuning efforts and strategies should be prioritized: (1) Controlling the mechanical systems operational hours and zone temperature set points appeared to present the best opportunities for savings; (2) Zone temperature set points in some buildings are excessively low, especially at night, when the zone temperatures are so cold that they approached the dewpoint; and (3) Manually-set outside air dampers are providing excessive outside air, especially for spaces that are unoccupied. Two of the larger schools, one on the Naval Base and one on Anderson AFB, are in need of a significant recommissioning effort. These facilities are relatively new, with direct digital controls (DDC) but are significantly out of balance. The pressure in one school is extremely negative, which is pulling humid air through the facility each time a door is opened. The draft can be felt several feet down the halls. The pressure in the other school is extremely positive relative to the outside, and you can stand 20-feet outside and still feel cool drafts of air exiting the building. It is recommended that humidity sensors be installed in all new projects and retrofitted into exist facilities. In this humid climate, control of humidity is very important. There are significant periods of time when the mechanical systems in many buildings can be unloaded and dehumidification is not required. The use of CO{sub 2} sensors should also be considered in representative areas. CO{sub 2} sensors determine whether spaces are occupied so that fresh air is only brought into the space when needed. By reducing the amount of outside air brought into the space, the humidity load is also substantially reduced. CO{sub 2} and humidity sensors, combined with outside air sensors, can be used to predict whether conditions are amenable to mold growth and to automatically adjust systems to help prevent mold without using extra energy. The goal of this training is to give the building operators the knowledge needed to make positive changes in the operation of building systems. As class participants apply this knowledge, building systems will run more efficiently, occupant comfort should improve, while saving energy and reducing greenhouse gas emissions

Range expansion of the Red-billed Quelea, Quelea quelea, into the Western Cape, South Africa

The red-billed quelea, Quelea quelea, is a serious problem bird of cultivated grain throughout Africa. It has expanded its range in different parts of southern Africa. Recent sightings over the last seven years in the Western Cape indicate that this species is appearing more frequently here. If queleas do become established in the Western Cape as a breeding species, this could have a serious impact on the economy of the wheat farmers

Active repression by unliganded retinoid receptors in development: less is sometimes more

The retinoid receptors have major roles throughout development, even in the absence of ligand. Here, we summarize an emerging theme whereby gene repression, mediated by unliganded retinoid receptors, can dictate cell fate. In addition to activating transcription, retinoid receptors actively repress gene transcription by recruiting cofactors that promote chromatin compaction. Two developmental processes for which gene silencing by the retinoid receptors is essential are head formation in Xenopus and skeletal development in the mouse. Inappropriate repression, by oncogenic retinoic acid (RA)* receptor (RAR) fusion proteins, blocks myeloid differentiation leading to a rare form of leukemia. Our current understanding of the developmental role of retinoid repression and future perspectives in this field are discussed