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Too hot? Too cold? : keeping body temperature just right
Explains how people and animals living in different parts of the world survive in hotter and colder climates using remarkable adaptive strategies and behaviors.
Book
Does Macro-Prudential Regulation Leak? Evidence from a UK Policy Experiment
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of credit are unable to offset changes in credit supply by affected banks. This paper examines micro evidence—lacking to date—on both questions, using a unique data set. In the UK, regulators have imposed time-varying, bank-specific minimum capital requirements since Basel I. It is found that regulated banks (UK-owned banks and resident foreign subsidiaries) reduce lending in response to tighter capital requirements. But unregulated banks (resident foreign branches) increase lending in response to tighter capital requirements on a relevant reference group of regulated banks. This \"leakage\" is substantial, amounting to about one-third of the initial impulse from the regulatory change.
Journal Article
Homology, genes, and evolutionary innovation
Homology-a similar trait shared by different species and derived from common ancestry, such as a seal's fin and a bird's wing-is one of the most fundamental yet challenging concepts in evolutionary biology. This groundbreaking book provides the first mechanistically based theory of what homology is and how it arises in evolution.
Günter Wagner, one of the preeminent researchers in the field, argues that homology, or character identity, can be explained through the historical continuity of character identity networks-that is, the gene regulatory networks that enable differential gene expression. He shows how character identity is independent of the form and function of the character itself because the same network can activate different effector genes and thus control the development of different shapes, sizes, and qualities of the character. Demonstrating how this theoretical model can provide a foundation for understanding the evolutionary origin of novel characters, Wagner applies it to the origin and evolution of specific systems, such as cell types; skin, hair, and feathers; limbs and digits; and flowers.
The first major synthesis of homology to be published in decades,Homology, Genes, and Evolutionary Innovationreveals how a mechanistically based theory can serve as a unifying concept for any branch of science concerned with the structure and development of organisms, and how it can help explain major transitions in evolution and broad patterns of biological diversity.
eBook
The shifting landscape of global trade governance : World Trade Forum
Takes stock of current challenges to the world trading system and develops scenarios for the future.
Book
Regulatory Arbitrage and International Bank Flows
We study whether cross-country differences in regulations have affected international bank flows. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive \"race to the bottom\" in global regulations, which restricts domestic regulators' ability to limit bank risk-taking. However, we also find that the links between regulation differences and bank flows are significantly stronger if the recipient country is a developed country with strong property rights and creditor rights. This suggests that, while differences in regulations have important influences, without a strong institutional environment, lax regulations are not enough to encourage massive capital flows.
Journal Article
Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of E.U. firms, we exploit that for plausibly exogenous reasons, such as national legislative procedures, E.U. countries adopted these directives at different times. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. The findings suggest that countries with initially weaker regulation do not catch up with stronger countries, and that countries diverge more upon harmonizing regulation.
Journal Article
Disentangling governance: a synoptic view of regulation by government, business and civil society
Governance became a catch-all concept for various forms of steering by state and non-state actors. While it pays tribute to the complexities of steering in poly-centred, globalised societies, its fuzziness makes it difficult to oversee who actually steers whom and with what means. By focussing mainly on actor constellations, the article disentangles governance into seven basic types of regulation, four of them representing public policies with varying degrees of government involvement and three depending solely on civil society (civil regulation), on businesses (industry or business self-regulation) or on both (civil co-regulation). Although each of the seven types is well known and extensively researched, they are rarely joined in a synoptic view, making it difficult to grasp the totality of contemporary governance. After introducing the seven basic types of regulation and coregulation, the article addresses the interactions between them and it adds the widely used concepts of hybrid regulation and meta-governance in distinct ways. The synoptic view provided here helps to comprehend how governmental deregulation has been accompanied by soft governmental regulation as well as \"societal re-regulation\". The concluding discussion emphasises that this \"regulatory reconfiguration\" is the cumulative product of countless, more or less spontaneous initiatives that coincide with forceful global trends. It also stresses that the various forms of regulation by civil society and business actors are not simply alternatives or complements to but often key prerequisites for effective public policies. Although the essentials of the typology developed here can be applied universally to a variety of policy issues, I focus it on how businesses are steered towards sustainable development and Corporate Social Responsibility.
Journal Article