Regulation and the Role of Law in Economic Crisis
This paper contributes to the current debate on responses to the financial crisis and the role of law in paving a way out of recession, by highlighting the persistence of market-centred theories that defined the state-market relationship before the crisis. The paper begins by discussing the concept of regulation itself and discusses the extent to which the ‘credit crunch’ has shaken belief in modern capitalism. The paper then offers a discussion on the relationship of deregulation to financial crisis, arguing that there is a direct link between the receding reach of the state and market instability, drawing analogies with previous instances of market failure, like the Great Depression. On the basis of this connection, a theoretical portrayal of perceptions of the role of law in modern capitalism is attempted, where the main message is that dominant, modern perceptions of the state-market relationship allow a role for regulation but still do not recognise the state as the legitimate author of such regulation, showing a preference for market-led solutions. The paper then tests these findings against state actions in response to the ‘credit crunch’ and concludes by offering the suggestion that while the current financial crisis has shown the limitations of modern capitalism, and while it is possible that a fundamental rethink of the role of the state in the market may take place as a consequence, this rethink has yet to materialise in policy proclamations and government aspirations on a global scale. 
“This financial system is no more! It has ceased to be! ‘It’s expired and gone to meet its maker! ‘It’s a stiff! Bereft of life, it rests in peace! If you hadn’t nailed ‘it to the tax payer’s perch it’d be pushing up the daisies! ‘Its metabolic processes are now ‘istory! ‘It’s off the twig! It’s kicked the bucket, it’s shuffled off its mortal coil, run down the curtain and joined the bleedin’ choir invisible!! THIS IS AN EX-FINANCIAL SYSTEM!!”
(Willem Buiter, 26 November 2008)
The Global Credit Crisis of 2008: Causes and Consequences
This paper discusses the global credit crisis and its implications for international finance and financial regulation. It begins with a discussion of the causes of the credit crisis, particularly the role of regulatory incentives underlying excessive international and domestic borrowing, lending and investment. From this basis, the paper looks to the international responses to the crisis, focusing on the Financial Stability Forum and the Group of Twenty. In this context, it considers issues relating to systemic risk and financial stability, with particular attention to possible regulatory changes and their implications for international finance.
Characterization of a tube-in-shell thermosyphon heat exchanger for solar water heating
Performance of a double-wall, natural convection, two-pass, tube-in-shell heat exchanger designed for use in a solar water heating system is measured. The heat exchanger is mounted along the length of a solar water storage tank. Flow of cold water on the shell side of the heat exchanger is driven solely by buoyancy forces. Hot side fluid is pumped. Flow rate, pressure drop and temperature data needed for a semi-empirical model of the heat exchanger are obtained. Performance is measured for forced convection, hot side volumetric flow rates of 0.016, 0.032 and 0.079 l/s. Temperature difference between hot and cold fluid at the inlets is varied from 0 to 75 degC. Measured values include thermosyphon and forced flow rates, temperature differences across the beat exchanger, vertical temperature distribution in the storage tank, and pressure drop due to shear on the thermosyphon side of the heat exchanger. Heat exchanger effectiveness and overall heat transfer area product (UA) are calculated. Thermosyphon mass flow rates are on the order of 0.01 kg/s. Although the low flow rates create thermal stratification of the water storage tank, they restrict energy transfer in the heat exchanger.