In recent years, private military companies (PMCs) and private security companies (PSCs)have been increasingly employed by large and active military nations for tasks both at home and abroad: generally as a cost-cutting measure, but also to eke out overstretched state resources. A wide range of...

The paper analyses the relationship between deposit insurance, debt-holder monitoring, and risk taking. In a stylised banking model we show that deposit insurance may reduce moral hazard, if deposit insurance credibly leaves out non-deposit creditors. Testing the model using EU bank level data...

The focus of this study, therefore, necessarily concerns how best to generate greater effect from Europeu0092s armed forces within the context of EU operations, given the need for autonomous operations that are likely to be progressively more robust. It considers how best to facilitate and...

The agenda for Crisis Management Operations (CMOs) has widened still further and with it the related need to engage with civilian actors has become even more important due to the u0091security development nexusu0092. In essence, there is no security without development and vice versa. From this...

The European Union (EU) recognises the need to address the threat of terrorism, and further develop cooperation within both its neighbourhood and external regions to prevent or counter violent extremism (P/CVE). The EU’s Counter-Terrorism (CT) Strategy comprises four pillars – Prevent,...

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an u0091activistu0092 fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found...