In this paper we investigate the return relations between major asset classes using data from both the US and the UK. Our first objective is to examine time variation in conditional correlations to determine when these variables act as a hedge against each other. Secondly, we provide evidence on...

We examine the three interlinked Irish crises: the competitiveness, fiscal and banking crises, showing how all three combined to lay a lethal trap for Ireland. Starting from a point of economic balance, a series of poor government decisions led to the country once dubbed the “Celtic tiger”...

The author develops a model of optimal taxation in the presence of consumption and labor supply references, which extends the model of Ljungqvist and Uhlig (2000). The paper shows that under the assumed ‘keeping up with the Joneses’ style peer-group effects, in both consumption and labor...

This volume examines global cases of environmental sustainability and economics in the context of nations from multi-disciplinary perspectives. This book analyses the problems faced globally as economies try to build a sustainable future in the aftermath of the 'Great Recession', and the recent...

Since the start of the previous decade, regionalization of trade and investment flows has led to complex coupling in local (country-level) and global risks. To-date, little is known about how global uncertainty interacts with local uncertainty across the financial systems. Our study investigates...