The question on the predictive power of different exchange rate equilibrium models is one of the oldest and most intriguing in international finance and assets trading. On one side there is evidence - starting from Meese and Rogoff (1983) to Cheung, Chinn and Pascual (2005) - about the poor...

Following IAS/IFRS, the current accounting regime for European life insurance companies is oriented towards delaying the recognition and distribution of profit, and is still largely rooted in requirements for statutory solvency reporting. But, since the late 1980s, some insurers and banks with...