News from Governance July 8, 2013
An International Journal of Policy, Administration, and Institutions

Co-Editors  Alasdair S. Roberts and Robert H. Cox  Book Review Editor  Clay Wescott 
Below: A short guide to the crisis so far
Weakness at the center in Greece

Antonis Samaras
Antonis Samaras, Prime Minister of Greece
"The sovereign debt crisis in Greece has highlighted deep-rooted problems of the reform capacity of the domestic polity," Kevin Featherstone and Dimitris Papadimitriou write in the current issue of Governance.  "To what extent might these failures be attributable to the very inner workings of the Greek government at the center?" Featherstone and Papadimitriou conclude that the power of Greek prime ministers has been overstated and that reality of Greek governance is a "solitary center" within a "segmented government."  The center lacks "nodality, organizational capacity, and resources.  The implications for the ability to steer policy, to monitor and control activities across ministries, and to understand impacts are clear."   Read the article.
Why French banks survived the crisis


Despite the far-reaching liberalization of the French banking system over the last quarter-century, French banks suffered far less in the financial crisis than banks in the United Kingdom and Germany.  In the current issue of Governance, David Howarth asks why.  French policymakers were not diehard enthusiasts of liberalization, and continued to emphasize interventions that produced a highly consolidated and closed banking system.  An "unintended consequence of state action," Howarth argues, "was that French banks downplayed securitization and the purchase of securitized products, thus limiting the impact of a crisis connected in large part to financial innovation."  Read the article.
Governance moves up in 2012 impact rankings


Governance is now ranked fourth among journals in Public Administration, according to  2012 Journal Citation Report data on five-year impact factors, released on June 19.  Governance was ranked fifth based on five year impact in 2011.  The journal is also ranked 18 out of 157 in Political Science, based on the 2012 five-year impact factor.  In 2011 it was ranked 21st in Political Science.
Fukuyama discussed in Pakistan, Russia


Fukuyama Francis Fukuyama's commentary What is Governance?, published in the current issue of Governance, continues to attract international attention.  Bronislav Mazur, writing on the website of the Russian International Affairs Council, says that Fukuyama's article has relevance to reform of the Russian armed forces.  More autonomy for the military will improve its capacity to achieve greater efficiency, Mazur says.  And Jamil Nasir draws on Fukuyama's article to discuss governance reform in Pakistan's The News.
Call for papers: SOG panels at IPSA 2014 in Montr´┐Żal


The academic sponsor of Governance is SOG: the Structure and Organization of Government Research Committee of the International Political Science Association.  SOG has issued a call for paper and panel proposals for the next IPSA World Congress, to be held in Montr´┐Żal on July 19-24, 2014.   Read the Call for Panels and Papers.
The crisis so far: A short guide


In August 2007, the Case-Shiller Home Price Index was beginning to decline, after being stuck at a plateau for most of the preceding year.  In France, BNP Paribas was about to close two investment vehicles that were heavily exposed to the US housing market.  And Northern Rock Bank was days away from the first British bank run in more than a century.  The world was on the edge of the largest economic crisis in a generation.  From the pages of Governance, here is a reading list on the crisis so far:

Peter Hall considers when, if ever, the overall paradigm about government-economy relations is likely to change.  And David Coen and Alasdair Roberts address the same question, suggesting that we are entering a new age of uncertainty

Klaus Armingeon explores the politics of fiscal responses in the immediate aftermath of the 2008 crash.  Paul Posner and Jon Blondal consider the prospects for fiscal responsibility in democratic nations.  Mark Blyth studies the durability of pre-crisis conventional wisdom in the realm of fiscal policy.  And Mark Vail describes Keynesian responses to the great recession in France and Germany.

Christopher Hood and Martin Lodge ask how the new era of austerity will affect trends in public sector reform.  And John Gieve and Colin Provost consider how the crisis has reshaped attitudes about mechanisms for coordinating macroeconomic and regulatory policy.

Herman Schwartz examines how cronyism and corruption contributed to the collapse of Iceland's financial sectorSebastian Royo asks how the Spanish financial system survived the first stage of the global crisis.  And David Howarth explains the resilience of the French banking system.  The effect of the crisis on financial regulation is also examined by Julie Froud, Adriana Nilsson, Michael Moran and Karel Williams.

Vivien Schmidt considers how the crisis has revealed the unfinished architecture of Europe's economic unionRichard Allen discusses the IMF's role in the global economy

Kishore Mahubani
provides a perspective on the crisis from East Asia.  And Lan Xue also addresses the shifting global order.  And Matt Andrews considers how the crisis will affect the willingness of developing countries to take policy advice from the advanced democracies.