In this paper we review some recent work on limit results on realised power variation, that is sums of powers of absolute increments of various semimartingales. A special case of this analysis is realised variance and its probability limit, quadratic variation. Such quantities often appear in...

This is an attempt to view the relationships involving education and income as forming a system, and one that can generate a poverty trap.  The setting is rural China, and the data are from a national household survey for 2002, designed with research hypotheses in mind.  Enrolment is high in...

Econometric analyses of European datasets suggest that income aspirations increase with current income.  This finding is consistent with the adaptation hypothesis - the notion that individual aspirations adjust to reflect personal circumstances and living conditions.  We add to these existing...

The study presents recent global evidence on the transformation of economic growth to poverty reduction in developing countries, with emphasis on the role of income inequality.  The focus is on the period since the early-mid-1990s when growth in these countries as a group has been relatively...

This paper examines the impact of mass media and information and communications technologies (ICT) as knowledge-based infrastructures on economic development. The results strongly suggest that both mass media and ICT penetration are negatively associated with corruption. This result holds across...

A national household survey for 2002, containing a specially designed module on subjective well-being, is used to estimate pioneering happiness functions in rural China. The variables predicted by economic theory to be important for happiness are relatively unimportant. The analysis suggests...

Standard poverty analysis makes statements about deprivation after the veil of uncertainty has been lifted. This implies that there is no meaningful role for risk as part of an assessment of potentially low states of well-being. In this paper, we introduce a concept of vulnerability, as a threat...

In this paper we provide an asymptotic distribution theory for some non-parametric tests of the hypothesis that asset prices have continuous sample paths. We study the behaviour of the tests using simulated data and see that certain versions of the tests have good finite sample behaviour. We...

Here we assume that the logarithmic asset price is given by a semimartingale. Jacod (2006) has derived an infeasible central limit theorem for the realised variance in such a general framework. However, here we focus on constructing a feasible limit theorem. We propose a new estimator for the...

This paper analyses multivariate high frequency financial data using realised covariation. We provide a new asymptotic distribution theory for standard methods such as regression, correlation analysis and covariance. It will be based on a fixed interval of time (e.g. a day or week), allowing the...