In this book Paul Dragos Aligica revisits the theory of political self-governance in the context of recent developments in behavioral economics and political philosophy that have challenged the foundations of this theory. Building on the work of the 'Bloomington School' created by Nobel Laureate...

Purpose: The purpose of this study is to systematically review and analyze the literature in the area of liquidity of financial markets. The study summarizes the key findings and approaches and highlights the research gaps in the extant literature. Design/methodology/approach: A variety of...

Purpose: This paper aims to study the conditions for the hedging portfolio of any contingent claim on bonds to have no bank account part. Design/methodology/approach: Hedging and Malliavin calculus techniques recently developed under a stochastic string framework are applied. Findings: A...

Purpose: The aim of this research is twofold. First, we study average levels of liquidity for long-run through-the-cycle periods, which potentially allow eliminating procyclicality from risk parameters used for expected credit-loss calculations. Second, we investigate to what extent the...