Funding a response to climate change after Kyoto will require another look at both burden sharing and funding mechanisms. After reviewing the risks of cap-and-trade with carbon offsets and the advantages of a harmonized carbon tax, a method is proposed to utilize a harmonized carbon price to...

We investigate the stock market comovements in Australia, Brazil, Canada, China, Germany, Hong Kong, Japan, Russia, South Africa, the UK, and the USA, both at the market and sectoral level in 2000-2010. Using multivariate GARCH models, our results suggest that the correlation among equity...

After the beginning of the euro area, countries in its periphery engaged in weighty borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now, these countries face debt crises reflecting a loss of creditor confidence in the sustainability of their finances from...

In this paper, we investigate the low degree attainment of ethnic minority students in higher education in England. Using a partial proportional odds model and data from the Higher Education Statistics Agency for qualifiers who started their course of study in 2002/03, we find that even after...

Resumo: São testadas duas formas distintas de assimetria cíclica, a deepness e a steepness, através da aplicação do teste do coeficiente de enviesamento e do teste triples. A assimetria é analisada em vinte e três países, segundo uma perspectiva secular do PIB real per capita (1820/70 a...

This paper identifies the ex ante factors of currency speculation based on the experience of Hong Kong’s three episodes in 1988, 1998 and 2007. The dynamic conditional correlation models are used to study the inter-temporal interactions among the Hang Seng Index, Hang Seng Index futures and...

This paper describes an energy efficient housing stimulus strategy that can: (1) quickly provide large-scale job creation; (2) reduce home energy bills by 30% to 50% with associated reductions in emissions and energy assistance spending; (3) stabilize home values and reduce foreclosure...

This paper utilizes a small-scale econometric model to study the dynamics of the Irish debt-to-GDP ratio. The role of world GDP growth, domestic GDP growth, real effective exchange rate, interest rate and primary balance is analyzed in the debt dynamics. We find that the Irish economy will...

By using data from thirteen publicly traded commercial and deposit banks this paper estimates the determinants of market risk for bank equities in the case of an emerging market setting, Turkey. The analysis reveals that maturity composition of a bank’s loans, the share of trading income in a...

Sovereign bond contracts are notoriously hard to enforce. The few rights that bondholders have can be vested either collectively or individually. It seems that investors traditionally had a preference for the latter, which hindered financial market reform projects, such as the universal adoption...