Globalisation is said to have diminished the capacity of states to regulate their economies. However, while a body of doctrine has developed concerning the need for capable, independent regulation, there is relative paucity of theoretical discussion concerning the nature of state regulatory...

This paper discusses the building blocks of pension reform in the light of economic theory, and their application to different types of economy. The opening section sets out the simple economics of pensions. The second section discusses a series of myths which have proved remarkably persistent....

With the Euro now a physical reality, Richard Layard argues that the economic case for Britain joining Euro-land is overwhelming.

Risk management is most often called for when political conflicts about the handling of infrequent, high-impact events are at stake. Quite contrary to this tendency, in the financial sector, risk management focuses on frequently occurring events with relatively low monetary impacts. One of the...

This paper analyzes the welfare benefits from falling relative prices of IT (information technology) goods across a wide range of countries. We find, using two separate methodologies and datasets, that welfare benefits mainly accrue to users of IT, not their producers, because of falling...

We propose a procedure for estimating the critical values of the Klecan, McFadden, and McFadden (1990) test for first and second order stochastic dominance in the general k-prospect case. Our method is based on subsampling bootstrap. We show that the resulting test is consistent. We allow for...

The concept of risk-based capital requirements enjoys widespread support. Effective implementation, however, requires that risk be measured accurately both across borrowers and across time. Under the New Capital Accord, the cornerstone of this risk measurement process is the rating of the...

The liberal paradigm responds to the failures of neo-mercantilism by attempting to create reform market-based institutions. This agenda demands such radical changes in institutions, culture, and knowledge systems, that it is hardly surprising that it is faltering in countries where the gap...

This paper responds both to the revival of interest in Paolo Freire's ideas and the comparatively little academic attention given to the applicability of Freirian thought to the activities of Southern Non-Governmental Organisations (SNGOs). It identifies the opportunities and challenges of...