Thursday, February 28, 2013

The 2007-2009 Financial Crisis by Zsolt Gál

It started with rising delinquencies and foreclosures on the American property market in 2007, when the majority (including top US government and central bank officials) still believed that it was a crisis of mortgage finance (or a special segment of it) and that the problems would not spread to the rest of the economy. For most, a severe crisis was unimaginable in developed countries with sophisticated financial sectors, especially in the leading economy in the world. However, by the autumn of 2008 the crisis had brought Wall Street to the verge of collapse. Unprecedented scenes followed: bankruptcies or bailouts of the masters of the financial universe, including the two largest financial corporations of America (Fannie Mae and Freddie Mac), the largest insurance company in the world (AIG) and all of the five big Wall Street investment banks. It soon went global, after the collapse of Lehman Brothers interbank lending was frozen worldwide, central banks (the lenders of last resort) remained the lenders of only resort. The United Kingdom witnessed the first run on a bank in more than a century, mortgage lenders, banks, corporations and even countries all around the world went bankrupt or were bailed out almost on a daily basis. By 2009, it was clear that this was the largest global financial crisis since the Great Depression. How could American borrowers defaulting on their mortgages (in volumes of tens or hundreds of billions of dollars) trigger a multitrillion dollar global financial meltdown? How was it possible in the United States to get a mortgage loan up to 100% of the value of the property without verified income, job or assets? How could financial innovations praised for a long time lead to a chain reaction wiping out whole segments of the financial industry? How could so many financial institutions be so fragile that a few percentage points loss in their asset portfolio would bring them to the brink of bankruptcy? How did government action and inaction not only allow this to happen but contribute to it, turning America to a big financial Las Vegas? A giant casino, where (unlike in real gambling casinos) the bets are guaranteed by the government, so almost everybody is gambling because one can never lose, the gains are privatized, and the losses nationalized. How it was possible to gamble for so long without serious consequences? In his search for answers to these questions, Zsolt Gál in his book examines the causes of the last financial crisis He offers a detailed view on the incentives of various actors, showing that gambling from Main Street to Wall Street was rather a rational strategy as the consequence of pervasive systemic motivations. One should change the system challenging these motivations to prevent history from repeating itself.


Saturday, April 14, 2012

Politologica Actualis, Ročník I.


Texty pôvodne vyšli v sérii Pracovné zošity Katedry politológie FiF UK, ktorá prináša priebežné výsledky výskumu zamestnancov, doktorandov a študentov katedry. 
© Univerzita Komenského  v Bratislave, 2011

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Slovensko ako nový členský štát EÚ: Výzva z periférie?


Kniha Dariny Malovej, Erika Láštica a Mareka Rybářa analyzuje politické inštitúcie a politických aktérov na Slovensku a ich reakcie na meniace sa prostredie po vstupe Slovenska do Európskej únie.

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V rukách politických strán: Referendum na Slovensku 1993-2010



Kniha Erika Láštica analyzuje históriu referenda na Slovensku od roku 1993 a spôsob, akým ho využívali politické strany. 


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 "Tento národ si žiada, aby referendum bolo a bude niesť túto ťarchu na svojich bedrách." 
J.Ľupták, poslanec a predseda ZRS, 36. schôdza NR SR, august 1994
"Ak by však referendum nebolo úspešné, HZDS nebude cítiť za stratu finančných prostriedkov, ktoré si vyžiada, zodpovednosť. Za referendum zodpovedajú v prvom rade občania, ich problém, keď neprídu. Potom nech si nesťažujú". 
O. Keltošová, poslankyňa HZDS o referende, ktoré iniciovalo jej hnutie, jún 2000
Zmenu jednotlivých ustanovení ústavy priamo rozhodnutím občanov v referende naša ústava neumožňuje a niet pre takéto riešenie ani historického precedensu a ani obdoby v iných demokratických krajinách”. 
K. Tóthová, podpredsedníčka vlády SR pre legislatívu, SME, máj 1997
 "(A) referendom sa môže meniť aj ústava, vážení. ...Teda je veľkým omylom tvrdiť,..., že referendum nie je zákonodarná moc. To je zákonodarná moc ľudu- najdemokratickejšia.... Ak by sme totiž nepripustili, že referendom môžeme meniť ústavu, vážené národné zhromaždenie, tak sa odchýlime od celoeurópskej zvyklosti.“ 
K. Tóthová, poslankyňa HZDS, 32. schôdzi NR SR, jún 1994
Ak pripúšťate, že ústavu možno meniť referendom, tak sa obávam, že sa posúvame na klzkú pôdu. To som ešte nepočul, aby referendom sa mohla meniť ústava. Ako to môže jeden právnik pripustiť? To je skutočne hodné Nobelovej ceny za právo.“  
F. Mikloško, poslanec KDH a neskorší propagátor referenda o priamej voľbe prezidenta v priamej reakcii na vystúpenie K. Tóthovej,  32. schôdzi NR SR, jún 1994

From Listening to Action? New Member States in the European Union


A book From Listening to Action? New Member States in the European Union by Darina Malová et.al. is a result of the research project “New member states’ strategies in the EU: striking a new balance between intergovernmental and supranational decision-making?”. The project was conducted from January 2007 to June 2010) and supported by the Slovak Research and Development Agency under the contract No.APVV-0660-06.
Content
Chapter 1: Introduction; Chapter 2:Domestic Politics and National Preferences in the European Union; Chapter 3: A Fairy Tale with Happy Ending? The New Member States and the Eurozone Entry; Chapter 4: Security First: Energy Policy in the New Member States of the European Union; Chapter 5: Foreign and Security Policy Preferences; Chapter 6: Can‘t Have it Both Ways? Administrative Capacity of New Member States in European Affairs; Chapter 7: Conclusion: Political Culture and Style in the New Member States