Passing judgement: credit rating processes as regulatory mechanisms of governance in the emerging world order

This article argues that certain knowledge-producing institutions located in the American financial industry- debt security or bond rating agencies -are significant forces in the creation and extension of the new, open global political economy and therefore deserve the attention of international political economists as mechanisms of 'governance without government'. Rating agencies are hypothesized to possess leverage, based on their unique gate-keeping role with regard to investment funds sought by corporations and governments. The article examines trends in capital markets, the processes leading to bond rating judgements, assesses the form and extent of the agencies' governance powers, and contemplates the implications of these judgements for further extension of the global political economy and the form of the emerging world order

Robert W. Cox's method of historical structures redux

This article argues that Cox's Method of Historical Structures (MHS), although a highly useful tool for understanding the world, should be adapted to make it more effective as a framework for understanding world order in the twenty-first century. The advent of the method helped rejuvenate critical scholarship in international relations and international political economy during the 1980s. It offered a way out of the excessively structural approaches that had dominated critical thinking in the 1960s and 1970s. Cox's method enabled the unpacking of a structure, so that the components that made up any particular configuration could be considered analytically. Providing guidance on how to look at an historical order, and how to consider the component features of that structure, proved to be a revelation for many critical scholars of international relations. Surprisingly, given Cox's highlighting of the distinction between critical and problem-solving theory introduced in the same Millennium article, what really distinguishes Cox's approach, and why it has had the impact it has, is the pragmatism of the method. The MHS offers the possibility of a more closely reasoned analysis of world order than was previously available. It was the practical and somewhat systematic quality of the MHS that made it influential because it offered to facilitate empirical research by critical scholars. Thirty-five years on, the Method looks less satisfactory and this article offers some suggestions for its development

A hard nut to crack : regulatory failure shows how rating really works

Credit rating agencies such as Moody’s and Standard & Poor’s are key players in the governance of global financial markets. Given the very strong criticism the rating agencies faced in the wake of the global financial crisis 2008, how can we explain the puzzle of their survival? Market and regulatory reliance on ratings continues, despite the shift from a light-touch to a mandatory system of agency regulation and supervision. Drawing on the analysis of rating agency regulation in the US and the EU before and after the financial crisis, we argue that a pervasive, persistent and, in our view, erroneous understanding of rating has supported the never-ending story of rating agency authority. We show how treating ratings as metrics, private goods, and independent and neutral third-party opinions contributes to the ineffectiveness of rating agency regulation and supports the continuing authoritative standing of the credit rating agencies in market and regulatory practices

Grasping at straws: a ratings downgrade for the emerging international financial architecture

Following the Asia crisis of 1997-98, policymakers invested a great deal of energy in designing a new international financial architecture. However many of the policy proposals which have emerged from think tanks and the multilateral agencies have proven unworkable or politically unpalatable. The debate focuses on state-led initiatives. But the assumption that public policy is by definition an output of public institutions is difficult to sustain in an era of global change. This paper considers specialized forms of intelligence-gathering and judgment-determination which seem increasingly important as sources of governance in this era of financial market volatility. These agents - embedded knowledge networks (EKNs) - include the major bond rating agencies, Moody’s Investors Service and Standard and Poor’s, the focus of this paper. The Basel Committee has put forward a serious proposal to reform the existing capital adequacy framework which uses banks' own internal ratings and external bond ratings to calculate bank risk-weighted capital requirements. The paper shows that there are potentially unexpected consequences from using private rating agencies as a substitute for state-based regulation, due to the organizational incentives that shape the ratings industry. Cementing these organizational incentives into the emerging financial architecture will give rise to negative social and economic consequences

A hard nut to crack : regulatory failure shows how rating really works

Credit rating agencies such as Moody’s and Standard & Poor’s are key players in the governance of global financial markets. Given the very strong criticism the rating agencies faced in the wake of the global financial crisis 2008, how can we explain the puzzle of their survival? Market and regulatory reliance on ratings continues, despite the shift from a light-touch to a mandatory system of agency regulation and supervision. Drawing on the analysis of rating agency regulation in the US and the EU before and after the financial crisis, we argue that a pervasive, persistent and, in our view, erroneous understanding of rating has supported the never-ending story of rating agency authority. We show how treating ratings as metrics, private goods, and independent and neutral third-party opinions contributes to the ineffectiveness of rating agency regulation and supports the continuing authoritative standing of the credit rating agencies in market and regulatory practices

In Vivo Magnetic Resonance Spectroscopy of Hyperpolarized [1-

BACKGROUND: Alterations in glycolysis are central to the increasing incidence of non-alcoholic fatty liver disease (NAFLD), highlighting a need for in vivo, non-invasive technologies to understand the development of hepatic metabolic aberrations. PURPOSE: To use hyperpolarized magnetic resonance spectroscopy (MRS) and proton density fat fraction (PDFF) magnetic resonance imaging (MRI) techniques to investigate the effects of a chronic, life-long exposure to the Western diet (WD) in an animal model resulting in NAFLD; to investigate the hypothesis that exposure to the WD will result in NAFLD in association with altered pyruvate metabolism. STUDY TYPE: Prospective. ANIMAL MODEL: Twenty-eight male guinea pigs weaned onto a control diet (N = 14) or WD (N = 14). FIELD STRENGTH/SEQUENCE: 3 T; T1-weighted gradient echo, T2-weighted spin-echo, three-dimensional gradient multi-echo fat-water separation (IDEAL-IQ), and broadband point-resolved spectroscopy (PRESS) chemical-shift sequences. ASSESSMENT: Median PDFF was calculated in the liver and hind limbs. [1- STATISTICAL TESTS: Unpaired Student\u27s t-tests were used to determine differences in measurements between the two diet groups. The Pearson correlation coefficient was calculated to determine correlations between measurements. RESULTS: Life-long WD consumption resulted in significantly higher liver PDFF and elevated triglyceride content in the liver. The WD group exhibited a decreased TTP for lactate production, and ex vivo analysis highlighted increased liver lactate dehydrogenase (LDH) activity. DATA CONCLUSION: PDFF MRI results suggest differential fat deposition patterns occurring in animals fed a life-long WD characteristic of lean, or lacking excessive subcutaneous fat, NAFLD. The decreased liver lactate TTP and increased ex vivo LDH activity suggest lipid accumulation occurs in association with a shift from oxidative metabolism to anaerobic glycolytic metabolism in WD-exposed livers. LEVEL OF EVIDENCE: 2 TECHNICAL EFFICACY STAGE: 1

In Vivo Magnetic Resonance Spectroscopy of Hyperpolarized [1-\u3csup\u3e13\u3c/sup\u3eC]Pyruvate and Proton Density Fat Fraction in a Guinea Pig Model of Non-Alcoholic Fatty Liver Disease Development After Life-Long Western Diet Consumption

Background: Alterations in glycolysis are central to the increasing incidence of non-alcoholic fatty liver disease (NAFLD), highlighting a need for in vivo, non-invasive technologies to understand the development of hepatic metabolic aberrations. Purpose: To use hyperpolarized magnetic resonance spectroscopy (MRS) and proton density fat fraction (PDFF) magnetic resonance imaging (MRI) techniques to investigate the effects of a chronic, life-long exposure to the Western diet (WD) in an animal model resulting in NAFLD; to investigate the hypothesis that exposure to the WD will result in NAFLD in association with altered pyruvate metabolism. Study Type: Prospective. Animal Model: Twenty-eight male guinea pigs weaned onto a control diet (N = 14) or WD (N = 14). Field Strength/Sequence: 3 T; T1-weighted gradient echo, T2-weighted spin-echo, three-dimensional gradient multi-echo fat-water separation (IDEAL-IQ), and broadband point-resolved spectroscopy (PRESS) chemical-shift sequences. Assessment: Median PDFF was calculated in the liver and hind limbs. [1-13C]pyruvate dynamic MRS in the liver was quantified by the time-to-peak (TTP) for each metabolite. Animals were euthanized and tissue was analyzed for lipid and cholesterol concentration and enzyme level and activity. Statistical Tests: Unpaired Student\u27s t-tests were used to determine differences in measurements between the two diet groups. The Pearson correlation coefficient was calculated to determine correlations between measurements. Results: Life-long WD consumption resulted in significantly higher liver PDFF and elevated triglyceride content in the liver. The WD group exhibited a decreased TTP for lactate production, and ex vivo analysis highlighted increased liver lactate dehydrogenase (LDH) activity. Data Conclusion: PDFF MRI results suggest differential fat deposition patterns occurring in animals fed a life-long WD characteristic of lean, or lacking excessive subcutaneous fat, NAFLD. The decreased liver lactate TTP and increased ex vivo LDH activity suggest lipid accumulation occurs in association with a shift from oxidative metabolism to anaerobic glycolytic metabolism in WD-exposed livers. Level of Evidence: 2. Technical Efficacy Stage: 1

Design and operation of the Chicago air shower array

The Chicago Air Shower Array (CASA) is a large‐area surface scintillator array designed to study PeV sources of cosmic rays. The complete detector will consist of 1089 detector stations, distributed on a square 15 m grid. We have operated an array of 49 stations for much of the 1989 calendar year, an array of 529 stations for much of 1990, and the balance of the 1089 stations will be operating in early 1991. This surface array, together with the University of Michigan underground muon detectors (MIA), and the University of Utah atmospheric Čerenkov telescopes and Fly’s Eye air fluorescence detector, constitute a uniquely powerful instrument, dubbed the Utah Michigan Chicago (UMC) experiment, for the study of PeV sources. We report here the performance and current status of these detectors.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/87431/2/111_1.pd

Preliminary results from the Chicago air shower array and the Michigan muon array

The Chicago Air Shower Array (CASA) is a large area surface array designed to detect extensive air showers (EAS) produced by primaries with energy ∼100 TeV. It operates in coincidence with the underground Michigan Muon Array (MIA). Preliminary results are presented from a search for steady emission and daily emission from three astrophysical sources: Cygnus X‐3, Hercules X‐1, and the Crab nebula and pulsar. There is no evidence for a significant signal from any of these sources in the 1989 data.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/87432/2/122_1.pd

Low energy diet and intracranial pressure in women with idiopathic intracranial hypertension: prospective cohort study

Objective To observe intracranial pressure in women with idiopathic intracranial hypertension who follow a low energy diet