Background: Service accreditation is a structured process of recognising and promoting performance and adherence to standards. Typically, accreditation agencies either receive standards from an authorized body or develop new and upgrade existing standards through research and expert views. They...

This paper considers the role of private debt in determining the impact of a financial crisis. By examining both theoretical and empirical aspects of this topic, I address the following key questions. What are the risks to the broader economy associated with high private and household debt? What...

We employ a little-used dataset to study the Japan's Real Estate Investment Trusts (REITs) market. We make use of copula theory and test for dependence between equity and REIT returns using several popular copula families. The copula families in our specification were: Gaussian, Student-t,...

A regime-switching Levy framework, where all parameter values depend on the value of a continuous time Markov chain as per Chevallier and Goutte (2017), is employed to study US Corporate Option-Adjusted Spreads (OASs). For modelling purposes we assume a Normal Inverse Gaussian distribution,...

In a recent contribution to the financial econometrics literature, Chu et al. (2017) provide the first examination of the time-series price behaviour of the most popular cryptocurrencies. However, insufficient attention was paid to correctly diagnosing the distribution of GARCH innovations. When...

We relax a number of assumptions in Alexeev and Tapon (2012) in order to account for non-normally distributed, skewed, multi-regime, and leptokurtic asset return distributions. We calibrate a Markov-modulated Levy process model to equity market data to demonstrate the merits of our approach, and...

This study uses single-equation dynamic models to estimate petrol demand in India. Estimated long-run elasticities are higher than their short-run counterparts, which is in line with expectations based on the existing literature. We find price elasticities of -0.418 (long-run) and -0.189 (short...

This essay outlines how the UK’s land-use policies and fiscal incentives distort the housing market, while the planning system adversely affects housebuilding and home-ownership. Most policies to date have been ineffective and welfare-reducing, if not outright amplifying the problems...