Strategic responses to global challenges: The case of European banking, 1973–2000

In applying a strategy, structure, ownership and performance (SSOP) framework to three major clearing banks (ABN AMRO, UBS, Barclays), this article debates whether the conclusions generated by Whittington and Mayer about European manufacturing industry can be applied to the financial services sector. While European integration plays a key role in determining strategy, it is clear that global factors were far more important in determining management actions, leading to significant differences in structural adaptation. The article also debates whether this has led to improved performance, given the problems experienced with both geographical dispersion and diversification, bringing into question the quality of decision-making over the long term

Modelling the Impact of World Bank Policy-Based Lending: The Case of Malawi's Agricultural Sector

This article uses a multi-market agricultural pricing model to analyse the impact of the World Bank's three structural adjustment loans (SALs) to Malawi on the smallholder agricultural sector. Three price policy scenarios are simulated on the model representing zero, partial and full compliance with the Bank's SAL price policy conditionality. These scenarios are analysed in terms of their impact on: the government budget; smallholder real incomes; maize production; exportable cash crop production; and the balance of payments. Critiques of the Bank's programme and the government and Bank bargaining strategies are assessed in the light of the modelling results.

Atomic effects in astrophysical nuclear reactions

Two models are presented for the description of the electron screening effects that appear in laboratory nuclear reactions at astrophysical energies. The two-electron screening energy of the first model agrees very well with the recent LUNA experimental result for the break-up reaction $He3(He3,2p)He^{4}$, which so far defies all available theoretical models. Moreover, multi-electron effects that enhance laboratory reactions of the CNO cycle and other advanced nuclear burning stages, are also studied by means of the Thomas-Fermi model, deriving analytical formulae that establish a lower and upper limit for the associated screening energy. The results of the second model, which show a very satisfactory compatibility with the adiabatic approximation ones, are expected to be particularly useful in future experiments for a more accurate determination of the CNO astrophysical factors.Comment: 14 RevTex pages + 2 ps (revised) figures. Phys.Rev.C (in production

Major flaws in conflict prevention policies towards Africa : the conceptual deficits of international actors’ approaches and how to overcome them

Current thinking on African conflicts suffers from misinterpretations oversimplification, lack of focus, lack of conceptual clarity, state-centrism and lack of vision). The paper analyses a variety of the dominant explanations of major international actors and donors, showing how these frequently do not distinguish with sufficient clarity between the ‘root causes’ of a conflict, its aggravating factors and its triggers. Specifically, a correct assessment of conflict prolonging (or sustaining) factors is of vital importance in Africa’s lingering confrontations. Broader approaches (e.g. “structural stability”) offer a better analytical framework than familiar one-dimensional explanations. Moreover, for explaining and dealing with violent conflicts a shift of attention from the nation-state towards the local and sub-regional level is needed.Aktuelle Analysen afrikanischer Gewaltkonflikte sind häufig voller Fehlinterpretationen (Mangel an Differenzierung, Genauigkeit und konzeptioneller Klarheit, Staatszentriertheit, fehlende mittelfristige Zielvorstellungen). Breitere Ansätze (z. B. das Modell der Strukturellen Stabilität) könnten die Grundlage für bessere Analyseraster und Politiken sein als eindimensionale Erklärungen. häufig differenzieren Erklärungsansätze nicht mit ausreichender Klarheit zwischen Ursachen, verschärfenden und auslösenden Faktoren. Insbesondere die richtige Einordnung konfliktverlängernder Faktoren ist in den jahrzehntelangen gewaltsamen Auseinandersetzungen in Afrika von zentraler Bedeutung. Das Diskussionspapier stellt die große Variationsbreite dominanter Erklärungsmuster der wichtigsten internationalen Geber und Akteure gegenüber und fordert einen Perspektivenwechsel zum Einbezug der lokalen und der subregionalen Ebene für die Erklärung und Bearbeitung gewaltsamer Konflikte

Arbitrage and deflators in illiquid markets

This paper presents a stochastic model for discrete-time trading in financial markets where trading costs are given by convex cost functions and portfolios are constrained by convex sets. The model does not assume the existence of a cash account/numeraire. In addition to classical frictionless markets and markets with transaction costs or bid-ask spreads, our framework covers markets with nonlinear illiquidity effects for large instantaneous trades. In the presence of nonlinearities, the classical notion of arbitrage turns out to have two equally meaningful generalizations, a marginal and a scalable one. We study their relations to state price deflators by analyzing two auxiliary market models describing the local and global behavior of the cost functions and constraints

Central Banking, Climate Change and Green Finance

Responsibility for financial and macroeconomic stability implicitly or explicitly lies with the central bank, which therefore ought to address climate-related and other environmental risks on a systemic level. Furthermore, central banks, through their regulatory oversight over money, credit, and the financial system, are in a powerful position to support the development of green finance models and enforce an adequate pricing of environmental and carbon risk by financial institutions. The central topic of this paperare the public financial governance policies through which central banks, as well as other relevant financial regulatory agencies, can address environmental risk and promote sustainable finance. The paperfirst discusses the reasons why central banks should be concerned with aligning finance with sustainable development. Second, the paperreviews the tools and instruments that can be utilized by central banks and financial regulatory agencies to address environmental risk and promote green finance and sustainable development. Third, the paperprovides a brief review of green public financial governance initiatives