In the wake of three high-profile judicial decisions concerning the use of human biological materials, the editors of this collection felt in 2011 that there was a need for detailed scholarly exploration of the ethical and legal implications of these decisions. For centuries, it seemed that in Australia and England and Wales, individuals did not have any proprietary interests in their excised tissue. Others might acquire such interests, but there had been no clear decision on the rights or otherwise of (...) the persons from whom the tissue was obtained. In 2009, however, the Court of Appeal of England and Wales recognised a limited exception to this position in Jonathan Yearworth and others v North Bristol NHS Trust . In that case, the Court held that the appellants, who had deposited semen samples for freezing before they undertook treatment for cancer, had “for the purposes of a claim in negligence … ownership of the sperm which they had ejaculated”. One year later, the Supreme Court of Queensland, Australia, took a similarly property-based approach to determining how a semen sample stored shortly before death should be dealt in Bazley v Wesley Monash IVF . According to that court, the co-executors of the estate had sufficient proprietary interests in the semen to legally demand its return from the laboratory where it was held. In 2011, the New South Wales Supreme Court similarly found that the widow of a recently deceased man had a right to possession of his semen in Joceyln Edwards; Re the estate of the late Mark Edwards .In the editors’ view, these decisions signalled a turning point in the Anglo-Australian jurisprudence in this area, taking the law a step beyond the decisions of the late 20th century such as R v Kelly , in which possessory rights were found …. (shrink)

Barnett and Block (J Bus Ethics 18(2):179–194, 2011 ) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine (...) deposit and loan contracts are clear. This implies different legal obligations for these contracts, a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally, and perhaps most importantly ethically problematic, there are no such troubles with the latter. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on Barnett (...) and Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

Church leaders often express views on political issues and there is no objection to them doing so. However, when they direct members of Parliament on how they should vote on particular issues and intervene in litigation between private individuals, they contravene the long accepted principle of separation between church and state. That principle was formally acknowledged by Pope Benedict XVI in his most recent Encyclical Letter. The author will give examples of cases in which she believes the Roman Catholic Church (...) has overstepped the mark in intervening in the business of the state. (shrink)

This paper outlines the current common law principles that protect people’s interests in their bodies, excised body parts and tissue without conferring the rights of full legal ownership. It does not include the recent statutory amendments in jurisdictions such as New South Wales and the United Kingdom. It argues that at common law, people do not own their own bodies or excised bodily material. People can authorise the removal of their bodily material and its use, either during life or after (...) their death, for medical or scientific purposes. Researchers who acquire human bodies, body parts or tissue pursuant to such an authority have a right to possess and use them according to the authorisation they have been given, but their rights fall short of full ownership because they are limited in the way that they can use the material. The legal rights of researchers who develop intellectual property and biological products from excised human tissue can be adequately protected by existing common law principles without the need for a new legal principle that people own body parts and tissue removed from their bodies. (shrink)

The marketization of interest rate is an inevitable requirement for China’s financial reform and joining the WTO to connect with the international financial market. It is also an important link to improve the marketization degree of China’s financial system. The marketization of interest rate in China is gradually advancing according to its preset mode. In the process of interest rate marketization, an unavoidable problem is that while the interest rate marketization gives the commercial banks the autonomy of capital pricing, the (...) fluctuation of interest rate is more and more frequent. However, due to the fluctuation of interest rate, the loan as the main assets of commercial banks will be prepayed by borrowers, and the time deposit as the main liabilities of commercial banks will be withdrawn by depositors in advance; that is, embedded options are implied in asset liability items, which makes it difficult for commercial banks to accurately calculate the actual interest margin of deposits and loans and manage the interest rate risk. Therefore, it is of great significance to identify and price such embedded option value. On the basis of identifying and decomposing the embedded options in deposit and loan of commercial banks, according to the change characteristics of deposit and loan interest rate of Chinese commercial banks, this paper chooses jump-diffusion interest rate model to describe the change of benchmark interest rate of deposit and loan in China and demonstrates the advantages of this model compared with other models. Based on Monte Carlo simulation technology, the embedded options of five-year fixed deposit and ten-year prepayable loan in China are priced. On this basis, it points out that the real interest margin of commercial bank’s deposit and loan should be the nominal interest margin minus the value of deposit and loan’s embedded options. In the process of interest rate risk management, we should pay attention to the existence of embedded options and carry out effective management. (shrink)

When new laws are being considered to regulate emerging technologies, it is common to engage in a formal consultation process to assess community views, especially in sensitive areas where views may differ widely. However, it is not clear how we should assess the responses to such consultation. If the respondents with the most extreme views, at either end of the political or ethical spectrum, speak in large numbers or strong language, their submissions surely cannot be added up and given the (...) weight of the majority in determining the course of future action. The ‘silent majority’ of the community may not participate in the consultation process at all. Even if they do participate more fully, it will often not be possible to find a compromise solution that offers something to everyone.Professor Charlesworth considered these issues in his ground-breaking book, Bioethics in a Liberal Society. He said that there are some issues on which community consensus on a core set of values will not be possible. To move forward, a liberal society must accept that there will be a range of views but however discordant those views appear to be, it may still be possible to identify matters on which there is agreement. Those matters may then form the basis of a policy that is widely accepted, even if it is not what the individual participants would have chosen initially. This approach may be illustrated by examining recent community consultation in Australia concerning research involving human embryos. (shrink)

This paper describes a half-day class for 200 first year medical students. It is designed like a conference and is intended to raise students’ awareness of legal issues that arise in everyday practice. It uses the Problem Based Learning approach of event-focus, student-guided learning and student teachers. There are three parts.

The approach of the courts when considering proprietary interests in human bodily material has been pragmatic and piecemeal. The general principle was initially that such material is not legally ‘property’ that can be ‘owned’, but courts have recognised many exceptions. In determining disputes between individuals in particular cases, they have stated principles that are often inconsistent with those stated in other cases with different facts. Later judges have been constrained by these decisions, especially when made at appellate level. They can (...) distinguish the facts of one case from another to achieve a different outcome, but they cannot state new principles to be applied more widely to promote consistency. This requires the will of Parliament and legislation to introduce new principles. Experience to date suggests that such legislation will need to be wide-ranging and complex, with different principles for different circumstances. There will not be one area of law that answers all the issues that arise. (shrink)

This article analyses the recent controversy over single and lesbian women’s right to access reproductive technology. It focuses on the McBain case in relation to the Sex Discrimination Act. As well, it attempts to bring voices that have been ignored into the debate, and reflect on the values that they express.

It is commonly said that patients have no right to demand that treatment must be continued when medical carers believe it is “futile” to continue it. There are certainly many judicial statements to this effect, some of which are quoted in this paper. However, there are various ways that courts can intervene, even if they do not order directly that treatment must be provided or continued. First, patients or their representatives may argue the process of decision making was unfair or (...) that they were unfairly discriminated against when treatment has been refused. To date, these arguments have met with limited success so far as enabling patients to have treatment provided or continued against medical advice. More recently, however, some patients have challenged the lawfulness of a proposed treatment regime by advancing human rights arguments, based in turn on a broader aspect of patients’ “best interests” than best medical interests. (shrink)

It is commonly said that patients have no right to demand that treatment must be continued when medical carers believe it is “futile” to continue it. There are certainly many judicial statements to this effect, some of which are quoted in this paper. However, there are various ways that courts can intervene, even if they do not order directly that treatment must be provided or continued. First, patients or their representatives may argue the process of decision making was unfair or (...) that they were unfairly discriminated against when treatment has been refused. To date, these arguments have met with limited success so far as enabling patients to have treatment provided or continued against medical advice. More recently, however, some patients have challenged the lawfulness of a proposed treatment regime by advancing human rights arguments, based in turn on a broader aspect of patients’ “best interests” than best medical interests. (shrink)

The actions of pregnant women can cause harm to their future children. However, even if the possible harm is serious and likely to occur, the law will generally not intervene. A pregnant woman is an autonomous person who is entitled to make her own decisions. A fetus in-utero has no legal right to protection. In striking contrast, the child, if born alive, may sue for injury in-utero; and the child is entitled to be protected by being removed from her parents (...) if necessary for her protection. Indeed, there is a legal obligation for health professionals to report suspected harm, and for authorities to protect the child's wellbeing. We ask whether such contradictory responses are justified. Should the law intervene where a pregnant woman's actions risk serious and preventable fetal injury? The argument for legal intervention to protect a fetus is sometimes linked to the concept of ‘fetal personhood’ and the moral status of the fetus. In this article we will suggest that even if the fetus is not regarded as a separate person, and does not have the legal or moral status of a child, indeed, even if the fetus is regarded as having no legal or moral status, there is an ethical and legal case for intervening to prevent serious harm to a future child. We examine the arguments for and against intervention on behalf of the future child, drawing on the example of excessive maternal alcohol intake. (shrink)

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

Adolescent decisions, especially in novel contexts, are often guided by affective evaluations rather than knowledge of the risks and probabilities of different outcomes. In this study, we used the affect-driven exploration model to illustrate how affective evaluations can play a critical role in driving early use of cigarettes, as well as the adaptive function of the resulting experiential learning in informing future affect and cigarette use. We analyzed five waves of data collected from a large, diverse community sample of adolescents (...) who were followed from early to late adolescence during years 2004–2010 to model trajectories of positive affect and risk perceptions and examined the associations of these trajectories with their self-reported cigarette use and dependence symptoms. Consistent with the ADE model, early initiators reported higher levels of positive affect at baseline, which we argue may have led them to try cigarettes. Notably, most early initiators reported a decline in positive affect over time, suggesting an experience-based shift in affective evaluations associated with cigarette use. Risk perceptions associated with cigarette use did not emerge as a significant predictor of cigarette use or subsequent dependence. Therefore, for deterring adolescent cigarette use, efforts to influence affect may be more effective than directly influencing risk perceptions. Despite the affective basis for initiating cigarette use, few adolescents engaged in early use or developed symptoms of dependence. Majority of those who engaged in early cigarette use showed a decline in positive affect, with corresponding increase in risk perceptions over time. Some early users may indeed continue to engage in cigarette use, but this is likely driven by the addictive properties of the drug. Overall these findings challenge the popular stereotype of impulsive and emotionally reactive behaviors during adolescence, and suggest a more nuanced interpretation of adolescent risk behavior. (shrink)

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

The role of the courts in ‘communicating’ with those affected by their decisions is contentious. Some legal commentators maintain that courts and legislators are able to communicate decisions effectively and that attempts to ‘dumb down’ the law will not make such decisions more accessible to doctors and other professionals. Justice Michael Kirby, on the other hand, seems to share the present author's view that judges could improve their communication of their decisions to a wider audience: ‘In future, it seems inevitable (...) that proceedings [of the High Court] will be broadcast live.Maybe one of the judges will explain the decisions of the court in simple terms as they are handed down… Adaptation to new ways and values is part of the genius of our law, although some of its practitioners need to be dragged kicking and screaming to accomplish the changes’. (shrink)

The nationwide economic reform in 1986 transformed Vietnam from a centrally planned economy to a socialist-oriented market economy. Entrepreneurs and entrepreneurial spirits within the populace are suggested to fuel the structural changes. Despite the importance of entrepreneurship in Vietnam’s economy, studies in Vietnam mainly pay attention to the practical aspects of entrepreneurial activities and neglect the cognitive and theoretical aspects of entrepreneurship. Thus, the current study employs the information-processing perspective of the Mindsponge Theory to explore how entrepreneurs’ knowledge accumulation can (...) affect their perceived likelihood of business success. Bayesian analysis indicates that business-related experience positively affects entrepreneurs’ business success likelihood. Greater willingness/readiness to transform thinking, acting, and beliefs can improve the business success of entrepreneurs who study others’ failures carefully. However, for entrepreneurs who perceive learning from others’ failures as unnecessary, higher willingness/readiness to transform diminishes their chance of success. Based on these findings, we recommend Vietnamese entrepreneurs accumulate knowledge through experience, learning, and an open mind for better decision-making and innovation creation capabilities. However, the learning process should be selective. (shrink)

In the trust-health relationship, how trusting other people in society may promote good health is a topic often examined. However, the other direction of influence – how health may affect trust – has not been well explored. In order to investigate this possible effect, we employed Bayesian Mindsponge Framework (BMF) analytics to go deeper into the information processing mechanisms underlying the expressions of trust. Conducting Bayesian analysis on a dataset of 1237 residents from Cali, Colombia, we found that general health (...) status is positively associated with generalized trust, but recent experiences of illnesses/injuries have a negative moderating effect. Personalized trust is largely unchanged across different general health conditions, but the trust level becomes higher with recent experiences of illnesses/injuries. Psychophysiological mechanisms of increasing information filtering intensity toward unfamiliar sources during a vulnerable state of health is a plausible explanation of found patterns in generalized trust. Because established personal relationships are reinforced information channels, personalized trust is not affected as much. Rather, the results suggest that people may rely even more on loved ones when they are in bad health conditions. This exploratory study shows that the trust-health relationship can be examined from a different angle that may provide new insights. (shrink)

The contributions in this volume represent a detailed exploration of the salient legal and theoretical puzzles arising out of the body-as-property question, and a collation of the broad spectrum of analyses on offer.

Heritable traits are predominantly encoded within genomic DNA, but it is now appreciated that epigenetic information is also inherited through DNA methylation, histone modifications, and small RNAs. Several examples of transgenerational epigenetic inheritance of traits have been documented in plants and animals. These include even the inheritance of traits acquired through the soma during the life of an organism, implicating the transfer of epigenetic information via the germline to the next generation. Small RNAs appear to play a significant role in (...) carrying epigenetic information across generations. This review focuses on how epigenetic information in the form of small RNAs is transmitted from the germline to the embryos through the gametes. We also consider how inherited epigenetic information is maintained across generations in a small RNA‐dependent and independent manner. Finally, we discuss how epigenetic traits acquired from the soma can be inherited through small RNAs. (shrink)

Multidisciplinary Perspectives on the Donation of Stem Cells and Reproductive Tissue Content Type Journal Article Category Symposium Pages 15-17 DOI 10.1007/s11673-011-9351-x Authors Catherine Waldby, School of Social and Political Sciences, University of Sydney, Sydney, Australia Ian Kerridge, Centre for Values, Ethics and the Law in Medicine, Medical Foundation Building (K25), University of Sydney, Sydney, NSW 2006, Australia Loane Skene, Faculty of Law and Faculty of Medicine, Dentistry and Health Studies, University of Melbourne, Melbourne, VA, Australia Journal Journal of Bioethical Inquiry (...) Online ISSN 1872-4353 Print ISSN 1176-7529 Journal Volume Volume 9 Journal Issue Volume 9, Number 1. (shrink)

To what extent should scientists, doctors and the community be constrained in their decision-making by a duty to posterity? How should we as a community balance our desire to benefit the present generation against the need not to irretrievably harm our successors? These questions are discussed with particular reference to genetic research and treatment that may have great potential for people suffering from genetic disease but may cause inherited changes in future generations, either deliberately or inadvertently. We conclude that the (...) community should take account of the interests of its successors but this should not immobilise us in the decisions we make for the present. (shrink)

The nurse perspective is critical in survey research investigating various aspects of healthcare services, staff, and patient outcomes. Researchers are responsible for ensuring that survey research utilizing survey questionnaires employs research methodological strategies that are aligned with the ethical principles of beneficence, respect for persons, and justice. The purpose of this paper is to discuss best practices to facilitate high-quality survey data collection for nurse survey participants. Recommendations are based on the fundamental ethical principles described in the Belmont Report, an (...) overview of evidence published in the current literature, and the application of practical knowledge. Literature searches conducted in PubMed resulted in the inclusion of over 50 articles from a wide range of disciplines. The results include actionable methods for researchers to consider and follow when conducting survey research utilizing nurse participants. This article serves as a resource to guide researchers through ethically responsible design, implementation, and reporting of nurse survey research. (shrink)

Barnett and Block (Journal of Business Ethics, 2009 ) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic Cycles, 2006 ). A combined legal and economic analysis shows that while (...) lending deposits can be regarded as illicit, the maturity mismatching of loans is legitimate contrary to Barnett and Block’s claim. No over-issuance of property rights is involved with this practice once the distinction between present and future goods is taken into account. However, while the practice is not illicit per se , it is greatly assisted and developed through the presence of a fractional reserve banking system, and can sometimes breed detrimental effects. (shrink)

The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a (...) nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis. The book develops a theory of dynamic (...) interaction between three types of agent: firms, households and banks. Firms are profit-maximisers operating under conditions of imperfect competition and their production and investment decisions are influenced by monetary and financial factors as well as by the state of the labour market. Households hold financial assets, supply labour and have a direct influence on nominal wage rates. Banks set interest rates on bank loans and deposits. No assumptions are made about nominal price rigidities and the capital-output ratio is determined endogenously. Using a framework of analysis which is rigorous and which does not exclude traditional neoclassical mechanisms, this book demonstrates the validity of important Marxian and Keynesian insights into the growth process. (shrink)

According to the Principle of Techno-Geek Proportionality, for every million times a nerd gets excited about “the latest thing” the world might change once. Central bank digital currency (CBDC) may be that once. There is nothing new about digital money, but there may be many profoundly new things about CBDC. This is especially so for “retail” CBDC – that is, CBDC freely available to the public rather than “wholesale” CBDC, which is restricted to some registered users and central bank systems. (...) At the moment, the vast majority of money in existence takes the form of deposits at Santander, Barclays and the other commercial banks. As the Bank of England makes clear, most of this is originally produced when a bank extends a loan and creates a sum as a deposit which the borrower can then spend. This money flows around our payments system and the money supply, albeit there is more to money supply than just this, grows as cumulative debt grows and shrinks as debt is paid down. In the UK (and equivalents apply in any modern economy that has commercial banks), though we rarely think about it, since the money is denominated in s and the central bank essentially guarantees that it will exchange at par for central bank money, most of what we think of as money is really Santander or Barclays etc. credit units. Retail CBDC could change this state of affairs and the issues are sufficient to require public debate – not only regarding the scope of the technology but also the role and adequacy of central banks. This, in turn, provides an opportunity to discuss the nature of process. (shrink)

This paper uses the example of payday loans to identify two standards of exploitation that better accord with intuitions about taking unfair advantage than neoclassical or neo-Marxian exploitation theory. These two standards are derived from ongoing policy debates about the regulation of payday loans. The sufficiency standard is more restrictive than relative-advantage theory, but the latter indicates when exceptions to the prohibition on exploitation should be made for the sake of the disadvantaged party.

If fractional-reserve demand deposits are common, and illegitimate, an obvious flaw in the banking system is exposed. However, this article maintains that the only reason why demand deposits may be considered illegitimate is because of a way of defining them that renders them almost irrelevant. This article provides a response to Bagus et al., and identifies examples of how they misrepresent Evans. It also provides further considerations on the tradeoffs relating to the availability of a deposit; methodological subjectivism; (...) and the potential for hybrid contracts. Deposit and loan contracts may be hard to mix, but the actual results of doing so should not be ignored. (shrink)

As a result of financial difficulties confronting American agriculture, public debate is focusing on longterm options for restoring economic stability and growth to the agricultural economy. Many believe that just as homeowners in small communities throughout the nation have been served by the development of a secondary market for residential mortgages sponsored by the federal government, farmers throughout the country would similarly benefit from the development of a secondary market for farm real estate mortgages. This paper discusses issues relating to (...) the development of a secondary market for agricultural real estate loans. The concept of a secondary market for agriculture is of considerable interest to Congress, as evidenced by recent enactment of the Agricultural Credit Act of 1987 which established the Federal Agricultural Mortgage Corporation (“Farmer Mac”) to create a secondary market for farm real estate loans. The first section discusses the general nature of secondary markets and their purposes, with particular attention given to the secondary market for home mortgages because it served as a model for a secondary market for farm loans. Section two discusses basic differences between agriculture and housing, and section three provides a brief discussion of federal credit subsidies designed to help meet social and economic goals by influencing the allocation of credit to particular sectors of the economy such as housing and agriculture. Potential benefits and costs associated with the development of a secondary market for agriculture are discussed in section four. (shrink)

This article investigates the nexus between bank-specific risks and the financial stability of the banks for a panel data set of 15 scheduled banks in Pakistan over a 12-year period from 2009 to 2020. Using the fixed-effect model, the study result shows that bank-specific risks, i.e., credit risk and liquidity risk are detrimental to bank stability, whereas funding risk has no significant impact on bank stability. Besides these, bank size has also a negative impact on bank stability, whereas the return (...) on assets revealed a positive influence. To ensure stability, bank management should establish policies that confirm secure loan granting and timely reimbursement from customers to minimize the credit risk. Besides this, management should keenly observe the liquidity position and should also effectively mobilize the customer deposits to attain financial stability. (shrink)

Le propos est de comparer la dynamique concurrentielle à la gestion centralisée de l’industrie bancaire à partir de la mise en perspective de deux systèmes différents : l’expérience des banques libres du Massachusetts et celle de la monopolisation de l’émission de billets par la Banque de France.Nous montrons l’influence de la réglementation sur la structure du système bancaire, l’ accumulation du capital bancaire et la stabilité du crédit. Les banques peuvent financer leur politique de crédit à partir de fonds permanents (...) ou de fonds à vue. La mise en place de privilèges réglementaires sur les fonds à vue permettant aux banques de les utiliser sans les payer au prix de marché est à l’origine de l’instabilité cyclique.Our purpose is to compare the competitive dynamics and the centralized management of banking industry from the prospects of two different systems: the Free Banking experience in Massachusetts and the monopolization of issue by the Banque de France.We show the influence of regulation on the banking system structure, the hoarding of banking capital and credit stability. Banks may finance their loans either from investment funds or from demand deposit. The establishment of regulatory privileges on demand deposit allowing the banks to use them without paying the market price involves cyclical instability. (shrink)

Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article, we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds, and callable loans. Securities lending in particular creates rights violations analogous to those in (...) fractional-reserve banking. Both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic, though we herein clarify what these obligations are. Finally, we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts, and that perceived parallels between the two products underestimate these differences. (shrink)

This study is an attempt to construct a quantitative link for international regimes with global leadership. The country's willingness to lead in solving global issues as the first mover in the formation of an international regime is measured and characterized by analyzing their ratification behavior in multilateral conventions deposited to the United Nations which shape of the global community. For this purpose, a set of quantitative indicators, the Index of Global Leadership Willingness and the Global Support Index, was defined and (...) calculated for each country based on its actual ratification year data for 120 multilateral conventions covering global issues such as peace and security, environment, commerce, communication, intellectual property protection, human rights, and labor. By proposing a framework of global leadership analysis, the study seeks to provide an empirical testing of the transformation of global governance towards cooperation without hegemony paradigm. The paper analyses changes in the leadership willingness indices of selected country groups, such as the G3, G7/8, and G20, over the century and finds that the will to drive the international agenda of these groups of leaders is in decline. Moreover, our study provides evidence to argue that our current world is actually without consistent global leadership across domains of the world affairs. Although several countries still show visible leadership in specific policy domains, such as environment and intellectual property, neither the G7/8 nor the G20 was playing a comparable role to those performed by the G3 a hundred years ago. (shrink)

Recent research suggests that collectivism breeds corruption in bank lending. This finding, together with the stickiness of culture, poses a direct challenge to economic growth in collectivist societies. In this paper, we address this grim outlook by examining the types of firms that are susceptible to the detrimental effect of collectivism on lending integrity and the formal institutions that can help alleviate such effect. We find that the adverse effect of collectivism on bank corruption is more severe in small and (...) medium-sized firms, privately owned firms, and non-exporting firms, while it is considerably weaker in countries with more effective private monitoring, a higher fraction of foreign-owned banks, a more competitive banking sector, better information sharing, and stronger legal and political institutions. Our findings are robust to using alternative measures of collectivism and alternative dependent variables. These results highlight how firm-level characteristics and formal institutions interact with collectivism in affecting firms’ access to bank credit. (shrink)

The deposit insurance makes the value of deposits independent from the behavior of other depositors or from the value of bank assets. Its existence induces a moral hazard which might threaten the stability of the banking system. The efficiency of the DI depends on the control of moral hazard, which means the agents’ responsibilisation, depositors included. There is a conflict between the DI principles and the present propositions improving this mechanism.The possible solutions in order to solve this paradox are (...) the restriction of the insurance coverage only for the demand deposits and the implementation of the double liability for the bank shareholders.The demand deposits insurance eliminates the incentive to bank runs caused by the fear of lack of liquidity, whereas the term deposits are exposed to losses which reduce the moral hazard induced by the demand deposit insurance.The double liability forces the shareholders of the defaulting banks to make supplementary payments limited to the nominal value of the owned shares. This combines the advantages of the limited liability and the unlimited liability.The efficiency of both propositions implies the enforcement of a closure rule of the banks whose net worth is close to zero.La garantie des dépôts rend la valeur des dépôts indépendante du comportement des autres déposa- nts ou de la valeur des actifs bancaires. Son instauration induit un aléa moral qui peut menacer la stabilité du système bancaire. L’efficacité de ce mécanisme dépend de la maîtrise de l’aléa moral. Cela suppose, entre autres, la responsabilisation des agents, y compris des déposants. Par conséquent, il existe un conflit entre le principe de la garantie des dépôts et les propositions courantes d’amélioration de ce dispositif.Les solutions envisagées dans cet article pour résoudre ce paradoxe sont la limitation de la garantie aux seuls dépôts à vue et l’instauration de la double responsabilité pour les actionnaires des banques.La garantie des dépôts à vue élimine l’incitation à la ruée due à la crainte de manque de liquidité, tandis que les dépôts à terme sont assortis d’une clause permettant à la banque de refuser tout retrait anticipé. Les titulaires des dépôts à terme s’exposent à des pertes, ce qui réduit l’aléa moral induit par la garantie des dépôts à vue.La double responsabilité oblige les actionnaires des banques défaillantes à effectuer des versements supplémentaires dans la limite de la valeur nominale des actions détenues. Cela réunit les avantages de la responsabilité limitée et de la responsabilité illimitée.L’efficacité des deux propositions suppose l’application d’une règle de fermeture des banques dont l’actif net avoisine zéro. (shrink)

A wry and compassionate selection of essays reflecting on mortals and mortality, from the acclaimed author of The Undertaking. For nearly four decades, poet, essayist, and small- town funeral director Thomas Lynch has probed relations between the literary and mortuary arts. His life's work with the dead and the bereaved has informed four previous collections of nonfiction, each exploring identity and humanity with Lynch's signature blend of memoir, meditation, gallows humor, and poetic precision. The Depositions provides an essential selection from (...) these masterful collections, as well as new essays in which the space between Lynch's hyphenated identities-as an Irish American, undertaker-poet-is narrowed by the deaths of poets, the funerals of friends, the loss of neighbors, intimate estrangements, and the slow demise of a beloved dog. Meanwhile, the press of the author's own mortality sharpens a curiosity about where we come from, where we go, and what it means. In The Depositions, Lynch continues to illuminate not only how we die, but also how we live. (shrink)

This article contributes to a recent debate between Barnett and Block : 711–716, 2009), Bagus and Howden : 399–406, 2009), Barnett and Block, Cachanosky and Bagus and Howden regarding the conceptual distinction between demand deposits and time deposits. It is argued that from an economic perspective there is nothing inherently fraudulent or illegitimate about deposit accounts that are available ‘on demand’, but that this relies on certain contractual provisions. Particular attention is drawn to option clauses and withdrawal clauses, (...) which “solve” the problems raised by Barnett and Block, and Bagus and Howden. Previous authors have also neglected the asset side of banks balance sheets, and this is shown to further justify the legitimacy of fractional reserve banking. (shrink)