In this paper we analyze the state-dependent risk-spillover in different economic areas. To this end, weapply the quantile regression-based methodology developed in Adams, Füss and Gropp (2014)approach to examine the spillover in conditional tails of daily returns of indices of the banking...

Long-range persistence in volatility is widely modelled and forecasted in terms of the so-called fractional integrated models. These models are mostly applied in the univariate framework, since the extension to the multivariate context of assets portfolios, while relevant, is not...

Most downside risk models implicitly assume that returns are a sufficient statistic with which to forecast the daily conditional distribution of a portfolio. In this paper, we address this question empirically and analyze if the variables that proxy for market liquidity and trading conditions...

This paper analyses the international growth of the global air transport sector to identify factors that determine the emergence of transnational companies and different forms of international expansion in the airline industry. An analysis of the market structure is conducted to understand why...

L’articolo propone un’analisi concettuale dei fondamenti del Modello Sociale Europeo come sistema di welfare multilivello. In particolare, espone l’importanza della sussidiarietà amministrativa tra i diversi livelli della governance europea come un elemento centrale della cittadinanza...

The progressive federalization of the Spanish Estado de las Autonomías (State of the Autonomies) is in accordance with a model of multiple ethnoterritorial concurrence. The process of territorial accommodation in Spain relates substate ethnic mobilization with the competitive interplay among...

<i> Spagna, una via intermedia allo sviluppo del welfare </i> (di Luis Moreno) - ABSTRACT: This article chapter analyses developments in social policy and welfare in Spain during the second half of the 20th century and examines current reforms and policy changes for the near future. In particular, it...

Since the transition to democracy in the late 1970s, Spain has undergone a process of deep decentralization and an incipient federalization. This article analyses the main features of such processes underlying the high level of home rule achieved by the 17 Comunidades Autonomas , when compared...

En las páginas siguientes hacemos un repaso general acerca de cómo la cuestión de los recursos naturales y, especialmente, el agua, han ido incorporándose a los razonamientos económicos de una forma progresiva. Como veremos, esto no significa que nos encontremos ante un marco teórico nuevo...

En una economía de mercado, los distintos bienes económicos tratan de gestionarse buscando la máxima eficiencia, sobre todo para los propietarios. La gestión colectiva se aplica en el caso de algunos bienes con características específicas, tales como la dificultad de su divisibilidad y...