果冻传媒

Final year undergraduates: give your opinion by responding to the NSS 2011! 

Professor Chris Hughes was quoted in the Asia Times on 21 December. He commented on the new National Defense Program Guidelines. .

Professor Peter Burnell was interviewed about the relationship between climate protection and political systems on 29 November.

Visit the to listen to the interview.

PAIS has been extremely successful in attracting early career researchers into the department on postdoctoral fellowships.  It currently has thirteen postdoctoral fellows amongst its staff members, some who have come to the department on big grants and others through winning individually awarded fellowships through dedicated PDF schemes.  The three most recent successes in this latter category have brought the total amount of money awarded to PAIS in competitively organised postdoctoral fellowships to over £1 million in the current REF cycle.

Getting credit ratings ‘right’ seems vitally important to many professional observers and politicians. The increasingly volatile nature of markets in a post-Bretton Woods world of international capital mobility has created a crisis in relations between the rating agencies and governments, which seek to monitor the performance of the agencies and stimulate ‘reform’ in their procedures and business models, even if the exact purpose of this reform seems to elude them. This process started with the Enron bankruptcy, but the subprime crisis has generated a veritable ‘moral panic’ about agency performance in relation to asset-backed securities. In pursuing improvement in the rating system policy-makers need to appreciate the limits to rating. Our expectations of the agencies are founded on a rationalist or machine-like understanding of the workings of capital markets, and on an exogenous understanding of the causes of financial crisis. This worldview implies a correct rating can be determined, and that finding this correct answer is purely a technical matter. A more accurately social and dynamic view of markets and financial crises makes the challenge of effective rating even more daunting.