This paper develops a quantitative model of trade, military conflicts, and defense spending. Trade liberalization between two countries reduces probability of an armed conflict between them, causing both to cut defense spending. This in turn causes a domino effect on defense spending by other...

This paper develops a quantitative model of trade, military conflicts, and defense spending. Trade liberalization between two countries reduces probability of an armed conict between them, causing both to cut defense spending. This in turn causes a domino effect on defense spending by other...

The article focuses on the analysis of economic growth of Ukraine and its regions, using the proposed by the authors indicators of quality and indicators of the population living standards under innovation growth. The main purpose of the research is developing a method of multi-factor assessment...

In this paper we estimated the demand for local public spending for the Brazilian municipalities within a median voter’s framework. The median voter theorem provides a method of aggregating individual voter's demands to obtain community demand. The rationale for applying that framework came...

This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of...

Commodity prices again! The twentieth century has only been the latest spectator to the impacts and importance of commodity price fluctuations. It is reasonably well known that commodity price records have come down to us from the ancient civilizations of India, Mesopotamia, Egypt, Greece and...

The central banks introduce and implement the monetary and financial stabilities policies, going from the accurate estimations of national macro-financial indicators such as the Gross Domestic Product (GDP). Analyzing the dependence of the GDP on the time, the central banks accurately estimate...

Motivated by the latest effort to employ banded matrices to estimate a high-dimensional covariance Σ , we propose a test for Σ being banded with possible diverging bandwidth. The test is adaptive to the “large p , small n ” situations without assuming a specific parametric distribution for...

In this paper we have attempted to appraise, quantitatively, the efficiency levels of the justice courts in Rio Grande do Sul. For that purpose, we analyzed the relationship between output and inputs by constructing nonparametric efficiency frontiers.Two different techniques of efficiency...