This paper examines the influence of demographics on the economic demands of a population in a democracy. We argue in this paper that one country’s demographic profile will drive its economic policies in a manner that may seem at odds with the rational behavior of another country, unless one...

Based upon a Markowitz methodology, this paper considers use of commodities futures as assets to enhance portfolio diversification. A very simplistic methodological approach is chosen to allow various portfolio issues to be highlighted with data from the recent financial crisis. Naïve long-only...

Central clearing counterparties (CCPs) have become a cru- cial element of the financial architecture and as such they have lately attracted the attention of prudential authorities at the highest level emphasising their crucial, if not too well understood, role in the financial system, while also...

Markowitz (1952, 1959) underlies modern corporate finance literature, from modern portfolio theory, option theory, to risk management (especially value at risk type methodologies). From it, Diversify has entered all languages, such is its power. Terms such as “the only free lunch” have...