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Daily Archives: June 21, 2014

Reform Where It Is Least Needed: Diffusion of Post Crisis Risk Governance Regulation

Magee, Shane and Sheedy, Elizabeth A. and Wright, Sue, Reform Where It Is Least Needed: Diffusion of Post Crisis Risk Governance Regulation (June 19, 2014). Available at SSRN: http://ssrn.com/abstract=2456837

Risk governance is arguably the most vital arena for post-crisis bank reform because it addresses the fundamental issues that drive the mismanagement of financial institutions. We assess the progress of reforms in bank risk governance in seven advanced economies and the EU five years after the Lehman Brothers failure and three years after the release of a ‘best practice’ benchmark in this field (BCBS, 2010). We find that the countries that have made the greatest progress in risk governance reform are not crisis countries and usually not those that host the largest global financial centres. Thus, reform tends to occur in the jurisdictions where it is least needed. We propose the ‘relative power hypothesis’ as the best explanation for this pattern of regulatory diffusion with some evidence to support the ‘consensus hypothesis’. Those countries where shareholder and manager power is strongest (Japan, Switzerland, UK, US,) are least able to implement fundamental reforms. The jurisdictions where depositor and taxpayer power is strongest (Australia, Canada, Singapore and EU ex-UK) have the most comprehensive risk governance regulation. The implications of the relative power hypothesis are not encouraging for achieving fundamental reform in banking or for the management of systemic risk.”

Workplace Surveillance Sees Good and Bad – NYT

Steve Lohr [snipped] – “A digital Big Brother is coming to work, for better or worse. Advanced technological tools are beginning to make it possible to measure and monitor employees as never before, with the promise of fundamentally changing how we work — along with raising concerns about privacy and the specter of unchecked surveillance inContinue Reading

A Map of Maternity Leave Policies Around the World

The Atlantic, Rebecca J. Rosen – “If you’re a woman working in the United States and your employer provides paid maternity leave, consider yourself lucky: Just 11 percent of Americans employed by private industry have access to some sort of paid family leave. For state and government employees, 16 percent can take paid family leave. The U.S. federalContinue Reading

The Growth of Incarceration in the United States

“After decades of stability from the 1920s to the early 1970s, the rate of imprisonment in the United States more than quadrupled during the last four decades. The U.S. penal population of 2.2 million adults is by far the largest in the world. Just under one-quarter of the world’s prisoners are held in American prisons.Continue Reading

Press Release – Secret Trade in Services Agreement (TISA) – Financial Services Annex 2014-06-19

“Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2%1 of world trade in services. The US and the EU are the main proponents of the agreement, and the authors of most joint changes, which also covers cross-border data flow. In a significantContinue Reading

Assumptions to the Annual Energy Outlook 2014

“Projections in AEO2014 are generated using the NEMS, developed and maintained by the Office of Energy Analysis of the U.S. Energy Information Administration (EIA). In addition to its use in developing the Annual Energy Outlook (AEO) projections, NEMS is used to complete analytical studies for the U.S. Congress, the Executive Office of the President, otherContinue Reading

Obama Renews NSA Bulk Record Collection Program – EPIC

EPIC – “Today the Attorney General and the Director of National Intelligence announced that the President will seek a renewal of the court order authorizing the NSA’s bulk collection of American telephone records through September 12, 2014. The President has chosen to renew this order despite his promise in March 2014 to end the bulk collection program and theContinue Reading

FTC – A handy consumer resource

“How does a fixed rate mortgage compare to a variable rate mortgage? What can you do about a store that doesn’t honor its refund policy?  What if you have a complaint about an insurance company? The world can be a tricky place for consumers. It takes time and energy to research companies, compare products, and stay up-to-dateContinue Reading