The evaluation assesses whether the Partnership Instrument (PI) is fit for purpose and effective in delivering resources towards the achievement of the EU's external policy objectives, both at the start of the planning period (2014) and in the period since. The evaluation also considers the...

Information flows across international financial markets typically occur within hours, making volatility spillover appear contemporaneous in daily data. Such simultaneous transmission of variances is featured by the stochastic volatility model developed in this paper, in contrast to usually...