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Understanding the shift from micro to macro-prudential thinking: a discursive network analysis
(2016)
While some economists argued for macro-prudential regulation pre-crisis, the macro-prudential approach and its emphasis on endogenously created systemic risk have only gained prominence post-crisis. Employing discourse and network analysis on samples of the most cited scholarly works on banking regulation as well as on systemic risk (60 sources each) from 1985 to 2014, we analyze the shift from micro to macro-prudential thinking in the shift to the post crisis period. Our analysis demonstrates that the predominance of formalism, particularly, partial equilibrium analysis along with the exclusion of historical and practitioners’ styles of reasoning from banking regulatory studies impeded economists from engaging seriously with the endogenous sources of systemic risk prior to the crisis. Post-crisis, these topics became important in this discourse, but the epistemological failures of banking regulatory studies pre-crisis were not sufficiently recognized. Recent attempts to conceptualize and price systemic risk as a negative externality point to the persistence of formalism and equilibrium thinking, with its attending dangers of incremental innovation due to epistemological barriers constrains theoretical progress, by excluding observed phenomena, which cannot yet be accommodated in mathematical models.
Highlights
• Pathways for a circular economy towards the EU goals require policy support that, in turn, requires legitimacy.
• Legitimacy is often contested in the public discourse at all phases in the technological innovation system.
• Legitimacy remains poorly understood for ‘in-between’ technologies that struggle to move from the formative to the growth stage.
• The article explores legitimacy for chemical recycling primarily based on evidence from the UK, Germany, and Italy.
Abstract
The European Commission aims to increase the recycling of plastic packaging to 60% by 2025, requiring fundamental changes towards a more circular economy. Pathways for this transition require policy support that largely depends on their legitimacy in the public discourse. These normative aspects remain poorly understood for ‘in-between’ technologies, i.e., technologies that are no longer novel but struggle to move to the growth phase within the technological innovation system. Therefore, we ask: How do discourses shape technology legitimacy for in-between technologies? Drawing on the empirical example of chemical recycling, the analysis renders two principal findings. First, legitimising and delegitimising storylines present contesting views on in-between technologies regarding their technological aspects, environmental and social impacts, and economic and policy implications. Second, how discourses contribute to technology legitimacy depends on the actors and interests that drive the prevalent storylines in particular contexts.
Sentence repetition tasks (SRTs) have been extensively used as measures of bilinguals’ language abilities. Most studies relied on SRTs in which the target sentences were not connected to each other. However, participants’ performance may differ if these sentences are embedded in discourse, since discourse provides participants with additional cues for sentence comprehension and interpretation. For the present study, we designed a discourse-based SRT, whereby the target sentences were connected to each other in a story. We examined the effect of discourse on bilinguals’ performance in the SRT and investigated whether this effect varied based on the language of administration, bilinguals’ dominance score and type of target structure. We tested 32 Italian-German bilingual children (7–12 years) living in Germany with two SRTs in each language, one with discourse and one without discourse. Participants showed a better performance in the SRTs with discourse, especially in the heritage language (Italian). The effect of discourse was visible across the board with all target structures. On the whole, SRTs with discourse seem to reduce the processing costs associated with lexical retrieval and shifts in scenarios, thus tapping more directly into children's processing abilities, compared to more traditional SRTs. The results are discussed in terms of ecological validity of different assessment instruments.