The main thesis in this manuscript is that a social choice theory based on aggregating individual preferences and values is insufficient to confront the social choices that today’s world is facing. It is defended in here that institutions play a critical role in any social choice, and that the...

This paper considers the embedded dynamics of conditional volatility in five selected exchange rates vis-à-vis Indian Rupee. Specifically, it explores the possible asymmetric response of volatility towards good and bad news and inquires whether it is sensitive to breaks in volatility. Using a...

This paper considers the embedded dynamics of conditional volatility in five selected exchange rates vis-à-vis Indian Rupee. Specifically, it explores the possible asymmetric response of volatility towards good and bad news and inquires whether it is sensitive to breaks in volatility. Using a...

This paper investigates the role of oil prices in explaining the dynamics of selected emerging countries exchange rates. Using daily data series, the study concludes that a rise in oil price is leading to a significant appreciation in emerging economies currencies against the US dollar. In our...

The French Mississippi Bubble, British South Sea Bubble and Dutch Windhandel were part of a 1719-20 pan-European equity boom that involved many more countries than hitherto thought. Drawing on extensive archival research, the paper establishes that speculation and stock euphoria spanned from...

This paper attempts to address one major problem with bubble studies: the difficulty to rigorously compare assets bubbles (that is to say compare them via quantitative data, rather than simply anecdotal evidence). The idea of the paper is to use a metric that is not the level of price itself,...

This paper examines the short term dynamic integration among oil price shocks and interest rates for the U.S.A, Euro area and twelve Asian economies from August 1999 to January 2018 using a Time-Varying Parameter Vector Autoregression (TVP-VAR) with stochastic volatility. First, we found...

This study proposes a new risk measure for stablecoins, that is based on the probability of the stablecoin’s price hitting a threshold exchange rate post which the stablecoin is subjected to the risk of “break the buck/ death spiral”. We also juxtapose the risk measure computed using...

The French Mississippi Bubble, British South Sea Bubble and Dutch Windhandel were part of a 1719-20 pan-European equity boom that involved many more countries than hitherto thought. Drawing on extensive archival research, the paper establishes that speculation and stock euphoria spanned from...

This paper analyses the role of monetary policy in targeting financial stress as opposed to the exchange rate in South Africa. This is achieved by augmenting the central bank's monetary policy reaction function with the composite indicator of financial stress and the nominal bilateral exchange...