This paper compares securities settlement gross and netting architectures. It studies settlement risk arising from exogenous operational delays and compares settlement failures between the two architectures as functions of the length of the settlement interval under different market conditions....

Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income distribution models. In the context of a Monte Carlo exercise embodying balanced and near balanced growth, we demonstrate that the estimation of the substitution elasticity can be...

EU Member States are committed to the maintenance of a strong Defence Technological Industrial Base (DTIB) in Europe. At a meeting of the European Defence Agency (EDA) Steering Board in May 2007 Ministers declared that "a strong DTIB is a fundamental underpinning of the European Security and...