Setting the Multi-Level Context

2020 ◽  
pp. 35-51
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
International Standards ◽  
Financial Industry ◽  
Institutional Reforms ◽  
Eu Legislation ◽  
Leading Role ◽  
Institutional Structures ◽  
Multi Level ◽  
The Uk ◽  
The City ◽  
Financial Regulatory

This chapter provides the context for the rest of the book. It first outlines the configuration of the financial system in the UK, and the structural and instrumental power of the financial industry. It then discusses the distinctive institutional structures centered around the City–Bank–Treasury ‘nexus’ prior to the crisis and evaluates how the role and influence of the financial industry has been challenged by institutional reforms following the financial crisis, and more recently by Brexit. The second part of the chapter outlines the international and EU institutional context through which non-binding international standards, and ‘hard’ EU legislation, is developed. Following the crisis, the UK played a leading role in shaping the post-crisis financial regulatory response at both levels. However, the strategies of UK negotiators at the international and EU levels were often differentiated, and the ability of UK negotiators to influence the final outcome was mixed.

International Standards for Bank Capital Exposures to CCPs and Derivatives

2020 ◽  
pp. 126-151
Author(s):  
Lucia Quaglia
Keyword(s):  
Capital Requirements ◽  
International Standards ◽  
Basel Iii ◽  
Real Economy ◽  
Bank Capital ◽  
Financial Industry ◽  
Leverage Ratio ◽  
The Us ◽  
Credit Valuation Adjustment ◽  
The Uk

The elemental regime on bank capital for derivatives encompassed the credit valuation adjustment (CVA), the leverage ratio, and bank exposures to CCPs. Like for other parts of Basel III, the US and the UK were pace-setters internationally, promoting relatively precise, stringent, and consistent rules. The EU agreed on the need for higher capital requirements, but worried about negative implications for the provision of credit to the real economy. Networks of regulators were instrumental in furthering agreement amongst and within jurisdictions. They also fostered rules consistency through formal and informal coordination tools amongst international standard-setting bodies. The financial industry mobilized in order to reduce the precision and stringency of capital requirements, pointing out the need to consider capital reforms in conjunction with other post-crisis standards, notably, margins.

The UK and Multi-level Financial Regulation

2020 ◽  
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Financial Regulation ◽  
Hedge Fund ◽  
Regulatory Reform ◽  
Political Support ◽  
International Standards ◽  
Bank Capital ◽  
The European Union ◽  
Financial Industry ◽  
The Future ◽  
The Uk

The book examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK’s withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups—elected officials, financial regulators, and the financial industry—shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. We conclude by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonization of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively, but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance-building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK’s ‘hard’ Brexit position, and so the future UK–EU relationship in finance will most likely be based on a framework of regulatory equivalence.

Resisting the Push for Tougher Regulation: Hedge Funds

2020 ◽  
pp. 111-128
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Hedge Funds ◽  
Financial Services ◽  
International Standards ◽  
International Level ◽  
Light Touch ◽  
Financial Industry ◽  
Domestic Constraints ◽  
The Us ◽  
Regulatory Capacity ◽  
The Uk

In the wake of the crisis, regulators at the Financial Services Authority (FSA) sought to develop a tougher approach to overseeing hedge funds. But this push for trading-up regulation was opposed by elected officials, together with the financial industry, on the grounds that this would damage the competitiveness of the sector. The FSA’s capacity to resist this pushback was also severely constrained by growing speculation over whether it would be abolished, limiting its regulatory capacity and diminishing its institutional resources. At the international level, the UK allied with the US to act as foot-draggers to ensure that new international standards were broadly compatible with their relatively light-touch regime. However, the UK’s ability to resist the trading-up of EU rules was more limited because it lacked political allies and domestic constraints to exploit as bargaining leverage.

THE ALLIED NEUTRAL? PORTUGUESE BALANCE OF PAYMENTS WITH THE UK AND GERMANY IN THE SECOND WORLD WAR, 1939-1945

2020 ◽  
Vol 38 (1) ◽  
pp. 79-110
Author(s):  
Eric Golson
Keyword(s):  
Raw Materials ◽  
Second World War ◽  
Balance Of Payments ◽  
International Standards ◽  
Third Party ◽  
World War ◽  
Portuguese Empire ◽  
Active Choice ◽  
The Uk ◽  
Second World

ABSTRACTIn September 1939, Portugal made a realist strategic choice to preserve the Portuguese Empire maintaining by its neutrality and also remaining an ally of Great Britain. While the Portuguese could rely largely on their colonies for raw materials to sustain the mainland, the country had long depended on British transportation for these goods and the Portuguese military. With the British priority now given to war transportation, Portugal's economy and Empire were particularly vulnerable. The Portuguese dictator Antonio Salazar sought to mitigate this damage by maintaining particularly friendly financial relations with the British government, including increased exports of Portuguese merchandise and services and permission to accumulate credits in Sterling to cover deficits in the balance of payments. This paper gives an improved set of comprehensive statistics for the Anglo-Portuguese and German–Portuguese relationships, reported in Pounds and according to international standards. The reported statistics include the trade in merchandise, services, capital flows, loans and third-party transfers of funds in favour of the British account. When compared with the German statistics, the Anglo-Portuguese figures show the Portuguese government favoured the British in financial relations, an active choice by Salazar to maintain the Portuguese Empire.

scholarly journals Trends in educational mobility: How does China compare to Europe and the United States?

2019 ◽  
Vol 5 (2) ◽  
pp. 214-240
Author(s):  
Rob J Gruijters ◽  
Tak Wing Chan ◽  
John Ermisch
Keyword(s):  
Educational Opportunity ◽  
The United States ◽  
International Standards ◽  
Educational Mobility ◽  
The Us ◽  
The Usa ◽  
Economic Boom ◽  
The Uk ◽  
Large Decline ◽  
Inequality Of Educational Opportunity

Despite an impressive rise in school enrolment rates over the past few decades, there are concerns about growing inequality of educational opportunity in China. In this article, we examine the level and trend of educational mobility in China, and compare them to the situation in Germany, the Netherlands, the UK and the USA. Educational mobility is defined as the association between parents’ and children’s educational attainment. We show that China’s economic boom has been accompanied by a large decline in relative educational mobility chances, as measured by odds ratios. To elaborate, relative rates of educational mobility in China were, by international standards, quite high for those who grew up under state socialism. For the most recent cohorts, however, educational mobility rates have dropped to levels that are comparable to those of European countries, although they are still higher than the US level.

scholarly journals Multi-level Governance in Refugee Housing and Integration Policy: a Model of Best Practice in Leverkusen

2021 ◽  
Author(s):  
Eli Auslender
Keyword(s):  
Best Practice ◽  
Collaborative Governance ◽  
Governance Structure ◽  
Integration Policy ◽  
German Government ◽  
Non Profit ◽  
Integration Management ◽  
Multi Level ◽  
The Moment ◽  
The City

AbstractThis paper will explore a model of best practice, the Leverkusen Model, as well as its impact on both the city and the refugees it serves by utilising key stakeholder interviews, civil servants, non-profits, and Syrian refugees living in Leverkusen. The core argument to be presented here is that the dynamic fluidity of the Leverkusen Model, where three bodies (government, Caritas, and the Refugee Council) collaborate to manage the governance responsibilities, allows for more expedited refugee integration into society. This paper utilises an analytical model of multi-level governance to demonstrate its functional processes and show why it can be considered a model of best practice. Started in 2002, the Leverkusen Model of refugee housing has not only saved the city thousands of euros per year in costs associated with refugee housing, but has aided in the cultivation of a very direct, fluid connection between government, civil society, and the refugees themselves. Leverkusen employs a different and novel governance structure of housing for refugees: with direct consultations with Caritas, the largest non-profit in Germany, as well as others, refugees who arrive in Leverkusen are allowed to search for private, decentralised housing from the moment they arrive, regardless of protection status granted by the German government. This paper fills a gap in the existing literature by addressing the adaptation of multi-level governance and collaborative governance in local refugee housing and integration management.

scholarly journals Revitalization Of The 1970s Within The ‘Old Town’ In Kraków

2015 ◽  
Vol 19 (4) ◽  
pp. 141-149
Author(s):  
Paweł Żwirek ◽  
Jakub Fiszer
Keyword(s):  
Office Building ◽  
Administrative District ◽  
Multi Level ◽  
Technical Solutions ◽  
The City ◽  
Choice Of Technology

Abstract The paper presents selected issues in the revitalization of the façades of buildings located in the historic ‘Old Town’ part of the city of Kraków. The subjects of the revitalization were the façades of an office building and a multi-level garage, both built in the 1970s in the administrative district of the ‘Old Town’ in Krakow. The criteria that guided the project heads in the choice of technology and technical solutions used in the revitalization project are also presented. The paper discusses the problems associated with the implementation of a new aluminium façade on the exterior walls, which were characterized by very large inaccuracies, significantly exceeding tolerance values.

Budapest: progresso urbano a passi accelerati

STORIA URBANA ◽  
2009 ◽  
pp. 53-80
Author(s):  
Zsuzsa Ordasi
Keyword(s):  
Nineteenth Century ◽  
National Identity ◽  
Urban Planning ◽  
Urban Development ◽  
Public Works ◽  
Master Plan ◽  
Urban Architecture ◽  
European State ◽  
Leading Role ◽  
The City

- Unlike other great cities of Europe, Budapest did not experience any significant urban development before the nineteenth century, especially before 1867, the year of the foundation of the Austro-Hungarian Monarchy. After that, the city became the second pole, after Vienna, of this important European state. The capital of the Kingdom of Hungary grew through the use of various types of urban architecture and especially through a "style" that was meant to express Hungarian national identity. Architects, engineers, and other professionals from Hungary and Austria contributed to this process of modernization as well as many foreigners from Germany, France and England. The city's master plan - modeled after Paris's - focused on the area crossed by the Viale Sugár [Boulevard of the Spoke] was set on the Parisian model and so covered only certain parts of the city. The Committee on Public Works (1870-1948) played a leading role in putting the plan approved in 1972 - into effect in all aspects of urban planning, architecture and infrastructure.

United Kingdom Policy Towards Universal Jurisdiction Since the Post-War Period

2021 ◽  
pp. 1-39
Author(s):  
Amina Adanan
Keyword(s):  
Armed Conflict ◽  
Universal Jurisdiction ◽  
International Treaties ◽  
Leading Role ◽  
National Archives ◽  
Slave Traders ◽  
History Of ◽  
Post War ◽  
The Uk ◽  
Atrocity Crimes

Abstract From the 17th century onwards, Britain played a leading role in asserting the application of the universality principle to international piracy, the first crime to which the principle applied. Thereafter, during the quest for abolition, it exercised universality over slave traders at sea. With the exercise of universal jurisdiction over atrocity crimes in the post-War period there was a notable shift in the UK position to the principle. This article traces the history of UK policy towards the application of the universality principle to atrocity crimes since wwii. Using archival research from the UK National Archives and the travaux préparatoires to international treaties, it analyses UK policy towards the inclusion of universal jurisdiction in international treaties concerning atrocity crimes. It argues that historically, the UK supported the application of the principle to atrocity crimes committed during an international armed conflict, as this position supported its interests. The nexus between universal jurisdiction and international armed conflict shielded colonial abuses from prosecution in foreign courts. Once the colonial period had come to an end, there was a shift in UK support for the inclusion of universal jurisdiction in international treaties, which is evident since the negotiation of uncat and the Rome Statute.

Emissions and Noise Pollution Diagnosis of a Turbogas Power Plant During Commissioning Service

2010 ◽  
Author(s):  
Norberto Pe´rez Rodri´guez ◽  
Erik Rosado Tamariz ◽  
Rafael Garci´a Illescas
Keyword(s):  
Power Plant ◽  
Cooling System ◽  
Near Field ◽  
Noise Pollution ◽  
Point Of View ◽  
International Standards ◽  
Partial Load ◽  
The City ◽  
Permissible Deviation

This work is focused on the diagnosis of behavior, from the point of view of control emissions and noise level, of a power Turbogas plant during the process of commissioning, to guarantee that its operation complies with national and international standards. The environmental diagnosis of the power plant was developed as part of the performance evaluation of the unit. The conditions of the unit evaluation include operation at base load and partial load, as well as time periods for load changes. The evaluated power plant consists of an aeroderivative gas turbine installed in a simple cycle, operating with a cooling system (chiller) installed in the urban zone of Mexico City. Therefore, it should comply with the legislation and regulations of the city concerning air pollution and allowed noise, besides the international standards established by the manufacturer. The study includes emissions measurements using a Continuous Emissions Monitoring System installed in-situ, previously calibrated and checked during and after the test which was found inside the permissible deviation of 3%. Measurements were recorded at intervals of 5 minutes during test periods of 110 minutes for each load and 45 minutes for load changes. On the other hand, noise pressure evaluation was carried out in near field as well as far field produced by the power plant during operation. Measurements were carried out by using precision instruments installed specifically for it. A temporary system for obtaining data was used to monitoring the environmental conditions every 30 seconds. It was possible to verify that the turbogenerator complies with all noise levels and contaminant emissions requirements and regulations according to the limits established by the manufacturer and national and international standards.

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