Artykuły w czasopismach na temat „Privately placed securities”

AbstractThe market of a successful financial centre must be efficient, orderly, and fair, which requires that investor protection rules be enforced effectively. While a substantial literature exists promoting privately driven enforcement of investor protection rules, there is a growing consensus that enforcement action by public bodies is likely to be more important for most markets than privately initiated litigation. Hong Kong exemplifies this point. In Hong Kong, public authorities carry almost the entire burden of enforcing corporate and securities laws. Yet Hong Kong functions at a high level of quality globally despite operating a market in which most companies are foreign-incorporated—often originating from jurisdictions with reputations for governance that are middling at best—and trading takes place in multiple currencies. To revisit the debate on the determinants of effective corporate and securities law enforcement, this paper evaluates the enforcement of investor protection laws in Hong Kong. The paper first examines the institutional context, presenting key corporate and securities regulation and explaining avenues for private and public actions. It looks at the powers and competencies of the relevant supervisory authorities, including the stock exchange, which has a quasi-public role in regulating the market. Then, using publicly available data supplemented through interviews with agency staff, the paper presents Hong Kong’s enforcement “inputs” (funding and staffing) and “outputs” (actions and sanctions) for the main public enforcers. We find evidence that the Hong Kong public enforcement model effectively disciplines even its dangerous environment of foreign companies, controlling shareholders, and complex, international groups, and might be able better to do so exactly because of a focus on public, rather than private, enforcement.

This article examines the « going private » phenomenon as it has developed in the United States and Canada over the past few years as well as its implications for Quebec law. « Going private » transactions involve different means of corporate reorganization that allow a few controlling shareholders to eliminate, without adequate compensation, most other shareholders from further participation in a corporate body. Such transactions are of interest to those who study company law or securities law as the methods employed often go beyond the spirit of both. The author attempts to demonstrate the role each can play in preventing abuses of minority rights. Corporate law, while ensuring majority rule, seeks to protect individual shareholders while securities law has developed to avoid the manipulation of individual shareholders in transactions involving securities. The author believes that « going private » should take place only if full disclosure of the aims of the controlling group have been given to the minority, if there is a valid business purpose for going private and if the eliminated shareholders are treated fairly. Examples of these criteria are to be found in recent American, Canadian and Quebec jurisprudence as well as in the policy statements of the Securities Exchange Commission and the Ontario Securities Commission. These are analysed in relation to present Quebec law. The author suggests that the Quebec Securities Commission should adopt a policy statement on « going private » similar to that of the OSC. This would be a better means of ensuring that the Quebec Securities Commission fulfill its role of promoting investor protection and an efficient securities market.

Purpose – To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of fund assets to pay for the manager’s operating expenses. Design/methodology/approach – Explains the major takeaways from the settled case, and places them in the context of prior administrative proceedings and public statements from SEC staff. Findings – This case is the latest example of the SEC taking action against a private fund manager related to the improper deduction or allocation of expenses, and related disclosure lapses, and further cases are expected in the future. Practical implications – Private fund managers should examine their practices involving the reimbursement and allocation of expenses and related disclosures to fund investors. Originality/value – Practical guidance and explanation from experienced securities regulatory lawyers.

Listing rules have always played a significant role in corporate regulation by controlling the manner in which companies raise capital through the issue of securities and the subsequent trading of those securities between investors. The regulatory role of listing rules can be characterised as the top-tier in a system of regulation for listed companies in which the lower tiers are represented by securities law and general corporate law. Company law represents the bottom tier of regulation as it applies to all companies, albeit with some distinctions made between public and private companies. While company law does contain a substantial body of rules which are subject to change by share-holders (‘default rules’), it also contains a core of mandatory rules (not subject to change by shareholders) which are regulatory in their nature.

The article sums up a review of theoretical approaches to the interpretation of economic categories “securities market” and “stock market” and a chronological analysis of the stock market development in independent Ukraine. It is shown that two general approaches to the interpretation of the above categories exist, legislative and scientific. The latter one can, in turn, be subdivided into narrower approaches: segment approach, with securities market treated as a part of the capital market or financial market; functional approach, with securities market seen as a floor for sales and purchase of securities; normative approach, with securities market addressed as a sophisticated mechanism used to set legal and economic relations between business entities; logical approach, with securities market considered as a set of transaction mechanisms. The authors’ definition of the securities market is proposed: a segment of the financial market, on which interactions between various market actors take place, related with issuance, purchase and sales of securities that have value, circulate freely and certify the relations of co-ownership or lending, with the purpose of effective distribution and rational allocation of financial resources in the socio-economic area of a country with due account for the society’s interests and needs. The authors’ chronology of the securities market development in Ukraine is proposed, in which six phases are distinguished. The first phase is “reappearance” (1990). The second phase is “formation” (1991–1994), falling upon radical market-driven transformation in the Ukrainian economy. The third phase is “development” (1995–1999): search of the effective owners on the boosting market, setting up a system for control over sales and purchase of securities, creation of investment funds, financial and industrial companies and private pension funds. The fourth phase is “improvement” (2000–2002): creating a system for information support for circulation of securities issued in non-documentary form, and computer software for operating the State registers. The fifth phase is “recovery” (2003–2006): gradual decline of crisis tendencies in the economy along with the recover at the securities market. The sixth phase is “financial globalization” (from 2007 and on). This approach enables to investigate the securities market dynamics over 1991–2018 and give detailed descriptions of each phase with emphasis on core historic event in each.

Since the empowerment of the Securities and Exchange Board of India (SEBI) through an Act of Parliament in 1992, SEBI has come up with a number of initiatives aimed at regulating and developing the Indian securities market and improving its safety and efficiency. These initiatives have made an impact on nearly every aspect of the market. Some of those initiatives have transformed the market fundamentally. Particularly noteworthy is the growth in the following: Market capitalization Number of listed firms Trading volumes and turnover both in the spot and futures markets. There is a growing network of financial intermediaries that operate in a highly competitive environment while being governed by a tight set of norms. India has one of the most sophisticated new equity issuance markets. Disclosure requirements and the accounting policies followed by listed companies for producing financial information are comparable to the best regimes in the world. The Indian securities market is among the safest and the most efficient trading destinations internationally. The Indian corporate governance code is compared to the Sarbanes Oxley Act of the USA. India has one of the fastest growing and well-developed asset management businesses in the world, with state-owned as well as private sector players. That said, the Indian market is often hostage to some scam or the other from time to time. Effective enforcement of compliance is cited as one of the reasons for these unsavoury episodes. The role that SEBI's initiatives have played in bringing about this transformation of the market has not been researched comprehensively so far. Literature that has analysed the efficiency and the design of the Indian securities market has examined the role of certain specific regulatory provisions on the functioning of the securities market. So also the various annual reports of SEBI discuss the regulatory and other institutional developments that took place during the year under review. However, no attempt seems to have been made to take stock of all the various initiatives of SEBI so far and assess its impact on the activity in the securities market. This paper identifies some of the major interventions of SEBI relating to each of these aspects of the market and critically examines the economic consequences of the same. Such a stock-taking will enable a well-rounded and objective review of SEBI's performance. It is also likely to suggest interesting areas for further research.

John Moody published his first railroad security analysis and ratings manual in April 1909. This study analyzes several current issues by looking back at Moody's original intentions for constructing a ratings system. The study analyzes whether Moody intended his ratings to reflect his private information, or rather, to serve some alternative role, as with monitoring conflicts of interests or realizing informational economies of scale. The study uses an ordinal regression approach to evaluate a set of explanatory variables, constructed from both the manual itself and the panic months of 1907, to test the potential information content of Moody's ratings. At the time of Moody's first rating system, the illiquidity of the US Treasury market forced investors to seek alternative ‘high-quality’ securities. Indeed, Moody rated 38.94 percent of railroad bonds as Aaa, and rated 85.25 percent of railroad bonds as A, Aa or Aaa in his universe of railroad bonds rated. To further test the informational content of Moody's ratings, the study pursues a structural default analysis during the panic year of 1907, which yields results that indicate that the default risk of railroad securities was quite low at the time. These results provide justification for the high overall ratings that Moody assigned to railroad securities, and thus their role as near risk-free securities. Therefore, railroad securities, and Moody's ratings, played a particularly important role in the financial system at the time.

The purpose of the study is to substantiate the need to determine the essence and place of the public debt market in the financial market. Achievement is ensured by the implementation of tasks: systematization of views of domestic and foreign scientists on the essence of the place of public debt in the classification system of financial market segments; study of the structure of the financial market in terms of segments that ensure the implementation of debt financing of public debts; development of a theoretical approach to the structure of the public debt market. The article considers and systematizes the views of scientists concerning the place of the state morgue market in the financial market. The article substantiates the need to supplement the classification features for financial market segmentation in terms of complementing the target of market participants and identifying segments: the market for attracting financial resources to cover the state budget deficit (public debt market); the market for attracting financial resources to increase private capital. The concept of the public debt market is defined and its structure is proposed in general and detailed form. In general, the structure of the public debt market covers the debt securities market and the external credit market. The government debt securities market is a segment of the securities market, which in turn can also be classified. The same can be said about the external segment of the credit market. However, if the government debt securities market is fully owned by the public debt market, then the external segment of the credit market is only partially owned. The detailed structure of the public debt market is also presented. Conclusions are drawn and the directions of further scientific research in this direction are indicated.

This article is devoted to analysis of the pledge law regulation in the Civil Code of the Czech Republic. The Civil Code was adopted within a private law reform. The author addresses the fact of renouncing dualistic system of private law. The notion of pledge in Czech law is discussed. The article places special emphasis on the evaluation of the pledge agreement’s position in the pledge relationships together with correlation of the contract and law’s state in course of pledge agreement negotiation. Requirements to the form of contract and its content depending on a pledged assets are esteemed. The article also includes comment on the Czech law approach to the registration of the pledge titles and security interests. The articles of the newly adopted Civil Code are compared with prior legal regulation in the Czech Republic. The author focuses on characteristics of special types of pledge such as pledge of shares, securities, account of paperless securities’ owner, rights in action and special property. The procedure for levying execution is examined in the article in combination of analysis of the role of parties’ declaration of intent in a process of selection of assets disposal method. There are such methods as public sale and enforced sale. Both methods’ procedures are regulated by special laws. The article gives priority of claims in case of asset disposal which is stipulated by the Civil Code.

The judge-made presumption against extraterritoriality has recently become a motley patchwork of eccentric and sometimes contradictory doctrines seemingly stitched together for one, and only one, mission: to deprive plaintiffs the right to sue in U.S. courts for harms suffered abroad. It lumbers along, blithely squashing precedent, principle, statutory text, and legislative intent—all to heed its abiding and single-minded obsession. The Supreme Court has so far mangled the scope of the Securities Exchange Act and the Alien Tort Statute (ATS), and, in RJR Nabisco v. European Community, has placed another statute—The Racketeer Influenced and Corrupt Organizations Act (RICO)—on the chopping block. The major surgery performed was amputating RICO’s private right of action for extraterritorial offenses and replacing it with a much stubbier appendage limited to injuries suffered on U.S. territory.

This study investigates how litigation against an audit firm affects the market value of its publicly traded clients. We examine the impact of private litigation alleging audit failure on the audit firm's clients not involved in the lawsuit. Our results indicate that clients not involved in the litigation experience significant negative returns at the announcement of litigation against their audit firm. These results suggest that the market interprets litigation against an audit firm as a signal of decreased audit quality and that the market places a value on audit quality when pricing a firm's securities. The results are also consistent with an audit insurance explanation, which views the audit firm as a source of potential financial indemnification to investors and predicts that damage to the auditor's underwriting ability will be reflected in reduced securities prices for the firm's clients. When the analysis was restricted to companies in the same industry where the alleged audit failure occurred, the market response is significantly more negative when the audit firm is considered a specialist in that industry than when the audit firm is not a specialist. Finally, the market response is weaker later in the sample period, consistent with the findings of prior research that the frequency of nonmeritorious suits has increased over time.

Purpose – To explain the first enforcement action the USA Securities and Exchange Commission (SEC) has brought under “pay to play” rules for investment advisers since those rules were adopted nearly four years ago. Design/methodology/approach – First, the article provides a summary of the SEC enforcement action against TL Ventures Inc., a Philadelphia-area private equity firm. Next, the article provides a historical context and some key provisions of the rules. Finally, the article provides political contribution policy and procedure recommendations. Findings – Political corruption in the municipal market has been a focus of the SEC for several years and is likely to continue to be a top priority. Investment advisers should ensure they have sufficient policies and procedures in place to avoid a two-year ban on business with a state or local government as the result of a political contribution. Originality/value – The article provides the facts underlying the SEC’s enforcement action, the historical context of municipal market pay-to-play rules, a summary of the pay-to-play prohibitions, and recommendations for avoiding rule violations. The article would be of interest to investment advisers, public pension plans, municipal securities underwriters, brokers, and dealers as well as state and local governments.

Abstract What role could unconventional monetary policy – and particularly unconventional policies like private asset purchases under a quantitative easing or lender of last resort scheme – play in influencing economic growth directly? A wide literature in economics explores the pros and cons of using these policies. However, most studies also point to the uncertain and antagonistic legal basis for such purchases. In this paper, we show how the statutory mandate for nominal GDP targeting could best put in place the legal foundations for such asset purchases. We review the legislative and regulatory bases for private securities purchases made by central banks in a sample of countries. We discuss – if legislators and policymakers wanted to – how they might introduce clearer mandates to make such purchases into their public law. We finally show how legal authorizations for GDP targeting might (and probably should) provide for such authorisations. Our discussion sheds light on the fascinating and almost completely ignored area of public law, namely central bank law.

Interest in the growth of tradeable securities in early modern Britain, especially its relationship to economic development and the funding of government debt, has centered mainly on the borrower – whether it be trading company, industrial enterprise, or the state. This article directs attention to the investor, using Charity Commission Reports for England and Wales that document a dramatic mid-eighteenth-century shift by donors and trustees from investments in real estate and rent charges to perpetual government annuities, mainly 3 percent Consols. The heavy investment in this public debt product is what ultimately prompted the creation of the London Stock Exchange in 1801.In analyzing this shift, which occurred among the propertied in all regions of the nation, not just the metropolis or among corporate entities and the mercantile community, I consider both what made the annuities increasingly attractive for charitable trusts and the alternatives – real estate and private loans secured by mortgage or other means – more problematic. Legal changes, I argue, played a role in the transformation, especially the Charitable Uses Act of 1736, which made charitable devises of real estate very difficult and probably resulted in reduced investment in human capital and less wealth redistribution. Regions varied, however, in the degree to which they switched from real estate in the latter part of the eighteenth century; they also differed in the extent to which the switch resulted in more gifts of interest-bearing loans as well.Admittedly, the changes documented in this article concern only one type of depository for assets, charitable trusts. The appeal of these annuities, however, could extend to investments needed for other purposes such as postmortem payments to dependents. Moreover, the fall-off in demand for real estate in trusts correlates with GDP estimates showing a steady decline in income from real assets after 1755 and what some have noted in this period as a puzzle – the lack of an increased rate of return on rents and private loans at a time of robust investment in government debt. Most importantly, though, the transition demonstrates the ability of the government to induce a broad spectrum of the propertied population to invest in securities, if the vehicle they offered had the right characteristics, which were not necessarily highest yield or liquidity without loss in value.

Purpose – Describe an important recent enforcement action by the Securities and Exchange Commission (SEC) regarding expense allocations by private equity funds. Design/methodology/approach – Discusses a recent enforcement action by the SEC regarding a registered investment adviser’s handling of expense allocation with respect to two private fund clients and certain of their underlying portfolio companies. Findings – The settlement and sanctions are noteworthy because: (i) there was no suggestion that the misallocations of expenses were designed to systematically favor one private fund client over the other, that the manager benefited from such misallocations, or that the failure to allocate expenses in accordance with the policy had been deliberate and (ii) while not stated explicitly, it appears likely that a significant portion of the disgorgement related to misallocations that occurred before the manager was a registered investment adviser. Practical implications – Registered investment advisers should ensure that they and their portfolio companies have written policies in place designed to fairly allocate all expenses among all entities that benefit from the activities driving such expenses and that none of the sponsor’s clients are directly or indirectly benefited or harmed from allocation policies at the portfolio company level. Originality/value – Description of a noteworthy SEC enforcement action regarding expense allocation and practical guidance from investment management lawyers to remind private equity sponsors to ensure that they have adopted and implemented expense allocation policies.

This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.

Collateral requirements that lenders place on small cotton producers can lead to risk rationing and to farmers’ dependence on downstream parties. This paper presents a cotton fund that consists of a set of contracts – credit, insurance, warrant and forward – that enables producers to tackle specific agricultural risks and gain access to market finance. These financial contracts proved to be successful at guaranteeing the fund as issuer of state-contingent debt securities in the capital markets. The fund, as an intermediary, lent to cooperatives to help finance small cotton producers in northern Argentina. The paper explains the experimental design of this innovative fund and presents a potential alternative to government intervention by moving away from ex post subsidies for small producers and, instead, facilitating ex ante private credit. The paper contributes to the literature on rural financial intermediation by designing a new mechanism to raise funds coming from relatively uninformed investors and creating collateral substitutes through delegated monitoring to overcome asymmetric information and limited commitment.

Since 1990, both the U.S. and Germany have substantially reformed their corporate governance regimes as part of an emerging paradigm of international finance capitalism increasingly dependent on securities markets and private shareholding. Corporate governance reform and the emergence of finance capitalism, however, present a double paradox. First, the development of financial markets and the increasing importance of market relations, often linked to the diminution of state power, have been accompanied by a substantial and ongoing expansion of law and regulatory capacity into the private sphere to boost shareholder protections. Second, center-left parties in both countries took advantage of economic crises to press for pro-shareholder reforms against center-right opposition allied with managerial elites. This article explains these developments by analyzing reform processes in United States and Germany over the past decade. It argues that changing economic conditions empowered reformist state actors, and that they have played a central and largely autonomous role in driving the substantial institutional change underway in contemporary capitalism. The analysis also suggests that political conflict over corporate governance is likely to intensify, on the right and the left, as it impinges on the basic allocation of power within corporations and thus the political economy.

Abstract Recent research in economic history has found that mortgage debt in relation to GDP has taken off in the historical long run (“great mortgaging”), as growing banking assets have been redirected into mortgage credit. This paper maps the parallel long-run investment history of private (life) insurance as the much overlooked second pillar of the financial system. Drawing on in-depth studies of the US and Germany, it finds that a “great de-mortgaging” took place in insurers’ portfolios, with mortgages falling from up to 90 percent in the 19th century to below 5 percent today in favor of fixed-income securities. A parallel shift to secondary mortgage bonds has hardly offset this decline, while direct real estate remained largely a residual investment class. Banks’ great mortgaging is thus partly an institutional substitution effect. The paper sees insurers’ asset shift itself as mainly driven by long-run changes in capital demand and competition with banks and pension funds. It extends these findings to other long-term institutional investors and other OECD countries in the historical long run.

Introduction. Financial cooperation of the state with subjects of entrepreneurial activity is carried out with the help of appropriate tools that contribute to the creation of a favorable investment environment for the implementation of socially important infrastructure projects. At the same time, an important place is occupied by debt financial instruments, which make it possible to ensure the fulfillment of obligations undertaken by partners. The purpose of the paper is to highlight domestic and foreign practice and issues of using debt financial instruments in the process of implementing public-private partnership projects. Results. The results of the study show that when financing public-private partnership projects, partnership participants seek to attract cheap and long-term debt financial instruments. Therefore, the most accessible and profitable financial instrument used in the process of financing public-private partnership projects are bank credit resources. However, small banks do not have the ability to independently finance these projects. In such a case, an effective tool is syndicated lending, the participants of which can become not only large banks, but also small ones with a different share of lending. It was established that an alternative to bank lending is the issuance of debt securities - infrastructure bonds, the use of which makes it possible to reduce the burden on budgets of various levels and attract extra-budgetary sources of financial resources. Conclusion. Effectiveness of using debt financial instruments needs to solve problems on the debt capital market, in particular regarding the legislative regulation of their formation, circulation and use in the sphere of public-private partnership, ensuring investment attractiveness, transparency and openness. Prospects for further research in this direction are the search for ways to improve the financial tools for the development of public-private partnerships, taking into account the best achievements of world experience.

Purpose The transmission of monetary policy rates to lending rates is viewed as a crucial path of monetary policy. As an integral part of the financial system and the recent financial crisis, securitized assets have the potential to affect the interest rate pass-through process and monetary policy effectiveness. This paper aims to investigate the influence of securitization on the transmission of policy rate changes to lending rates and how rate transmission has changed since the recent financial crisis. Emphasis is placed on differences among the mortgage, consumer credit and business loan securitization markets and between agency and private-label securitization transactions. Design/methodology/approach The empirical framework is an error-correction model augmented to directly measure the influence of securitization. Monetary policy effectiveness is measured by the size and speed of transmitted policy rate changes to lending rates. An efficiency measure of relative adjustment accounts for differences in the size of long-run responses across loan markets and changes in efficiency from securitization within loan markets. Findings The size and speed of interest rate pass-through tend to increase with securitization. Liquidity, capital relief and funding from securitization help to make lending rates more responsive. Increases in pass-through with securitization are less in the consumer credit and business loan markets after the recent financial crisis relative to before the crisis. In contrast, mortgage markets tend to have larger pass-through after the financial crisis. Differences in rate transmission after the recent financial crisis point to the role on nonbanks in consumer credit and business loans and asset purchase programs of the Federal Reserve in mortgage markets. Securitization tends to make the adjustment process more efficient, and gains in efficiency from securitization are larger after the financial crisis. Originality/value A key contribution of the study differentiates securitization across markets and types to determine the effects on the interest rate pass-through process. The results show that increases in the efficiency of the adjustment process from securitization tend to be greater in mortgage markets and for all private-label securitized assets. These findings have implications for proposed government-sponsored entity (GSE) reform to reduce the role of GSEs in the housing market, promote private-label mortgage credit and strengthen securitization deals.

This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.

Cryptocurrency is gaining popularity worldwide, with some countries already starting to regulate and accept cryptocurrency in their financial services. Malaysia’s Securities Commission (SC) announced in October 2021 that over MYR 16 billion (USD 3.85 billion) involving digital assets and cryptocurrencies were traded between August 2020 and September 2021. Since cryptocurrencies are issued by private corporations and are technically beyond the federal government’s control, criminals may use them for illegal reasons such as money laundering and terrorist funding. Consequently, it is vital to examine why investors are engaged in cryptocurrency in the first place. This study aims to provide insight into Malaysian investors’ perceptions by evaluating the influence of perceived risk and perceived value on their cryptocurrency adoption decision. The retail investors’ demographic characteristics (gender, age, education, income, and investment experience) were analyzed as control variables. Data were gathered using purposive sampling, and responses from 211 respondents from various cities in Malaysia were used in the final analysis. Data were examined using Smart PLS Structural Equation Modelling (PLS-SEM). Based on the finding’s, perceived value was found to have a significant influence on cryptocurrency adoption. Meanwhile, perceived risk had no significant influence on the adoption of cryptocurrency among the Malaysian investors.

This paper examines the interplay between leading international and American accounting authorities over the span of a critical four-year period, 2001–2005. Historically, US regulators and private-sector accounting institutions have taken a cautious approach to International Financial Reporting Standards (IFRSs), citing the superior rigor and overall quality of their own Generally Accepted Accounting Principles (GAAP). During the past four years, however, the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have each become markedly receptive to the International Accounting Standards Board's (IASB) efforts to harmonize accounting standards worldwide based on IFRSs. Why? This paper offers an explanation that highlights the role of the high-profile American corporate scandals (2001–2002) in precipitating a shift in US accounting authorities' views of the optimal form of accounting rules, an issue that has stood in the way of trans-Atlantic accounting standard convergence. Prior to the accounting scandals, the highly-detailed rules that are characteristic of US GAAP were widely seen to be the most effective form of accounting rule. Since 2002, a normative shift has taken place such that the SEC now endorses objectives-oriented rules that are conceptually aligned with the principles-based standards promulgated by the IASB. The analysis is framed by insights from contemporary International Relations theory which emphasize the influence of scope conditions on patterns of governance.

The article is devoted to the current state and prospects of further legislative regulation in Ukraine of the legal status of cryptocurrency (cryptoassets), primarily in terms of the need to clearly define its place in the system of objects of civil rights. The author emphasizes on the current uncertainty at the national and international level about the legal nature of cryptocurrency that causes gaps in the legal regulation of this phenomenon, which on the one hand allows its free and accelerated development, but on the other - creates significant legal risks for participants of the relevant legal relationships. Based on the comparative legal analysis of the approaches of different countries to the qualification of the legal essence of cryptocurrency, as well as the analysis of the Laws of Ukraine "On Prevention of Corruption", "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing Terrorism and Financing Spread of the Weapon of Mass Destruction”, the draft Law of Ukraine“ On Virtual Assets ”№3637 of 11.06.2020 adopted as a basis and prepared for the second reading by the Parliament and opinions of national regulators of financial market and securities market the author considers as a debatable approach of Ukrainian authorities to regulation circulation of virtual assets and, in particular, such their type as a cryptocurrency, as an intangible asset (other intangible goods). There is a contradiction of such a qualification in terms of traditional features of intangible assets (pronounced personal nature, the impossibility of the existence of such goods in isolation from the subject of law without his consent, lack of property and economic content) and the economic purpose of cryptocurrency as a mean of payment. In this regard, the author concludes that there should be an expediency of classifying this object of civil rights as a special (private) form of money, for which he proposes to carry out a more detailed civil law classification with a division into fiat (cash, non-cash, digital) and private (cryptocurrencies and electronic money).

Purpose The purpose of this paper is to answer one important question: in the aftermath of a systemic banking crisis, can the expected deviations in credit supply, liquidity, and other bank characteristics become entrenched in that they do not converge back to “normal”? Design/methodology/approach Using a panel data set of commercial banks in the Mercosur during the period 1990-2006, the authors analyze the impact of crises on four sets of financial indicators of bank behavior and outcomes – profitability, maturity preference, credit supply, and risk taking. The authors employ convergence methodology – which is often used in the growth literature – to identify the evolution of bank behavior in the region after crises. Findings A key finding of the paper is that bank risk-taking behavior is significantly modified leading to prolonged reduction of intermediation to the private sector in favor of less risky government securities and preference for high levels excess liquidity well after the crisis. This can be attributed to the role played by macroeconomic and institutional volatility that has nurtured a relatively high level of risk aversion in banks in the Mercosur. Originality/value To the best of the authors’ knowledge, using convergence methodology is a relatively novel approach in this area. An added advantage of using this approach over others currently used in the literature is that the authors can empirically quantify the rate of convergence and the institutional and macroeconomic factors that condition the convergence. Moreover, the methodology allows one to identify – in some hierarchical order – factors that condition persistent deviation from “normality.” The lessons learned from the Mercosur case study are useful for countries that suffered systemic banking crises in the aftermath of the global financial crisis.

The article focuses on the financial results of Ukrainian banks with the participation of the state in capital for 2021. The authors analyze the contribution of each bank with state participation in the capital to the overall result of the banking system, as well as their share in the markets of deposits, loans, securities. The authors present calculations that compare the results of activities with 2020, as well as the results of twenty banks of foreign financial groups and banks with private capital. The comparative dynamics of the indicators of the main markets of active and passive banking operations for the period 2008 - 2021 is calculated. In a tense external economic situation, the authors propose approaches to the strategic direction of development of public sector banks and ways to increase their impact on the overall security of money circulation in the country in the event of a special period. The calculations that allow specialists to compare the financial results, the role and place of each bank with state participation with foreign financial groups banks and banks with private capital. The dynamics of changes in the resource base of banks at the expense of legal entities and individuals, as well as the dynamics of credit and investment portfolios of legal entities and individuals are presented. Proposals for the organization of bank management control, where the state is a shareholder, are provided, and independent supervisory boards of banks are formed. The main macroeconomic trends that influenced the development of banks in 2021 are considered. The importance of resuming the Government's cooperation with the International Monetary Fund in 2021, as well as the importance of implementing the strategy of development of banks with participation of the state in capital in order to increase the capitalization of this sector and attract foreign capital to direct investment in the banking sector is stressed. The article provides an opportunity for potential investors in the Ukrainian banking market to assess the attractiveness of working in Ukraine, taking into account the results of two dozen foreign financial groups that have been in business for more than twenty years.

The first part deals with the financial background to the economy. The switch from an agricultural economy to one where, since 1974, oil has taken centre stage, has been dramatic. A country traumatised by civil war has left deep scars, as a result the oil boom of the 1970’s was not taken full advantage of—wastage and misallocation of revenues were characteristic of the 1970’s and 80’s. Despite this, there has been some improvement in the infrastructure as a result of public spending. The second part looks at the role of the stockbroker. As professional advisors, stockbrokers are expected to have a good understanding of the financial market. Sadly the advice that some gave to private investors was not always sound. A particular example was when a third of the sample advised their clients to borrow money for share purchase at a time when interest rates were particularly high. It is interesting to note that in spite of their strong support for deregulation of the stock market, the majority (74.1%) expressed satisfaction with the Nigerian Securities and Exchange Commission (NSEC). The authors expected the financial press to be the most important source of financial information, instead company reports took first place, possibly reflecting a lack of confidence in press reporting. 62% of the stockbrokers were ignorant of the fact that a company may declare profit even when its cashflow position is in deficit, and 22% had the misconception that listed companies were always profitable. Unlike the UK and the USA there is yet to emerge a market risk service, hence the stockbrokers have to rely on their own perceptions of market risk, and the results show that

The substantive features of the foresight methodology as a means to implement sustainable economic management are revealed, the basic formats and algorithm for the organization of financing of sustainable economic management on the basis of foresight approach are outlined. Emphasis is placed on the need to update the methodology for managing the sustainable development of economic systems using the foresight approach. Foresight design is identified as an effective tool for proactive management of economic systems, which creates opportunities for the formation of financial and logistical chain of funding the projects that involve natural resources in economic circulation, taking into account key competencies and smart specialization of various spatial entities with the participation of key economic process stakeholders - government, business and population. Creating funds for sustainable development financing is proven expedient, three main formats of their functioning are proposed: budget - focused on the target of professional financial planning of budget expenditures for the future, taking into account foresight strategy; service - related to the target functions of public-private partnership and involvement of business structures and their resources in the implementation of foresight; project - aimed at the formation of balanced, from the standpoint of liquidity, profitability and capital structure of investment proposals, secured, in turn, by income from foresight projects. The structural scheme of step-by-step interaction of economic process stakeholders in the organization of sustainable financing of foresight in a platform format is proposed. The basic stages of financing the foresight project of sustainable development are outlined, including the stage of investment, when the public sector and business structures enter into agreement on partnership in the investment project; the issue stage when a special legal entity SPV with the participation of an independent rating agency and under the supervision of a state regulator issues and sells on the stock market securities secured by future income from the project; the stage of refinancing the project by SPV company for its completion or operation or modernization and settlement with investors and originators on the issued financial obligations, etc.

Purpose – The purpose of this paper is to examine the basis of the complaints against banks which sold private label securities to Fannie Mae and Freddie Mac before the financial crisis. The examination shows that all but one of the cases was settled out of court. Nomura and RBS went to court, but the case against them was based on dubious evidence and on strict liability which only enabled the judge to set aside relevant evidence. The Securities and Exchange Commission’s evidence against senior executives of Fannie and Freddie shows that they deliberately purchased PLSs based on subprime loans to meet the government’s housing targets. Design/methodology/approach – The research was based on publicly available documents, including details of the Federal Housing Finance Agency’s (FHFA) complaints against the banks in question, the settlement agreements published by the DoJ, FHFA and SEC. Furthermore, it includes documentary evidence from the Financial Crisis Inquiry Committee and Senate Committees, the full transcript of the trial, opinions of the judge for the trial and the judgement. Findings – The findings are that many have concluded that settlements out of court fail to satisfy the demand for justice. They have been criticised as a trade-off between the prosecutor and the bank, with a view that the imposition of large fines is to pay back taxpayers’ money spent on rescuing the banks, rather than punishing those responsible. Such fines do little, if anything, to change the behaviour of banks. As a result, the Department of Justice issued a memorandum on 9 September to focus on individual accountability for corporate wrongdoing. It remains to be seen how many cases against senior executives will result from the change in direction. Research limitations/implications – The implications of the research are that it is important even in the aftermath of such a serious if not devastating financial crisis to ensure that the laws are properly applied and can stand up to any challenge that it has been stretched to obtain the results the administration of the day wants to see. In addition, care must be taken over both the imposition of large fines and the use to which the monies should be put. All the parties involved in bringing about the crisis should be held to account. The major cases against the banks have almost all been “resolved”. A change in direction has now taken place. Practical implications – The practical implications of holding individuals to account should now be tackled. It requires a careful examination of the laws and regulations already in place to ensure that it is clear within a bank as to who is responsible for what. It will only be possible to hold senior individuals to account if the laws are clear and if all the evidence is not hidden. It may also require a review of the contracts under which senior executives are employed, because to remove a person from his post and then find that he still has a large pension pot and bonuses due may not result in justice either. A delicate balancing act is required because banks require highly competent and motivated individuals to run them. Social implications – If a very large fine is imposed on a bank, the shareholders and customers pay. The shareholders will mostly own the shares through their pensions and their savings in mutual funds. Originality/value – There have been few studies of all the cases against the banks brought by the DoJ and FHFA and still fewer have recognized the fact that government housing policy was the source of the extent of the subprime mortgages.

Largely because of the Supreme Court’s 1975 decision in Withrow v. Larkin, the accepted view for decades has been that a federal administrative agency does not violate the Due Process Clause by combining the functions of investigating, charging, and then resolving allegations that a person violated the law. Many federal agencies have this structure, such as the Securities and Exchange Commission (SEC) and the Federal Trade Commission. In 2016, the Supreme Court decided Williams v. Pennsylvania, a judicial disqualification case that, without addressing administrative agencies, nonetheless raises a substantial question about one aspect of the combination of functions at agencies. The Court held that due process prevented a judge from sitting in a case in which he had participated as district attorney years earlier. The operative principle for the decision was that “the Court has determined that an unconstitutional potential for bias exists when the same person serves as both accuser and adjudicator in a case.” This Article concludes that the reasoning of Williams should supersede Withrow on the need to disqualify a specific commissioner or agency head from participating in a particular adjudication if the agency official played a meaningful role, such as voting to approve enforcement charges, in the process leading to the agency’s initiation of proceedings against the defendant. Voting to approve enforcement charges would be a meaningful role. The due process cases do not permit a compromise on the high standards of impartiality demanded of a final agency decision maker in an adjudication to determine whether a private party committed a violation of law. That reading of Williams threatens to unsettle standard practices at various agencies, but a closer look at the procedures of the SEC shows that it would be able to accommodate the rule in Williams yet retain the combination of charging and adjudicating at the Commission level. Because of turnover of Commissioners and quorum rules, the SEC could continue to have the agency leaders bring enforcement cases and review nearly all administrative law judge decisions while disqualifying individual Commissioners under Williams when necessary.

The article contains the results of the analysis of the investment behaviour of Ukrainian households in the crisis caused by external armed aggression. The financial potential of Ukrainian households in the pre-war period was assessed, and it was concluded that the expenses of most of the population were directed to the consumer rather than investment purposes. It was found that the investment potential of households was directed, first, to the purchase of currency, real estate, and deposits, as well as to risky crypto-currency assets, the active use of which Ukraine is one of the world leaders, instead of public investments in securities and other financial instruments remain extremely limited. The choice of the population of Ukraine in favour of investments in currency, real estate, deposits, and government bonds is currently quite rational since investments in private instruments of the local capital market (both directly and through pension funds and mutual investment institutions) do not provide high profitability and are associated with significant risks. It was revealed that in the conditions of martial law, the investment priorities of the population were most affected by the need to protect savings from depreciation, finance the country’s defence needs, and the corresponding rate of growth of the state debt, as well as high risks of real estate investments and strict restrictions of the National Bank of Ukraine on capital movement. It has been established that at a relatively high level of inflation, Ukrainian citizens do not receive a deposit offer from banks that is adequate to maintain the solvency of their savings. A situation in the banking system that is dangerous for financial stability has been identified, which is associated with the formation of a liquidity “canopy” due to the balances on the current accounts of the population. Emphasis is placed on the need to urgently increase the reserve requirements for demand deposits and current deposits to stimulate the growth of the value of hryvnia assets and change the banks’ liquidity surplus structure. Prospective directions and tools for the placement of household savings are justified, considering the needs of the post-war recovery of Ukraine’s economy and the prospects for European integration.

Executive Summary A healthy financial system is important for the growth process of an economy. It affects growth by influencing the saving, investment and technological innovations. In fact, researchers argue that low-income countries like Nepal need a much more robust and active financial system when compared to the developed world. Therefore, this study examines the relationship between financial development and economic growth using annual time series data for Nepal during the period 1984–2014. Because Nepal has a bank-based economy, the study used credit issued by banking and financial institutions to the private sector as the proxy for financial development. The economic growth has been measured using real gross domestic product (GDP) growth and real GDP per capita growth (constant 2005 US$). The autoregressive distributed lag (ARDL) bounds testing approach is used to investigate the cointegration among variables in the presence of structural breaks. The study used Zivot and Andrews’ (ZA) unit root test in order to find the structural breaks in the variables. The study finds that the structural change in private credit took place in 2007 when the government of Nepal and Maoists (the then rebels) signed a Comprehensive Peace Agreement and the Maoist rebels joined the interim government, which formally ended the 10 years long civil war in Nepal. Similarly, the study observes break points in real GDP growth and per capita growth in 2001 when the Royal Massacre and a state of emergency took place in Nepal. After allowing for structural breaks, the study finds evidence of a cointegration relationship between financial development and economic growth when economic growth is used as the dependent variable. Thus, it can be argued that the long-run causality is unidirectional from financial development to economic growth in Nepal. The estimates of the ARDL approach suggest that financial development has a significant positive impact on economic growth in both long run and short run. However, the estimates show that gross domestic saving, a control variable, has a negative impact on economic growth in Nepal. It clearly indicates that Nepal has long not been able to utilize the savings in the productive sector. The political instability, poor investment policies and securities and hence the lack of foreign investment and lack of technological innovations could be the causes for Nepal not benefiting from the country’s savings. It is also found that trade openness has a negative relationship with economic growth in the long run: possibly the cause of the persistent trade deficit of Nepal with the rest of the world. However, in the short run, the result shows a positive relationship between trade openness and growth. In fact, it is found that the magnitude of the positive impact of trade openness in the short run is higher than the magnitude of its negative impact in the long run. Thus, the policymakers should give more emphasis on trade and investment policies that could reduce the prolonged trade deficit and help the nation in getting long-term benefits from international trade.

Existing scholarship on postcolonial urbanisms has judiciously analysed the role played by the state and private capital in the expansion of global information-technology clusters and exclusive high-tech knowledge enclaves that have emerged across different metropolitan fringes in India and in the wider global South. However, much of this scholarship has focused primarily on the antagonisms wrought by the ‘expulsion’ of local rural populations from their lands and livelihoods, at the hands of the neoliberal state and global capitalist elites. In contrast, there is not enough research on how diverse local communities and subaltern actors emerge in place, and help organise, support and sustain these modern infrastructural spaces well after the initial moment of their establishment. Citing this important gap in our knowledge, this article argues for the need to move beyond some of the adversarial accounts associated with the overarching logics of postcolonial capitalist accumulation and new suburban development in the global South, to focus instead on the complex ‘afterlives’ of these modern high-tech suburban spaces. Drawing on ethnographic data from Pune city in Western India, and an emerging IT and IT-enabled services (IT and ITeS) outsourcing hub, the article reveals that contrary to popular perceptions of high-tech clusters as sovereign spaces for transnational capital, these sites are, in fact, constitutive of their multiple ‘outsides’—which include diverse forms of informal and illegal economies and labour. To evidence these claims, the article highlights different examples of ‘urban co-dependencies’ which have in situ emerged in Pune’s new urban fringes, to meet the growing gaps in demand of essential public services in these areas. The article then proceeds to show how Pune’s local micro-political cultures, including the numerous instances of territorial conflict and collaboration between so-called elites and subaltern actors at the local level, continue to ‘co-shape’ the typologies and the temporalities of local land use, planning and development that takes place in India’s new urban fringes.<p> </p><p>This paper attempts to expand this discussion in digital geographies by exploring their interaction with uneven urban development and planning in cities of the global South. At the centre of its enquiry are ‘high-tech’ urban clusters located at the fringes of Pune (a Tier-2 metro city in western India), that include several large and small, highly securitised software technology parks, associated industrial zones, glitzy shopping malls and luxury residential condominiums, bordered by an ever-shrinking reservoir of vacant and un-built ‘village’ land. Instead of cataloguing the genealogy and evolution of ‘technology-parks’ or ‘knowledge corridors’ as ‘spaces of sovereign exception’ (Gonzalez-Vicente, 2019), this paper theorises large urban IT-clusters in Indian cities as constitutive of ‘a multiplicity of normative orders’ (Mezzadra and Neilsen, 2019, p.152), which intersect with the multiplicity of economic actors, labour forms and practices – whether they be formal or informal, legal or illegal, sustained or provisional. Through this, the paper emphasises the need to <em>emplace</em> these global<strong> </strong>infrastructural spaces and zones<strong> </strong>within a grassroots conception of <em>co-dependent urbanisation</em> and highlight rootedness of these modern infrastructural spaces or zones within urban social networks, territorial collaborations and contestations among heterogeneous urban actors and their everyday micropolitics.</p>

Innovation is a challenge sought by all economically developed societies. National systems articulate public and private resources so as to shape a more innovative society, capable of ideating and promoting processes, products and services with increasing levels of differentiation before those existing. The search for innovation and the creation of competitive advantages is even greater in the corporate environment, a microeconomic locus where innovation can be measured by efforts and results obtained. Likewise, the number of companies that seek to open themselves to the capital market with views to accumulating resources so as to sustain their strategic growth plans, increases. During the last decade, 245 companies opened their capital in Brazil but only 40% of these went to São Paulo´s Stock Exchange Market (Bovespa) negotiate their shares. Upon making its Initial Public Offering (IPO) the company has to expose to the stock exchange market its true situation in several areas which are ruled by the Securities and Exchange Commission (CVM). They produce extensive documentation in the form of a robust prospect that is made available to any potential investor. The prospect is known at the capital market as the source that portrays the largest amount of information concerning the company that announced their IPO. It is a legal document but, at the same time, one that in highlight contains, all the attributes and differentials that the company expects the market to evaluate. Thus, by means of secondary sources, all ground on the prospects of IPOs that took place, research was conducted to acknowledge the level of innovation each company presented at the time of their IPO and, at the same time, to measure the performance of the value of stocks that the respective IPO obtained. Subsequently a set of structured qualitative interviews posing to evaluate the results of the quantitative research, was conducted. The quantitative analysis of data collected did not reveal significance between the innovation variable and the performance stocks obtained at the time of market launch. This same conclusion was ratified during the interviews conducted with the economic agents that operated most of the IPOs which occurred in Brazil. Therefore, despite the relevance of the theme innovation for the qualitative development of an economy (and, in special, for one of the largest economies in the world), results indicate the absence of correlation between innovation and IPO performance. They further offer possible approaches that can extend the study concerning the theme (including other variables, considered of greater relevance and which influence IPO performance), rendering further precision to interpretations and conclusions presented herein.

The state of the banking system indicates the level of prosperity in the country. The financial and economic crisis has provoked a significant outflow of funds from banking system and the growth of non-performing loans, which led to a deterioration in liquidity and solvency of banks and, accordingly, significantly affected their financial stability. The purpose of the article is to determine the features of the banking system of Ukraine and trends in its further development. The banking sector is influenced by a set of factors: the general political and economic situation in the country, the development of the securities market and the interbank market, the organization of the refinancing system, the effectiveness of regulatory functions of the central bank. Strikes, natural disasters, military conflicts, revolutionary, political and economic events are also extraordinary factors. The aggravation of the political crisis, inconsistency and inconsistency of public policy make the economic crisis in the country even deeper and longer. It is political stabilization that should be the catalyst for the resumption of economic growth. Another important factor that has a strong impact on the economic situation in the economy as a whole and on the functioning of the banking system is the COVID-19 Pandemic. A key factor in the functioning of the banking system of Ukraine in the COVID-19 pandemic is the change in the discount rate as an element of monetary policy of the National Bank of Ukraine. Methodology. The main indicators of banking institutions are analyzed, in particular: the dynamics of changes in the number of Ukrainian banks, the number of structural units of banks, TOP-10 banking institutions in 2021, the dynamics of changes in Ukraine's discount rate in recent years, financial results of Ukrainian banks. It was found that the decrease in the number of banking institutions led to a significant reduction in the number of branches, in particular, most branches were closed by state-owned banks and PrivatBank, but new branches were opened exclusively by private banks. Analyzing the state of the banking services market in terms of raising funds from individuals, dynamics of monetary deposits of the population for the last not a few years show an increase in trust citizens to banks and the interest of bankers to increase in the share of attracted funds of the population in their assets. Changes in the financial market affect the competitive position of banks, which requires rapid adaptation to existing conditions and accumulate all efforts to maintain their own solvency and stability of the banking system. Results. The results show that the changes that took place in the banking system during the COVID-19 pandemic and the full-scale war require the development of possible scenarios for the development of Ukraine's banking system in the future. To restore the banks caused by the banking crisis, it is necessary to use such tools as: maintaining liquidity as a "lender of last resort", reducing required reserves, a diversified approach to setting economic standards. Based on the optimistic scenario and using adaptive and regulatory approaches, as well as taking into account the influence of endogenous and exogenous factors, the projected indicators of development of the banking system of Ukraine have been developed.

The most important criterion for the advancement of the nation on the whole is the level of its human development, which is based on knowledge as an intellectual component of human capital. An important trend in development of world economy today is the process of intellectualization and formation of a knowledge-based society, in which economic well-being is determined by the high technologies, innovative capabilities and the level of intellectual development of the society. Transition to an innovative model of economic development is gradually taking place. The humanitarian, which is also called the “post-industrial” type of economic development comes to replace the industrial one, the driving force of which is the scientific knowledge, creative and intellectual potential of human resources. According to A. Tofler, the transition from the economy of the workforce to the brain power economy is now occuring, and in the new society information and knowledge are the main factors of production [8]. Some scholars [6] determine education as the most important asset of human capital, which can be considered not only a means of increasing future incomes, but also an ability to create self-generation or self-investing of human capital. This is explained by the fact that being educated, the person by means of using his labor potential multiplies not only the material goods, which are then used to meet the physiological, social and other needs, but also improves his skills, his professional abilities and competence. According to various data, human capital ranges from 50 to 70 percent in the structure of national wealth of developed countries and is steadily increasing. When forecasting the prospects for global development, Deutsche Bank experts point out that investments in human capital – education, training and health – is a crucial factor for the GDP growth [2]. Scientists have shown that the formation of human capital occurs, firstly, through the process of upbringing the individual in the family, then through the mechanism of social interaction and communication, and, finally, through the mechanisms of socialization and professionalization in the appropriate institutional environment (education and culture, information space, production system, educational environment of the educational institution). Consequently, the paradigm of modern higher education should be based on a combination of such important elements: education shoud be comprehensive and have professional orientation; in the process of training one the most important element is forming the cultural level and moral standards of the students; professional training of the future specialist should be done in close connection with practical experience; the state should finance education giving the priority to the scarce areas and specialties thus contributing to the growth of intellectual potential of the nation; the process of education, professional development, self-education should be permanent and this should be realized by both the educators and those who study as it is the vital demand of nowadays [3]. The modern “theory of human capital” [15] represents the direction of economic science, within which the human component of economic systems of various sizes is considered in terms of value and price and can be defined up to three levels: - on a personal level, human capital refers to the knowledge and skills that a person has acquired through education, training, practical experience (while using his innate abilities) and through which he can provide valuable productive services to other people. At this level, human capital can be compared with other kinds of personal ownership (property, money, securities) that generates income, and we call it personal or private human capital; - at the microeconomic level human capital represents the aggregate qualifications and professional abilities of all employees of the enterprise, as well as the achievements of the enterprise in the efficient organization of labor and personnel development. At this level human capital is associated with the production and commercial capital of an enterprise, since profits are derived from the efficient use of all types of capital; - at the macroeconomic level human capital includes accumulated investments in such fields as education, vocational training and retraining, vocational guidance and employment services, health improvement, etc. and is an essential part of the national wealth of the country, thus we call it national human capital [5]. It is important to understand the concept of “educational environment”, which creates conditions for the development of intellectual potential of human resources. Scientists determine different structural components of the educational environment and distinguish: the physical environment, human factors, training programs. Thus, D. Binetska [11] considers the concept of the “educational environment of the university” as a system formation, which is an artificial, specially created socio-cultural surrounding of the subject of learning and includes the content of learning, a variety of methods and teaching techniques that can provide a productive research activity for the student. In modern scientific discourse, some researchers focus on human capital as a source of income, while other scholars treat a human as a person with his psychological, spiritual and moral qualities, and the capital is seen as a complex category: not only as money, but also as a national capital, which includes intangible assets. Human capital is characterized by the following features: it is the assets that a person has in the form of innate qualities: physical, psychological, intellectual, as well as those qualities, abilities that a person acquires during his lifetime (knowledge, skills, motivation), they are the assets that require significant investments; they are those assets that generate income over a period of time. So, educational environment creates conditions for the development of the intellectual potential of human resources, and human ability to produce knowledge embodied in means of production, is considered as intellectual capital.

Purpose The authors aim to look at the conditions under which central bank easing – and specifically the purchase of private sector securities – can/should contribute to growth, rather than fiscal policy and also ask when can the central bank’s purchase of private sector securities help supplant traditional monetary policy.Design/methodology/approachAfter surveying the existing literature, the authors use simple correlation of central bank private asset (stocks, bonds, etc.), interest rates, gross domestic product (GDP) growth, inflation and the extent of the functioning of domestic banking sectors (among others) to classify countries in which these purchases promote pro-growth investment.FindingsUnder the typical conditions for unconventional monetary policy, central bank purchases of private companies’ securities can promote growth in some places (like Bulgaria, the Ukraine, Georgia and Greece at the time of our writing) while hurting it in others (like in parts of Latin America and Africa in the mid-2010s). The authors find how such purchases effectively “bypass” dysfunctional banking systems and central/government local bodies fiscal spending, making the central bank the “funder of last resort” in many middle and lower income countries.Practical implicationsThis paper tells specific central banks to ramp up – or reduce – their purchases of private sector securities. The authors identify exact jurisdictions where such “helicopter money” has led to investment in the past economic growth.Originality/valueAll previous work on conventional and unconventional monetary policy has looked at the way monetary policy affects investment and growth through the banking system and holding companies’ reactions constant. The authors do the opposite – looking at how companies respond, holding banking system responses constant. No one has ever looked at these private purchases (taken from a special IMF database), much less tried to argue that central banks can sometimes target investment growth much better than fiscal policy. No one has ever considered them as a funder (rather than lender) of last resort.

This research investigates the comparative quality of public and private information environments between firms domiciled in 15 Asia Pacific countries of which seven are characterized as market supportive institutional infrastructure. Our empirical analyses examine the comparative quality of public and private information components of equity securities analysts’ earnings forecasts for Asia Pacific firms, while controlling for firms cross-listing on U.S. equity securities exchanges and country of domicile degree of implementation of IFRS. Our results indicate that the quality of private information is higher for non-market supportive infrastructure countries, as compared to market-supportive infrastructure countries of domicile, and the quality of public information is higher for market-supportive infrastructure as compared to non-market-supportive infrastructure countries of domicile. Furthermore, and particularly noteworthy, is that our results indicate that country of domicile degree of implementation of IFRS increases the quality of public information and decreases the quality of private information for both market-supportive infrastructure and non-market-supportive infrastructure countries of domicile, and also that the decrease in the quality of private and increase in the quality of public information associated with degree of implementation of IFRS are significantly more pronounced for market-supportive infrastructure countries relative to non-market-Supportive infrastructure countries of domicile. We believe that our results suggest that IFRS is more beneficial for countries having market supportive institutional infrastructure in place as compared with those who do not.

Abstract Introduction of green chemistry will require a large sum of finance to conduct basic research and develop applications at various research institutes in the public and private sector. To meet the financial needs, the author suggests a change in the currency system commonly applied in most countries to a mix of debt currency and equity currency, in which the latter means currency directly issued by the government, thereby avoiding arguments on the upper limit of government bond issuance. In most advanced economies potentially with large excess supply capacities, bad inflation never takes place as long as workers can work in peace under good securities, and as long as additional budget can be used in proper manners. This new currency issuance system for sufficient public funding will not only support research and realization of green chemistry, but also solve social problems by assisting the underprivileged, etc.

Abstract Various states have started providing private law frameworks for blockchain transfers and crypto assets. France and Liechtenstein have adopted the first acts, while a commission of the British government sees no difficulties in extending property protection under the common law to crypto assets. In the USA, an amendment to the Uniform Commercial Code has been suggested, which has not stopped some states going their own, different way. The aim in all cases is to promote the use of modern distributed ledger technology and enhance investor protection. While these initiatives will increase legal certainty, they differ significantly. This has an important downside: there is a strong risk that the blockchain will be made subject to diverging legal rules. Similar to the world of intermediated securities, various national laws will need to be consulted to determine the rights and privileges of investors. This may increase transaction costs, thwart interoperability, and produce thorny conflict-of-laws problems. Markets risk being fragmented into national segments, with an inevitable diminution of their depth and liquidity. As a remedy, this article suggests developing uniform rules for the blockchain. Before national legislators and judges once again divide the world through idiosyncratic rules, the private law of crypto assets should be harmonized to the highest degree possible. Uniform rules should ideally be forged at the global level, by fora like the International Institute for the Unification of Private Law (UNIDROIT), the United Nations Commission on International Trade Law (UNCITRAL), and the Hague Conference on Private International Law. In the absence of worldwide rules, uniformization of private law should take place at the regional level—for instance, by the European Union. The article makes specific suggestions as to how this can be achieved and what the content of those rules should be.

As a result of reforms, competition has led to the expansion of banking markets. With the entry of new private and foreign banks, the competition has affected the conduct of public sector banks. Our objective is to determine whether conduct of public sector reveals that there are strategic groups amongst Public Sector Banks. We have estimated the growth rates of the PSBs as a sector, as well as, two strategic groups, viz., SBI Group and Nationalised banks. Using paired t-test on the data for 1992 and 2016, we have compared the conduct of the two strategic groups, for four conduct variables. All four conduct variables, namely, advertising expenditure, operating expenditure, diversification, and investment in government securities show the presence of strategic groups amongst public sector banks. The paper also establishes that strategic groups are a part of conduct, not structure. It is well established through a set of t-test that in the case of public sector banks, strategic groups, to begin with, did not exist. However, with the emergence of competition, public sector banks chose to polarize as to distinct strategic groups through a process of dynamic formation of such groups namely, SBI group and Nationalised group. We establish through this paper that evolution of strategic groups amongst public sector banks have taken place over the time period.

Introduction Artist: June 2 at 11.26pm:‘To be truly radical is to make hope possible rather than despair convincing.’ - Raymond Williams. (Singaporean Artists’ public Facebook Post) Can the critical arts exist without ‘place’?There is an ongoing debate on ‘place’ and where it begins and ends; on the ways that cities exist in both material and immaterial forms, and thereby, how to locate and understand place as an anchoring point amidst global flows (Massey; Merrifield). This debate extends to the global art- scape, as traditional conceptions of art and art-making attached to place require re-thinking in a paradigm where digital and immaterial networks, symbols and forums both complement and complicate the role that place has traditionally played (Luger, “Singaporean ‘Spaces of Hope?”). The digital art-scape has allowed for art-led provocations, transformations and disturbances to traditional institutions and gatekeepers (see Hartley’s “ Communication, Media, and Cultural Studies” concept of ‘gatekeeper’) of the art world, which often served as elite checkpoints and way-stations to artistic prominence. Still, contradictory and paradoxical questions emerge, since art cannot be divorced of place entirely, and ‘place’ often features as a topic, subject, or site of critical expression for art regardless of material or immaterial form. Critical art is at once place-bound and place-less; anchored to sites even as it transcends them completely.This paper will explore the dualistic tension – and somewhat contradictory relationship – between physical and digital artistic space through the case study of authoritarian Singapore, by focusing on a few examples of art-activists and the way that they have used and manipulated both physical and digital spaces for art-making. These examples draw upon research which took place in Singapore from 2012-2014 and which involved interviews with, and observation of, a selected sample (30) of art-activists (or “artivists”, to use Krischer’s definition). Findings point to a highly co-dependent relationship between physical and digital art places where both offer unique spaces of possibility and limitations. Therefore, place remains essential in art-making, even as digital avenues expand and amplify what critical art-practice can accomplish.Singapore’s Place-Bound and Place-Less Critical Art-Scape The arts in Singapore have a complicated, and often tense relationship with places such as the theatre, the gallery, and the public square. Though there has been a recent push (in the form of funding to arts groups and physical arts infrastructure) to make Singapore more of an arts and cultural destination (see Luger “The Cultural Grassroots and the Authoritarian City”), the Singaporean arts-scape remains bound by restrictions and limitations, and varying degrees of de facto (and de jure) censorship and self-policing. This has opened up spaces for critical art, albeit in sometimes creative and surprising forms. As explained to me by a Singaporean playwright,So they’re [the state] making venues, as well as festival organizers, as well as theatre companies, to …self-police, or self-censor. But for us on the ground, we use that as a way to focus on what we still want to say, and be creative about it, so that we circumvent the [state], with the intention of doing what we want to do. (Research interview, Singaporean playwright)Use of cyber-spaces is one way that artists circumvent repressive state structures. Restrictions on the use of place enliven cyberspace with an emancipatory and potentially transformative potential for the critical arts. Cyber-Singapore has a vocal art-activist network and has allowed some artists (such as the “Sticker Lady”) to gain wide national and even international followings. However, digital space cannot exist without physical place; indeed, the two exist, simultaneously, forming and re-forming each other. The arts cannot ‘happen’ online without a corresponding physical space for incubation, for practice, for human networking.It is important to note that in Singapore, art-led activism (or ‘artivism’) and traditional activism are closely related, and research indicated that activist networks often overlap with the art world. While this may be the case in many places, Singapore’s small geography and the relatively wide-berth given to the arts (as opposed to political activism) make these relationships especially strong. Therefore, many arts-spaces (theatres, galleries, studios) function as activist spaces; and non-art spaces such as public squares and university campuses often host art events and displays. Likewise, many of the artists that I interviewed are either directly, or indirectly, involved in more traditional activism as well.Singapore is an island-nation-city-state with a carefully planned urban fabric, the vast majority of which is state-owned (at least 80 % - resulting from large-scale land transfers from the British in the years surrounding Singapore’s independence in 1965). Though it has a Westminster-style parliamentary system (another colonial vestige), a single ruling party has commanded power for 50 years (the People’s Action Party, or PAP). Despite free elections and a liberal approach toward business, foreign investment and multiculturalism, Singapore retains a labyrinthine geography of government control over free expression, dictated through agencies such as the Censorship Review Committee (CRC); the Media Development Authority (MDA), and the National Arts Council (NAC) which work together in a confusing grid of checks and balances. This has presented a paradoxical and often contradictory approach to the arts and culture in which gradual liberalisations of everything from gay nightlife to university discourse have come hand-in-hand with continued restrictions on political activism and ‘taboo’ artistic / cultural themes. These ‘out of bounds’ themes (see Yue) include perceived threats to Singapore’s racial, religious, or political harmony – a grey area that is often at the discretion of particular government bureaucrats and administrators.Still, the Singaporean arts place (take the theatre, for example) has assumed a special role as a focal point for not only various types of visual and performance art, but also unrelated (or tangentially-related) activist causes as well. I asked a theatre director of a prominent alternative theatre where, in Singapore’s authoritarian urban fabric, there were opportunities for provocation? He stressed the theatres’ essential role in providing a physical platform for visual tensions and disturbance:You know, and on any given evening, you’ll see some punks or skinheads hanging outside there, and they kind of – create this disturbance in this neighbourhood, where, you know a passer-by is walking to his posh building, and then suddenly you know, there’s this bunch of boys with mohawks, you know, just standing there – and they are friendly! There’s nothing antagonistic or threatening, whatever. So, you know, that’s the kind of tension that we actually love to kind of generate!… That kind of surprise, that kind of, ‘oh, oh yes!’ we see this nice, expensive restaurant, this nice white building, and then these rough edges. And – that is where uh, those points where – where factions, where the rough edges meet –are where dialogue occurs. (Theatre Director, Singapore)That is not to say that the theatre comes without limits and caveats. It is financially precarious, as the Anglo-American model of corporate funding for the arts is not yet well-established in Singapore; interviews revealed that even much of the philanthropic donating to arts organizations comes from Singapore’s prominent political families and therefore the task of disentangling state interests from non-ideological arts patronage becomes difficult. With state - funding come problems with “taboo” subjects, as exemplified by the occasional banned-play or the constant threat of budget cuts or closure altogether: a carrot and stick approach by the state that allows arts organizations room to operate as long as the art produced does not disturb or provoke (too) much.Liew and Pang suggest that in Singapore, cyberspace has allowed a scale, a type of debate and a particularly cross-cutting conversation to take place: in a context where there are peculiar restrictions on the use and occupation of the built environment. They [ibid] found an emerging vocal, digital artistic grassroots that increasingly challenges the City-State’s dominant narratives: my empirical research therefore expands upon, and explores further, the possibility that Singapore’s cyber-spaces are both complementary to, and in some ways, more important than its material places in terms of providing spaces for political encounters.I conducted ‘netnography’ (see Kozinets) across Singapore’s web-scape and found that the online realm may be the ‘… primary site for discursive public activity in general and politics in particular’ (Mitchell, 122); a place where ‘everybody is coming together’ (Merrifield, 18). Without fear of state censorship, artists, activists and art-activists are not bound by the (same) set of restrictions that they might be if operating in a theatre, or certainly in a public place such as a park or square. Planetary cyber-Singapore exists inside and outside the City-State; it can be accessed remotely, and can connect with a far wider audience than a play performed in a small black box theatre.A number of blogs and satirical sites – including TheOnlineCitizen.sg, TheYawningBread.sg, and Demon-Cratic Singapore, openly criticize government policy in ways rarely heard in-situ or in even casual conversation on the street. Additionally, most activist causes and coalitions have digital versions where information is spread and support is gathered, spanning a range of issues. As is the case in material sites of activism in Singapore, artists frequently emerge as the loudest, most vocal, and most inter-disciplinary digital activists, helping to spearhead and cobble together cultural-activist coalitions and alliances. One example of this is the contrast between the place bound “Pink Dot” LGBTQ event (limited to the amount of people that can fit in Hong Lim Park, a central square) and its Facebook equivalent, We are Pink Dot public ‘group’. Pink Dot occurs each June in Singapore and involves around 10,000 people. The Internet’s representations of Pink Dot, however, have reached millions: Pink Dot has been featured in digital (and print) editions of major global newspapers including The Guardian and The New York Times. While not explicitly an art event, Pink Dot is artistic in nature as it uses pink ‘dots’ to side-step the official designation of being an LGBTQ pride event – which would not be sanctioned by the authorities (Gay Pride has not been allowed to take place in Singapore).The street artist Samantha Lo – also known as “Sticker Lady” – was jailed for her satirical stickers that she placed in various locations around Singapore. Unable to freely practice her art on city streets, she has become a sort of local artist - Internet celebrity, with her own Facebook Group called Free Sticker Lady (with over 1,000 members as of April, 2016). Through her Facebook group, Lo has been able to voice opinions that would be difficult – or even prohibited – with a loudspeaker on the street, or expressed through street art. As an open lesbian, she has also been active (and vocal) in the “Pink Dot” events. Her speech at “Pink Dot” was heard by the few-thousand in attendance at the time; her Facebook post (public without privacy settings) is available to the entire world:I'll be speaking during a small segment at Pink Dot tomorrow. Though only two minutes long, I've been spending a lot of time thinking about my speech and finding myself at a position where there's just so much to say. All my life, I've had to work twice as hard to prove myself, to be taken seriously. At 18, I made a conscious decision to cave in to societal pressures to conform after countless warnings of how I wouldn't be able to get a job, get married, etc. I grew my hair out, dressed differently, but was never truly comfortable with the person I became. That change was a choice, but I wasn't happy.Since then, I learnt that happiness wasn't a given, I had to work for it, for the ability to be comfortable in my own skin, to do what I love and to make something out of myself. (Artists’ Facebook Post)Yet, without the city street, Lo would not have gained her notoriety; without use of the park, Pink Dot would not have a Facebook presence or the ability to gather international press. The fact that Singaporean theatre exists at all as an important instigator of visual and performative tension demonstrates the significance of its physical address. Physical art places provide a crucial period of incubation – practice and becoming – that cannot really be replicated online. This includes schools and performance space but also in Singapore’s context, the ‘arts-housing’ that is provided by the government to small-scale, up-and-coming artists through a competitive grant process. Artists can receive gallery, performance or rehearsal space for a set amount of time on a rotating basis. Even with authoritarian restrictions, these spaces have been crucial for arts development:There’s a short-term [subsidised] residency studio …for up to 12 months. And so that –allows for a rotating group of artists to come with an idea in mind, use it for whatever- we’ve had artists who were preparing for a major show, and say ‘my studio space, my existing studio space is a bit too tiny, because I’m prepping for this show, I need a larger studio for 3 months. (Arts Administrator, Singapore)Critical and provocative art, limited and restricted by place, is thus still intrinsically bound to it. Indeed, the restrictions on artistic place allow cyber-art to flourish; cyber-art can only flourish with a strong place- based anchor. Far from supplanting place-based art, the digital art-scape forms a complement; digital and place-based art forms combine to form new hybridities in which local context and global forces write and re-write each other in a series of place and ‘placeless’ negotiations. Conclusion The examples that have been presented in this paper paint a picture of a complex landscape where specific urban sites are crucial anchoring nodes in a critical art ecosystem, but much artistic disturbance actually occurs online and in immaterial forms. This may hint at the possibility that globally, urban sites themselves are no longer sufficient for critical art to flourish and reach its full potential, especially as such sites have increasingly fallen prey to austerity policies, increasingly corporate and / or philanthropic programming and curation, and the comparatively wider reach and ease of access that digital spaces offer.Electronic or digital space – ranging from e-mail to social media (Twitter, blogs, Facebook and many others) has opened a new frontier in which, “… material public spaces in the city are superseded by the fora of television, radio talk shows and computer bulletin boards” (Mitchell. 122). The possibility now emerges whether digital space may be even more crucial than material public spaces in terms of emancipatory or critical potential– especially in authoritarian contexts where public space / place comes with particular limits and restrictions on assembling, performance, and critical expression. These contexts range from Taksim Square, Istanbul to Tiananmen Square, Beijing – but indeed, traditional public place has been increasingly privatized and securitized across the Western-liberal world as well. Where art occurs in place it is often stripped of its critical potential or political messages, sanctioned or sponsored by corporate groups or sanitized by public sector authorities (Schuilenburg, 277).The Singapore case may be especially stark due to Singapore’s small size (and corresponding lack of visible public ‘places’); authoritarian restrictions and correspondingly (relatively) un-policed and un-censored cyberspace. But it is fair to say that at a time when Youtube creates instant celebrities and Facebook likes or Instagram followers indicate fame and (potential) fortune – it is time to re-think and re-conceptualise the relationship between place, art, and the place-based institutions (such as grant-funding bodies or philanthropic organizations, galleries, critics or dealers) that have often served as “gatekeepers” to the art-scape. This invites challenges to the way these agents operate and the decision making process of policy-makers in the arts and cultural realm.Mitchell (124) reminded that there has “never been a revolution conducted exclusively in electronic space; at least not yet.” But that was 20 years ago. Singapore may offer a glimpse, however, of what such a revolution might look like. This revolution is neither completely place bound nor completely digital; it is one in which the material and immaterial interplay and overlap in post-modern complexity. Each platform plays a role, and understanding the way that art operates both in place and in “placeless” forms is crucial in understanding where key transformations take place in both the production of critical art and the production of urban space.What Hartley (“The Politics of Pictures”) called the “space of citizenry” is not necessarily confined to a building, the city street or a public square (or even private spaces such as the home, the car, the office). Sharon Zukin likewise suggested that ultimately, a negotiation of a city’s digital sphere is crucial for current-day urban research, arguing that:Though I do not think that online communities have replaced face to face interaction, I do think it is important to understand the way web-based media contribute to our urban imaginary. The interactive nature of the dialogue, how each post feeds on the preceding ones and elicits more, these are expressions of both difference and consensus, and they represent partial steps toward an open public sphere. (27)Traditional gatekeepers such as the theatre director, the museum curator and the state or philanthropic arts funding body have not disappeared, though they must adapt to the new cyber-reality as artists have new avenues around these traditional checkpoints. Accordingly – “old” problems such as de-jure and de-facto censorship reappear in the cyber art-scape as well: take the example of the Singaporean satirical bloggers that have been sued by the government in 2013-2016 (such as the socio-political bloggers and satirists Roy Ngerng and Alex Au). No web-space is truly open.A further complication may be the corporate nature of sites such as Facebook, Instagram, Youtube, or Twitter: far from truly democratic platforms or “agoras” in the traditional sense, these are for-profit (massive) corporations – which a small theatre is not. Singapore’s place based authoritarianism may be multiplied in the corporate authoritarianism or “CEO activism” of tech titans like Mark Zuckerberg, who allow for diverse use of digital platforms and encourage open expression and unfettered communication – as long as it is on their terms, within company policies that are not always transparent.Perhaps the questions then really are not where ‘art’ begins and ends, or where a place starts or stops – but rather where authoritarianism, state and corporate power begin and end in the hyper-connected global cyber-scape? And, if these power structures are now stretched across space and time as Marxist theorists such as Massey or Merrifield claimed, then what is the future for critical art and its relationship to ‘place’?Despite these unanswered questions and invitations for further exploration, the Singapore case may hint at what this emerging geography of place and ‘placeless’ art resembles and how such a new world may evolve moving forward. ReferencesHartley, John. The Politics of Pictures: the Creation of the Public in the Age of Popular Media. Perth: Psychology Press, 1992.———. Communication, Media, and Cultural Studies: The Key Concepts. Oxford: Routledge, 2012. Kozinets, Robert. Netnography: Doing Ethnographic Research Online. New York: Sage, 2010. Krischer, Oliver. “Lateral Thinking: Artivist Networks in East Asia.” ArtAsia Pacific 77 (2012): 96-110. Liew, Kai Khiun. and Natalie Pang. “Neoliberal Visions, Post Capitalist Memories: Heritage Politics and the Counter-Mapping of Singapore’s City-Scape.” Ethnography 16.3 (2015): 331-351.Luger, Jason. “The Cultural Grassroots and the Authoritarian City: Spaces of Contestation in Singapore.” In T. Oakes and J. Wang, eds., Making Cultural Cities in Asia: Mobility, Assemblage, and the Politics of Aspirational Urbanism. London: Routledge, 2015: 204-218. ———. “Singaporean ‘Spaces of Hope?' Activist Geographies in the City-State.” City: Analysis of Urban Trends, Culture, Theory, Policy, Action 20.2 (2016): 186-203. Massey, Doreen. Space, Place and Gender. Minneapolis: University of Minnesota Press, 1995. Merrifield, Andy. The Politics of the Encounter: Urban Theory and Protest under Planetary Urbanization. Athens: University of Georgia Press, 2013. Mitchell, Don. “The End of Public Space? People’s Park, Definitions of the Public, and Democracy.” Annals of the Association of American Geographers 85.1 (1996): 108-133. Schuilenburg, Marc. The Securitization of Society: Crime, Risk and Social Order. New York: New York University Press, 2015. Shirky, Clay. Here Comes Everybody: The Power of Organizing without Organizations. New York: Penguin, 2008. Yue, Audrey. “Hawking in the Creative City: Rice Rhapsody, Sexuality and the Cultural Politics of New Asia in Singapore. Feminist Media Studies 7.4 (2007): 365-380. Zukin, Sharon. The Naked City: The Death and Life of Authentic Urban Places. London and New York: Oxford University Press, 2010.

In recent years a number of dramas focussing on Indigenous Australians and Australian history have appeared on the ABC, one of Australia's two public television channels. These dramas have different foci but all represent some aspects of Australian Indigenous history and how it interacts with 'mainstream' representations of Australian history. The four programs I will look at are Cleverman (Goalpost Pictures, 2016-ongoing), Glitch (Matchbox Films, 2015-ongoing), The Secret River (Ruby Entertainment, 2015) and Redfern Now (Blackfella Films, 2012), each of which engages with the past in a unique way.Clearly, different creators, working with different plots and in different genres will have different ways of representing the past. Redfern Now and Cleverman are both produced by Indigenous creators whereas the creators of The Secret River and Glitch are white Australians. Redfern Now and The Secret River are in a realist mode, whereas Glitch and Cleverman are speculative fiction. My argument proceeds on two axes: first, speculative genres allow for more creative ways of representing the past. They give more freedom for the creators to present affective representations of the historical past. Speculative genres also allow for more interesting intellectual examinations of what we consider to be history and its uncertainties. My second axis argues, because it is hard to avoid when looking at this group of texts, that Indigenous creators represent the past in different ways than non-Indigenous creators. Indigenous creators present a more elliptical vision. Non-Indigenous creators tend to address historical stories in more overt ways. It is apparent that even when dealing with the same histories and the same facts, the understanding of the past held by different groups is presented differently because it has different affective meanings.These television programs were all made in the 2010s but the roots of their interpretations go much further back, not only to the history they represent but also to the arguments about history that have raged in Australian intellectual and popular culture. Throughout most of the twentieth century, indigenous history was not discussed in Australia, until this was disturbed by WEH Stanner's reference in the Boyer lectures of 1968 to "our great Australian silence" (Clark 73). There was, through the 1970s and 80s, increased discussion of Indigenous history, and then in the 1990s there was a period of social and cultural argument known locally as the 'History Wars'. This long-running public disagreement took place in both academic and public arenas, and involved historians, other academics, politicians, journalists and social commentators on each side. One side argued that the arrival of white people in Australia led to frontier wars, massacre, attempted genocide and the ongoing oppression of Indigenous people (Reynolds). The other posited that when white people arrived they killed a few Aborigines but mostly Aboriginal people were killed by disease or failure to 'defend' their culture (Windschuttle). The first viewpoint was revisionist from the 1960s onwards and the second represented an attempt at counter-revision – to move the understanding of history back to what it was prior to the revision. The argument took place not only among historians, but was taken up by politicians with Paul Keating, prime minister 1993-1996, holding the first view and John Howard, prime minister 1996-2007, aggressively pursuing the second. The revisionist viewpoint was championed by historians such as Henry Reynolds and Lyndall Ryan and academics and Aboriginal activists such as Tony Birch and Aileen Moreton Robinson; whereas the counter-revisionists had Keith Windschuttle and Geoffrey Blainey. By and large the revisionist viewpoint has become dominant and the historical work of the counter-revisionists is highly disputed and not accepted.This argument was prominent in Australian cultural discourse throughout the 1990s and has never entirely disappeared. The TV shows I am examining were not made in the 1990s, nor were they made in the 2000s - it took nearly twenty years for responses to the argument to make the jump from politicians' speeches and opinion pieces to television drama. John Ellis argues that the role of television in popular discourse is "working through," meaning contentious issues are first raised in news reports, then they move to current affairs, then talk shows and documentaries, then sketch comedy, then drama (Ellis). Australian Indigenous history was extensively discussed in the news, current affairs and talk shows in the 1990s, documentaries appeared somewhat later, notably First Australians in 2008, but sketch comedy and drama did not happen until in 2014, when Black Comedy's programme first aired, offering sketches engaging often and fiercely with indigenous history.The existence of this public discourse in the political and academic realms was reflected in film before television. Felicity Collins argues that the "Blak Wave" of Indigenous film came to exist in the context of, and as a response to, the history wars (Collins 232). This wave of film making by Indigenous film makers included the works of Rachel Perkins, Warwick Thornton and Ivan Sen – whose films chronicled the lives of Indigenous Australians. There was also what Collins calls "back-tracking films" such as Rabbit-Proof Fence (2002) and The Tracker (2010) made by white creators that presented arguments from the history wars for general audiences. Collins argues that both the "blak wave" and the "back track" created an alternative cultural sphere where past injustices are acknowledged. She says: "the films of the Blak Wave… cut across the history wars by turning an Indigenous gaze on the colonial past and its afterlife in the present" (Collins 232). This group of films sees Indigenous gazes relate the past and present whereas the white gaze represents specific history. In this article I examine a similar group of representations in television programs.History is not an innocent discourse. In western culture 'history' describes a certain way of looking at the past that was codified in the 19th century (Lloyd 375). It is however not the only way to look at the past, theorist Mark Day has described it as a type of relation with the past and argues that other understandings of the past such as popular memory and mythology are also available (Day). The codification of history in the 19th century involved an increased reliance on documentary evidence, a claim to objectivity, a focus on causation and, often though not always, a focus on national, political history. This sort of history became the academic understanding of history – which claims to be, if not objective, at least capable of disinterest; which bases its arguments on facts and which can establish its facts through reference to documentary records (Froeyman 219). Aileen Moreton-Robinson would call this "white patriarchal knowledge" that seeks to place the indigenous within its own type of knowledge production ("The White Man's Burden" 414). The western version of history tends to focus on causation and to present the past as a coherent narrative leading to the current point in time. This is not an undisputed conception of history in the western academy but it is common and often dominant.Post-colonialist analyses of history argue that western writing about non-western subjects is biased and forces non-westerners into categories used to oppress them (Anderson 44). These categories exist ahistorically and deny non-westerners the ability to act because if history cannot be perceived then it is difficult to see the future. That is to say, because non-western subjects in the past are not seen as historical actors, as people whose actions effected the future, then, in the present, they are unable to access to powerful arguments from history. Historians' usual methodology casts Indigenous people as the 'subjects' of history which is about them, not by them or for them (Tuhiwai Smith 7, 30-32, 144-5). Aboriginal people are characterised as prehistoric, ancient, timeless and dying (Birch 150). This way of thinking about Indigenous Australia removes all agency from Aboriginal actors and restoring agency has been a goal of Aboriginal activists and historians. Aileen Moreton Robinson discusses how Aboriginal resistance is embodied through "oral history (and) social memory," engaging with how Aboriginal actors represent themselves and are represented in relation to the past and historical settings is an important act ("Introduction" 127).Redfern Now and Cleverman were produced through the ABC's Indigenous Department and made by Indigenous filmmakers, whereas Glitch and The Secret River are from the ABC drama department and were made by white Australians. The different programs also have different generic backgrounds. Redfern Now and The Secret River are different forms of realist texts; social realism and historical realism. Cleverman and Glitch, however, are speculative fiction texts that can be argued to be in the mode of magical realism, they "denaturalise the real and naturalise the marvellous" they are also closely tied ideas of retelling colonial stories and "resignify(ing) colonial territories and pasts" (Siskind 834-5).Redfern Now was produced by Blackfella Films for the ABC. It was, with much fanfare, released as the first drama made for television, by Aboriginal people and about Aboriginal people (Blundell). The central concerns of the program are issues in the present, its plots and settings are entirely contemporary. In this way it circumvents the idea and standard representation of Indigenous Australians as ancient and timeless. It places the characters in the program very much in the present.However, one episode "Stand Up" does obliquely engage with historical concerns. In this episode a young boy, Joel Shields, gets a scholarship to an expensive private school. When he attends his first school assembly he does not sing the national anthem with the other students. This leads to a dispute with the school that forms the episode's plot. As punishment for not singing Joel is set an assignment to research the anthem, which he does and he finds the song off-putting – with the words 'boundless plains to share' particularly disconcerting. His father supports him saying "it's not our song" and compares Joel singing it to a "whitefella doing a corrobboree". The national anthem stands metaphorically for the white hegemony in Australia.The school itself is also a metaphor for hegemony. The camerawork lingers on the architecture which is intended to imply historical strength and imperviousness to challenge or change. The school stands for all the force of history white Australia can bring to bear, but in Australia, all architecture of this type is a lie, or at least an exaggeration – the school cannot be more than 200 years old and is probably much more recent.Many of the things the program says about history are conveyed in half sentences or single glances. Arguably this is because of its aesthetic mode – social realism – that prides itself on its mimicry of everyday life and in everyday life people are unlikely to set out arguments in organised dot-point form. At one point the English teacher quotes Orwell, "those who control the past control the future", which seems overt but it is stated off-screen as Joel walks into the room. This seeming aside is a statement about history and directly recalls central arguments of the history wars, which make strong political arguments about the effects of the past, and perceptions of the past, on the present and future. Despite its subtlety, this story takes place within the context of the history wars: it is about who controls the past. The subtlety of the discussion of history allows the film makers the freedom to comment on the content and effects of history and the history wars without appearing didactic. They discuss the how history has effected the present history without having to make explicit historical causes.The other recent television drama in the realist tradition is The Secret River. This was an adaptation of a novel by Kate Grenville. It deals with Aboriginal history from the perspective of white people, in this way it differs from Redfern Now which discusses the issues from the perspective of Aboriginal people. The plot concerns a man transported to Australia as a convict in the early 19th century. The man is later freed and, with his family, attempts to move to the Hawksbury river region. The land they try to settle is, of course, already in use by Aboriginal people. The show sets up the definitional conflict between the idea of settler and invader and suggests the difference between the two is a matter of perspective. Of the shows I am examining, it is the most direct in its representation of historical massacre and brutality. It represents what Felicity Collins described as a back-tracking text recapitulating the colonial past in the light of recovered knowledge. However, from an Indigenous perspective it is another settler tale implying Aboriginal people were wiped out at the time of colonisation (Godwin).The Secret River is told entirely from the perspective of the invaders. Even as it portrays their actions as wrong, it also suggests they were unavoidable or inevitable. Therefore it does what many western histories of Indigenous people do – it classifies and categorises. It sets limits on interpretation. It is also limited by its genre, as a straightforward historical drama and an adaptation, it can only tell its story in a certain way. The television series, like the book before it, prides itself on its 'accurate' rendition of an historical story. However, because it comes from such a very narrow perspective it falls into the trap of categorising histories that might have usefully been allowed to develop further.The program is based on a novel that attracted controversy of its own. It became part of ongoing historiographical debate about the relationship between fiction and history. The book's author Kate Grenville claimed to have written a kind of affectively accurate history that actual history can never convey because the emotions of the past are hidden from the present. The book was critiqued by historians including Inge Clendinnen, who argued that many of the claims made about its historical accuracy were largely overblown (Clendinnen). The book is not the same as the TV program, but the same limitations identified by Clendinnen are present in the television text. However, I would not agree with Clendinnen that formal history is any better. I argue that the limitation of both these mimetic genres can be escaped in speculative fiction.In Glitch, Yurana, a small town in rural Victoria becomes, for no apparent reason, the site of seven people rising from the dead. Each person is from a different historical period. None are Indigenous. They are not zombies but simply people who used to be dead. One of the first characters to appear in the series is an Aboriginal teenager, Beau, we see from his point of view the characters crawling from their graves. He becomes friendly with one of the risen characters, Patrick Fitzgerald, who had been the town's first mayor. At first Fitzgerald's story seems to be one of working class man made good in colonial Australia - a standard story of Australian myth and historiography. However, it emerges that Fitzgerald was in love with an Aboriginal woman called Kalinda and Beau is his descendant. Fitzgerald, once he becomes aware of how he has been remembered by history, decides to revise the history of the town – he wants to reclaim his property from his white descendants and give it to his Indigenous descendants. Over the course of the six episodes Fitzgerald moves from being represented as a violent, racist boor who had inexplicably become the town's mayor, to being a romantic whose racism was mostly a matter of vocabulary. Beau is important to the plot and he is a sympathetic character but he is not central and he is a child. Indigenous people in the past have no voice in this story – when flashbacks are shown they are silent, and in the present their voices are present but not privileged or central to the plot.The program demonstrates a profoundly metaphorical relationship with the past – the past has literally come to life bringing with it surprising buried histories. The program represents some dominant themes in Australian historiography – other formerly dead characters include a convict-turned-bush-ranger, a soldier who was at Gallipoli, two Italian migrants and a girl who died as a result of sexual violence – but it does not engage directly with Indigenous history. Indigenous people's stories are told only in relation to the stories of white people. The text's magical realism allows a less prescriptive relationship with the past than in The Secret River but it is still restricted in its point of view and allows only limited agency to Aboriginal actors.The text's magical realism allows for a thought-provoking representation of relationships with the past. The town of Yurana is represented as a place deeply committed to the representation and glorification of its past. Its main street contains statues of its white founders and war memorials, one of its main social institutions is the RSL, its library preserves relics of the past and its publican is a war history buff. All these indicate that the past is central to the town's identity. The risen dead however dispute and revise almost every aspect of this past. Even the history that is unmentioned in the town's apparent official discourse, such as the WWII internment camp and the history of crimes, is disputed by the different stories of the past that the risen dead have to tell. This indicates the uncertainty of the past, even when it seems literally set in stone it can still be revised. Nonetheless the history of Indigenous people is only revised in ways that re-engage with white history.Cleverman is a magical realist text profoundly based in allegory. The story concerns the emergence into a near future society of a group of people known as the "Hairies." It is never made clear where they came from or why but it seems they appeared recently and are unable to return. They are an allegory for refugees. Hairypeople are part of many Indigenous Australian stories, the show's creator, Ryan Griffen, stated that "there are different hairy stories throughout Australia and they differ in each country. You have some who are a tall, some are short, some are aggressive, some are friendly. We got to sort of pick which ones will fit for us and create the Hairies for our show" (Bizzaca).The Hairies are forced to live in an area called the Zone, which, prior to the arrival of the Hairy people, was a place where Aboriginal people lived. This place might be seen as a metaphor for Redfern but it is also an allegory for Australia's history of displacing Aboriginal people and moving and restricting them to missions and reserves. The Zone is becoming increasingly securitised and is also operating as a metaphor for Australia's immigration detention centres. The prison the Hairy characters, Djukura and Bunduu, are confined to is yet another metaphor, this time for both the over-representation of Aboriginal people in prison and the securitisation of immigration detention. These multiple allegorical movements place Australia's present refugee policies and historical treatment of Aboriginal people within the same lens. They also place the present, the past and the future within the same narrative space.Most of the cast is Aboriginal and much of the character interaction is between Aboriginal people and Hairies, with both groups played by Indigenous actors. The disadvantages suffered by Indigenous people are part of the story and clearly presented as affecting the behaviour of characters but within the story Aboriginal people are more advantaged than Hairies, as they have systems, relationships and structures that Hairy people lack. The fact that so much of the interaction in the story is between Indigenous people and Hairies is important: it can be seen to be an interaction between Aboriginal people and Aboriginal mythology or between Indigenous past and present. It demonstrates Aboriginal identities being created in relation to other Aboriginal identities and not in relation to white people, where in this narrative, Aboriginal people have an identity other than that allowed for in colonialist terms.Cleverman does not really engage with the history of white invasion. The character who speaks most about this part of Aboriginal history and whose stated understanding of himself is based on that identity is Waruu. But Waruu is also a villain whose self-identity is also presented as jealous and dishonest. However, despite only passing mentions of westernised history the show is deeply concerned with a relationship with the past. The program engages with Aboriginal traditions about the past that have nothing to do with white history. It presents a much longer view of history than that of white Australia. It engages with the Aboriginal tradition of the Cleverman - demonstrated in the character of Uncle Jimmy who passes a nulla nulla (knob-headed hardwood club), as a symbol of the past, to his nephew Koen and tells him he is the new Cleverman. Cleverman demonstrates a discussion of Australian history with the potential to ignore white people. It doesn't ignore them, it doesn't ignore the invasion but it presents the possibility that it could be ignored.There is a danger in this sort of representation of the past that Aboriginal people could be relegated to the type of ahistorical, metahistorical myths that comprise colonialist history's representation of Indigenous people (Birch). But Cleverman's magical realist, near future setting tends to undermine this. It grounds representation in history through text and metaphor and then expands the definition.The four programs have different relationships with the past but all of them engage with it. The programs are both restrained and freed by the genres they operate in. It is much easier to escape the bounds of formal history in the genre of magical realism and both Glitch and Cleverman do this but have significantly different ways of dealing with history. "Stand up" and The Secret River both operate within more formally realist structures. The Secret River gives us an emotional reading of the past and a very affective one. However, it cuts off avenues of interpretation by presenting a seemingly inevitable tragedy. Through use of metaphor and silence "Stand up" presents a much more productive relationship with the past – seeing it as an ongoing argument rather than a settled one. Glitch engages with the past as a topic that is not settled and that can therefore be changed whereas Cleverman expands our definition of past and understanding of the past through allegory.It is possible to draw further connections. Those stories created by Indigenous people do not engage with the specifics of traditional dominant Australian historiography. However, they work with the assumption that everyone already knows this historiography. They do not re-present the pain of the past, instead they deal with it in oblique terms with allegory. Whereas the programs made by non-Indigenous Australians are much more overt in their representation of the sins of the past, they overtly engage with the History Wars in specific historical arenas in which those wars were fought. The non-Indigenous shows align themselves with the revisionist view of history but they do so in a very different way than the Indigenous shows.ReferencesAnderson, Ian. "Introduction: The Aboriginal Critique of Colonial Knowing." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.Birch, Tony. "'Nothing Has Changed': The Making and Unmaking of Koori Culture." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.Bizzaca, Chris. "The World of Cleverman." Screen Australia 2016.Blundell, Graeme. "Redfern Now Delves into the Lives of Ordinary People." The Australian 26 Oct. 2013: News Review.Clark, Anna. History's Children: History Wars in the Classroom. Sydney: New South, 2008.Clendinnen, Inga. “The History Question: Who Owns the Past?” The Quarterly Essay. Melbourne: Black Inc., 2006.Collins, Felicity. "After Dispossession: Blackfella Films and the Politics of Radical Hope." The Routledge Companion to Cinema and Politics. Eds. Yannis Tzioumakis and Claire Molloy. New York: Routledge, 2016.Day, Mark. "Our Relations with the Past." Philosophia 36.4 (2008): 417-27.Ellis, John. Seeing Things: Television in the Age of Uncertainty. London: I.B. Tauris, 2000.Froeyman, Anton. "The Ideal of Objectivity and the Public Role of the Historian: Some Lessons from the Historikerstreit and the History Wars." Rethinking History 20.2 (2016): 217-34.Godwin, Carisssa Lee. "Shedding the 'Victim Narrative' for Tales of Magic, Myth and Superhero Pride." The Conversation 2016.Lloyd, Christopher. "Historiographic Schools." A Companion to the Philosophy of History and Historiography Ed. Tucker, Aviezer. Oxford: Wiley-Blackwell, 2009.Moreton-Robinson, Aileen. "Introduction: Resistance, Recovery and Revitalisation." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.———. "The White Man's Burden." Australian Feminist Studies 26.70 (2011): 413-31.Reynolds, Henry. The Other Side of the Frontier: Aboriginal Resistance to the European Invasion of Australia. 2nd ed. Ringwood, Vic.: Penguin Books, 1995.Siskind, Mariano. "Magical Realism." The Cambridge History of Postcolonial Literature. Vol. 2. Ed. Ato Quayson. Cambridge: Cambridge University Press, 2012. 833-68.Tuhiwai Smith, Linda. Decolonizing Methodologies Research and Indigenous Peoples. 2nd ed. London: Zed Books, 2012.Windschuttle, Keith. The Fabrication of Aboriginal History. Paddington, NSW: Macleay Press, 2002.

If the home is traditionally considered to be a space of safety associated with the warm and cosy feeling of the familial hearth, it is also continuously portrayed as a space under threat from the outside from which we must secure ourselves and our families. Securing the home entails a series of material, discursive and performative strategies, a host of precautionary measures aimed at regulating and ultimately producing security. When I was eleven my family returned home from the local fruit markets to find our house had been ransacked. Clothes were strewn across the floor, electrical appliances were missing and my parents’ collection of jewellery – wedding rings and heirlooms – had been stolen. Few things remained untouched and the very thought of someone else’s hands going through our personal belongings made our home feel tainted. My parents were understandably distraught. As Filipino immigrants to Australia the heirlooms were not only expensive assets from both sides of my family, but also signifiers of our homeland. Added to their despair was the fact that this was our first house – we had rented prior to that. During the police interviews, we discovered that our area, Sydney’s Western suburbs, was considered ‘high-risk’ and we were advised to install security. In their panic my parents began securing their home. Grills were installed on every window. Each external wooden door was reinforced by a metal security door. Movement detectors were installed at the front of the house, which were set to blind intruders with floodlights. Even if an intruder could enter the back through a window a metal grill security door was waiting between the backroom and the kitchen to stop them from getting to our bedrooms. In short, through a series of transformations our house was made into a residential fortress. Yet home security had its own dangers. A series of rules and regulations were drilled into me ‘in case of an emergency’: know where your keys are in case of a fire so that you can get out; remember the phone numbers for an emergency and the work numbers of your parents; never let a stranger into the house; and if you need to speak to a stranger only open the inside door but leave the security screen locked. Thus, for my Filipino-migrant family in the 1990s, a whole series of defensive behaviours and preventative strategies were produced and disseminated inside and around the home to regulate security risks. Such “local knowledges” were used to reinforce the architectural manifestations of security at the same time that they were a response to the invasion of security systems into our house that created a new set of potential dangers. This article highlights “the interplay of material and symbolic geographies of home” (Blunt and Varley 4), focusing on the relation between urban fears circulating around and within the home and the spatial practices used to negotiate such fears. In exploring home security systems it extends the exemplary analysis of home technologies already begun in Lynn Spigel’s reading of the ‘smart home’ (381-408). In a similar vein, David Morley’s analysis of mediated domesticity shows how communications technology has reconfigured the inside and outside to the extent that television actually challenges the physical boundary that “protects the privacy and solidarity of the home from the flux and threat of the outside world” (87). Television here serves as a passage in which the threat of the outside is reframed as news or entertainment for family viewing. I take this as a point of departure to consider the ways that this mediated fear unfolds in the technology of our homes. Following Brian Massumi, I read the home as “a node in a circulatory network of many dimensions (each corresponding to a technology of transmission)” (85). For Massumi, the home is an event-space at the crossroads of media technologies and political technologies. “In spite of the locks on the door, the event-space of the home must be seen as one characterized by a very loose regime of passage” (85). The ‘locked door’ is not only a boundary marker that defines the inside from the outside but another technology that leads us outside the home into other domains of inquiry: the proliferation of security technologies and the mundane, fearful intimacies of the home. In this context, we should heed Iris Marion Young’s injunction to feminist critics that the home does provide some positives including a sense of privacy and the space to build relationships and identities. Yet, as Colomina argues, the traditional domestic ideal “can only be produced by engaging the home in combat” (20). If, as Colomina’s comment suggests, ontological security is at least partially dependent on physical security, then this article explores the ontological effects of our home security systems. Houses at War: Targeting the Family As Beatriz Colomina reminds us, in times of war we leave our homelands to do battle on the front line, but battle lines are also being drawn in our homes. Drawing inspiration from Virilio’s claim that contemporary war takes place without fighting, Colomina’s article ‘Domesticity at War’ contemplates the domestic interior as a “battlefield” (15). The house, she writes, is “a mechanism within a war where the differences between defense [sic] and attack have become blurred” (17). According to the Home Security Precautions, New South Wales, October 1999 report conducted by the Australian Bureau of Statistics, 47% of NSW dwellings were ‘secure’ (meaning that they either had a burglar alarm, or all entry points were secured or they were inside a security block) while only 9% of NSW households had no home security devices present (Smith 3). In a similar report for Western Australia conducted in October 2004, an estimated 71% of WA households had window security of some sort (screens, locks or shutters) while 67% had deadlocks on at least one external door (4). An estimated 27% had a security alarm installed while almost half (49%) had sensor lights (Hubbard 4-5). This growing sense of insecurity means big business for those selling security products and services. By the end of June 1999, there were 1,714 businesses in Australia’s security services industry generating $1,395 million of income during 1998-99 financial year (McLennan 3; see also Macken). This survey did not include locksmith services or the companies dealing with alarm manufacturing, wholesaling or installing. While Colomina’s article focuses on the “war with weather” and the attempts to control environmental conditions inside the home through what she calls “counterdomesticity” (20), her conceptualisation of the house as a “military weapon” (17) provides a useful tool for thinking the relation between the home, architecture and security. Conceiving of the house as a military weapon might seem like a stretch, but we should recall that the rhetoric of war has already leaked into the everyday. One hears of the ‘war on drugs’ and the ‘war on crime’ in the media. ‘War’ is the everyday condition of our urban jungles (see also Diken and Lausten) and in order to survive, let alone feel secure, one must be able to defend one’s family and home. Take, for example, Signal Security’s website. One finds a panel on the left-hand side of the screen to all webpages devoted to “Residential Products”. Two circular images are used in the panel with one photograph overlapping the other. In the top circle, a white nuclear family (stereotypical mum, dad and two kids), dressed in pristine white clothing bare their white teeth to the internet surfer. Underneath this photo is another photograph in which an arm clad in a black leather jacket emerges through a smashed window. In the foreground a black-gloved hand manipulates a lock, while a black balaclava masks an unrecognisable face through the broken glass. The effect of their proximity produces a violent juxtaposition in which the burglar visually intrudes on the family’s domestic bliss. The panel stages a struggle between white and black, good and bad, family and individual, security and insecurity, recognisability and unidentifiability. It thus codifies the loving, knowable family as the domestic space of security against the selfish, unidentifiable intruder (presumed not to have a family) as the primary reason for insecurity in the family home – and no doubt to inspire the consumption of security products. Advertisements of security products thus articulate the family home as a fragile innocence constantly vulnerable from the outside. From a feminist perspective, this image of the family goes against the findings of the National Homicide Monitoring Program, which shows that 57% of the women killed in Australia between 2004 and 2005 were killed by an intimate partner while 17% were killed by a family member (Mouzos and Houliaras 20). If, on the one hand, the family home is targeted by criminals, on the other, it has emerged as a primary site for security advertising eager to exploit the growing sense of insecurity – the family as a target market. The military concepts of ‘target’ and ‘targeting’ have shifted into the benign discourse of strategic advertising. As Dora Epstein writes, “We arm our buildings to arm ourselves from the intrusion of a public fluidity, and thus our buildings, our architectures of fortification, send a very clear message: ‘avoid this place or protect yourself’” (1997: 139). Epstein’s reference to ‘architectures of fortification’ reminds us that the desire to create security through the built environment has a long history. Nan Ellin has argued that fear’s physical manifestation can be found in the formation of towns from antiquity to the Renaissance. In this sense, towns and cities are always already a response to the fear of foreign invaders (Ellin 13; see also Diken and Lausten 291). This fear of the outsider is most obviously manifested in the creation of physical walls. Yet fortification is also an effect of spatial allusions produced by the configuration of space, as exemplified in Fiske, Hodge and Turner’s semiotic reading of a suburban Australian display home without a fence. While the lack of a fence might suggest openness, they suggest that the manicured lawn is flat so “that eyes can pass easily over it – and smooth – so that feet will not presume to” (30). Since the front garden is best viewed from the street it is clearly a message for the outside, but it also signifies “private property” (30). Space is both organised and lived, in such a way that it becomes a medium of communication to passers-by and would-be intruders. What emerges in this semiotic reading is a way of thinking about space as defensible, as organised in a way that space can begin to defend itself. The Problematic of Defensible Space The incorporation of military architecture into civil architecture is most evident in home security. By security I mean the material systems (from locks to electronic alarms) and precautionary practices (locking the door) used to protect spaces, both of which are enabled by a way of imagining space in terms of risk and vulnerability. I read Oscar Newman’s 1972 Defensible Space as outlining the problematic of spatial security. Indeed, it was around that period that the problematic of crime prevention through urban design received increasing attention in Western architectural discourse (see Jeffery). Newman’s book examines how spaces can be used to reinforce human control over residential environments, producing what he calls ‘defensible space.’ In Newman’s definition, defensible space is a model for residential environments which inhibits crime by creating the physical expression of a social fabric that defends itself. All the different elements which combine to make a defensible space have a common goal – an environment in which latent territoriality and sense of community in the inhabitants can be translated into responsibility for ensuring a safe, productive, and well-maintained living space (3). Through clever design space begins to defend itself. I read Newman’s book as presenting the contemporary problematic of spatialised security: how to structure space so as to increase control; how to organise architecture so as to foster territorialism; how to encourage territorial control through amplifying surveillance. The production of defensible space entails moving away from what he calls the ‘compositional approach’ to architecture, which sees buildings as separate from their environments, and the ‘organic approach’ to architecture, in which the building and its grounds are organically interrelated (Newman 60). In this approach Newman proposes a number of changes to space: firstly, spaces need to be multiplied (one no longer has a simple public/private binary, but also semi-private and semi-public spaces); secondly, these spaces must be hierarchised (moving from public to semi-public to semi-private to private); thirdly, within this hierarchy spaces can also be striated using symbolic or material boundaries between the different types of spaces. Furthermore, spaces must be designed to increase surveillance: use smaller corridors serving smaller sets of families (69-71); incorporate amenities in “defined zones of influence” (70); use L-shaped buildings as opposed to rectangles (84); use windows on the sides of buildings to reveal the fire escape from outside (90). As he puts it, the subdivision of housing projects into “small, recognisable and comprehensible-at-a-glance enclaves is a further contributor to improving the visual surveillance mechanism” (1000). Finally, Newman lays out the principle of spatial juxtaposition: consider the building/street interface (positioning of doors and windows to maximise surveillance); consider building/building interface (e.g. build residential apartments next to ‘safer’ commercial, industrial, institutional and entertainment facilities) (109-12). In short, Newman’s book effectively redefines residential space in terms of territorial zones of control. Such zones of influence are the products of the interaction between architectural forms and environment, which are not reducible to the intent of the architect (68). Thus, in attempting to respond to the exigencies of the moment – the problem of urban crime, the cost of housing – Newman maps out residential space in what Foucault might have called a ‘micro-physics of power’. During the mid-1970s through to the 1980s a number of publications aimed at the average householder are printed in the UK and Australia. Apart from trade publishing (Bunting), The UK Design Council released two small publications (Barty, White and Burall; Design Council) while in Australia the Department of Housing and Construction released a home safety publication, which contained a small section on security, and the Australian Institute of Criminology published a small volume entitled Designing out Crime: Crime prevention through environmental design (Geason and Wilson). While Newman emphasised the responsibility of architects and urban planners, in these publications the general concerns of defensible space are relocated in the ‘average homeowner’. Citing crime statistics on burglary and vandalism, these publications incite their readers to take action, turning the homeowner into a citizen-soldier. The householder, whether he likes it or not, is already in a struggle. The urban jungle must be understood in terms of “the principles of warfare” (Bunting 7), in which everyday homes become bodies needing protection through suitable architectural armour. Through a series of maps and drawings and statistics, the average residential home is transformed into a series of points of vulnerability. Home space is re-inscribed as a series of points of entry/access and lines of sight. Simultaneously, through lists of ‘dos and don’ts’ a set of precautionary behaviours is inculcated into the readers. Principles of security begin codifying the home space, disciplining the spatial practices of the intimate, regulating the access and mobility of the family and guests. The Architectural Nervous System Nowadays we see a wild, almost excessive, proliferation of security products available to the ‘security conscious homeowner’. We are no longer simply dealing with security devices designed to block – such as locks, bolts and fasteners. The electronic revolution has aided the production of security devices that are increasingly more specialised and more difficult to manipulate, which paradoxically makes it more difficult for the security consumer to understand. Detection systems now include continuous wiring, knock-out bars, vibration detectors, breaking glass detectors, pressure mats, underground pressure detectors and fibre optic signalling. Audible alarm systems have been upgraded to wire-free intruder alarms, visual alarms, telephone warning devices, access control and closed circuit television and are supported by uninterruptible power supplies and control panels (see Chartered Institution of Building Service Engineers 19-39). The whole house is literally re-routed as a series of relays in an electronic grid. If the house as a security risk is defined in terms of points of vulnerability, alarm systems take these points as potential points of contact. Relays running through floors, doors and windows can be triggered by pressure, sound or dislocation. We see a proliferation of sensors: switching sensors, infra-red sensors, ultrasonic sensors, microwave radar sensors, microwave fence sensors and microphonic sensors (see Walker). The increasing diversification of security products attests to the sheer scale of these architectural/engineering changes to our everyday architecture. In our fear of crime we have produced increasingly more complex security products for the home, thus complexifying the spaces we somehow inherently feel should be ‘simple’. I suggest that whereas previous devices merely reinforced certain architectural or engineering aspects of the home, contemporary security products actually constitute the home as a feeling, architectural body capable of being affected. This recalls notions of a sensuous architecture and bodily metaphors within architectural discourse (see Thomsen; Puglini). It is not simply our fears that lead us to secure our homes through technology, but through our fears we come to invest our housing architecture with a nervous system capable of fearing for itself. Our eyes and ears become detection systems while our screams are echoed in building alarms. Body organs are deterritorialised from the human body and reterritorialised on contemporary residential architecture, while our senses are extended through modern security technologies. The vulnerable body of the family home has become a feeling body conscious of its own vulnerability. It is less about the physical expression of fear, as Nan Ellin has put it, than about how building materialities become capable of fearing for themselves. What we have now are residential houses that are capable of being more fully mobilised in this urban war. Family homes become bodies that scan the darkness for the slightest movements, bodies that scream at the slightest possibility of danger. They are bodies that whisper to each other: a house can recognise an intrusion and relay a warning to a security station, informing security personnel without the occupants of that house knowing. They are the newly produced victims of an urban war. Our homes are the event-spaces in which mediated fear unfolds into an architectural nervous system. If media plug our homes into one set of relations between ideologies, representations and fear, then the architectural nervous system plugs that back into a different set of relations between capital, fear and the electronic grid. The home is less an endpoint of broadcast media than a node in an electronic network, a larger nervous system that encompasses the globe. It is a network that plugs architectural nervous systems into city electronic grids into mediated subjectivities into military technologies and back again, allowing fear to be disseminated and extended, replayed and spliced into the most banal aspects of our domestic lives. References Barty, Euan, David White, and Paul Burall. Safety and Security in the Home. London: The Design Council, 1980. Blunt, Alison, and Ann Varley. “Introduction: Geographies of Home.” Cultural Geographies 11.1 (2004): 3-6. Bunting, James. The Protection of Property against Crime. Folkestone: Bailey Brothers & Sinfen, 1975. Chartered Institution of Building Service Engineers. Security Engineering. London: CIBSE, 1991. Colomina, Beatriz. “Domesticity at War.” Assemblage 16 (1991): 14-41. Department of Housing and Construction. Safety in and around the Home. Canberra: Australian Government Publishing Service, 1981. Design Council. The Design Centre Guide to Domestic Safety and Security. London: Design Council, 1976. Diken, Bülent, and Carsten Bagge Lausten. “Zones of Indistinction: Security and Terror, and Bare Life.” Space and Culture 5.3 (2002): 290-307. Ellin, Nan. “Shelter from the Storm or Form Follows Fear and Vice Versa.” Architecture of Fear. Ed. Nan Ellin. New York: Princeton Architectural Press, 1997. Epstein, Dora. “Abject Terror: A Story of Fear, Sex, and Architecture.” Architecture of Fear. Ed. Nan Ellin. New York: Princeton Architectural Press, 1997. Fiske, John, Bob Hodge, and Graeme Turner. Myths of Oz: Reading Australian Popular Culture. Sydney: Allen & Unwin, 1987. Geason, Susan, and Paul Wilson. Designing Out Crime: Crime Prevention through Environmental Design. Canberra: Australian Institute of Criminology, 1989. Hubbard, Alan. Home Safety and Security, Western Australia. Canberra: Australian Bureau of Statistics, 2005. Jeffery, C. Ray. Crime Prevention through Environmental Design. Beverley Hills: Sage, 1971. Macken, Julie. “Why Aren’t We Happier?” Australian Financial Review 26 Nov. 1999: 26. Mallory, Keith, and Arvid Ottar. Architecture of Aggression: A History of Military Architecture in North West Europe, 1900-1945. Hampshire: Architectural Press, 1973. Massumi, Brian. 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Durham and London: Duke University Press, 2001. Thomsen, Christian W. Sensuous Architecture: The Art of Erotic Building. Munich and New York: Prestel, 1998. Walker, Philip. Electronic Security Systems: Better Ways to Crime Prevention. London: Butterworths, 1983. Young, Iris Marion. “House and Home: Feminist Variations on a Theme.” Feminist Interpretations of Martin Heidegger. Eds. Nancy J. Holland and Patricia Huntington. University Park, Pennsylvania: Pennsylvania State UP, 2001. Citation reference for this article MLA Style Caluya, Gilbert. "The Architectural Nervous System: Home, Fear, Insecurity." M/C Journal 10.4 (2007). echo date('d M. Y'); ?> <http://journal.media-culture.org.au/0708/05-caluya.php>. APA Style Caluya, G. (Aug. 2007) "The Architectural Nervous System: Home, Fear, Insecurity," M/C Journal, 10(4). Retrieved echo date('d M. Y'); ?> from <http://journal.media-culture.org.au/0708/05-caluya.php>.