scholarly journals Innovation and the theory of fields

AMS Review ◽  
2021 ◽  
Author(s):  
Neil Fligstein
Keyword(s):  
Field Theory ◽  
Mortgage Market ◽  
Economic Theories ◽  
Mortgage Securitization ◽  
Savings And Loan ◽  
Private Banks ◽  
The Government ◽  
Theory Of Fields ◽  
Government Sponsored Enterprises ◽  
The U.S

AbstractInnovation does not just involve the creation of new products, but also includes the need for new kinds of processes and organizations. Field theory can help us understand why some innovations are more piecemeal and others more revolutionary. It explicitly links innovation to the process of the emergence, adjustment, and transformation of markets (conceived of as fields). To illustrate this perspective, the case of the transition in the U.S. from a mortgage market dominated by savings and loan banks to the emergence of mortgage securitization dominated by the government sponsored enterprises and the largest private banks, is explicated. Field theory helps us understand the logic of this transition and the myriad players and innovations that helped produce a large part of what we consider to be modern finance. The case also shows the limits of economic theories of financial innovation and the sociology of finance. I end with a discussion of how field theory can inform subsequent research on innovation.

scholarly journals Mortgage Securitization and Shadow Bank Lending

2020 ◽  
Author(s):  
Pedro Gete ◽  
Michael Reher
Keyword(s):  
Cross Section ◽  
Financial Stability ◽  
Bank Lending ◽  
Mortgage Market ◽  
Secondary Market ◽  
Market Prices ◽  
Coverage Ratio ◽  
Regulatory Status ◽  
Mortgage Securitization ◽  
The U.S

Abstract We show how securitization affects the size of the nonbank lending sector through a novel price-based channel. We identify the channel using a regulatory spillover shock to the cross-section of mortgage-backed security prices: the U.S. liquidity coverage ratio. The shock increases secondary market prices for FHA-insured loans by granting them favorable regulatory status once securitized. Higher prices lower nonbanks’ funding costs, prompting them to loosen lending standards and originate more FHA-insured loans. This channel accounts for 22% of nonbanks’ growth in overall mortgage market share over 2013–2015. While the shock creates risks for financial stability, homeownership also increases.

Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices

2021 ◽  
Author(s):  
Deeksha Gupta
Keyword(s):  
High Risk ◽  
House Prices ◽  
Housing Markets ◽  
Market Concentration ◽  
Mortgage Market ◽  
The Government ◽  
Government Sponsored Enterprises

Abstract In 2007, as American housing markets started to decline, the government-sponsored enterprises dramatically increased their acquisitions of low FICO and high loan-to-value mortgages. By 2008, the agencies had reversed course by decreasing their high-risk acquisitions. I develop a theory in which large lenders temporarily increase high-risk activity at the end of a boom. In the model, lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. The increase in house prices lessens the losses they make on their outstanding portfolio of mortgages. As the bust continues, lenders slowly wind down their mortgage exposure.

Housing Finance Reform: Private Markets Versus Government Guarantees

2011 ◽  
Vol 01 (04) ◽  
pp. 823-836
Author(s):  
Dwight M. Jaffee
Keyword(s):  
Risk Sharing ◽  
Mortgage Market ◽  
Housing Finance ◽  
Finance Reform ◽  
Fannie Mae ◽  
The Government ◽  
Home Mortgage ◽  
Government Sponsored Enterprises ◽  
Private Markets

This paper evaluates the major alternative proposals for reforming the U.S. home mortgage market assuming that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mae, will be closed. The paper compares proposals that advocate primary reliance on private markets to take on the GSE functions with proposals that advocate government mortgage guarantees, including a discussion of how these plans differ in terms of duration, scope, and risk-sharing. The paper concludes with a discussion of current government attempts to expedite the modification or refinancing of existing mortgages, including a plan for the transition from the current situation to the long-term reforms.

American and Canadian Civil Actions Alleging Human Rights Violations Abroad by Oil and Gas Companies

2008 ◽  
Vol 45 (3) ◽  
pp. 653 ◽  
Author(s):  
Jonathan Horlick ◽  
Joe Cyr ◽  
Scott Reynolds ◽  
Andrew Behrman
Keyword(s):  
Human Rights ◽  
Oil And Gas ◽  
The United States ◽  
Human Rights Violations ◽  
Law Of Nations ◽  
Forum Non Conveniens ◽  
The Government ◽  
Oil And Gas Companies ◽  
Political Question ◽  
The U.S

Under the United States Alien Tort Statute, which permits non-U.S. citizens to bring lawsuits in U.S. courts for human rights violations that are violations of the law of nations, plaintiffs have filed claims against multinational oil and gas corporations for the direct or complicit commission of such violations carried out by the government of the country in which the corporation operated. In addition to exercising jurisdiction over U.S. corporations, U.S. courts have exercised jurisdiction in cases involving non-U.S. defendants for alleged wrongful conduct against non-U.S. plaintiffs committed outside the U.S.The exercise of jurisdiction by U.S. courts over non-U.S. defendants for alleged wrongful conduct against non-U.S. plaintiffs committed outside of the U.S. raises serious questions as to the jurisdictional foundation on which the power of U.S. courts to adjudicate them rests. Defences that foreign defendants can raise against the exercise of jurisdiction by the U.S. courts are an objection to the extraterritorial assertion of jurisdiction, the act of state doctrine, the political question doctrine, forum non conveniens, and the principle of comity. These defences are bolstered by the support of the defendant’s home government and other governments.

The Roles of Government in Protecting and Promoting Occupational and Environmental Health

2017 ◽  
Author(s):  
Gregory R. Wagner ◽  
Emily A. Spieler
Keyword(s):  
Environmental Health ◽  
Environmental Protection Agency ◽  
Occupational Safety ◽  
Mine Safety ◽  
Health Administration ◽  
Safety And Health ◽  
Standards And Regulations ◽  
Regulatory Interventions ◽  
The Government ◽  
The U.S

This chapter discusses the roles of government in promoting occupational and environmental health, with a focus on the U.S. federal government. Governmental interventions, as described here, can range from non-regulatory interventions, such as dissemination of information or generation and communication of information, to establishing regulatory requirements through the promulgation and enforcement of standards and regulations. The chapter describes the U.S. laws and roles of the administrative agencies responsible for occupational and environmental health, including the Occupational Safety and Health Administration, the Mine Safety and Health Administration, and the Environmental Protection Agency. Noting the budgetary and political constraints on these federal agencies, the chapter goes on to discuss briefly the role of the public and the states. The government also plays a role when preventive efforts fail, and the chapter provides a brief summary of programs designed to provide compensation to injured workers.

Ghost Dancing

2017 ◽  
Author(s):  
Kélina Gotman
Keyword(s):  
Native American ◽  
Participant Observation ◽  
Land Rights ◽  
State Of Exception ◽  
Washington Dc ◽  
Dance Movement ◽  
Ghost Dance ◽  
The Government ◽  
Wasted Energy ◽  
The U.S

Native American dancers in the 1890s rebelling against the U.S. government’s failure to uphold treaties protecting land rights and rations were accused of fomenting a dancing ‘craze’. Their dancing—which hoped for a renewal of Native life—was subject to intense government scrutiny and panic. The government anthropologist James Mooney, in participant observation and fieldwork, described it as a religious ecstasy like St. Vitus’s dance. The Ghost Dance movement escalated with the proliferation of reports, telegraphs, and letters circulating via Washington, DC. Although romantically described as ‘geognosic’—nearly mineral—ancestors of the whites, Native rebels in the Plains were told to stop dancing so they could work and thus modernize; their dancing was deemed excessive, wasteful, and unproductive. The government’s belligerently declared state of exception—effectively cultural war—was countered by one that they performed ecstatically. ‘Wasted’ energy, dancers maintained, trumped dollarization—the hollow ‘use value’ of capitalist biopower.

Any DNA to Declare? Regulating Offshore Access to Genetic Enhancement

2002 ◽  
Vol 28 (2-3) ◽  
pp. 179-213
Author(s):  
Maxwell J. Mehlman ◽  
Kirsten M. Rabe
Keyword(s):  
Law School ◽  
Genetic Enhancement ◽  
Basketball Player ◽  
Professional Basketball ◽  
The Government ◽  
Travel Abroad ◽  
To Receive ◽  
The U.S

Imagine a world in which parents can genetically enhance their child's height so that he becomes a professional basketball player. Or imagine a law school student preparing for the bar who takes out an extra loan to genetically enhance his intelligence. What if going to your physician for a routine physical included the option of genetically enhancing any trait you desired? And what if such a practice was expensive and, therefore, only available to the privileged members of society? Is this desirable or should the U.S. government ban genetic enhancement? What if the government bans it and citizens travel abroad to receive genetic enhancement treatments? Can the U.S. government do anything to prevent access to illegal genetic enhancement abroad?

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