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...

The United States Government plans to deploy 10 interceptors in Poland and a radar installation in the Czech Republic. This has caused a stir in political and military circles in both Europe and Russia. This study examines the US proposals and their possible implications for Europe. It makes an...