Preliminary results indicate a reduction in agricultural trade barriers offers some benefits to poorer nations at the expense of some richer nations. A positive externality if trade liberalization is a decrease in coal combustion and a slight decrease in global CO2 emissions.

This paper develops a method for pricing bivariate contingent claims under General Autoregressive Conditionally Heteroskedastic (GARCH) process. As the association between the underlying assets may vary over time, the dynamic copula with time-varying parameter offers a better alternative to any...