This paper compares securities settlement gross and netting architectures. It studies settlement risk arising from exogenous operational delays and compares settlement failures between the two architectures as functions of the length of the settlement interval under different market conditions....

Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income distribution models. In the context of a Monte Carlo exercise embodying balanced and near balanced growth, we demonstrate that the estimation of the substitution elasticity can be...

In support of the preparatory actions of the EU’s Integrated Maritime Policy a set of projects were launched in 2008 and 2009 with the aim of creating five portals that assembled fragmented and inaccessible marine data into interoperable, contiguous and publicly available data streams for...