In this paper, we provide an explanation of the democratic peace hypothesis, i.e., the observation that democracies rarely fight one another. We show that in the presence of information asymmetries and strategic complements, the strategic interaction between two democracies differs from any...

We investigate a new separable nonparametric model for time series, which includes many autoregressive conditional heteroskedastic (ARCH) models and autoregressive (AR) models already discussed in the literature. We also propose a new estimation procedure called LIVE, or local instrumental...

The starting point for this paper are some of the key texts relating to the question of promoting ‘pro-poor’ political participation and organisation, which were written or circulated within the British government’s Department for International Development (DFID) in preparation for a...

We propose a dynamic equilibrium model of a multi-asset market with stochastic volatility and transaction costs. Our key assumption is that investors are fund managers, subject to withdrawals when fund performance falls below a threshold. This generates a preference for liquidity that is...

In recent years there has been a great deal of discussion on the potential for a shift away from modernistic or technocratic approaches to decision-making on risk towards more open, inclusive and deliberative approaches. This paper adopts an approach which analyses not the social but the private...

This paper presents a model of the interaction of a company’s financial and real investment decisions with the financing of its defined benefit pension plan. The pension plan deficit is a debt of the company, with explicit funding requirements and priority in the event of company insolvency....