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Systemic risk in markets with multiple central counterparties
No full textWe provide a framework for modeling risk and quantifying payment shortfalls in cleared markets with multiple central counterparties (CCPs). Building on the stylized fact that clearing membership is shared among CCPs, we develop a modeling framework that captures the interconnectedness of CCPs and clearing members. We illustrate stress transmission mechanisms using simple examples as well as empirical evidence based on calibrated data. Furthermore, we show how stress mitigation tools such as variation margin gains haircutting by one CCP can have spillover effects on other CCPs. The framework can be used to enhance CCP stress‐testing, which currently relies on the “Cover 2” standard requiring CCPs to be able to withstand the default of their two largest clearing members. We show that who these two clearing members are can be significantly affected if one considers higher‐order effects arising from interconnectedness through shared clearing membership. Looking at the full network of CCPs and shared clearing members is, therefore, important from a financial stability perspective
Optimal climate policy under exogenous and endogenous technical change: making sense of the different approaches
No full textWe analyse the large and diverse literature on technical change in integrated assessment models (IAMs) of climate change, with a view to understanding how different representations of technical change affect optimal climate policy. We first solve an analytical IAM that features several models of technical change from the literature, including exogenous technical change in abatement technologies, exogenous decarbonisation of the economy, endogenous technical change via learning-by-doing, and endogenous technical change via R&D (in particular, directed technical change). We show how these models of technical change impact optimal carbon prices, emissions and temperatures in often quite different ways. We then survey how technical change is currently represented in the main quantitative IAMs used to inform policy, demonstrating that a range of approaches are used. Exogenous technical change in abatement technologies and learning-by-doing are most popular, although the latter mechanism is only partially endogenous in some models. We go on to quantify technical change in these policy models using structural estimation, and simulate our analytical IAM numerically assessing the effect of technical change on optimal climate policy. We find large quantitative effects of technical change and large quantitative differences between different representations of technical change, both under cost-benefit and cost-effectiveness objectives
Academies in England and charter schools in the US: who is accountable, to whom, for what, and with what consequences?
No full textThis paper compares approaches to accountability in US charter schools and English academies. We examine the development and main characteristics of these two types of schools before assessing how they are accountable, to whom, and for what. Drawing on both primary and secondary sources, we explore the consequences of the accountability mechanisms in each jurisdiction. Our comparative analysis assesses the different and multiple forms of accountability to which charter schools and academies are subject. We discuss the similarities that exist in the two jurisdictions, albeit that the most consequential sanctions – closure of charter schools and transfer of academies – differ between countries. The final section concludes and highlights policy implications
Property and subaltern pasts
No full textThis chapter explores property's centrality to scholarly understandings of subaltern pasts. It approaches property not only as land possession but also as an ideal of self-mastery defined by temporally and spatially enclosed forms of subjectivity and agency. Given that subjugated and enslaved peoples have been (and frequently continue to be) denied property both as land and as bodily self-possession, property assumes a key role in political theories and organized practices of subaltern resistance, redress, and reparation. However, that conversion requires injury be translated into a framework of property that uncannily reproduces the epistemic violence that organized earlier dispossession. For instance, neo-Marxist approaches to subaltern resistance frequently interpret dispossession as a lack of access to material resources, a perspective beholden to secular ontologies of labour, land, and time. The chapter outlines the challenges that this slippage across scholarly paradigms and political categories introduces for the narration of subaltern pasts and futures. It ends by calling for greater attunement to fields of political practice that take aim not only at entrenched material hierarchies but also at the very ontological terms by which such hierarchies are interpreted and reproduced, within as well as beyond scholarly paradigms
Developing performance tests to measure digital skills: lessons learned from a cross-national perspective
No full textThis article discusses the development of task-based performance tests designed to measure digital skills among children aged between 12 and 17 years old. The tasks reflect authentic everyday situations to evaluate skill levels. The primary objective is to design performance tests that provide a comprehensive understanding of children’s digital skills. The tests cover three distinct skill dimensions: (a) information navigation and processing; (b) communication and interaction; and (c) content creation and production. These include several subdimensions, offering a detailed perspective on children’s digital skills. The development process itself revealed several methodological challenges that needed to be addressed, yielding valuable lessons for future applications. Key lessons from our cross-national experiences include the importance of involving children early in the design process, using a combination of open-ended and closed tasks, and allocating ample time to walk through the coding scheme
Evidence on expectations of household finances
No full textWe use panel data on expected and realized changes in household finances to study the process of expectation formation. Households extrapolate from improvements in financial situation, but deteriorations are associated with an increased dispersion of forecasts, and higher probabilities of both negative and positive forecast errors. Individuals who expect earnings declines to revert too quickly save less and are more likely to be financially worse off again in the future. Learning from past errors reduces the likelihood that individuals are optimistic following a deterioration in their finances. The evidence shows how experiences, learning, and life events matter for expectation formation
Dialogicality and conspiracy theory: the coexistence of conspiracist and non-conspiracist beliefs
No full textThis study investigates how people who believe in conspiracy theory (CT) hold those beliefs. It considers whether believing a conspiracist explanation of an issue or event permits or precludes also believing a non‐conspiracist explanation—that is, the degree to which endorsing CTs can be dialogical. Dialogicality involves the coexistence of conspiracist and non‐conspiracist beliefs in advancing claims and contrasts with the view that all conspiracist belief endorsement is monological or ‘closed’ from other explanations. Thematic analysis of 39 semi‐structured interviews revealed five modalities of belief coexistence: cognitive dissonance between beliefs, analogical beliefs, target‐dependent beliefs, synthetic beliefs, and integrative beliefs. This spanned beliefs about the self, ingroup, outgroup, reality, action and the future, on topics concerning science, religion, and politics and society. These findings challenge the view that all CTs are monological belief systems: CT believers recruit both conspiracist and non‐conspiracist explanations in building their worldview. Several hypotheses for further research emerge from this challenge to the basic assumption of much research on CTs
The economic costs of NIMBYism: evidence from renewable energy projects
No full textLarge infrastructure projects have important social benefits but can also prompt strong local opposition. I estimate the economic costs of NIMBY (not in my backyard) attitudes and local planning restrictions by studying renewable energy projects. Using data on thousands of permitting applications, I show that wind and solar projects can have highly heterogeneous impacts depending on their characteristics and location. In some cases this includes significant external local costs, and I conduct a hedonic analysis to quantify the impact on nearby property values. I then show that planning officials are particularly sensitive to these local costs, especially when wealthy residents are affected. This often comes at the expense of considering the wider social benefits of these projects. These biases in the permitting process create inefficiencies that increased costs and led to substantial underinvestment in renewable energy
Market devices and infrastructures: how they differ and why it matters
No full textThis article seeks to clarify the relationship between market studies research associated with the notions of ‘market devices’ and ‘market infrastructures.’ The relation between these terms has remained hazy in prior work, impeding their conjunction in analyses of markets. We treat devices and infrastructures as deeply entwined components of market agencements, which interact in the everyday performance of markets. However, these components remain distinguishable on the basis of two dimensions: the extension and unavoidability of their networks. These dimensions both facilitate empirical research on the interaction of devices and infrastructures and offer insight on the dynamics between them: the asymmetrical, limiting influence of infrastructure; the potential challenges posed by devices; the ever-present possibility of roles shifting over time. This conceptualization of how the terms differ then anchors our analysis of why the distinction matters. Infrastructures and devices make discrete contributions to the framing of the market (what we call ‘radical’ and ‘instrumental’ framing), which empower actants via different mechanisms (e.g. the ‘discretionary’ power that accrues to key infrastructural actants). The article establishes a basis for an expansion of sociomaterial research on markets, providing both empirical strategies and theoretical questions for future work
