The economic consequences of a hung parliament : lessons from February 1974

The British general election on 10 May 2010 delivered Britain’s first hung Parliament since February 1974, and in the run-up, the Conservative Party made much of the economic difficulties Britain faced in the second half of the 1970s in order to try and convince voters that anything other than a Tory vote would risk exposing the nation to the discipline of financial markets. The question of how well equipped an exceptional kind of British government is to deal with exceptional economic circumstances is therefore of paramount importance. This paper argues that the Conservative Party made too much of the impact of the 1974 hung Parliament in precipitating subsequent economic crisis and suggests that as such, there is no reason to assume that the Conservative-Liberal coalition government is ill-equipped to manage British economic affairs in difficult circumstances

Integer symmetric matrices having all their eigenvalues in the interval [-2,2]

We completely describe all integer symmetric matrices that have all their eigenvalues in the interval [-2,2]. Along the way we classify all signed graphs, and then all charged signed graphs, having all their eigenvalues in this same interval. We then classify subsets of the above for which the integer symmetric matrices, signed graphs and charged signed graphs have all their eigenvalues in the open interval (-2,2).Comment: 33 pages, 18 figure

Approximate Models and Robust Decisions

Decisions based partly or solely on predictions from probabilistic models may be sensitive to model misspecification. Statisticians are taught from an early stage that "all models are wrong", but little formal guidance exists on how to assess the impact of model approximation on decision making, or how to proceed when optimal actions appear sensitive to model fidelity. This article presents an overview of recent developments across different disciplines to address this. We review diagnostic techniques, including graphical approaches and summary statistics, to help highlight decisions made through minimised expected loss that are sensitive to model misspecification. We then consider formal methods for decision making under model misspecification by quantifying stability of optimal actions to perturbations to the model within a neighbourhood of model space. This neighbourhood is defined in either one of two ways. Firstly, in a strong sense via an information (Kullback-Leibler) divergence around the approximating model. Or using a nonparametric model extension, again centred at the approximating model, in order to `average out' over possible misspecifications. This is presented in the context of recent work in the robust control, macroeconomics and financial mathematics literature. We adopt a Bayesian approach throughout although the methods are agnostic to this position

The performance of global democracy : parody and/as the political

The article develops a critical analysis of the debate on global democracy. Departing from common post-structural IR critiques of global democracy as (merely) a metaphor of escape that entrenches many of the sovereign logics it claims to contest, we explore what it would mean to engage the discourse of global democracy as an ongoing performative practice. After briefly outlining the relative positions of liberal reformist and cosmopolitan democrats – we argue that more attention can/should be paid to the ontopolitical foundations of global democracy. Drawing from William Connolly and Judith Butler, it is argued that fundamental (democratic) limits of the discourse are overlooked/re-produced, and even in the more ambitious cosmopolitan positions. Ontopolitical closures in relation to a problematic global scale and the universal assumption of individual agency/rights highlight the necessity of democratising ‘actually existing’ discourses of global democracy. We explore these ideas via a discussion of the cultural governance of global trade and resistance to it, especially via the activities of a UK based anarchist group called The Space Hijackers. By deploying parody the Space Hijackers can contribute to the debate on global democracy by provoking reflection upon fundamental assumptions about globalisation and ethics in everyday situations. They therefore problematise and subvert the problematic subjectivity of the ‘global-individual’ in a manner that might (but does not necessarily) allow for the imagination of alternative possibilities. The importance of this argument is that it resists the tendency of poststructural scepticism with regard to ethical discourses of global democracy, while retaining what is so promising: a turn towards singularity and imagination. Parody does not solve all problems, what could? But it does offer a modality within which subjects can imagine and act creatively with regards to the everyday closures of global democrac

The emergence of electronic communications networks in the U.S. equity markets

Recent regulatory and technological changes have spurred the development of automated trading systems known as ECNs, or electronic communications networks. Proponents of the networks contend that ECNs can cut transaction costs, accelerate trade execution, and expand the price information available to investors. While some critics have questioned the effects of the ECNs on market integration, it is clear that the networks are poised to play an increasingly important role in the new electronic environment.Electronic commerce ; Securities

The consolidation of European stock exchanges

With the growing appeal of cross-border trading in Europe, efforts are under way to establish consolidated exchanges that offer trading in stocks from many European countries. An analysis of these evolving pan-European exchanges suggests that consolidation could reduce the costs and complications of cross-border trading through such enhancements as a standardization of trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges may delay any benefits of consolidation.Stock exchanges ; International finance ; Consolidation and merger of corporations